NASLEF     1970 Broadway, Suite 250     Oakland, CA 94612

Phone: (510) 444-1101     © 2015 All Rights Reserved


The National Association of State and Local Equity Funds (NASLEF) is a professional, nonprofit association formed in 1994 to promote the efficient management of state and local equity funds. Collectively through 2015, member funds have created or rehabilitated 159,863 units of affordable housing and have raised over $12.7 billion in equity capital for rental housing developments throughout the United States.

NASLEF´s mission is to promote a greater understanding of tax credit and other financing programs, to advocate for community development resources and to encourage the professional development of its member organizations all in support of the communities we serve. Our work is fueled by our members’ leadership in affordable housing advocacy, connection with community organizations, and knowledge of local markets. These organizational attributes enable NASLEF members to invest capital in strategic community endeavors, especially in underserved markets.

Across the United States, 13 State and Local Equity Funds are in the business of delivering to 40 states equity capital for rental housing developments that qualify under the LIHTC program.



NASLEF’s 24th Annual Conference
September 13-15, 2017 in
Indianapolis, Indiana.

The NASLEF Annual Conference is valuable for staff of state and local equity funds, their advisors, individuals interested in the Low Income Housing Tax Credit (LIHTC) program, and other affordable housing professionals.

The 2017 conference will be hosted at the JW Marriott, Indianapolis. You may reserve a room by clicking here or calling the Marriott directly at 317.860.5800.

Many thanks to our fabulous 2017 Conference Sponsors.


CAHEC—Alabama,District of Columbia, Florida, Georgia, Kentucky, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia

Cinnaire—Delaware, Illinois, Indiana, Maryland, Michigan, Minnesota, Mississippi, Pennsylvania, New Jersey, New York, Wisconsin

Hawaii Housing Finance, LLC—Hawaii

Housing Vermont—Vermont

Massachusetts Housing Investment Corp.—Connecticut, Massachusetts, Rhode Island

Merritt Community Capital Corp.—California

Midwest Housing Equity Group, Inc.—Arkansas, Colorado, Iowa, Kansas, Missouri, Nebraska, Oklahoma, South Dakota, Texas

Mountain Plains Equity Group, Inc.—Colorado, Montana, North Dakota, South Dakota, Wyoming

Northern New England Housing Investment Fund—Maine, New Hampshire

Ohio Capital Corp. for Housing—Indiana, Kentucky, Ohio, Pennsylvania, West Virginia

St. Louis Equity Fund, Inc.— Illinois, Kansas, Missouri

Virginia Community Development Corp.—Kentucky, Virginia

Best Practices

As a leader in the low-income housing tax credit industry, the National Association of State and Local Equity Funds (NASLEF) has developed the following “Best Practices” for member syndicators in performing asset management and compliance monitoring of portfolios invested in affordable housing financed partly by federal tax credits. Adherence to the “Best Practices” will lead to better quality tax credit projects, preserve and protect the interests of investors, and assure compliance with Section 42 of the Internal Revenue Code.

These pages set forth guidelines and is not intended as a set of mandates. NASLEF recognizes that there may be circumstances where the guidelines need to be modified by individual syndicators to meet their needs.

Learn More...


American Association of Homes and Services for the Aging (AAHSA)

Through the Consortium for Learning and Research in Aging, AAHSA provides continuing education for individuals working in all levels of care for the aged. Offers the required training for service coordinators in HUD-assisted housing facilities for the elderly or disabled. —

Consortium for Housing and Asset Management (CHAM)

Information on Nonprofit Housing Management Specialist Program.—

Elizabeth Moreland Consulting, Inc.

One of the bigger trainers on tax credit management. Usually have articles from latest quarterly newsletter.—

Enterprise Foundation

Their Web site offers access to Enterprise's newsletters and free password registration gains access to the Enterprise Resource Center's Best Practices Database.—

Housing and Urban Development, US Dept. of (HUD)

The Low-Income Housing Tax Credit (LIHTC) is the most important resource for creating affordable housing in the United States today. The LIHTC provides State housing agencies with the equivalent of more than $3 billion in annual budget authority that they can use to leverage a vast amount of capital to respond to locally identified rental housing needs.—

Institute of Real Estate Management (IREM)

National Apartment Association (NAA)

National Low Income Housing Coalition/Low Income Housing Information

The NLIHC/LIHIS is a nonprofit educational organization that provides information on national low-income housing policy, housing issues, access to publications, and a calendar of events. This site also provides related links.—

National Fair Housing Advocate

This Web site contains information, news briefs on litigation and a search engine regarding fair housing issues, litigation.—

Neighborhood Reinvestment Corporation (NRC)

Go to home page, then click Training Institute button —

National Housing and Rehabilitation Association

Great connection to other sites ~ Go to Tax Credit Information —


Low Income Housing Tax Credit Program Participation

Low Income Housing Tax Credit (LIHTC) projects usually involve three main entities: developers, investors, and syndicators. The developers assemble a project proposal, including financial sources, and apply to the state administrative agency for tax credits. The state agency evaluates proposals and awards credits according to regulations and priorities established in its Qualified Allocation Plan (developed by the state under IRS requirements). The developer can then sell the credits directly to an investor or to a syndicator. Syndicators act as a broker of the credits for multiple developers and investors, and establish equity funds that finance multiple projects. The advantage of this to investors is that they can invest in a portion of a fund and spread their risk across several projects. Syndicators also perform additional services for both developers and investors, such as asset management, technical assistance, and bridge loan financing. LIHTC projects require a considerable amount of oversight to ensure compliance with federal rules and regulations over the 15-year minimum compliance period.

Learn more ...

Creation of the Low Income Housing Tax Credit

The Low Income Housing Tax Credit (LIHTC) program was created by Section 42 of the Tax Reform Act of 1986. The program leverages the expenditure of public money in the form of uncollected tax revenue with private equity investment to fund low income housing development. Each state receives tax credits annually, based on a formula of $1.25 per capita. It is then up to the relevant state agency to develop its own application process for allocating the credits within Internal Revenue Code guidelines. Developers submit project plan applications for credits, and then generally sell them to investors, either directly or through a syndicator. The tax credits are distributed over a ten-year period.

Learn more ...


Board Members

President: Hal Keller
Ohio Capital Corporation for Housing

Vice President: Bill Shanahan
Northern New England Housing Investment Fund

Treasurer: John Kennedy
St. Louis Equity Fund, Inc.

Secretary: Jim Peffley

Immediate Past President: Nancy Owens
Housing Vermont


Executive Director
Sabrina Moreno
Oakland, California

Deputy Executive Director
Mary Kay Meagher
Columbus, Ohio

Legislative Consultant
Bobby Rozen
Independent Consultant
Retired Partner, Washington Council Ernst & Young

1970 Broadway, Suite 250
Oakland, CA 94612
Phone: (510) 444-1101

NASLEF     1970 Broadway, Suite 250     Oakland, CA 94612

Phone: (510) 444-1101     ©2015 All Rights Reserved