Pay It Forward Program

Pay It Forward Program

Funder: NEF Housing Charities, Inc. (affiliate of National Equity Fund)

Program Type: Recoverable grants and application assistance loans to support non-traditional developers

Overview

The Pay It Forward (PIF) program augments NEF and partner equity investments in non-traditional developers by providing flexible and patient capital bridge to tax credit applications and awards. Grants are recoverable and up to $50,000; loans are up to $250,000.

Geographic Scope

National (all states)

Eligible Uses

Participating developers may access PIF grants and loans to assist with completing any combination of the following approved uses necessary to apply for Low-Income Housing Tax Credits (LIHTC):

• Site Acquisition
• Architect Design
• Surveys
• Environmental Studies
• Entitlements
• Tax Credit Fees

Eligibility Requirements

Developer Profile Requirements:

Developer must have materially participated in the development activities of at least one completed LIHTC development as developer, co-developer, or have other transferrable real estate development experience acceptable to NEFHC

Developer has identified and is working on a specific LIHTC project

Developer is at the point of applying for predevelopment financing to assist with applying for a LIHTC allocation within the next 12 months

Note: Matching this profile does not guarantee eligibility for participation in PIF

Focus Areas

• Low-Income Housing Tax Credit (LIHTC) development
• Support for non-traditional developers
• Predevelopment financing

Key Contact

Lydia Smith, Managing Director

Contact Information:

Email: Contact through nefinc.org

Phone: 312-360-0400

Website: nefinc.org