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National Equity Fund, Inc.10 S. Riverside Plaza
Suite 1700Chicago, IL 60606
Tel: (312) 360-0400
impactingLIVES
creatingCOLLABORATION
fostering RELATIONSHIPS
effecting CHANGE
Annual Report
2014
impactingLIVES
fostering RELATIONSHIPS
creatingCOLLABORATION
effecting CHANGE
We’re on the path to making a difference
in our communities across the nation.
click on the 4 videos to learn how
pg.3National Equity Fund, Inc. – 2014 Annual Report
Year in Review
Looking back, we did very well in 2014, placing $663 million in equity landing us third in the top five syndicators by volume and succeeding our goal of $650 million. We closed 75 deals, creating 5,177 units of affordable housing, many of which will be home to veterans as well as numerous special needs populations.
We also achieved some significant benchmarks, reorganizing our originations and project management departments, moving our headquarters into new space, creating two new multi-investor regional funds and establishing additional investor relationships. All of which promotes our efficiencies, strengthens our partnerships and enables us to provide our clients with what fits their needs best.
Our veterans’ housing initiative, Bring them HOMES, successfully brought in additional grants in 2014 from funders, Citi Community Development, MetLife Foundation, Home Depot Foundation, Northrup Grumman and Chase enabling us to add 1,215 more residences with supportive services to our pipeline. And 2015 is looking strong as we’ve demonstrated over the last several years that we know how to finance these developments as well as how to advocate for veterans’ housing policies.
In May of 2015, Secretary of the Veterans’ Administration, John MacDonald presided over a tour of our most recent veterans’ development, Blue Butterfly Village, 73 fully-furnished two-bedroom townhomes in the South Bay portion of Los Angeles, which are now home to female veterans with families who were homeless or at-risk of becoming homeless. This is our second community devoted to female veterans in need of affordable housing and critical supportive services.
While tax credit transactions are high in 2015, we feel that we’re in a strong position and that we’re on track to helping our partners achieve their goals as well. Take a look at our brief videos to hear more about what’s happening at National Equity Fund.
Joseph S. HaganPresident and CEO
Joe HaganPresident
Message from our President
pg.4National Equity Fund, Inc. – 2014 Annual Report
NEF Board of Directors
Larry DaleChairmanRetired Managing DirectorCitigroup
Michael RubingerVice ChairmanPresident & CEOLocal Initiatives Support Corporation
Andrew DittonManaging DirectorCiti Community Capital
Helen DunlapIndependent Housing Consultant
Eldridge EdgecombeRetired SVPFederal Home Loan Bank of Chicago
Printice L. GaryManaging PartnerCarleton Residential Properties
Joseph HaganPresident & CEONational Equity Fund, Inc.
Michael HearneCFOLocal Initiatives Support Corporation
John LindellRetired Partner KPMG, LLP
Mike MantleSenior AdvisorMorgan Stanley
Michael MayManaging Director CCRE Cantor Fitzgerald
John MealeyExecutive DirectorCoachella Valley Housing Coalition
Herbert E. MorseRetired Managing PartnerKPMG LLP
Elizabeth PughRetired Executive Vice President/CFOLocal Initiatives Support Corporation
Edward SiglerSenior Vice PresidentChase Community Development
Sindy SpivakSenior Vice PresidentBank of America
Kristen L. SwitzerHead of Asset ManagementU.S. Bancorp Community Development Corporation
Our Board
Larry DaleChairman
Michael RubingerVice Chairman
pg.5National Equity Fund, Inc. – 2014 Annual Report
Assets
Liabilities and Net Assets
Financials
2014 Balance SheetNational Equity Fund, Inc. and SubsidiariesSpecial Purpose Consolidated Statements of Activities and Changes in Net AssetsYears Ended December 31, 2014 and 2013
Cash and Cash Equivalents Restricted Cash Escrow Notes and Other Receivables, Net Notes and Other Receivables from Affiliates, Net Due from Funds, Net Temporary Investments in Project Partnerships, Net Other AssetsFurniture, Equipment, Leasehold Improvements and Software Less: Accumulated Depreciation and Amortization
Total Assets
Accounts Payable and Accrued Expenses Due to AffiliatesService Fee PayableGrant Payable to Parent Notes PayableCapital Contributions Due to Temporary Investments in Project Partnerships and FundsDeferred Revenue
Total Liabilities
Commitments and ContingenciesTotal Net Assets - Unrestricted Total Net Assets - Temporarily RestrictedTotal Net Assets
Total Liabilities and Net Assets
These financial statements account for NEF, Inc.’s general partner and managing member interests in limited partnerships and limited liability companies using the equity method of accounting rather than the consolidation method as required by Generally Accepted Accounting Principles (GAAP). In addition, the recording of pass-through income or losses from investments in limited partnerships or limited liability companies and their investees in which NEF has general partnership or managing member interests is limited to NEF’s percentage interest in the limited partnerships or limited liability companies and their investees.
GAAP financial statements are available by contacting Alex Denja, CFO at adenja@nefinc.org.
55,482,423544,188
56,026,611
$103,989,180
56,667,364 1,027,341
57,694,705
$123,186,620
$4,798,719135,293
1,375,000500,000346,666
37,315,4933,491,398
47,962,569
$9,810,242 137,950 90,000
1,000,000 2,260,805
48,100,889 4,092,029
65,491,915
$42,478,750 544,188
1,219,814 9,502,503 5,263,358
43,601,753 1,186,786
2,847,656
(2,655,628)
$103,989,180
$44,327,113 1,027,341 3,791,694 7,951,751 6,503,785
55,031,742 1,107,469
6,315,022
(2,869,297)
$123,186,620
2014 2013
pg.6National Equity Fund, Inc. – 2014 Annual Report
Revenues
Expenses
Financials
2014 Income StatementNational Equity Fund, Inc. and SubsidiariesSpecial Purpose Consolidated Statements of Activities and Changes in Net AssetsYears Ended December 31, 2014 and 2013
2014 2013
Syndication Fee IncomeAsset Management Fee IncomeInterest IncomeNew Markets Support Company Cost ReimbursementMiscellaneous Income
Total Revenues
Personnel Professional ServicesOffice and AdministrativeLegalService FeesSponsor GrantsProvision for Loss on ReceivablesOtherDepreciation and Amortization
Total Expenses
Change in Net Assets Before Grant to ParentGrant to Parent
Change in Net AssetsNet Assets - Unrestricted, December 31, 2013 and 2012Net Assets - Restricted, December 31, 2013 and 2012
Net Assets, December 31, 2014 and 2013
4,796,643 2,500,000
2,296,643 53,191,472
538,496
$56,026,611
7,668,094 6,000,000
1,668,094 55,482,423
544,188
$57,694,705
21,795,673 2,945,459 6,202,869
970,817 1,650,000
332,710 592,200 284,861 341,480
35,116,069
24,265,437 3,513,343 5,925,975
977,609 295,000 132,500 208,357
3,106 278,437
35,599,764
$21,057,259 14,488,934
271,201 3,082,008 1,013,310
39,912,712
$23,870,590 14,569,336
152,057 3,297,522 1,378,353
43,267,858
pg.7National Equity Fund, Inc. – 2014 Annual Report
Partners
2014 Investors
Associated Bank
Bank of America
Bank of New York Mellon
Bank of the West
BBVA Compass Bank
BMO Harris Bank
Boston Private Bank & Trust Company
Bremer Bank
Capital One
Cathay Bank
Citibank
City National Bank
Comerica Bank
Fifth Third Bank
Goldman Sachs
JPMorgan Chase
KeyBank
Morgan Stanley
MetLife
Pacific Continental
People’s United Bank
Private Bank
RBS Citizens
Silicon Valley Bank
SunTrust Bank
TD Bank
US Bank
USAA
Washington Federal
Wells Fargo Bank
pg.8National Equity Fund, Inc. – 2014 Annual Report
Partners
2014 Sponsors
ACTION-Housing, Inc.
Affordable Housing & Services Collaborative, Inc.
Atlantic Housing Partners
Avenue Community Development Corporation
Banana Kelly Community Improvement Association
Bellwether Housing
Belmont Arthur Avenue Local Development Corporation
Brighton Properties, Inc.
Cantwell- Anderson, Inc.
Catholic Charities Housing Services
Charities Housing Development Corporation
Christian Church Homes of Northern California, Inc.
Churchill Residential, Inc.
Clare Housing
Commonwealth Development Corporation
Community Partners for Affordable Housing
Concern for Independent Living, Inc.
Conifer Realty, LLC
Dimeo Properties, Inc.
Domus Corporation
Ebenezer Society
Full Circle Communities, Inc.
Generation Housing Development, LLC
Gorman & Company, Inc.
Green Mountain Development Group, Inc.
Herman & Kittle Properties, Inc.
Hollywood Community Housing Corporation
Housing Authority of the City of Pasco and Franklin County
Housing Authority of the City of San Buenaventura
Housing Hope
Housing Trust of Rutland County, Inc.
Housing Visions Consultants, Inc.
Impact Services Corporation
La Frontera Partners, Inc.
Lemle & Wolff Construction Corporation
LifeNet Texas
Lumbee Tribe of North Carolina
MBD Community Housing Corporation
Mercy Housing California
Nevada H.A.N.D.
Newbury Management Company
Newport Millennium Housing Corporation III
North West Housing Partnership
Northwest Integrity Housing Company
Office of Rural and Farmworker Housing
pg.9National Equity Fund, Inc. – 2014 Annual Report
Partners
2014 Sponsors
Over the Rainbow Association
Pacific West Communities, Inc.
PATH Ventures
Peabody Properties, Inc.
Peoples’ Self Help Housing Corporation
Phoenix Family Ventures, Inc.
PIRHL Contractors, LLC
Port Arthur Housing Authority
Project for Pride in Living, Inc.
Project Freedom, Inc.
Project HOME
Psalms 127, LLC
Realtex Development Corporation
Re-Build America, Inc.
Rural Communities Housing Development Corporation
Sandra Erickson Real Estate, Inc.
Shelter Investments Development Corporation
Sierra Housing Resource Partners
Skid Row Housing Trust
Tampa Housing Authority
Tenderloin Neighborhood Development Corporation
The Core Companies
The ITEX Group
The Metro Company, LLC
The Model Group, Inc.
The Resurrection Project
The Woda Group, Inc.
Thomas Development Company
Thomas Safran Associates
Tierra Realty Trust, LLC
Transitional Housing Corporation
Turnstone Development Corporation
UP Development, LLC
Venice Community Housing Corporation
Versa Development, LLC
Volunteers of America-Greater Los Angeles
Volunteers of America-National
Weiss Properties Incorporated
Westport Housing Authority
Workforce Housing Advisors
pg.10National Equity Fund, Inc. – 2014 Annual Report
Properties
Completed in 2014
1380 University Avenue Bronx, NY
1490 Crotona Park East Apartments Bronx, NY
1770 TPT LLC Bronx, NY
4th & Pearl Apartments Pasco, WA
810 Arch Street Philadelphia, PA
Andalusia Clovis, NM
Autumn Village Apartments Clearlake, CA
Avenue Station Houston, TX
Biltmore Crossing Apartments Horseheads, NY
Blue Butterfly Village Los Angeles, CA
Casa Querétaro Chicago, IL
Casas de las Flores Carpinteria, CA
Castillo del Sol Apartments Ventura, CA
Clare Terrace Robbinsdale, MN
Concern Bergen Brooklyn, NY
Concern Ronkonkoma Lake Ronkonkoma, NY
Crossing Point Villas Sierra Vista, AZ
Crotona Park North Bronx, NY
Ebenezer Tower Apartments Minneapolis, MN
Elementary School Apartments Schofield, WI
Estates at Ellington Houston, TX
Evergreen at Arbor Hills Carrollton, TX
Freedom Village at Toms River Toms River, NJ
Freedom Village at Westhampton Mount Holly, NJ
Garfield Park Village Santa Cruz, CA
Gateway Apartments Marina del Rey, CA
Granger Family Housing Granger, WA
Greystone Court Caldwell, ID
Hammock Harbor Rockledge, FL
Impact Veterans and Family Housing Center Philadelphia, PA
Ligutti Tower Des Moines, IA
M.D. Fox Manor Hartford, CT
Middlebury Arms Middleboro, MA
Milwaukee Avenue Apartments Chicago, IL
Monroe Family Village Monroe, WA
Moss Park Winter Springs, FL
Naomi Gardens Arcadia, CA
Newport Scholar House Newport, KY
Park Central Port Arthur, TX
pg.11National Equity Fund, Inc. – 2014 Annual Report
Properties
Completed in 2014
Parkside Studios Sunnyvale, CA
Paso Fino Apartments San Antonio, TX
Path Villas at Del Ray Los Angeles, CA
Pebble Ridge Apartments Antigo, WI
Pembroke Senior Village Pembroke, NC
Penn Mathilda Apartments Pittsburgh, PA
Plover Apartments Bronx, NY
PPL DECC Minneapolis, MN
Pringle House Buckhannon, WV
Quail Ridge Senior Housing West Lebanon, NH
River Vale Senior Residence River Vale, NJ
Rosa Parks Phase II San Francisco, CA Salina Crossing Syracuse, NY
Sasco Creek Redevelopment Westport, CT
Sherman Park Homeowners Initiative Milwaukee, WI
Simpson Dawson Bronx. NY
Southwick Apartments Matteson, IL
St. Joseph’s Apartments Elmira, NY
Sugar Grove Seniors Sugar Grove, IL
The Barcelona at Beaverton Beaverton, OR
The Harry and Jeanette Weinberg Commons Washington, DC
The Parker Apartments Seattle, WA
The Six Los Angeles, CA
The Village at Palm Center Houston, TX
Thorncreek Senior Living Thornton, IL
Transbay Block Six San Francisco, CA
Trio at Encore Tampa, FL
Union Square Apartments Appleton, WI
Valencia Senior Apartments Fruitland, ID
Victory Place Phase IV Phoenix, AZ
Walnut Avenue Homes Niagara Falls, NY
Walnut Commons Muncie, IN
Watkins School & Carriage House Rutland, VT
Westcliff Heights Senior Apartments Las Vegas. NV
William Penn Manor Whittier, CA
Willow Housing Menlo Park, CA
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