NASLEF

What NASLEF does

NASLEF (the National Association of State and Local Equity Funds) is a 501(c)(6) nonprofit professional association founded in 1994 and headquartered in Columbus, Ohio, with operational offices in Mineral Springs, NC and Detroit, MI. It serves state and local mission-driven equity funds, housing tax credit syndicators, Community Development Financial Institutions (CDFIs), and State Housing Finance Agencies engaged in the Low-Income Housing Tax Credit (LIHTC) program. Collectively, NASLEF's members have raised over $22.5 billion in equity capital and created or preserved more than 213,000 affordable housing units across more than 4,458 developments.

NASLEF delivers a portfolio of membership-based services rather than a unified software product: a three-tier membership program (Founding Members, Sustaining Partners, Affiliate Members), an annual industry conference (32nd edition), proprietary Best Practices Guidelines covering Section 42 asset management and compliance, 14+ trade councils and committees (Asset Management, Finance/CFO, CDFI, Legislative, HR, IT, Emerging Leaders, Leadership Council), a jobs board and mentoring program, and active federal legislative advocacy including a retained lobbyist and weekly Legislative Committee meetings. The organization's technology footprint is limited to a ToucanTech-powered website serving as the member portal and application infrastructure, with no proprietary software or API products.

Revenue is generated through annual membership dues (pricing not publicly disclosed), conference fees, and training program revenue under a subscription/recurring model. Go-to-market is community-led, with direct engagement, industry conferences, and peer networks driving member acquisition and retention. NASLEF is governed by a Board of Directors composed of member organization leaders, with leadership currently transitioning: Catherine Cawthon (CEO of OCCH) was elected President in October 2025 following the departure of Executive Director Michelle Foster.

Name

NASLEF

Legal name

The National Association of State and Local Equity Funds

Website

https://naslef.org

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

NASLEF is a 501(c)(6) nonprofit association founded in 1994 that serves state and local equity funds, LIHTC syndicators, and CDFIs in the U.S. affordable housing industry through tiered membership, an annual conference, trade councils, best practices guidelines, and federal legislative advocacy on LIHTC policy.

Ownership category

akta.pro rank

Product category

Affordable Housing Professional Association

NAICS

Business Associations (813910), Religious, Grantmaking, Civic, Professional, and Similar Organizations (813)

SIC

Services-Membership Organizations (8600)

akta.pro primary industry

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF)

Keywords

• Affordable housing association
• LIHTC syndication
• Housing tax credits
• Nonprofit membership association
• Community development finance

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Membership Dues: NASLEF generates revenue through membership dues from organizations and individuals. Membership types include Founding Members, Sustaining Partners, and Affiliate Members (not-for-profit, for-profit, and syndicator categories). The association uses revenue to fund advocacy, training, conferences, and member collaboration initiatives.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

NASLEF is a nonprofit professional membership association that empowers locally-engaged, mission-driven housing and community investment partners. It provides a three-tier membership program, annual conferences, best practices guidelines for LIHTC asset management and compliance monitoring, trade councils and committees for peer collaboration, legislative advocacy, training resources, and a jobs board. Its member funds collectively manage over $20.12 billion in equity capital for affordable rental housing developments.

Product overview

NASLEF (National Association of State and Local Equity Funds) is a nonprofit professional association, not a product company. It does not offer a unified platform or modular product suite. Instead, it provides a portfolio of membership-based services: three-tier membership (Founding Members, Sustaining Partners, Affiliate Members), annual conferences (32nd Annual Conference), Best Practices Guidelines for tax credit asset management and compliance, Trade Councils & Committees (including Asset Management, Finance/CFO, CDFI, Legislative, Emerging Leaders), a Jobs Board with mentorship matching, Legislative Updates & Advocacy for LIHTC policy, and Training Resources for affordable housing professionals. These services are accessed through its ToucanTech-powered website and are designed to support mission-driven housing and community investment partners.

Differentiator

Problem solved

Functional benefit

Products and services

• NASLEF Membership Program

Quantifiable outcome

• Member funds raised over $20.12 billion in equity capital for rental housing developments
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Fannie MaecoreStrategic or Co-development Partner · 5 August 2025Fannie Mae is one of the Government-Sponsored Enterprises (GSEs) regulated by FHFA. NASLEF issued a statement supporting FHFA's decision to increase Fannie Mae's LIHTC investment cap from $1 billion to $2 billion. NASLEF recognizes the GSEs as strong partners in financing affordable housing and views the expanded capital as catalytic for developers, residents, and underserved communities.
• Freddie MaccoreStrategic or Co-development Partner · 5 August 2025Freddie Mac is one of the Government-Sponsored Enterprises (GSEs) regulated by FHFA. NASLEF applauded FHFA's decision to increase Freddie Mac's LIHTC investment cap from $1 billion to $2 billion, noting this will unlock catalytic opportunities for developers, residents, and underserved communities including rural America.
• Grow AmericacoreStrategic or Co-development Partner · 16 May 2025Grow America (formerly NDC, founded 1969) joined NASLEF as a new member in 2025. Grow America shares NASLEF's mission to create equitable, vibrant futures by increasing the flow of capital to underserved communities. With a proven track record of raising and deploying $1.26 billion in equity and creating 16,743 housing units, Grow America represents NASLEF's first national syndicator member, expanding the association's reach and impact with mission-aligned partners.
• CinnairecoreStrategic or Co-development Partner · 1 January 2023Cinnaire is a founding member of NASLEF and a CDFI headquartered in Lansing, MI. NASLEF's first Executive Director Michelle Foster previously worked at Cinnaire, where she analyzed over $2.3 billion in affordable housing equity investments. Cinnaire's President and CEO Mark McDaniel was involved in the executive director selection process. CFO Brett Oumedian of Cinnaire served as NASLEF Treasurer.
• Merritt Community Capital CorporationcoreStrategic or Co-development PartnerMerritt Community Capital Corporation is a nonprofit housing tax credit syndicator and founding NASLEF member serving California exclusively. President & CEO Ari Beliak served as NASLEF Board President (2023-2025) and transitioned to Past President. Merritt has invested over $1.2 billion in California affordable housing, created/preserved more than 9,000 homes, and manages $1 billion across 23 funds.
• OCCH (Ohio Capital Corporation for Housing)coreStrategic or Co-development PartnerOCCH is an Ohio-based housing finance organization and NASLEF member. President & CEO Catherine Cawthon accepted the office of NASLEF President in October 2025. Under her leadership, OCCH surpassed $7 billion in investor capital, enabling affordable housing in ten states. OCCH affiliate Ohio Capital Finance Corporation (OCFC) received $12M from the Capital Magnet Fund.
• CAHECcoreStrategic or Co-development PartnerCAHEC (Council of Affordable and Rural Housing) is a NASLEF member organization. President & CEO Dana Boole served as NASLEF Secretary in the 2025-2027 term.
• MHIC (Massachusetts Housing Investment Corporation)coreStrategic or Co-development PartnerMHIC is a member of NASLEF. President & CEO Moddie Turay served as NASLEF Vice President in the 2025-2027 term.
• VCDC (Virginia Community Development Corporation)coreStrategic or Co-development PartnerVCDC is a Virginia-based housing finance organization and NASLEF member. CEO Bob Newman served as NASLEF Board Chair and transitioned to Past President in 2023.
• Ohio Capital Finance Corporation (OCFC)coreStrategic or Co-development PartnerOCFC is an affiliate of Ohio Capital Corporation for Housing. It was one of 8 organizations to receive the maximum $12M award from the CDFI Fund's Capital Magnet Fund in 2022. OCFC has leveraged over $40M in CMF awards and expects the $12M award to provide over $120 million in loans for affordable rental housing, resulting in nearly 1,800 affordable housing units.
• Comerica BankminorStrategic or Co-development PartnerComerica Bank provides financing for LIHTC projects including My Angel Apartments in Los Angeles. The bank has a long history of investing in low-income housing tax credit products and since 1992 has invested over $1.5 billion in the communities it serves, supporting affordable housing through community development lending.
• Federal Housing Finance Agency (FHFA)coreOthersFHFA is the chief regulator of Fannie Mae and Freddie Mac. In August 2025, FHFA announced it would allow the GSEs to invest up to $2 billion each in the LIHTC market, doubling the existing cap from $1 billion. NASLEF issued a public statement supporting this decision as essential for preserving and building affordable housing.

Scale indicators11 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• National Affordable Housing Management Association (NAHMA): NAHMA is a national trade association representing affordable-housing property managers and management companies. It operates in the same affordable-housing ecosystem as NASLEF but focuses on the property-management side rather than LIHTC equity syndication.
• Enterprise Community Partners: Enterprise is a major national nonprofit that invests capital and provides expertise to create affordable housing. Its LIHTC investment activity overlaps with NASLEF member funds and represents a broader, more capital-intensive participant in the same ecosystem.
• National Association of Home Builders (NAHB): NAHB is the largest U.S. trade association representing the residential construction industry, including developers active in affordable housing. While much broader in scope, its multifamily and affordable-housing developer members overlap with NASLEF's developer-facing ecosystem.

Emerging players

• Novogradac & Company LLP: Novogradac is a major accounting and consulting firm specializing in LIHTC, affordable housing, and community development. While for-profit rather than a membership association, it is a key service provider and ecosystem participant that overlaps directly with NASLEF's member base.

Direct peers

• Housing Partnership Network (HPN): HPN is a national collaborative of leading nonprofit housing and community development organizations. Many HPN members are NASLEF-affiliated state and local equity funds, making it a directly comparable peer in the mission-driven affordable-housing sector.
• National Housing Conference (NHC): NHC is a nonpartisan national membership organization dedicated to affordable housing policy and convening housing stakeholders. Its mission-driven advocacy and broad stakeholder model closely mirror NASLEF's positioning in the affordable-housing ecosystem.
• CDFI Coalition: CDFI Coalition is a national membership coalition of Community Development Financial Institutions that advocates for federal support and capacity building. NASLEF explicitly serves CDFIs as a primary member segment, making this an overlapping constituency and advocacy partner.
• National Council of State Housing Agencies (NCSHA): NCSHA is the national nonprofit association representing state Housing Finance Agencies (HFAs), which allocate LIHTC and other affordable-housing capital. Like NASLEF, it is a membership-driven organization focused on advocacy, best practices, and convening professionals in the affordable-housing finance ecosystem.
• Affordable Housing Investors Council (AHIC): AHIC is a membership organization of for-profit and nonprofit investors active in LIHTC and other affordable-housing tax-credit products. It shares NASLEF's focus on advancing investor interests in affordable housing and represents a directly adjacent LIHTC investor community.

Regional players

• National Association for County Community and Economic Development (NACCED): NACCED represents county-level community and economic development agencies, with overlapping focus on affordable housing and community investment at the local-government level — a complementary, locally-engaged constituency to NASLEF's state/local fund members.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/national-association-of-state-and-local-equity-funds

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NASLEF