National Equity Fund (NEF), a leading nonprofit affordable investment manager and low-income housing tax credit syndicator, has acquired National Affordable Housing Trust’s (NAHT’s) properties and fund management portfolio.
The move will support the long-term stability of more than 165 properties, representing more than 15,000 affordable homes nationwide, announced officials.
"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," said NEF president and CEO Matt Reilein. "The acquisition of NAHT's properties was an intentional, collaborative effort between two nonprofits dedicated to protecting our partners' investments, empowering residents, and ensuring that crucial affordable housing is not lost."
With the addition of NAHT's communities, NEF now has nearly $26 billion in assets under management.
"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," said NAHT interim president and CEO Brian Dowling. "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."
In 2013, NAHT became an affiliate of Stewards for Affordable Housing for the Future (SAHF). In 2020, SAHF, as NAHT's owner, agreed to a new joint venture with the Low Income Investment Fund (LIIF), a national nonprofit financial institution. LIIF's capital investment played a vital role in advancing the preservation and expansion of affordable housing over the past six years.
"Building on NEF's long history of partnering with nonprofit developers to create and preserve affordable homes across all market cycles, the NAHT portfolio will now benefit from NEF's platform and expertise," said LIIF president Kimberly Latimer-Nelligan. "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."
NAHT has a more than 40-year history in affordable housing and syndicating housing credits, investing over $2 billion in equity to create and preserve more than 27,000 homes for seniors and families nationwide.
Chicago-based NEF reported raising and deploying $2.5 billion in affordable housing investments in 2025, including a record $1.94 billion in housing tax equity, surpassing its previous high set in 2024. Since being founded in 1987, it has invested nearly $30 billion, representing approximately 274,000 new or preserved affordable homes for individuals, families, and communities in need across the country.