Affiliates

National Equity Fund, Inc. (NEF)

National Equity Fund, Inc.

Since 1986, the federal low income housing tax credit has helped fund more than one million new homes that are affordable to low-income families, the formerly homeless, the elderly and the disabled. It offers institutional investors a credit against their federal income tax in return for their low income housing investments. As a tax credit syndicator, LISC's National Equity Fund, Inc. (NEF) raises money from investors and identifies low incoming housing projects in which to invest that capital.



New Markets Tax Credit Program

New Markets Tax Credit Program

To help spur new businesses, economic growth and new jobs in low-income communities, the federal government in 2000 established the New Markets Tax Credit (NMTC) program, allowing investors to receive a credit against federal income taxes for investing in such neighborhoods. LISC's New Markets Tax Credit (NMTC) activities stimulate the investment of private capital in the distressed communities that LISC serves. A pioneer in the creation and use of this new federal program, LISC has focused its efforts on financing the development of commercial and community space and housing that generate jobs, provide needed goods and services, and reverse physical deterioration in struggling communities. LISC's NMTC efforts are managed by the National Equity Fund, Inc., its tax-credit equity affiliate which has invested more than $5.5 billion in low income communities over the last 20 years.



Community Development Trust

CDT

CDT is the country's only private real estate investment trust (REIT) with a public purpose. CDT was created in 1998 with an initial capital investment from the LISC. Since then, CDT has raised approximately $130 million in equity capital through private placement offerings with some of the country's premier institutional investors committed to supporting community development.

CDT has invested or committed approximately $720 million in debt and equity capital to properties in 39 states and regions—helping to preserve or add over 27,700 units to the nation's affordable housing stock.

As a private, mission-driven REIT, CDT is unique in its ability to preserve and expand the supply of affordable housing while also earning attractive returns for shareholders. We operate much like a mutual fund, combining the capital of institutional investors to acquire or provide financing for affordable housing. In line with our mission, all CDT investments must satisfy Community Reinvestment Act (CRA) requirements.

Through our Debt and Equity Programs, CDT invests in: long-term debt capital by purchasing smaller, fixed-rate multi-family mortgages from community development lenders; and equity capital either in cash or by providing a tax-advantaged transition for existing properties to a new set of owners committed to long-term affordability.