National Equity Fund Inc
National Equity Fund Inc (NEF) is a Chicago-based public charity and affordable-housing investment manager. Its work includes investing in and supporting low-income housing projects through tax-credit investments, financing, grants, technical assistance, and asset management.
National Equity Fund Inc at a glance
In short: National Equity Fund Inc gave $17.5M across 3 grants in 2024 (avg $5.8M), mostly in New York. Source: 2024 IRS Form 990.
- Annual giving (2024)
- $17,455,000
- -0.5% vs 2023
- Grants made (2024)
- 3
- +0.0% vs 2023
- Average grant
- $5,818,333
- -0.5% vs 2023
- Median grant
- $40,000
- Total assets
- $122,158,786
- -3.3% vs 2023
- Primary geography
- New York (100% of itemized 2024 grant dollars)
- Latest 990 filing
- Form 990, 2024 View filing
Data from IRS Form 990, 2024; updated October 2026.
How to apply to National Equity Fund Inc
- Contact
Mailing address: 540 W Madison St Suite 1900, Chicago, IL 60661
Phone: (312) 360-0400
Website: https://nefinc.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Open Grants
2 open opportunities from National Equity Fund Inc
Who National Equity Fund Inc funds
How this funder distributes its grants
Top Recipients
Top 3 recipients in 2024
The largest 2024 recipient was Local Initiatives Support Corporation ($17.4M). Together the top 3 received $17.5M.
Grant Size Distribution
54 grants across all recorded years
The most common grant size was under $50K: 48 grants of 54 (89%).
Geographic Focus
Where this funder awards grants
NEF describes its affordable-housing work as taking place across the country and says it operates in urban, rural, and other types of communities. In 2024, its reported grant dollars went to recipients in New York, California, and Illinois; New York accounted for 100% of grant dollars.
Grant Distribution by State
Share of 2024 grant dollars across all 3 itemized grants.
States
Cities
How National Equity Fund Inc gives
- Giving held roughly steady from 2021 to 2024 (+13%). Method
From the foundation's IRS Form 990 filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $14.7M (2022) to $17.5M (2023). In 2024 it made 3 grants totaling $17.5M.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Local Initiatives Support Corporation New York, NY | Support Community Development | $17,400,000 |
| Abbey Road Inc North Hills, CA | Support Low-Income Housing Development | $40,000 |
| Chicago Rehabilitation Network Chicago, IL | Support Low-Income Housing Development | $15,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2024 | $122,158,786 | $85,480,265 | $93,522,251 | $17,455,000 | 3 | $2,477,289 |
| 2023 | $126,377,114 | $85,962,936 | $90,040,711 | $17,535,000 | 3 | $2,473,113 |
| 2022 | $105,588,099 | $58,767,848 | $82,608,491 | $14,735,000 | 3 | $465,810 |
| 2021 | $118,912,735 | $59,533,345 | $85,349,142 | $15,420,000 | 8 | $198,617 |
| 2020 | $106,020,434 | $63,282,557 | $70,825,279 | $14,996,500 | 37 | $409,399 |
Research compiled by Grantable AI from public sources. Last updated October 2026.
Mission & Focus Areas
NEF’s mission is to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Its stated vision is a society where greater access to affordable housing empowers individuals and families to reach their full potential.
NEF’s website describes work involving Low-Income Housing Tax Credit (LIHTC) investments, predevelopment and preservation lending, workforce and moderate-income rental housing, and supportive housing. Its project investment terms include new construction, rehabilitation, preservation, public housing, supportive housing, and mixed-income projects. NEF says it partners with nonprofit and for-profit developers and has traditionally focused on urban and rural developments serving underserved areas.
NEF’s filing says grants generally go to 501(c)(3) organizations sponsoring low-income housing projects. It considers the population served and intended use of funds; uses may include organizational goals, staff training, consultants, or social services. Grantees are contractually required to report on how grant funds were used. Among its 2024 grantees, Abbey Road Inc describes its mission as developing safe, affordable housing for children, adults, and families. Chicago Rehab Network describes itself as a coalition of neighborhood and community-based development organizations that pool expertise and share information. Local Initiatives Support Corporation (LISC) says it works with residents and partners to build resilient and inclusive communities across America.
Grantmaking
In filing year 2024, NEF reported three grants totaling $17,455,000. The grants ranged from $15,000 to $17,400,000, with a median of $40,000. The largest grant was $17,400,000 to LISC for community development support. NEF also gave $40,000 to Abbey Road Inc and $15,000 to Chicago Rehabilitation Network, both for low-income housing development support.
NEF’s website describes the Pay It Forward program, administered by its affiliate NEF Housing Charities, Inc. The program provides participating developers with recoverable grants of up to $50,000 and application assistance loans of up to $250,000 for early LIHTC development costs. Its stated eligible uses include site acquisition, design, surveys, environmental studies, entitlements, and tax-credit fees. The stated developer profile includes material participation in at least one completed LIHTC development, or other real-estate development experience acceptable to NEF Housing Charities, and a specific project expected to apply for a LIHTC allocation within 12 months. Meeting that profile does not guarantee eligibility.
NEF also partners with NeighborWorks Capital on the NeighborWorks Capital Equity Fund, described as currently open. It provides LIHTC equity investment terms for eligible NeighborWorks America network members that are community-based nonprofit organizations and high-performing nonprofit developers.
Leadership & Key People
Leadership team and compensation from IRS filings
NEF’s 2024 filing lists Matthew Reilein as President and CEO and director, and Andrew Ditton as chairman and director. It also lists Al Morisato, Edward Sigler, Eldridge Edgecombe, Gary Rozier, Helen Dunlap, Jane Graf, Kristen Switzer, and Lisa Glover as directors.
National Equity Fund Inc is led by Matthew Reilein, President & CEO on every filing since 2020; 26 of 32 officers listed in 2024 are compensated.
Officers on the 2024 filing
Matthew Reilein
President & CEO
On filings since 2020
18 hrs/week
$692K (2020) → $1.2M (2024)
Andrew Ditton
Chairman
Director → Chairman, 2024
On filings since 2020
2 hrs/week
$6K (2020) → $9K (2024)
Emily Chen
Managing Director - East Region
Vice President & Regional Manager → Managing Director - East Region, 2022
On filings since 2020
40 hrs/week
$494K (2020) → $564K (2024)
Todd Fabian
Managing Director - West Region
Vice President & Regional Manager → Managing Director - West Region, 2021
On filings since 2020
40 hrs/week
$606K (2020) → $648K (2024)
Kristen Senff
Managing Director - Central Region
On filings since 2023
40 hrs/week
$559K (2023) → $642K (2024)
Edward Sigler
Director
Director & Chairman → Chairman, 2023
Chairman → Director, 2024
On filings since 2020
2 hrs/week
$14K (2020) → $17K (2024)
Eldridge Edgecombe
Director
On filings since 2020
2 hrs/week
$15K (2020) → $11K (2024)
Gary Rozier
Director
On filings since 2020
2 hrs/week
$5K (2020) → $9K (2024)
Helen Dunlap
Director
On filings since 2020
2 hrs/week
$12K (2020) → $8K (2024)
Jane Graf
Director
On filings since 2020
2 hrs/week
$5K (2020) → $10K (2024)
Michael May
Director
On filings since 2020
7 hrs/week
$12K (2020) → $81K (2024)
Lisa Glover
Director
Vice Chairman & Director → Outgoing Vice Chairman, 2023
Outgoing Vice Chairman → Director, 2024
On filings since 2021
2 hrs/week
$7K (2024)
Vicky Arroyo
Director
On filings since 2022
2 hrs/week
$4K (2022) → $16K (2024)
Al Morisato
Director
New on the 2024 filing
2 hrs/week
$14K (2024)
Priya Jayachandran
Director
New on the 2024 filing
2 hrs/week
$8K (2024)
Violet Clarke
Director
New on the 2024 filing
2 hrs/week
$14K (2024)
Kristen Switzer
Director
On filings since 2020
2 hrs/week
No compensation reported
Robert Cooney
Director
On filings since 2020
2 hrs/week
No compensation reported
Robert Mantle
Director
On filings since 2020
2 hrs/week
No compensation reported
Sindy Spivak
Director
On filings since 2020
2 hrs/week
No compensation reported
Alex Denja
Senior Vice President, COO & CFO
On filings since 2020
18 hrs/week
$647K (2020) → $822K (2024)
Ed Simon
Senior Vice President & CIO
Senior Vice President & Chief Information Officer → Senior Vice President & CIO, 2021
On filings since 2020
40 hrs/week
$501K (2020) → $575K (2024)
Judy Schneider
Senior Vice President, Chief Credit & Risk Officer
Senior Vice President, Chief Risk Officer & Assistant Secretary → Senior Vice President Chief Risk Officer, 2023
Senior Vice President Chief Risk Officer → Senior Vice President, Chief Credit & Risk Officer, 2024
On filings since 2020
18 hrs/week
$596K (2020) → $690K (2024)
Kevin Boes
Former Senior Vice President
On filings since 2020
$540K (2020) → $0 (2024)
Mark Siranovic
Senior Vice President & Capital Markets
Senior Vice President Multi-Investor Fund Markets → Senior Vice President Investor Relations, 2023
Senior Vice President Investor Relations → Senior Vice President & Capital Markets, 2024
On filings since 2020
18 hrs/week
$561K (2020) → $677K (2024)
Michael Rogers
Senior Vice President, General Counsel & Secretary
Senior Vice President General Counsel & Secretary → Senior Vice President, General Counsel & Secretary, 2024
On filings since 2020
18 hrs/week
$478K (2020) → $540K (2024)
Peter Harrison
Senior Vice President & Asset Management
Senior Vice President Asset Management → Senior Vice President & Asset Management, 2024
On filings since 2020
18 hrs/week
$530K (2020) → $626K (2024)
Rachel Rhodes
Senior Vice President & Lihtc Production
Vice President & Regional Manager → Managing Director - Central Region, 2021
Managing Director - Central Region → Senior Vice President & Lihtc Production, 2023
On filings since 2020
40 hrs/week
$531K (2020) → $683K (2024)
Reena Bramblett
Senior Vice President & Chief of Production
Senior Vice President & Proprietary Fund Markets → Senior Vice President Equity Placement, 2023
Senior Vice President Equity Placement → Senior Vice President & Chief of Production, 2024
On filings since 2020
18 hrs/week
$519K (2020) → $756K (2024)
Jaclyn Jackson
Senior Vice President & Chief Administrative Officer
Senior Vice President Chief Human Resources Officer → Senior Vice President & Chief Administrative Officer, 2024
On filings since 2023
18 hrs/week
$437K (2023) → $532K (2024)
Daryl Shore
Senior Vice President & Structured Finance
New on the 2024 filing
40 hrs/week
$477K (2024)
Michael Pugh
Vice Chairman
On filings since 2023
2 hrs/week
No compensation reported
Former officers (11)
- Former: Patrick Nash (2020–2023) — Director
- Former: Deborah Burkart (2020–2022) — Managing Director-Sptve Hsing & Spl Proj
- Former: John Lindell (2020–2022) — Director
- Former: Karen Przypyszny (2020–2022) — Former Senior Vice President
- Former: Keith Burgess (2020–2022) — Outgoing Director
- Former: Michael Jacobs (2020–2022) — Senior Vice President Originations
- Former: Maurice Jones (2020–2021) — Outgoing-Vice Chairman & Director
- Former: Jason Aldridge (2021) — Managing Director - South Region
- Former: Steven Petsos (2021) — Nmsc Senior Vice President & Chief Operating Officer
- Former: Gregory Schuler (2020) — Former Senior Vice President General Council Assistant Secretary
- Former: Joseph Hagan (2020) — Former President Emeritus
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $1.2M, to Matthew Reilein (President & CEO (And Director)). 26 officers or directors reported compensation on that filing.
Frequently asked questions about National Equity Fund Inc
How much does National Equity Fund Inc give each year?
National Equity Fund Inc gave $17.5M across 3 grants in 2024, according to its 2024 IRS Form 990. In 2023 it gave $17.5M across 3 grants.
What is National Equity Fund Inc's typical grant size?
National Equity Fund Inc's median grant in 2024 was $40,000, and its average grant was $5,818,333, across 3 grants on its 2024 IRS Form 990.
Where does National Equity Fund Inc give grants?
National Equity Fund Inc gives mostly in New York: 100% of the grant dollars itemized on its 2024 IRS Form 990 went to recipients there.
Does National Equity Fund Inc give general operating support?
Not in 2024: none of the 3 grants with a stated purpose on National Equity Fund Inc's 2024 IRS Form 990 were described as general or operating support.
How large is National Equity Fund Inc?
National Equity Fund Inc reported $122.2M in total assets on its 2024 IRS Form 990. Its revenue that year was $85.5M.
What does National Equity Fund Inc fund?
NEF’s mission is to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Its stated vision is a society where greater access to affordable housing empowers individuals and families to reach their full potential. See mission & focus areas ↑
How do I apply for a grant from National Equity Fund Inc?
National Equity Fund Inc has no public application process in the sources Grantable reviewed. Check nefinc.org for current guidelines, or contact the foundation directly before submitting a request.
What is National Equity Fund Inc's EIN?
National Equity Fund Inc's EIN (Employer Identification Number) is 36-3490231. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated October 2026. Sourced from IRS Form 990 filings. Research dossier generated October 2026.
Data update history
(6)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2020 (received by the IRS November 12, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS November 11, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS November 14, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS November 14, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS November 12, 2025)
- IRS filings on file for fiscal years 2020–2024
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