National Equity Fund announced the acquisition of the property and fund management portfolio of National Affordable Housing Trust in a strategic transaction designed to preserve affordable housing assets and strengthen long-term support for residents, investors, and developers nationwide.
The acquisition adds more than 165 properties across 29 funds to National Equity Fund’s portfolio, representing over 15,000 affordable homes throughout the United States. Following the transaction, NEF’s assets under management have grown to nearly $26 billion.
The organizations said the transition aligns two mission-driven non-profits focused on preserving affordable housing and supporting resilient communities during a period of market volatility and economic disruption. The combined platform is intended to provide additional operational stability and investment support for developers, sponsors, and residents.
NAHT has invested more than $2 billion in equity over the past four decades, supporting the creation and preservation of more than 27,000 affordable homes for seniors and families nationwide. In 2013, NAHT became an affiliate of Stewards for Affordable Housing for the Future. In 2020, SAHF entered into a joint venture with Low Income Investment Fund, a national non-profit financial institution with approximately $900 million in assets under management.
NEF said the acquisition builds on its own momentum in affordable housing finance. Earlier this year, the organization reported a record $1.95 billion in federal Low-Income Housing Tax Credit equity production during 2025, surpassing its previous record set in 2024. The organization deployed a total of $2.5 billion across 130 affordable housing transactions in 2025, bringing total production since inception to nearly $30 billion and supporting approximately 274,000 affordable homes.
Founded in 1987, NEF provides Low-Income Housing Tax Credit syndication, lending, preservation financing, workforce housing financing, and other investment solutions intended to expand access to affordable housing nationwide.
KEY QUOTES:
“We are energized by the opportunity to deepen relationships with existing investors and sponsors across the nation while bringing NAHT’s strong portfolio into our best-in-class asset management operations. The acquisition of NAHT’s properties was an intentional, collaborative effort between two non-profits dedicated to protecting our partners’ investments, empowering residents and ensuring that crucial affordable housing is not lost.”
Matt Reilein, President & CEO, National Equity Fund
“In spite of economic headwinds and regulatory disruptions, our team continues to deliver exceptional results for our partners, and we have carried that same momentum and resilience into 2026. We will continue to expand our geographic footprint and evolve our investment platform, delivering resounding impact for both long-standing and new investors and sponsors. This acquisition is a testament to NEF’s products, partnerships and processes, all of which enable us to navigate market and economic uncertainties through a mission-aligned approach, and a human-centered vision.”
Matt Reilein, President & CEO, National Equity Fund
“By aligning our portfolio with NEF’s proven track record and shared commitment to mission-driven impact, we are ensuring continued stewardship of the communities and developments we have helped support. This transition reflects our confidence that these properties will remain in the hands of an organization equally dedicated to affordability, equity, and community strength, even as the broader funding environment becomes more challenging.”
Brian Dowling, Interim President & CEO, National Affordable Housing Trust
“Building on NEF’s long history of partnering with non-profit developers to create and preserve affordable homes across all market cycles, the NAHT portfolio will now benefit from NEF’s platform and expertise. At a time when federal dollars are under pressure, combining these platforms allows us to keep vital properties stable, protect residents, and continue investing in the communities that need it most.”
Kimberly Latimer-Nelligan, President, Low Income Investment Fund
“By bringing together NAHT’s portfolio with NEF’s mission-driven platform, this transition strengthens a long-term ecosystem focused on affordability, resident well-being, and portfolio sustainability. Our partners will be well positioned to access flexible resources and mission-aligned capital solutions that support preservation, recapitalization, and stronger property operations across the housing lifecycle. Ultimately, this helps sustain healthy, stable affordable rental homes and the quality, safety, and resident supports that communities depend on.”
Theresa Dumais, President & CEO, Stewards for Affordable Housing for the Future
