National Equity Fund Inc
National Equity Fund Inc (NEF) is a leading non-profit, multi-family affordable real estate investment manager based in Chicago, Illinois. Established in 1987, NEF operates as a 501(c)(4) civic league and social welfare organization. The organization serves as the general partner or managing member of investor limited partnerships and limited liability companies that acquire interests in affordable housing projects. NEF provides grants, financing, technical assistance, and asset management services to support investments in low-income housing projects.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$122.2M
-3.3% YoY
Annual Giving
$17.5M
-0.5% YoY
Grant Count
3
+0.0% YoY
Avg Grant Size
$5.8M
-0.5% YoY
Mission & Focus Areas
Mission: National Equity Fund's mission is to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing.
Vision: A society where increased access to affordable housing empowers every individual and family to reach their full potential.
Primary Focus: The organization is dedicated to supporting the development and preservation of high-quality and affordable rental housing that underpins the sustainable revitalization of disinvested communities.
Core Competencies:
- Low-Income Housing Tax Credits (LIHTC) syndication—mission-driven experts since 1987
- Supportive housing with three decades of demonstrated impact
- Preservation lending
- Workforce housing
- Pre-development lending
- Opportunity Zone credits combined with LIHTC
Grantmaking
NEF provides various financial solutions and grants to support affordable housing development:
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Geographic Focus
Where this funder awards grants
NEF operates nationally with demonstrated activity in:
- New York
- Illinois
- California
- Urban, suburban, and rural areas across the country
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
Most Recent Financial Data (2024):
- Total Assets: $122,158,786
- Total Revenue: $85,480,265
- Total Expenses: $93,522,251
- Net Income: -$8,041,986
- Net Assets: $35,114,711
Revenue Breakdown (2024):
- Program Services: $81,743,367 (95.6%)
- Investment Income: $2,477,289 (2.9%)
- Other: $1,259,609 (1.5%)
Staffing:
- 225 employees (as of 2023)
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $122,158,786 | $126,377,114 | $105,588,099 |
| Revenue | $85,480,265 | $85,962,936 | $58,767,848 |
| Expenses | $93,522,251 | $90,040,711 | $82,608,491 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $2,477,289 | $2,473,113 | $465,810 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 3 recipients in 2024
Grant Size Distribution
54 grants across all recorded years
Open Grants
2 open opportunities from National Equity Fund Inc
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
Principal Officer: Matthew Reilein
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| AL MORISATO | DIRECTOR | 2 | $14,000 |
| ANDREW DITTON | CHAIRMAN (AND DIRECTOR) | 2 | $9,000 |
| EDWARD SIGLER | DIRECTOR | 2 | $17,000 |
| ELDRIDGE EDGECOMBE | DIRECTOR | 2 | $11,000 |
| GARY ROZIER | DIRECTOR | 2 | $9,000 |
| HELEN DUNLAP | DIRECTOR | 2 | $8,000 |
| JANE GRAF | DIRECTOR | 2 | $10,000 |
| KRISTEN SWITZER | DIRECTOR | 2 | — |
| LISA GLOVER | DIRECTOR | 2 | $7,000 |
| MATTHEW REILEIN | PRESIDENT & CEO (AND DIRECTOR) | 18 | $1,177,767 |
| MICHAEL MAY | DIRECTOR | 7 | $81,000 |
| MICHAEL PUGH | VICE CHAIRMAN (AND DIRECTOR) | 2 | — |
| PRIYA JAYACHANDRAN | DIRECTOR | 2 | $8,000 |
| ROBERT COONEY | DIRECTOR | 2 | — |
| ROBERT MANTLE | DIRECTOR | 2 | — |
| SINDY SPIVAK | DIRECTOR | 2 | — |
| VICKY ARROYO | DIRECTOR | 2 | $16,000 |
| VIOLET CLARKE | DIRECTOR | 2 | $14,000 |
| ALEX DENJA | SVP, COO, CFO | 18 | $822,313 |
| DARYL SHORE | SVP, STRUCTURED FINANCE | 40 | $476,557 |
| JACLYN JACKSON | SVP, CHIEF ADMINISTRATIVE OFFICER | 18 | $532,385 |
| JUDY SCHNEIDER | SVP, CHIEF CREDIT & RISK OFFICER | 18 | $689,613 |
| MARK SIRANOVIC | SVP, CAPITAL MARKETS | 18 | $676,909 |
| MICHAEL ROGERS | SVP, GEN. COUNSEL & SECRETARY | 18 | $539,756 |
| PETER HARRISON | SVP, ASSET MANAGEMENT | 18 | $625,598 |
| REENA BRAMBLETT | SVP, CHIEF OF PRODUCTION | 18 | $756,328 |
| ED SIMON | SVP/CIO | 40 | $575,151 |
| EMILY CHEN | MANAGING DIRECTOR - EAST REGION | 40 | $564,136 |
| KRISTEN SENFF | MANAGING DIRECTOR - CENTRAL REGION | 40 | $641,820 |
| RACHEL RHODES | SVP, LIHTC PRODUCTION | 40 | $683,183 |
| TODD FABIAN | MANAGING DIRECTOR - WEST REGION | 40 | $647,858 |
| KEVIN BOES | FORMER SVP | — | — |
Recent News & Activity
Recent developments and announcements
NEF has announced several significant initiatives and closings:
**LIHTC Equity Fund:** NeighborWorks Capital and National Equity Fund closed on an inaugural LIHTC Equity Fund designed to empower non-profit partner organizations.
NeighborWorks Capital and National Equity Fund Close on ...**Northeast Fund:** National Equity Fund closed its inaugural Northeast Fund.
NeighborWorks Capital and National Equity Fund Close on ...**2023 Investment Record:** NEF announced nearly $2 billion in affordable housing investments for 2023 with record Low-Income Housing Tax Credits production.
National Equity Fund Announces Nearly $2 Billion in Affordable Housing Investments**Emerging Minority Developer Fund (EMDF):** NEF closed $85 million in committed capital for its Emerging Minority Developer Fund to empower emerging BIPOC low-income housing tax credit developers.
National Equity Fund Closes $85 Million in Committed Capital for its EmergingData last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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