CHICAGO, Jan. 11, 2021 /PRNewswire/ -- National Equity Fund, Inc. (NEF) has named a national expert in affordable housing finance as its new vice president for originations to oversee investment activity throughout the Southeast and contribute to strategies that address the nation's worsening affordable housing crisis.
Mark Furey will lead NEF's work with community-focused developers in the Southeastern U.S. to structure deals, connect with capital and move forward with construction on Low Income Housing Tax Credit (LIHTC) projects. NEF is one of the nation's top affordable housing investors, having provided more than $17 billion in financing to more than 2,800 developments in nearly every state.
Furey was most recently director of acquisitions with Berkadia Affordable Tax Credit Solutions, where he was the lead relationship manager in the Southeast, working with developers to support multifamily housing developments. In addition to overseeing underwriting and closings, he helped train and support staff in market analysis, financial modeling, project underwriting and due diligence.
Earlier, he was a senior acquisitions manager at Raymond James and Associates, where he closed more than $160 million in affordable housing investments.
"We are thrilled to have someone of Mark's caliber join our originations team and help us expand high-quality affordable housing throughout the Southeast, which is a growth area for our organization," said Mike Jacobs, NEF senior vice president for originations. "Mark knows these markets well and will help our developer partners move forward, despite the economic challenges brought by COVID-19."
NEF currently has approximately 190 affordable housing investment funds under management, with a focus on ensuring that capital makes its way to projects in underserved communities, especially those long scarred by racial discrimination and disinvestment. Last year, NEF unveiled a specialized fund focused on emerging minority developers and a grant program focused on helping affordable housing providers navigate the increased costs of the pandemic.
"We make investments on behalf of people and communities that aren't able to access the conventional capital they need to drive progress," noted Matt Reilein, NEF president and CEO. "Affordable housing investments—especially when designed to meet local needs—are really investments in social and economic opportunity that benefit millions of people throughout the country. We are so glad Mark has come on board to help us deepen that work in the Southeast."
Furey will be based in Florida, where he earned his MBA, BS in Finance, and BA in Economics from the University of Florida. Mark is a native Floridian and since 2005 has primarily worked on low-income housing projects throughout the Southeast.
"I can't wait to get to work helping NEF tap the creativity and energy of Southern communities to address the significant and growing housing challenges," Furey said. "Affordable housing development has a ripple effect that goes well-beyond any one project, benefitting nearby businesses, improving local safety, boosting the educational outlook for kids and supporting better health. Today, we need all of that more than ever."
Furey can be reached at mfurey@nefinc.org.
About NEF
National Equity Fund, Inc., based in Chicago, is a leading nonprofit investor and lender in affordable housing and one of the nation's largest syndicators of federal Low Income Housing Tax Credits. Since 1987, NEF has invested $17 billion in 2,800 developments, supporting more than 187,000 affordable homes and fueling more than 228,400 jobs nationwide. NEF is an affiliate of the nonprofit Local Initiatives Support Corporation (LISC) and has made more than $180 million in grants to support LISC's broad-based community investment efforts throughout the country. For more information, visit www.nefinc.org.
Media contact:
Colleen Mulcahy, for NEF
312-342-8244
colleen@mulcahycommunications.com
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SOURCE National Equity Fund
