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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.
NEF's investments make projects like the Evergreen Lofts (picutred above) possible. The Evergreen Association partnered with Southern Tier Environments for Living (STEL) to address their clients’ housing needs through adaptive reuse of an historic building. Partners converted a formerly vacant, five-story warehouse building on Buffalo's East Side into 56 affordable housing units. NEF syndicated a $9.8 Million equity investment from the project’s Federal Low Income Housing Tax Credits as well as Federal and State Historic Tax Credits.
To date, NEF’s committed investments in 18 affordable housing developments in Buffalo exceed $111 million and have created over 1,000 affordable homes.