Our Model


What we do

The work of rebuilding neighborhoods—creating affordable housing, renovating a retail corridor or constructing a new school, recreation center or office building—doesn’t happen without financing. And just as with for-profit ventures, nonprofit development requires significant capital. But community development projects in disinvested neighborhoods have a much harder time attracting capital investment. To help get funding into the places that need it most, LISC created two affiliates—the National Equity Fund, the New Markets Support Company—that bridge the gap between investors and projects in disadvantaged communities and get things built. We also provided initial capitalization to the Community Development Trust, the first real estate investment trust fund specializing in affordable housing.

$13.7 billion
total equity invested
Shops & Lofts, Chicago, IL
Shops & Lofts, Chicago, IL

Investment Companies

The National Equity Fund® (NEF) is a nonprofit, Chicago-based affiliate of LISC and a leading syndicator of Low Income Housing Tax Credits. NEF helps bridge the gap between investors and nonprofit developers. Syndicators like NEF raise money from investors and identify low-income housing projects in which to invest that capital. NEF is focused on building long-term relationships with partners and investing in quality affordable housing projects that raise the standard of living in underserved communities.

National Equity Fund, Inc.

$12.4 billion invested in housing since 1987

10 S. Riverside Plaza, Ste 1700
Chicago, IL 60606

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The New Markets Support Company (NMSC) is a Chicago-based, wholly-owned subsidiary of LISC and a syndicator of federal New Markets Tax Credits. We work closely with institutional investors to support a range of developments including major retail developments, manufacturing/industrial sites, charter schools, theaters and urban entertainment districts, athletic facilities/fields, office space and health care centers. In addition to investing in low-income communities, NMSC provides syndication, third-party advisory and software leasing services.

New Markets Support Co.

$897 million invested for economic development

168 N. Clinton Street, 4th Floor
Chicago, IL 60661

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The Community Development Trust (CDT) is the country's first private real estate investment trust with a public purpose and occupies a unique position to preserve and expand the supply of affordable housing while earning attractive returns for shareholders. Created in 1998 with an initial capital investment from LISC, CDT operates much like a mutual fund, combining the capital of institutional investors to acquire or provide financing for affordable housing. Through its debt and equity programs, CDT makes long-term equity investments and originates or purchases long-term, fixed-rate multi-family mortgages to preserve affordability.

Community Development Trust

$1.2 billion invested to for long-term affordability

1350 Broadway, Suite 700
New York, NY 10018-7702

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