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Subjects: NPT, PER

National Equity Fund Announces CEO's Impending Retirement

CHICAGO, Jan. 14, 2019 /PRNewswire/ -- National Equity Fund, a leading syndicator of the low-income housing tax credits (LIHTC) program, announced that Joseph S. Hagan, its president and CEO, will be retiring at the end of the year.

Joe Hagan

Hagan oversaw the organization's transformation into one of the top syndicators in the country since joining in 2000. Under his leadership, NEF closed more than $15 billion in equity providing close to 177,000 affordable homes for low-income individuals and families, many of which include support services for seniors, homeless veterans, youth aging out of foster care and the disabled, among countless others.

"Joe Hagan was one of the pioneers of the LIHTC program and has been an essential part of the growth of the affordable housing industry," said Ed Sigler, National Equity Fund's chairman of the board. "He closed out 2018 with NEF's strongest year since its inception in 1987 leaving the organization in excellent financial health as well as with a talented management team. On behalf of NEF and its board, I want to express our heartfelt gratitude for Joe's service. He will be greatly missed."

The board of directors has begun a national search, conducted by Korn Ferry, to identify a successor. During this time, Hagan will continue to lead NEF. Any candidate interested in the role or anyone wanting to confidentially recommend a candidate should contact Kate Shattuck at kate.shattuck@kornferry.com and/or Divina Gamble at divina.gamble@kornferry.com

About National Equity Fund, Inc.
Chicago-based nonprofit, National Equity Fund, Inc., is a leading syndicator of low-income housing tax credits (LIHTC) and an affiliate of the Local Initiatives Support Corporation. NEF has played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies for more than 30 years. Through its partnerships with developers and investors, it has invested $15.3 billion in 2,687 LIHTC developments, creating 176,804 affordable homes for low-income individuals and families as well as 215,701 jobs nationwide. For more information, go to www.nefinc.org

Contact: Maureen Mullady
National Equity Fund, Inc.


SOURCE National Equity Fund, Inc.

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