National Equity Fund and Esusu Offer Financial Well-being to Thousands of Residents in Affordable Housing Communities

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Nov 15, 2022, 13:50 ET

The collaboration marks NEF's first venture into technology investments

CHICAGO, Nov. 15, 2022 /PRNewswire/ -- National Equity Fund (NEF), a leading nonprofit Low-Income Housing Tax Credit (LIHTC) syndicator and asset manager for affordable housing, is announcing a strategic partnership with Esusu Financial, Inc., the leading financial technology company leveraging rent reporting for credit building. As part of their initiative to bring a more holistic service offering to the affordable housing industry, National Equity Fund has made a corporate investment in Esusu.

Esusu logo (PRNewsfoto/National Equity Fund)

National Equity Fund celebrated its 35^th anniversary this year, and this is the first time the company has undertaken a strategic technology investment in the community development and affordable housing space as part of the first phase of the Esusu partnership. The next phase will include a joint go-to-market strategy, allowing both organizations to track outcomes from the lens of renter equity and community empowerment.

"We are excited to take our more than three-decade commitment of delivering innovative, collaborative financial solutions to expand the creation and preservation of affordable housing to the next level through this partnership," said Matt Reilein, president and CEO of National Equity Fund. "Our vision at NEF is that all individuals and families across the country have access to stable, safe, and affordable homes that provide a foundation for them to reach their full potential. With Esusu's product suite, residents across NEF's portfolio of projects could benefit from an equitable solution that improves their quality of life so they can build brighter futures."

The Esusu platform reports on-time rental payments to the three major credit bureaus (Equifax, Experian, and TransUnion), which establishes and/or strengthens residents' credit profiles in an effort to help bridge the racial wealth gap. Esusu also offers 0% interest rent relief solutions that can help residents stay in their homes during periods of financial hardship while reducing costly evictions.

"For many low-income and often unbanked individuals, establishing a credit history through traditional channels can be challenging, and not having one can create real financial barriers for working families," said Jacques Logan, managing director of new business initiatives at NEF. "This collaboration allows us to help residents to improve their financial health, record successful payment histories, and can help ensure that they can live stably and thrive in their affordable homes."

Additionally, Esusu provides social impact metrics that allow landlords and lenders to examine insights to develop proactive solutions, rather than reactive problem-solving. The innovative technology correlates directly with NEF's mission to uplift vulnerable communities by providing financial solutions through diverse partnerships, resulting in housing stability for renters, lenders and landlords alike.

"Esusu is honored to join forces with an innovative industry leader like NEF to drive better outcomes for renters across the country," said Samir Goel and Wemimo Abbey, Co-Founders and Co-CEOs of Esusu. "With the cost of living continuing to rise, and as many renters are struggling with the current economic conditions, it is paramount that companies in the sector continue to evolve and expand their service offerings to better support the communities they operate in. Esusu and NEF share a mission to provide access to credit and wealth-building opportunities for renters who have historically had limited options to build credit."

About Esusu

Esusu is the leading financial technology platform that leverages data solutions to empower residents and improve property performance. Esusu's rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows renters to build and establish their credit scores while helping property owners mitigate against initiating evictions, powered by differentiated data and insights. Founded in 2018, Esusu's customers reach over three million rental units across all 50 states in the U.S. Learn more at http://www.esusurent.com

About National Equity Fund, Inc. (NEF)

National Equity Fund, Inc., is a leading nonprofit Low-Income Housing Tax Credit (LIHTC) syndicator, asset manager and pioneer in affordable housing with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its diverse multi- and single-investor funds, NEF generates opportunities rooted in its vision that all individuals and families across the country have access to stable, safe and affordable homes that provide a foundation for them to reach their full potential. Since being founded by the Local Initiatives Support Corporation (LISC) in 1987, NEF has invested more than $20.6 billion, which represents 215,500 new affordable homes for individuals, families and communities in need across the country. NEF is Chicago-based and has donated more than $210 million in grants to support LISC's nationwide community development work. To learn more about NEF's impact, innovative financial solutions and opportunities, visit www.nefinc.org.

SOURCE National Equity Fund