The strategic acquisition expands NEF’s portfolio, bringing more than 165 additional properties while strengthening existing relationships and building impactful partnerships with new investors and sponsors.

CHICAGO, May 19, 2026 /PRNewswire/ — National Equity Fund (NEF), a leading non-profit multifamily affordable housing investment manager, and National Affordable Housing Trust (NAHT) today announced NEF’s acquisition of NAHT’s properties and fund management portfolio. This strategic transition will support the long-term stability of more than 165 properties across 29 funds, representing more than 15,000 affordable homes nationwide.

“We are energized by the opportunity to deepen relationships with existing investors and sponsors across the nation while bringing NAHT’s strong portfolio into our best-in-class asset management operations,” said Matt Reilein, President & CEO at National Equity Fund. “The acquisition of NAHT’s properties was an intentional, collaborative effort between two non-profits dedicated to protecting our partners’ investments, empowering residents and ensuring that crucial affordable housing is not lost.”

With the addition of NAHT’s properties, NEF now has nearly $26 billion in assets under management.

Mission-Aligned Non-Profits Preserving Critical Housing

NEF and NAHT share a longstanding commitment to preserving affordable homes and strengthening resilient communities where residents can thrive. Bringing NAHT’s properties under NEF’s platform will serve mission-driven developers and investors, helping ensure long-term stability and opportunity for residents, safeguarding and growing affordable housing during a period of market volatility and economic disruptions.  

“By aligning our portfolio with NEF’s proven track record and shared commitment to mission-driven impact, we are ensuring continued stewardship of the communities and developments we have helped support,” said Brian Dowling, Interim President & CEO of NAHT. “This transition reflects our confidence that these properties will remain in the hands of an organization equally dedicated to affordability, equity, and community strength, even as the broader funding environment becomes more challenging.”

In 2013, NAHT became an affiliate of Stewards for Affordable Housing for the Future (SAHF). In 2020, SAHF, as NAHT’s owner, agreed to a new joint venture with the Low Income Investment Fund (LIIF), a national non-profit financial institution with $900 million in assets under management. LIIF’s capital investment played a vital role in advancing the preservation and expansion of affordable housing over the past six years.

“Building on NEF’s long history of partnering with non-profit developers to create and preserve affordable homes across all market cycles, the NAHT portfolio will now benefit from NEF’s platform and expertise,” said Kimberly Latimer-Nelligan, President of LIIF. “At a time when federal dollars are under pressure, combining these platforms allows us to keep vital properties stable, protect residents, and continue investing in the communities that need it most.”

“By bringing together NAHT’s portfolio with NEF’s mission-driven platform, this transition strengthens a long-term ecosystem focused on affordability, resident well-being, and portfolio sustainability,” said SAHF President & CEO, Theresa Dumais. “Our partners will be well positioned to access flexible resources and mission-aligned capital solutions that support preservation, recapitalization, and stronger property operations across the housing lifecycle. Ultimately, this helps sustain healthy, stable affordable rental homes and the quality, safety, and resident supports that communities depend on.”

A History of Stability, Innovation and Strategic Growth

For more than 40 years, NAHT has been a trusted leader in affordable housing, investing over $2 billion in equity to create and preserve more than 27,000 homes for seniors and families nationwide. As part of this transition, NEF reaffirms its commitment to the developers, investors, and partners who have worked alongside NAHT to build thriving, resilient communities across the country.

NEF has prioritized a mission-driven approach to advancing affordable housing for nearly 40 years, leveraging scale, expertise and a diverse investment platform to bridge capital gaps. Earlier this year, the organization announced it had set a record in 2025 of $1.95 billion in federal Low-Income Housing Tax Credit (LIHTC) equity, surpassing its previous high set in 2024. Through financial discipline and innovative capital deployment, NEF raised and deployed a total of $2.5 billion in affordable housing investments across 130 transactions in 2025. These strong results brought NEF’s total production since inception to nearly $30 billion, supporting the creation or preservation of approximately 274,000 affordable homes.

“In spite of economic headwinds and regulatory disruptions, our team continues to deliver exceptional results for our partners, and we have carried that same momentum and resilience into 2026,” said Reilein. “We will continue to expand our geographic footprint and evolve our investment platform, delivering resounding impact for both long-standing and new investors and sponsors. This acquisition is a testament to NEF’s products, partnerships and processes, all of which enable us to navigate market and economic uncertainties through a mission-aligned approach, and a human-centered vision.”

About National Equity Fund, Inc. (NEF)

National Equity Fund (NEF) is a leading non-profit, multi-family, affordable, real estate investment manager with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its Low-Income Housing Tax Credit (LIHTC) syndication platform and its lending and investing platforms, NEF generates opportunities rooted in its vision that increased access to affordable housing empowers every individual and family to reach their full potential.

Beyond LIHTC, NEF offers additional financial solutions to help close the affordable housing gap in multiple ways that are aligned with our mission. Our expertise in pre-development, preservation, and workforce lending allows us to further assist our partners to expand their efforts to provide low-income and middle-income affordable housing. 

Since being founded in 1987, NEF has invested nearly $30 billion, representing approximately 274,000 new or preserved affordable homes for individuals, families, and communities in need across the country. NEF is Chicago-based and has donated more than $280 million in grants to support its affiliate LISC’s nationwide community development work. To learn more about NEF’s impact, innovative financial solutions, and opportunities, visit www.nefinc.org.

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SOURCE National Equity Fund