NEF Names Rhodes to Lead Midwest Affordable Housing Investments

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Jun 27, 2011, 04:18 ET

CHICAGO, June 27, 2011 /PRNewswire-USNewswire/ -- National Equity Fund, Inc. (NEF) has named Rachel Rhodes to lead its Midwest affordable housing investments as its new regional vice president, based in Chicago.

Rhodes has been with NEF -- a national nonprofit syndicator of Low Income Housing Tax Credits -- since 2007 and has been one of the company's top acquisitions managers, partnering with Midwest developers to help structure and finance their LIHTC projects.

LIHTC developments utilize federal tax credits to help attract capital that funds construction or preservation of affordable rental housing for low-income families, seniors and special needs populations. In 2010, NEF invested $835 million in LIHTC equity to develop 6,100 homes and create more than 11,000 jobs in struggling communities.

"Rachel has long been one of our greatest assets here at NEF and a true advocate for project sponsors looking to develop high-quality affordable housing," said Joe Hagan, NEF president and CEO. "This is a well-deserved promotion that will extend her considerable talents to more places and more projects in ways that benefit developers, investors and residents in dire need of decent, affordable homes."

Prior to joining NEF, Rhodes was a vice president at JPMorgan Chase, where she focused on community development real estate. She also served in multiple positions at the Illinois Housing Development Authority, with five years in multifamily housing there.

"The LIHTC market can be complicated and sometimes chaotic, especially given the economic turmoil of the last few years," Rhodes noted. "Our job is to help match projects with investors -- even in those chaotic times -- so that deals get done, units get built, and disadvantaged families can improve their economic outlook. For us, that intersection of private capital and public purpose is a powerful one."

Rhodes has an MBA from the University of Chicago and a B.A. in economics from Brown University. She can be reached at 312-697-8255 or [email protected].

About NEF
National Equity Fund, Inc. (NEF) is a nonprofit Chicago-based affiliate of the Local Initiatives Support Corporation (LISC) and the nation's largest syndicator of Low Income Housing Tax Credits. Since 1987, NEF has invested $8.8 billion in more than 2,000 LIHTC projects that have built and preserved nearly 122,000 homes affordable to low-income families and individuals. For more information, visit www.nefinc.org or www.lisc.org.

For more information:
Colleen Mulcahy, NEF Communications
312-342-8244 or [email protected]

SOURCE National Equity Fund