NASLEF     1970 Broadway, Suite 250     Oakland, CA 94612

Phone: (510) 444-1101     info@naslef.org     © 2012 All Rights Reserved

About

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 2013, member funds have created or rehabilitated 140,151 units of affordable housing and have raised over $10.4 billion in equity capital for rental housing developments throughout the United States.

NASLEF´s mission is to promote a greater understanding of the Low Income Housing Tax Credit (LIHTC) and encourage the professional development of its member organizations.

Across the United States, 14 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.

 



CONFERENCES

NASLEF’s 21st Annual Conference
September 17th-19th in Savannah, Georgia

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 2014 conference will be on Wednesday, September 17 to Friday, September 19 at the Westin Savannah Harbor Golf Resort and Spa in Savannah, Georgia.

Find the conference schedule, special events, and registration information in the Registration brochure.



Many thanks to our wonderful sponsors for supporting this event. It would not be possible without them.




MEMBER LOCATIONS

CAHEC—Alabama, Florida, Georgia, Kentucky, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia, Washington, DC

Delaware Community Investment Corp.—Delaware, Pennsylvania, Maryland, New Jersey

FAHE Capital Corp.—Kentucky

Great Lakes Capital Fund—Illinois, Indiana, Michigan, Minnesota, Mississippi, New York (Upstate), Wisconsin

Hawaii Housing Finance, LLC—Hawaii

Housing Vermont—Vermont

Massachusetts Housing Investment Corp.—Massachusetts, Rhode Island

Merritt Community Capital Corp.—California

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

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

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.—Missouri, Illinois, Kansas

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...


RESOURCES

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. — www.aahsa.org

Consortium for Housing and Asset Management (CHAM)

Information on Nonprofit Housing Management Specialist Program.— www.CHAM.org

Elizabeth Moreland Consulting, Inc.

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

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.— www.enterprisefoundation.org

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.— www.huduser.org/publications/affhsg/report.html

Institute of Real Estate Management (IREM)

www.irem.org

National Apartment Association (NAA)

www.naahq.org

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.— www.nlihc.org

National Fair Housing Advocate

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

Neighborhood Reinvestment Corporation (NRC)

Go to home page, then click Training Institute button — www.nw.org

National Housing and Rehabilitation Association

Great connection to other sites ~ Go to Tax Credit Information — www.housingonline.com


LIHTC

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 ...

Contact

Board Members

President: Nancy Owens
Housing Vermont
nancy@hvt.org

Vice President: Hal Keller
Ohio Capital Corporation for Housing
hkeller@occh.org

Treasurer: John Kennedy
St. Louis Equity Fund, Inc.
johnkennedy@slefi.com

Secretary: Jim Peffley
Delaware Community Investment Corporation
jpeffley@dcidnet.org

Immediate Past President: Peter Sargent
Massachusetts Housing Investment Corporation
sargent@mhic.com

Staff

Executive Director
Sabrina Moreno
Oakland, California
smoreno@merrittcap.org

Deputy Executive Director
Mary Kay Meagher
Columbus, Ohio
mmeagher@occh.org

Legislative Consultant
Bobby Rozen
Washington Council Ernst & Young
robert.rozen@wc.ey.com

NASLEF
1970 Broadway, Suite 250
Oakland, CA 94612
Phone: (510) 444-1101
info@naslef.org