National Equity Fund Expands Midwest Footprint with Acquisition of St. Louis Equity Fund Portfolio, Stabilizing Critical Housing for Residents

The acquisition adds 32 properties across 13 funds to the NEF portfolio and creates opportunities for new relationships with investors and sponsors in the St. Louis metropolitan region.

CHICAGO, July 22, 2026 /PRNewswire/ -- National Equity Fund (NEF), a leading non-profit multifamily affordable housing investment manager, and St. Louis Equity Fund, Inc. (SLEFI) today announced NEF's acquisition of SLEFI's properties and fund management portfolio. This strategic transition will support the long-term stability of 32 properties across 13 funds, representing nearly 2,000 affordable homes throughout the St. Louis metropolitan region.

"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," said Matt Reilein, President and CEO at NEF. "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."

The 32 properties across the 13 funds represent over $200 million in equity and are occupied by an array of resident populations including low-income individuals, families, seniors and people with disabilities. 

Protecting Investors, Sponsors and Residents through a Mission-Oriented Solution

The St. Louis Equity Fund, Inc. was founded in 1988 to syndicate Low-Income Housing Tax Credits (LIHTCs). Since then, the organization has raised more than $500 million through 155 partnerships to support the creation of over 5,000 homes in Missouri and Illinois. Over the last few years, SLEFI has been examining options to stabilize its portfolio to ensure that investors experienced value and residents in the affordable housing community continued to thrive. The organization collaborated with NEF to guarantee that critical affordable housing was not lost.

"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," said Jill Nowak, President and CEO at St. Louis Equity Fund. "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. We believe that NEF will make a positive impact on the St. Louis affordable housing community."

The two non-profits share a service-minded, mission-oriented approach to affordable housing that prioritizes empowering partners and the communities they serve. Over the last several years, NEF has leveraged scale, expertise and its diverse investment platform to bridge capital gaps that have challenged affordable housing development and preservation. Earlier this year, the organization announced a record-setting $1.95 billion in LIHTC equity, surpassing its previous high set in 2024, and an overall affordable housing investment total of $2.5 billion. These impressive results brought NEF's total production since inception to nearly $30 billion, supporting the creation or preservation of approximately 274,000 affordable homes. The company credits remaining true to the trust of its partners, financial discipline and innovative capital deployment as key components to its stability and resilience over its nearly 40-year history.

By bringing SLEFI's properties under NEF's platform, investors and sponsors in the St. Louis region will be safeguarded in spite of market volatility and the nation's intensifying affordable housing shortage.

"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," said Reilein. "We are energized by the opportunity to help stabilize this portfolio and build meaningful relationships with new partners throughout the region."

Expanding NEF's Geographic Footprint by Building a Presence in a New Market

Since 1988, the St. Louis Equity Fund has been a pillar of the region, working with public and private partners to connect communities and developers with the resources needed to build quality affordable housing, create opportunities for residents and improve the overall quality of life for those in need.

"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," said Nowak. "The seeds we have sown continue to benefit residents and businesses. We are proud to have been a part of building St. Louis for so long and are excited to see growth in affordable housing continue as a result of this acquisition."

The acquisition of SLEFI's portfolio creates direct access for NEF to build a presence in the St. Louis metropolitan area, a market where the organization has not previously had deep organic penetration. By bringing the properties into its best-in-class asset management operations, NEF is providing reassurance to investors by maximizing positive outcomes of their investments while ensuring that sponsors can continue empowering residents through increased access to affordable housing.

"The St. Louis metropolitan area is a region in which we have not traditionally had a large market share," said Reilein. "Expanding our geographic footprint helps strengthen partnerships and builds dynamic, new relationships that will ultimately allow us to evolve our investment platform. This acquisition is a testament to our integrity and stability as an organization, and we look forward to collaborating with our partners to unlock new opportunities for communities in need throughout this Midwest region."

The SLEFI news comes on the heels of NEF's recent acquisition of National Affordable Housing Trust (NAHT), which supported the long-term stability of more than 165 properties across 29 funds, representing more than 15,000 affordable homes nationwide. With its nearly 40-year standing as a pillar of the affordable housing industry, NEF has consistently worked to evolve, improve and diversify its product and service offerings to drive measurable, scalable and balanced outcomes for its partners and the communities they serve.

About National Equity Fund, Inc. (NEF)

National Equity Fund (NEF) is a leading non-profit, multi-family, affordable, real estate investment manager with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its Low-Income Housing Tax Credit (LIHTC) syndication platform and its lending and investing platforms, NEF generates opportunities rooted in its vision that increased access to affordable housing empowers every individual and family to reach their full potential.

Beyond LIHTC, NEF offers additional financial solutions to help close the affordable housing gap in multiple ways that are aligned with our mission. Our expertise in pre-development, preservation, and workforce lending allows us to further assist our partners to expand their efforts to provide low-income and middle-income affordable housing. 

Since being founded in 1987, NEF has invested nearly $30 billion, representing approximately 274,000 new or preserved affordable homes for individuals, families, and communities in need across the country. NEF is Chicago-based and has donated more than $280 million in grants to support its affiliate LISC's nationwide community development work. To learn more about NEF's impact, innovative financial solutions, and opportunities, visit www.nefinc.org.

SOURCE National Equity Fund