First Citizens Bank

About the fund

The NeighborWorks Capital Equity Fund is an effort to provide NeighborWorks organizations with access to equitable, consistent LIHTC terms. LIHTC is one of the most used funding sources to create or preserve affordable multifamily housing. Every NeighborWorks organization involved in multifamily development needs to secure these resources, and this market is not a level playing field. NeighborWorks organizations produce more affordable multifamily units than the top five for-profit developers combined. Yet individually, they typically do not have the size or scale needed to negotiate the same LIHTC terms as the largest multifamily developers. Launched in April 2024, the first-of-its-kind equity fund raised $110.4 million to support 7 developments across the country, creating 517 units of affordable housing. The fund was supported through equity investments from five collaborative investor partners, including: Capital One, First Citizens Bank, Northern Trust, Wells Fargo, and Wintrust.