National Equity Fund, a non-profit affordable housing investment manager, announced the acquisition of the properties and fund management portfolio of St. Louis Equity Fund, Inc. The transaction adds 32 properties across 13 funds, representing nearly 2,000 affordable homes and more than $200 million in equity, to NEF’s portfolio across the St. Louis metropolitan region.
St. Louis Equity Fund was founded in 1988 to syndicate Low-Income Housing Tax Credits and has since raised more than $500 million through 155 partnerships supporting more than 5,000 homes in Missouri and Illinois. After examining options to stabilize its portfolio, SLEFI’s board determined that partnering with a larger organization was necessary to protect investors and residents, leading to the collaboration with NEF. The properties serve a range of residents, including low-income individuals, families, seniors, and people with disabilities.
The acquisition follows NEF’s earlier purchase of National Affordable Housing Trust, which stabilized more than 165 properties across 29 funds representing over 15,000 affordable homes nationwide. Earlier this year, NEF announced a record $1.95 billion in Low-Income Housing Tax Credit equity and $2.5 billion in total affordable housing investment, bringing its total production since its 1987 founding to nearly $30 billion, supporting the creation or preservation of approximately 274,000 affordable homes. NEF is based in Chicago and has donated more than $280 million in grants supporting its affiliate LISC’s community development work.
KEY QUOTES:
“In service of our mission, National Equity Fund collaborated with a fellow nonprofit to support investors and developers in the St. Louis region while preserving affordability for vulnerable residents. The acquisition of the St. Louis Equity Fund provides an opportunity to deliver unparalleled expertise to new partners through fresh perspectives and our full suite of capital solutions.”
“As a leading affordable housing real estate investment manager, we believe in the strength of our products, partnerships and processes, which position us well to navigate the changes in our industry while delivering mission-centered capital solutions. We are energized by the opportunity to help stabilize this portfolio and build meaningful relationships with new partners throughout the region.”
“The St. Louis metropolitan area is a region in which we have not traditionally had a large market share. Expanding our geographic footprint helps strengthen partnerships and builds dynamic, new relationships that will ultimately allow us to evolve our investment platform.”
Matt Reilein, President and CEO, National Equity Fund
“After playing a vital role in the affordable housing industry for nearly four decades, our Board reviewed our mission and affirmed our highest priority is to support quality housing of vulnerable St. Louisans. The Board determined that a partnership with an organization with greater capacity would be necessary to meet that mission, and NEF’s interest in our property portfolio was enthusiastically embraced.”
“As many of our neighborhoods recover and rebuild after the 2025 tornado that affected so many families, we see hope and rejuvenation in St. Louis, with exciting projects in low-income senior and family housing emerging each week and many more are in the pipeline.”
Jill Nowak, President and CEO, St. Louis Equity Fund
