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IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(4) OF THE U.S. INTERNAL REVENUE CODE(THE CODE) AS A 501(C)(4) CORPORATION, CONTRIBUTIONS TO NEF ARE NOT TAX DEDUCTIBLE. THE ORGANIZATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED. INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE ORGANIZATIONS EXEMPT PURPOSE IS SUBJECT TO TAX UNDER INTERNAL REVENUE CODE SECTION 511. THE ORGANIZATION DID NOT RECOGNIZE ANY UNRELATED BUSINESS INCOME TAX LIABILITIES FOR THE YEAR ENDED DECEMBER 31, 2016. true CORPORATION FOR ENTERPRISE DEVELOPMENT 1200 G STREET NW SUITE 400 WASHINGTON DC 20005 521141804 501(C)(3) 10000 N/A SUPPORT LOW-INCOME HOUSING DEVELOPMENT CHICAGO REHAB NETWORK 140 SOUTH DEARBORN SUITE 1420 CHICAGO IL 60603 362928136 501(C)(3) 10000 N/A SUPPORT LOW-INCOME HOUSING DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT NEW HOPE HOUSING INC 1117 TEXAS AVENUE HOUSTON TX 77002 731419279 501(C)(3) 10000 N/A SUPPORT LOW-INCOME HOUSING DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT HOUSING HOPE 5830 EVERGREEN WAY EVERETT WA 98203 943060709 501(C)(3) 150000 N/A SUPPORT LOW-INCOME HOUSING DEVELOPMENT DEVELOPMENT SUPPORT LOW-INCOME HOUSING DEVELOPMENT LOCAL INIATIVES SUPPORT CORPORATION 501 SEVENTH AVENUE NEW YORK NY 10018 133030229 501(C)(3) 7600000 N/A SUPPORT LOW-INCOME HOUSING DEVELOPMENT SUPPORT COMMUNITY DEVELOPMENT 5 SCHEDULE I, PART I, QUESTION 2 GRANTS ARE GENERALLY MADE TO 501(C)(3) NONPROFIT ORGANIZATIONS THAT SPONSOR LOW-INCOME HOUSING PROJECTS, IN FURTHERANCE OF NEF'S TAX-EXEMPT MISSION. THE PRIMARY FACTORS CONSIDERED WHEN DECIDING TO AWARD A GRANT TO A LOW INCOME HOUSING PROJECT SPONSOR INCLUDE NEF'S DESIRE TO SUPPORT THE UNDERPRIVILEGED POPULATION THAT THE SPONSOR SERVES AND THE INTENDED USE OF THE FUNDS. TYPICALLY, THE FUNDS ARE DESIGNATED FOR A VARIETY OF PURPOSES INCLUDING ASSISTING THE SPONSOR IN ACHIEVING ITS STRATEGIC GOALS, SENDING STAFF ON TRAINING PROGRAMS, HIRING CONSULTANTS, OR FUNDING SOCIAL SERVICES PROGRAMS. THE REGIONAL ACQUISITIONS VICE PRESIDENT MAY REQUEST A FOLLOW-UP REPORT FROM THE SPONSOR TO ENSURE THAT THE GRANT WAS USED AS INTENDED. GRANTS ARE ALSO MADE TO LOCAL INITIATIVES SUPPORT CORPORATION, A 501(C)(3) ENTITY, TO SUPPORT ITS COMMUNITY DEVELOPMENT INITIATIVES. X X X X false true false false true false false true false Kevin Boes SVP 250846 0 150000 0 300 0 29469 0 26794 0 457409 0 0 0 Alex Denja SVP, Treasurer & CFO 220636 0 175000 0 300 0 25749 0 24654 0 446339 0 0 0 Helen Dunlap Director 14000 136690 0 0 0 0 0 0 0 0 14000 136690 0 0 Todd Fabian VP 173296 0 210608 0 450 0 263904 0 23094 0 671352 0 210608 0 Thomas Flanagan VP & Asst. Secretary 158277 0 19600 0 1980 0 18228 0 7491 0 205576 0 0 0 Joseph Forgue SVP 206436 0 170000 0 1980 0 24438 0 28354 0 431208 0 0 0 Joseph Hagan President & CEO 361296 0 250000 0 1980 0 197142 0 23094 0 833512 0 0 0 Peter Harrison SVP Asset Management 212875 0 170000 0 1290 0 25213 0 28654 0 438032 0 0 0 Michael Hearne Director 0 284853 0 0 0 1315 0 27557 0 2244 0 315969 0 0 Michael Jacobs SVP Originations 221729 0 220000 0 690 0 26327 0 28594 0 497340 0 0 0 Anthony Lyons VP 176500 0 171838 0 1290 0 247422 0 520 0 597570 0 171838 0 Karen Przypyszny SVP Proprietary Fund Markets 220978 0 220000 0 1290 0 25217 0 24579 0 492064 0 0 0 Rachel Rhodes VP 173296 0 325399 0 270 0 343676 0 23094 0 865735 0 325399 0 Michael Rogers SVP General Counsel & Sec 210825 0 0 0 1183 0 24438 0 22929 0 259375 0 0 0 Michael Rubinger Vice Chairman 0 387947 0 0 0 69990 0 27825 0 16779 0 502541 0 0 Judy Schneider Chief Risk Officer 221361 0 200000 0 1290 0 25915 0 25374 0 473940 0 0 0 Gregory Schuler Former Officer 158700 0 111350 0 0 0 18078 0 520 0 288648 0 0 0 Ed Simon SVP/Chief Information Officer 193963 0 170000 0 300 0 22904 0 26594 0 413761 0 0 0 Mark Siranovic SVP Multi-Investor Fund Market 218224 0 220000 0 1290 0 25807 0 27574 0 492895 0 0 0 Maurice Jones Director 0 164803 0 0 0 214 0 0 0 2692 0 167709 0 0 SCHEDULE J, PART I, LINE 4B NATIONAL EQUITY FUND, INC. AWARDS INCENTIVE PAYOUTS TO ORIGINATIONS STAFF BASED ON FEES EARNED FROM ORIGINATING LOW INCOME HOUSING PROJECTS WHICH FULFILL THE MISSION OF DEVELOPING AND PRESERVING HIGH-QUALITY AFFORDABLE RENTAL HOUSING IN DISINVESTED COMMUNITIES. THE COMPANY ACCRUED THESE BONUSES IN 2016 AND PAID IN MARCH 2017. THE FOLLOWING EMPLOYEES RECEIVED COMPENSATION UNDER THIS PLAN: Amount earned and paid Amount accrued and not paid TODD FABIAN: $210,608 $243,779 ANTHONY LYONS: $171,838 $227,297 RACHEL RHODES: $325,399 $323,551 NATIONAL EQUITY FUND, INC. AWARDS A LONGEVITY BONUS ACCRUED FOR AN ELIGIBLE EMPLOYEE. IN 2016, $166,667 WAS ACCRUED FOR JOSEPH HAGAN. SCHEDULE J, PART I, LINE 5B Contingent Compensation NATIONAL EQUITY FUND, INC. AWARDS INCENTIVE PAYOUTS TO ORIGINATIONS STAFF BASED ON FEES EARNED FROM ORIGINATING LOW INCOME HOUSING PROJECTS WHICH FULFILL THE MISSION OF DEVELOPING AND PRESERVING HIGH-QUALITY AFFORDABLE RENTAL HOUSING IN DISINVESTED COMMUNITIES. SCHEDULE J, PART I, LINE 7 NON-FIXED PAYMENTS NATIONAL EQUITY FUND, INC. AWARDS DISCRETIONARY BONUSES TO ELIGIBLE EMPLOYEES. UNDER THIS DISCRETIONARY BONUS PLAN, THE TOTAL AMOUNT OF BONUSES THAT CAN BE PAID IS LIMITED TO THE AMOUNT AVAILABLE IN A POOL WHICH IS CALCULATED AS A PERCENTAGE OF NET REVENUES. THE AMOUNTS AWARDED TO INDIVIDUALS FROM THE BONUS POOLS ARE BASED ON INDIVIDUAL AND TEAM PERFORMANCE. TO ENSURE THAT BONUSES ARE BASED ON ACCOMPLISHMENTS THAT FURTHER THE ORGANIZATION'S TAX-EXEMPT PURPOSES AND THAT TOTAL COMPENSATION IS REASONABLE, ALL BONUSES ARE REVIEWED ANNUALLY BY MANAGEMENT AND THE PERSONNEL COMMITTEE OF THE BOARD OF DIRECTORS; AND ON A PERIODIC BASIS BY INDEPENDENT COMPENSATION CONSULTANTS AS A COMPONENT OF OVERALL COMPENSATION. Part III, Line 1 ORGANIZATION'S MISSION NATIONAL EQUITY FUND, INC. ("NEF, INC.") IS DEDICATED TO SUPPORTING THE DEVELOPMENT AND PRESERVATION OF HIGH-QUALITY AFFORDABLE RENTAL HOUSING THAT UNDERPINS THE SUSTAINABLE REVITALIZATION OF DISINVESTED COMMUNITIES. NEF, INC. IS A LEADING NATIONAL SYNDICATOR OF LOW-INCOME HOUSING TAX CREDITS. IT SERVES AS THE GENERAL PARTNER OR MANAGING MEMBER OF INVESTMENT FUNDS THAT PLACE EQUITY INVESTMENTS IN PROJECT LIMITED PARTNERSHIPS AND LIMITED LIABILITY COMPANIES THAT ACQUIRE, CONSTRUCT, OPERATE AND REHABILITATE LOW-INCOME HOUSING PROJECTS. IN ADDITION, NEF, INC. PROVIDES AND/OR FACILITATES PREDEVELOPMENT GRANTS AND LOANS, PERMANENT AND CONSTRUCTION FINANCING AND VARIOUS LEVELS OF TECHNICAL ASSISTANCE AND ASSET MANAGEMENT TO SUPPORT OUR PARTNERS' DEVELOPMENT EFFORTS. NEF, INC. WAS CREATED IN 1987 BY LOCAL INITIATIVES SUPPORT CORPORATION (LISC), A SECTION 501(C)(3) PUBLIC CHARITY, IN THE WAKE OF THE TAX REFORM ACT OF 1986, WHICH ENACTED THE LOW-INCOME HOUSING TAX CREDIT. LISC WANTED TO MAKE SURE THAT THE CAPITAL ATTRACTED BY THE CREDIT MADE ITS WAY TO THE AREAS THAT NEEDED IT MOST. IN THE INTERVENING YEARS, NEF INC.'S SUCCESS HAS HELPED TRANSFORM THE CREDIT INTO A MAINSTREAM INVESTMENT TOOL WITH A LASTING IMPACT ON BOTH INDIVIDUALS AND THEIR COMMUNITIES. THE FUNDAMENTAL TENET WITH WHICH NEF BEGAN STILL HOLDS TRUE: STRONG, VIBRANT COMMUNITIES FLOW FROM THE EFFORTS OF DEVELOPERS, RESIDENTS, COMMUNITY GROUPS AND OTHERS FOCUSED ON THE UNIQUE NEEDS OF THEIR NEIGHBORHOODS. THOSE NEEDS MAY DIFFER FROM STATE TO STATE AND FROM TOWN TO TOWN BUT THE IMPORTANCE OF QUALITY AFFORDABLE HOUSING TO COMMUNITY REVITALIZATION AND STABILITY IS A CONSTANT. NEF, INC. UNDERSTANDS HOW THE CONCEPT OF "HOME" ANCHORS A COMMUNITY, HOW IT HELPS NURTURE LOCAL CULTURE AND SUPPORT LONG-TERM STABILITY. THAT'S WHY, TOGETHER WITH OUR PARENT LISC, WE ARE HELPING NEIGHBORS BUILD COMMUNITIES. NEF, INC.'S PORTFOLIO INCLUDES OVER 2,494 LOW-INCOME PROJECTS THAT RESPOND TO A DIVERSITY OF LOCAL HOUSING CONCERNS. IN BOTH URBAN AND RURAL COMMUNITIES, WE INVEST TAX-CREDIT EQUITY IN MULTIFAMILY AND SINGLE-FAMILY DEVELOPMENTS, AS WELL AS IN SUPPORTIVE HOUSING, PUBLIC HOUSING REVITALIZATION, ASSISTED LIVING AND HISTORIC REHABILITATION. THE NEF, INC. TRACK RECORD ---INVESTED MORE THAN $13.3 BILLION TO SUPPORT OVER 2,494 PROJECTS. ---FINANCED THE DEVELOPMENT OF 158,907 HOMES. ---PARTNERED WITH MORE THAN 1,018 NON-PROFIT AND FOR-PROFIT DEVELOPERS ---HELPED REVITALIZE COMMUNITIES IN 46 STATES + THE DISTRICT OF COLUMBIA, PUERTO RICO, AND THE VIRGIN ISLANDS. HOW WE WORK NEF, INC. IS AN INTERMEDIARY. EACH YEAR, WE RAISE CAPITAL TO CREATE MULTI-INVESTOR POOLS AND SINGLE-INVESTOR FUNDS. WE THEN INVEST THAT EQUITY IN AFFORDABLE HOUSING PROJECTS THAT HAVE BEEN ALLOCATED LOW-INCOME HOUSING TAX CREDITS BY THEIR STATE OR LOCAL HOUSING FINANCE AGENCY. OUR PROJECTS NEF, INC.'S PORTFOLIO INCLUDES OVER 2,494 PROJECTS THAT RESPOND TO A DIVERSITY OF LOCAL HOUSING CONCERNS. IN BOTH URBAN AND RURAL COMMUNITIES, WE INVEST TAX-CREDIT EQUITY IN MULTIFAMILY AND SINGLE-FAMILY DEVELOPMENTS, AS WELL AS IN SUPPORTIVE HOUSING, PUBLIC HOUSING REVITALIZATION, ASSISTED LIVING AND HISTORIC REHABS. OUR SPONSOR PARTNERS FOR 30 YEARS, NEF INC HAS COLLABORATED WITH LOCAL AND NATIONAL AFFORDABLE HOUSING DEVELOPERS IN 776 CITIES AND TOWNS ACROSS THE COUNTRY. OUR PARTNERS ARE AS DIVERSE AS OUR PROJECTS, INCLUDING LOCAL COMMUNITY DEVELOPMENT CORPORATIONS, PUBLIC HOUSING AUTHORITIES, NATIONAL NON-PROFIT GROUPS AND FOR-PROFIT DEVELOPERS WITH A COMMITMENT TO COMMUNITY DEVELOPMENT. BECAUSE OF OUR ROOTS AS A NONPROFIT, WE SHARE THEIR PASSION FOR DEVELOPING HIGH-QUALITY, AFFORDABLE HOUSING THAT IS RESPONSIVE TO COMMUNITY NEEDS; AS A SEASONED FINANCIAL INTERMEDIARY, WE HAVE THE TECHNICAL AND FINANCIAL TOOLS TO SUPPORT THOSE EFFORTS. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE SECTION A, LINES 6 & 7A LOCAL INITIATIVES SUPPORT CORPORATION ("LISC") IS THE PARENT AND SOLE VOTING MEMBER OF NEF, INC. LISC IS A SECTION 501(C)(3) PUBLIC CHARITY WHOSE MISSION IS TO TRANSFORM DISTRESSED URBAN AND RURAL COMMUNITIES INTO HEALTHY AND SUSTAINABLE COMMUNITIES. LISC CARRIES OUT THIS CHARITABLE MISSION BY MARSHALING PUBLIC AND PRIVATE SECTOR RESOURCES TO PROVIDE LOCAL COMMUNITY DEVELOPMENT ORGANIZATIONS WITH TECHNICAL AND MANAGEMENT ASSISTANCE AND FINANCIAL SUPPORT. LISC APPROVES AND APPOINTS ALL BOARD MEMBERS TO NEF INC.'S BOARD. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE SECTION B, LINE 11B NEF'S FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE ORGANIZATION AND IN CONSULTATION WITH NEF STAFF MEMBERS. THE DRAFT PREPARED BY THE ACCOUNTING FIRM IS THEN REVIEWED BY NEF'S FINANCE AND LEGAL DEPARTMENTS. THE FINAL DRAFT IS THEN SENT TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. NEF'S BOARD OF DIRECTORS HAS DELEGATED RESPONSIBILITY TO REVIEW AND APPROVE THE FORM 990 TO THE AUDIT COMMITTEE. A COPY OF THE FINAL VERSION OF THE FORM 990 IS PROVIDED TO EACH MEMBER OF THE FULL BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE SECTION B, LINE 12C NEF HAS A CONFLICT OF INTEREST POLICY COVERING ITS BOARD MEMBERS AND OFFICERS. ALL DIRECTORS AND OFFICERS ARE REQUIRED TO CERTIFY THEIR COMPLIANCE WITH THE COMPANY'S CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL CONFLICTS ANNUALLY. THE GENERAL COUNSEL IS RESPONSIBLE FOR REVIEWING THE CERTIFICATIONS AND ANY DISCLOSURES. IF A POTENTIAL CONFLICT OF INTEREST IS REPORTED, IT IS THE GENERAL COUNSEL'S RESPONSIBILITY TO DETERMINE WHETHER OR NOT A CONFLICT DOES, IN FACT, EXIST AND TO REVIEW THE SITUATION WITH THE CEO, THE CHAIRMAN OF THE BOARD, AND THE CHAIRMAN OF THE AUDIT COMMITTEE TO DETERMINE HOW THE ISSUE SHOULD BE RESOLVED. A CONFLICTED OFFICER OR BOARD MEMBER WOULD BE EXCLUDED FROM PARTICIPATING IN DELIBERATIONS AND DECISIONS CONCERNING THE MATTER. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE FORM 990, PART VI, SECTION B, LINES 15A AND 15B COMPENSATION FOR SENIOR MANAGEMENT IS DETERMINED BY THE PERSONNEL COMMITTEE OF NEF'S BOARD OF DIRECTORS. NO INDIVIDUALS WITH A CONFLICT OF INTEREST MAY BE INVOLVED IN THE COMPENSATION DETERMINATION PROCESS. NEF PERIODICALLY ENGAGES INDEPENDENT COMPENSATION CONSULTANTS TO PROVIDE COMPARABILITY DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE MINUTES OF THE PERSONNEL COMMITTEE DOCUMENT THE COMMITTEE'S DELIBERATIONS AND DECISIONS REGARDING COMPENSATION. PART VI, GOVERNANCE, MANAGEMENT, AND DISCLOSURE SECTION C, LINE 19 NEF MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC ON ITS WEBSITE. IT DOES NOT CURRENTLY MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. PART XI, LINE 9 OTHER CHANGES IN NET ASSETS Capital Contributions to Related Orgs - $ (62,500) CAPITAL CONTRIBUTIONS FROM RELATED ORGS - $ 3,000,000 RECOVERY OF PRIOR YEAR GRANT - $ 47,200 ---------- $ 2,984,700 NEF COMMUNITY INVESTMENTS INC 10 S RIVERSIDE PLAZA STE 1700 CHICAGO IL 60606 364229337 LOWINCOMEHOUS IL 501(C)(4) N/A NEF INC true NEW YORK EQUITY FUND INC 10 S RIVERSIDE PLAZA STE 1700 CHICAGO IL 60606 364041986 LOWINCOMEHOUS IL 501(C)(4) N/A NEF INC true LOCAL INITIATIVES SUPPORT CORPORATION 501 SEVENTH AVENUE NEW YORK NY 10018 133030229 COMMUNITY DEV NY 501(C)(3) 7 NA false THE RETAIL INITIATIVE INC 501 SEVENTH AVENUE NEW YORK NY 10018 133690780 community dev NY 501(C)(3) 10 LISC false LOCAL INITIATIVES MANAGED ASSET CORP 501 SEVENTH AVENUE NEW YORK NY 10018 112848981 community dev NY 501(C)(3) 10 LISC false OREGON CORP FOR AFFORDABLE HOUSING 10 S RIVERSIDE PLAZA STE 1700 CHICAGO IL 60606 931113844 LOWINCOMEHOUS OR 501(C)(3) 10 NEF INC true 335 Greenacre Road LP 10 S 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