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.
Key facts about National Equity Fund Inc
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 filing.
- EIN
- 36-3490231
- Latest 990 filing
- Form 990 filing, 2024
- Annual giving (2024)
- $17,455,000
- Grants made (2024)
- 3
- Average grant
- $5,818,333
- Median grant
- $40,000
- Total assets
- $122,158,786
- Primary geography
- New York (100% of itemized 2024 grant dollars)
Data from IRS Form 990 filing, 2024; updated September 2026.
Financial Overview
From 2024 IRS Form 990 filing · 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
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.
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:
Open Grants
2 open opportunities from National Equity Fund Inc
Ready to take the next step with National Equity Fund Inc?
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
Share of all 3 itemized 2024 grant dollars.
States
Cities
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
Giving History
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 |
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 | — | — | — |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Leadership & Key People
Leadership team and compensation from IRS filings
Principal Officer: Matthew Reilein
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
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 EmergingFrequently 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 filing. 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 filing.
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 filing 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 filing 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 filing. Its revenue that year was $85.5M.
What does National Equity Fund Inc fund?
**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 revitalizatio…
How do I apply for a grant from National Equity Fund Inc?
NEF provides various financial solutions and grants to support affordable housing development: **Grant Activity (2023-2024):** • Total giving: $17,490,500 (2024) • Notable grants include $17,500,000 to Local Initiatives Support Corporation for community development support and $20,000 to Project for Pride in Living for low-income housing development support **Financial Solutions Offered:** • Low-Income Housing Tax Credit (LIHTC) syndication • Pre-development loans to assist partners in developi…
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 September 2026. Sourced from IRS Form 990 filings. Research dossier generated April 2026.
Here's the math on researching National Equity Fund Inc by hand.
Explore Open Grants
Browse active grant opportunities in National Equity Fund Inc's focus areas in our free grants database
Similar Funders
Funders that support many of the same organizations
Enterprise Community Partners Inc
Columbia, MD
Enterprise Community Partners funds affordable rental housing production and preservation, community development, and related efforts such as racial equity, resilience, and resident success. It works nationally, with 2024 grants ranging from $5,172 to $10,995,546 and a median of $45,000; unsolicited requests are not stated as accepted.
Assets
$942.0M
Grants
412
Total Given
$74.4M
Local Initiatives Support Corporation
New York, NY
Local Initiatives Support Corporation funds affordable housing, economic development, education, health, child care, small businesses and other community initiatives, often through grants, loans and equity. Its 2024 grants had a median of $40,000, with awards ranging from $5,189 to $4.7 million, and its work spans communities across all 50 states. It offers specific grant opportunities, but the profile does not state whether it accepts unsolicited requests generally.
Assets
$1.6B
Grants
1,119
Total Given
$102.8M
California Community Foundation
Los Angeles, CA
The California Community Foundation, the fourth largest community foundation in the United States, invests in and amplifies community power across Los Angeles County and beyond with a mission to strengthen communities and create opportunities for all Angelenos. With nearly $2.3 billion in assets, CCF distributed $294 million in grants in fiscal year 2022-2023, focusing on health, education, immigration, housing, economic development, arts, and community resilience. The foundation manages over 1,900 donor-advised funds and has granted more than $3.9 billion since 2004, with primary geographic focus on Los Angeles County while also supporting work nationally and globally.
Assets
$2.3B
Grants
2,174
Total Given
$326.6M
The Chicago Community Trust
Chicago, IL
The Chicago Community Trust funds nonprofits advancing economic mobility, narrowing the wealth gap, and meeting urgent needs, with priorities including Black and Latine income and assets, homeownership, and investment in underinvested communities. Its 2024 median grant was $25,000, though awards varied widely; funding generally benefits Chicago-region residents. It accepts applications for listed open opportunities through GrantCentral; the profile does not state whether it accepts unsolicited requests outside those opportunities.
Assets
$6.0B
Grants
3,976
Total Given
$1.4B
Mufg Union Bank Foundation Ag
Milwaukee, WI
MUFG Union Bank Foundation supports affordable housing, community economic development, education, human services, and environmental work that expands opportunity in low- and moderate-income communities, with grants shown in California, New York, and Washington State. In 2022 it made 441 grants totaling $8.5 million, with examples ranging from $40,000 to $200,000. It does not accept unsolicited requests and funds only preselected organizations.
Assets
$5.8M
Grants
441
Total Given
$8.5M
Otto Bremer Trust
St Paul, MN
The Otto Bremer Trust supports people and communities through grants for work benefiting residents of Minnesota, Montana, North Dakota, and Wisconsin; its 2024 grants had a median award of $50,000, with amounts ranging from $3,500 to $1.4 million. It does not accept unsolicited direct requests, but some Community Responsive Fund grants are available through selected intermediary partners.
Assets
$1.4B
Grants
180
Total Given
$57.2M
Arthur J Gallagher Foundation
Rolling Meadows, IL
The Arthur J Gallagher Foundation, established in 1964, primarily administers employee-matching gifts for organizations working in education, human services, and philanthropy. With over $1.6 million in annual giving and typical grants ranging from $10 to $136,000, the foundation made nearly 2,000 grants in 2023. The foundation focuses its grantmaking on organizations located in Illinois, California, and New York.
Assets
—
Grants
2,692
Total Given
$1.6M
The Allstate Foundation
Northbrook, IL
The Allstate Foundation, the charitable arm of Allstate Corporation, empowers vulnerable populations through funding in youth empowerment, relationship abuse prevention, racial equity, and workforce readiness. Grants typically range from $100 to $2 million, with a median award of $1,000 and average grant of $16,400, supported by annual charitable disbursements exceeding $38 million. The foundation focuses its grantmaking nationally across the United States.
Assets
—
Grants
2,010
Total Given
$38.0M
Elks National Foundation Inc
Chicago, IL
The Elks National Foundation funds scholarships, youth programs, veterans services, disaster relief, and community projects, primarily through Elks Lodges and state associations in communities across the United States where Elks live and work. Its 2025 grants had a median of $8,500, though amounts varied widely; the listed Beacon and Freedom Grants are limited to Elks Lodges. The profile does not state whether it accepts unsolicited requests.
Assets
$885.0M
Grants
1,485
Total Given
$31.9M
Baxter International Foundation
Deerfield, IL
The Baxter International Foundation, the philanthropic arm of Baxter International Inc., advances global healthcare access, STEM education, and community resilience in locations where the company operates. The foundation distributes millions annually through matching gifts, capacity-building grants, and employee giving programs, with an average grant term of 12-24 months and a maximum 10% overhead cap. Note that the foundation does not accept unsolicited proposals and operates on a grant cycle basis with announced deadlines.
Assets
$67.5M
Grants
1,300
Total Given
$13.7M
John D and Catherine T Macarthur
Chicago, IL
The foundation funds a broad range of work, including journalism, arts, Chicago communities, climate and clean energy, homelessness, human rights, and criminal justice reform. Its 2024 grants had a median of $160,000, with awards ranging from $450 to $21 million; funding is nationwide, with the largest shares going to New York, Illinois, and Washington, D.C. Application rules vary by program: some accept self-nominations or Letters of Inquiry, while others generally do not fund unsolicited proposals.
Assets
$9.3B
Grants
1,086
Total Given
$356.1M
Jpmorgan Chase Foundation
New York, NY
The JPMorgan Chase Foundation is one of the largest corporate foundations in the United States, distributing over $200 million annually to advance economic opportunity in underserved communities through four core focus areas: jobs and skills training, small business expansion, financial health, and neighborhood revitalization. Grants typically range from $5,000 to $5 million, with a median award of approximately $339,000, though most funding is by invitation only. The foundation prioritizes neighborhoods in JPMorgan Chase's major operating regions—including New York, Illinois, Texas, Florida, California, and Ohio—while also funding internationally across 40+ countries.
Assets
$1.2B
Grants
10,334
Total Given
$202.5M