National Equity Fund Inc

“During 2022, the organization amended its organizing documents to reflect a change in its mission statement.”

“Local initiatives support corporation ("lisc") is the parent and sole voting member of nef, inc. Lisc is a section 501(c)(3) public charity whose mission is to transform distressed urban and rural communities into healthy and sustainable communities. Lisc carries out this charitable mission by marshaling public and private sector resources to provide local community development organizations with technical and management assistance and financial support. Lisc approves and appoints all board members to nef inc.'s board.”

“Same as line 6 explanation.”

“Nef's form 990 is prepared by an independent accounting firm based on information provided by the organization and in consultation with nef staff members. The draft prepared by the accounting firm is then reviewed by nef's finance and legal departments. The final draft is then sent to the audit and budget committee of the board of directors. Nef's board of directors has delegated responsibility to review and approve the form 990 to the audit and budget committee. A copy of the final version of the form 990 is provided to each member of the full board of directors prior to filing with the internal revenue service.”

“Nef has a conflict of interest policy covering its board members and officers. All directors and officers are required to certify their compliance with the company's conflict of interest policy and disclose any potential conflicts annually. Any changes in status during the year should immediately be reported to the individual's supervisor or the legal department. The general counsel is responsible for reviewing the certifications and any disclosures. If a potential conflict of interest is reported, it is the general counsel's responsibility to determine whether or not a conflict does, in fact, exist and to review the situation with the ceo, the chairman of the board, and the chairman of the audit and budget committee to determine how the issue should be resolved. A conflicted officer or board member would be excluded from participating in deliberations and decisions concerning the matter.”

“Compensation for senior management is determined by the talent development and compensation committee of nef's board of directors. No individuals with a conflict of interest may be involved in the compensation determination process. Nef annually engages independent compensation consultants to provide comparability data for similarly qualified persons in functionally comparable positions at similarly situated organizations. The minutes of the talent development and compensation committee document the committee's deliberations and decisions regarding compensation.”

“Nef makes its financial statements available to the public on its website. It does not currently make its governing documents or conflict of interest policy available to the public.”

“National equity fund, inc. ("nef, inc.") is a leading asset manager and national syndicator of low-income housing credits dedicated to supporting the development and preservation of high-quality affordable rental housing that underpins the sustainable revitalization of disinvested communities. Nef, inc. Serves as the general partner or managing member of investment funds that place equity investments in project limited partnerships and limited liability companies that acquire, construct, operate and rehabilitate low-income developments. In addition, nef, inc. Provides and/or facilitates predevelopment grants and loans, permanent and construction financing and various levels of technical assistance and asset management to support our partners' development efforts. Nef, inc. Was created in 1987 by local initiatives support corporation (lisc), a section 501(c)(3) public charity, in the wake of the tax reform act of 1986, which enacted the low-income housing tax credit. Lisc wanted to make sure that the capital attracted by the credit made its way to the areas that needed it most. In the intervening years, nef inc.'s success has helped transform the credit into a mainstream investment tool with a lasting impact on both individuals and their communities. The fundamental tenet with which nef began still holds true: strong, vibrant communities flow from the efforts of developers, residents, community groups and others focused on the unique needs of their neighborhoods. Those needs may differ from state to state and from town to town but the importance of quality affordable housing to community revitalization and stability is a constant. Nef, inc. Understands how the concept of "home" anchors a community, how it helps nurture local culture and support long-term stability. Our vision is that all individuals and families across the country have access to stable, safe, and affordable homes that provide a foundation for them to reach their full potential. That's why, together with our parent lisc, we are helping neighbors build communities. Nef, inc.'s portfolio includes over 231,500 affordable homes that respond to a diversity of local housing concerns. In both urban and rural communities, we invest tax-credit equity in multifamily and single-family developments, as well as in supportive housing, public housing revitalization, assisted living and historic rehabilitation. The nef, inc. Track record ----invested more than $22.7 billion to support 3,150 developments ----financed the development of 231,500 homes. ----partnered with more than 1,165 primarily non-profit developers ----partnered with over 250 investors ----helped revitalize communities in 48 states + the district of columbia, puerto rico, and the u.s. Virgin islands. How we work nef, inc. Is an intermediary. Each year, we raise capital to create multi-investor pools and single-investor funds. We then invest that equity in affordable housing projects that have been allocated low-income housing tax credits by their state or local housing finance agency. Our projects nef, inc.'s portfolio includes over 3,150 projects that respond to a diversity of local housing concerns. In both urban and rural communities, we invest tax-credit equity in multifamily and single-family developments, as well as in supportive housing, public housing revitalization, assisted living and historic rehabs. Our sponsor partners for over 30 years, nef inc has collaborated with over 1,165 local and national affordable housing developers in 48 states plus the district of columbia, puerto rico and the u.s. Virgin islands. Our partners are as diverse as our projects, including local community development corporations, public housing authorities, national non-profit groups and for-profit developers with a commitment to community development. Because of our roots as a nonprofit, we share their passion for developing high-quality, affordable housing that is responsive to community needs; as a seasoned financial int”

“Capital contributions from nef community investments, inc. 15,000,000.”