Form990
Click to see attachment
Department of the Treasury
Internal Revenue Service
Return of Organization Exempt From Income Tax
Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung benefit trust or private foundation)

MediumBullet The organization may have to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0047
2010
Open to Public Inspection
A For the calendar year, or tax year beginning 01-01-2010 and ending 12-31-2010
BCheck if applicable:
CName of organization
National Equity Fund Inc
 
Doing Business As
 
 
Number and street (or P.O. box if mail is not delivered to street address)
120 S Riverside Plaza 15th Floor
 
Room/suite
City or town, state or country, and ZIP + 4
Chicago, IL60606
D Employer identification number

36-3490231
E Telephone number

G Gross receipts $ 36,968,994
F Name and address of principal officer:
JOSEPH HAGAN
120 S RIVERSIDE PLAZA 15TH FL
CHICAGO,IL60606
I
Tax-exempt status: ( 4 ) LeftBullet (insert no.) or
J
Website:MediumBullet
WWW.NEFINC.ORG
H(a)
Is this a group return for
affiliates?
H(b)
Are all affiliates included?
If "No," attach a list. (see instructions)
H(c)
Group exemption number MediumBullet  
K Form of organization:
 
L Year of formation: 1987
M State of legal domicile: IL
Part I
Summary
Activities & Governance 1 Briefly describe the organization’s mission or most significant activities: National Equity Fund, Inc. is dedicated to supporting the development and preservation of high-quality affordable rental housing that underpins the sustainable revitalization of disinvested communities.
2 Check this box MediumBullet
3 Number of voting members of the governing body (Part VI, line 1a) .... 3 15
4 Number of independent voting members of the governing body (Part VI, line 1b) .... 4 11
5 Total number of individuals employed in calendar year 2010 (Part V, line 2a) ... 5 186
6 Total number of volunteers (estimate if necessary) .... 6 0
7a Total unrelated business revenue from Part VIII, column (C), line 12 .. 7a 0
b Net unrelated business taxable income from Form 990-T, line 34 .. 7b 0
Revenues; Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 0 0
9 Program service revenue (Part VIII, line 2g) ......... 23,900,692 35,438,053
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 870,326 452,591
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 876,187 1,078,350
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)................... 25,647,205 36,968,994
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 820,000 7,831,000
14 Benefits paid to or for members (Part IX, column (A), line 4) .... 0 0
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10) 18,707,828 23,156,378
16a Professional fundraising fees (Part IX, column (A), line 11e).... 0 0
b Total fundraising expenses (Part IX, column (D), line 25) MediumBullet0    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f).... 12,837,452 15,481,233
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 32,365,280 46,468,611
19 Revenue less expenses. Subtract line 18 from line 12...... -6,718,075 -9,499,617
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............ 108,177,575 64,804,911
21 Total liabilities (Part X, line 26)............ 104,399,657 45,804,662
22 Net assets or fund balances. Subtract line 21 from line 20 ..... 3,777,918 19,000,249
Part II
Signature Block
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.
Sign Here
JumboBullet
Signature of officer Date
JumboBullet
Type or print name and title.
Paid Preparer's Use Only Preparer's
signatureBig Right Arrow 		Date
right pointing bullet image Preparer’s taxpayer identification number
(see instructions)
Firm’s name (or yours
if self-employed),
address, and ZIP + 4Big Right Arrow




 		EIN right pointing bullet image
Phone no. right pointing bullet image
May the IRS discuss this return with the preparer shown above? (see instructions) .........
For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y
Form 990 (2010)
Form 990 (2010)
Page 2
Part III
Statement of Program Service Accomplishments
Check if Schedule O contains a response to any question in this Part III . . . . . . . . . .
1
Briefly describe the organization’s mission: See Schedule O, Attachment 1
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ....................
If “Yes,” describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program services? ..........................
If “Yes,” describe these changes on Schedule O.
4
Describe the exempt purpose achievements for each of the organization’s three largest program services by expenses.
Section 501(c)(3) and 501(c)(4) organizations and section 4947(a)(1) trusts are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.
4a (Code:   ) (Expenses $ 40,146,368 including grants of $ 7,831,000 ) (Revenue $ 36,968,994 )
NEF, Inc. serves as the general partner or managing member of investor limited partnerships and limited liability companies that acquire limited partner or non-managing member interests in project partnerships or project limited liability companies that acquire, own, construct, rehabilitate and operate low-income housing projects. in addition, NEF, inc. provides and facilitates various grants, financing, technical assistance, and asset management services to support such investments in low-income housing projects. NEF, inc. also manages new markets tax credit activities, which stimulate the investment of private capital in distressed communities.
4b (Code:   ) (Expenses $   including grants of $   ) (Revenue $   )
4c (Code:   ) (Expenses $   including grants of $   ) (Revenue $   )
4d Other program services. (Describe in Schedule O.)
(Expenses $   including grants of $   ) (Revenue $   )
4e Total program service expensesMediumBullet$ 40,146,368
Form 990 (2010)
Form 990 (2010)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If “Yes,” complete Schedule A.....................
1
 
No
2
Is the organization required to complete Schedule B, Schedule of Contributors? ........
2
 
No
3
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If “Yes,” complete Schedule C, Part I..........
3
 
No
4
Section 501(c)(3) organizations. Did the organization engage in lobbying activities? If “Yes,” complete Schedule C,
Part II.........................
4
 
 
5
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19? If “Yes,” complete Schedule C, Part III........................
5
 
No
6
Did the organization maintain any donor advised funds or any similar funds or accounts where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If “Yes,” complete
Schedule D, Part IClick to see attachment.......................
6
 
No
7
Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas or historic structures? If “Yes,” complete Schedule D, Part IIClick to see attachment...
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If “Yes,” complete Schedule D, Part III Click to see attachment....................
8
 
No
9
Did the organization report an amount in Part X, line 21; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If “Yes,”
complete Schedule D, Part IVClick to see attachment...................
9
 
No
10
Did the organization, directly or through a related organization, hold assets in term, permanent,or quasi-endowments? If “Yes,” complete Schedule D, Part VClick to see attachment
10
 
No
11
If the organization’s answer to any of the following questions is ‘Yes,’ then complete Schedule D, Parts VI, VII, VIII, IX, or X as applicable:
a
Did the organization report an amount for land, buildings, and equipment in Part X, line10? If “Yes,” complete Schedule D, Part VI.Click to see attachment
11a
Yes
 
b
Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part VII.Click to see attachment
11b
 
No
c
Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part VIII.Click to see attachment
11c
 
No
d
Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If “Yes,” complete Schedule D, Part IX.Click to see attachment
11d
 
No
e
Did the organization report an amount for other liabilities in Part X, line 25? If “Yes,” complete Schedule D, Part X.Click to see attachment
11e
Yes
 
f
Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If “Yes,” complete Schedule D, Part X.Click to see attachment
11f
Yes
 
12a
Did the organization obtain separate, independent audited financial statements for the tax year? If “Yes,” complete Schedule D, Parts XI, XII, and XIII Click to see attachment
12a
 
No
b
Was the organization included in consolidated, independent audited financial statements for the tax year? If “Yes,” and if the organization answered ‘No’ to line 12a, then completing Schedule D, Parts XI, XII, and XIII is optional Click to see attachment
12b
Yes
 
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If “Yes,” complete Schedule E
13
 
No
14a
Did the organization maintain an office, employees, or agents outside of the United States?....
14a
 
No
b
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, and program service activities outside the United States? If “Yes,” complete Schedule F, Part I.........
14b
 
No
15
Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or assistance to any organization or entity located outside the U.S.? If “Yes,” complete Schedule F, Part II..
15
 
No
16
Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or assistance to individuals located outside the U.S.? If “Yes,” complete Schedule F, Part III..
16
 
No
17
Did the organization report a total of more than $15,000, of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If “Yes,” complete Schedule G, Part I
17
 
No
18
Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If “Yes,” complete Schedule G, Part II..........
18
 
No
19
Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If “Yes,” complete Schedule G, Part III...................
19
 
No
Form 990 (2010)
Form 990 (2010)
Page 4
Part IV
Checklist of Required Schedules (continued)
20a
Did the organization operate one or more hospitals? If “Yes,” complete Schedule H.....
20a
 
No
b
Did the organization attach its audited financial statement to this return? Note: All Form 990 filers that operate one or more hospitals must attach audited financial statements. .....
20b
 
No
21
Did the organization report more than $5,000 of grants and other assistance to governments and organizations in the United States on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.. Click to see attachment
21
Yes
 
22
Did the organization report more than $5,000 of grants and other assistance to individuals in the United States on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III..... Click to see attachment
22
 
No
23
Did the organization answer “Yes” to Part VII, Section A, questions 3, 4, or 5, about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If “Yes,” complete Schedule J................ Click to see attachment
23
Yes
 
24a
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer questions 24b–24d and complete Schedule K. If “No,” go to line 25................
24a
 
No
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
 
 
c
Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds?......................
24c
 
 
d
Did the organization act as an “on behalf of” issuer for bonds outstanding at any time during the year?...
24d
 
 
25a
Section 501(c)(3) and 501(c)(4) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If “Yes,” complete Schedule L, Part I......
25a
 
No
b
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If “Yes,” complete Schedule L, Part I................
25b
 
No
26
Was a loan to or by a current or former officer, director, trustee, key employee, highly compensated employee, or disqualified person outstanding as of the end of the organization’s tax year? If “Yes,” complete Schedule L,
Part II...........................
26
 
No
27
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor, or a grant selection committee member, or to a person related to such an individual? If “Yes,” complete Schedule L, Part III...............
27
 
No
28
Was the organization a party to a business transaction with one of the following parties? (see Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):
a
A current or former officer, director, trustee, or key employee? If “Yes,” complete Schedule L, Part IV .........................
28a
 
No
b
A family member of a current or former officer, director, trustee, or key employee? If “Yes,”
complete Schedule L, Part IV...................
28b
 
No
c
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or owner? If “Yes,” complete Schedule L, Part IV..
28c
 
No
29
Did the organization receive more than $25,000 in non-cash contributions? If “Yes,” complete Schedule M
29
 
No
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If “Yes,” complete Schedule M............
30
 
No
31
Did the organization liquidate, terminate, or dissolve and cease operations? If “Yes,” complete Schedule N,
Part I...........................
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If “Yes,” complete Schedule N, Part II.......................
32
 
No
33
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If “Yes,” complete Schedule R, Part I........ Click to see attachment
33
 
No
34
Was the organization related to any tax-exempt or taxable entity? If “Yes,” complete Schedule R, Parts II, III, IV, and V, line 1..................... Click to see attachment
34
Yes
 
35
Is any related organization a controlled entity within the meaning of section 512(b)(13)? .....
35
Yes
 
a
Did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If “Yes,” complete Schedule R, Part V, line 2... Click to see attachment
36
Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If “Yes,” complete Schedule R, Part V, line 2...........
36
 
 
37
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If “Yes,” complete Schedule R, Part VIClick to see attachment
37
 
No
38
Did the organization complete Schedule O and provide explanations in Schedule O for Part VI, lines 11 and 19? Note. All Form 990 filers are required to complete Schedule O. ............
38
Yes
 
Form 990 (2010)
Form 990 (2010)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance
Check if Schedule O contains a response to any question in this Part V . . . . . . . . . .
Yes
No
1a
Enter the number reported in Box 3 of Form 1096. Enter -0- if not applicable. .......
1a
95
b
Enter the number of Forms W-2G included in line 1a. Enter -0- if not applicable.
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
2a
Enter the number of employees reported on Form W-3, Transmittal of Wage and Tax Statements filed for the calendar year ending with or within the year covered by this return .....................
2a
186
b
If at least one is reported on line 2a, did the organization file all required federal employment tax returns?

Note. If the sum of lines 1a and 2a is greater than 250, you may be required to e-file. (see instructions)
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?.............................
3a
 
No
b
If “Yes,” has it filed a Form 990-T for this year? If “No,” provide an explanation in Schedule O.....
3b
 
 
4a
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account or securities account)?.......................
4a
 
No
b
If "Yes," enter the name of the foreign country: MediumBullet
See instructions for filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts.
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If “Yes” to line 5a or 5b, did the organization file Form 8886-T? ........
5c
 
 
6a
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible?..........
6a
 
No
b
If “Yes,” did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?........................
6b
 
 
7
Organizations that may receive deductible contributions under section 170(c).
a
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?....................
7a
 
 
b
If “Yes,” did the organization notify the donor of the value of the goods or services provided?.....
7b
 
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?...........................
7c
 
 
d
If “Yes,” indicate the number of Forms 8282 filed during the year ....
7d
 
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?..........................
7e
 
 
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?..
7f
 
 
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?...................
7g
 
 
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?...............
7h
 
 
8
Sponsoring organizations maintaining donor advised funds and section 509(a)(3) supporting organizations. Did the supporting organization, or a donor advised fund maintained by a sponsoring organization, have excess business holdings at any time during the year?................
8
 
 
9
Sponsoring organizations maintaining donor advised funds.
a
Did the organization make any taxable distributions under section 4966?.........
9a
 
 
b
Did the organization make a distribution to a donor, donor advisor, or related person?......
9b
 
 
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
Gross income from other sources (Do not net amounts due or paid to other sources against amounts due or received from them.) ........
11b
 
12a
Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?
12a
 
 
b
If “Yes,” enter the amount of tax-exempt interest received or accrued during the year.
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
Is the organization licensed to issue qualified health plans in more than one state?
Note. All 501(c)(29) organizations must list in Schedule O each state in which they are licensed to issue qualified health plans, the amount of reserves required by each state, and the amount of reserves the organization allocated to each state.
13a
 
 
b
Enter the aggregate amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans.
13b
 
c
Enter the aggregate amount of reserves on hand.
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
 
b
If "Yes," has it filed a Form 720 to report these payments? If “No,” provide an explanation in Schedule O..
14b
 
 
Form 990 (2010)
Form 990 (2010)
Page 6
Part VI
Governance, Management, and Disclosure For each “Yes” response to lines 2 through 7b below, and for a “No” response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule O contains a response to any question in this Part VI . . . . . . . . . .
Section A. Governing Body and Management
Yes
No
1a
Enter the number of voting members of the governing body at the end of the tax year ..............
1a
15
b
Enter the number of voting members included in line 1a, above, who are independent .................
1b
11
2
Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................
2
 
No
3
Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? ..
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed?
4
Yes
 
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Does the organization have members or stockholders? ................
6
Yes
 
7a
Does the organization have members, stockholders, or other persons who may elect one or more members of the governing body? .........................
7a
Yes
 
b
Are any decisions of the governing body subject to approval by members, stockholders, or other persons? ..
7b
 
No
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .........................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ............
8b
Yes
 
9
Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If “Yes,” provide the names and addresses in Schedule O .....
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal
Revenue Code.)
Yes
No
10a
Does the organization have local chapters, branches, or affiliates? ............
10a
 
No
b
If “Yes,” does the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with those of the organization? ....
10b
 
 
11a
Has the organization provided a copy of this Form 990 to all members of its governing body before filing the form?
11a
Yes
 
b
Describe in Schedule O the process, if any, used by the organization to review the Form 990. .....
12a
Does the organization have a written conflict of interest policy? If “No,” go to line 13.......
12a
Yes
 
b
Are officers, directors or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ...........................
12b
Yes
 
c
Does the organization regularly and consistently monitor and enforce compliance with the policy? If “Yes,” describe in Schedule O how this is done ....................
12c
Yes
 
13
Does the organization have a written whistleblower policy? ...............
13
Yes
 
14
Does the organization have a written document retention and destruction policy? .........
14
Yes
 
15
Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
Other officers or key employees of the organization ................
15b
Yes
 
If "Yes" to line a or b, describe the process in Schedule O. (See instructions.)
16a
Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................
16a
Yes
 
b
If “Yes,” has the organization adopted a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and taken steps to safeguard the organization’s exempt status with respect to such arrangements? ............
16b
Yes
 
Section C. Disclosure
17
List the States with which a copy of this Form 990 is required to be filedMediumBullet
CA
18
Section 6104 requires an organization to make its Form 1023 (or 1024 if applicable), 990, and 990-T (501(c)(3)s only) available for public inspection. Indicate how you make these available. Check all that apply.
19
Describe in Schedule O whether (and if so, how), the organization makes its governing documents, conflict of interest policy, and financial statements available to the public.
20
State the name, physical address, and telephone number of the person who possesses the books and records of the organization: MediumBullet
ALEX DENJA
120 S RIVERSIDE PLAZA 15TH FL
CHICAGO,IL60606
(312) 360-0400
Form 990 (2010)
Form 990 (2010)
Page 7
Part VII
Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Check if Schedule O contains a response to any question in this Part VII . . . . . . . . . .
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation, and current key employees. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

RoundBullet List all of the organization’s current key employees, if any. See instructions for definition of "key employee."
RoundBullet List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the
organization and any related organizations.

RoundBullet List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

RoundBullet List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

List persons in the following order: individual trustees or directors; institutional trustees; officers; key employees; highest
compensated employees; and former such persons.
Check this box if neither the organization nor any related organizations compensated any current or former officer, director, or trustee.
(A)
Name and Title 		(B)
Average hours per week (describe hours for related organizations in Schedule O) 		(C)
Position (check all that apply) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; Officer; Key Employee; Highest compensated employee; Former;
(1) Joseph Hagan
President & CEO
 16.0 X   X       551,064 0 47,810
(2) Zachary Boyers
Director
 2.0 X           0 0 0
(3) Larry Dale
Chairman
 2.0 X   X       13,000 0 0
(4) Andrew Ditton
Director
 1.9 X           6,000 0 0
(5) Helen Dunlap
Director
 2.0 X           10,000 114,725 0
(6) Ernie Etuk
Director
 2.0 X           12,000 0 0
(7) Printice Gary
Director
 2.0 X           12,000 0 0
(8) Robert Mantle
Director
 1.9 X           0 0 0
(9) Michael May
Director
 2.0 X           0 0 0
(10) John Mealey
Director
 2.0 X           0 0 0
(11) Herbert Morse
Director
 2.0 X           16,000 0 0
(12) Elizabeth Pugh
Director
 1.9 X           0 259,447 36,015
(13) Michael Rubinger
Vice Chairman
 2.0 X   X       0 395,361 48,081
(14) Edward Sigler
Director
 2.0 X           10,000 0 0
(15) Sindy Spivak
Director
 2.0 X           0 0 0
(16) Kevin Boes
SVP, Treasurer & CFO
 18.0     X       295,493 0 42,099
(17) Thomas Flanagan
VP & Secretary
 16.0     X       160,006 0 20,801
Form 990 (2010)
Form 990 (2010)
Page 8
Part VII
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)
(A)
Name and Title 		(B)
Average hours per week (describe hours for related organizations in Schedule O) 		(C)
Position (check all that apply) 		(D)
Reportable compensation from the organization (W- 2/1099-MISC) 		(E)
Reportable compensation from related organizations (W- 2/1099-MISC) 		(F)
Estimated amount of other compensation from the organization and related organizations
Individual Trustee or Director; Institutional Trustee; Officer; Key Employee; Highest compensated employee; Former;
(18) Peter Harrison
SVP Asset Management
 16.0     X       264,346 0 42,177
(19) Darrell Hubbard
SVP Invst Mngt Until 6/30/2010
 18.0     X       459,808 0 43,586
(20) Robert Johnston
SVP Acquisitions
 40.0     X       311,351 0 42,084
(21) Karen Przypyszny
SVP Proprietary Transaction
 14.8     X       259,463 0 38,277
(22) Judy Schneider
SVP & Chief Credit Officer
 16.0     X       298,082 0 40,066
(23) Greg Schuler
SVP General Counsel & Asst Sec
 16.0     X       278,081 0 39,775
(24) Lawrence Howard Sereda
SVP Inv Mgt Effective 4/26/10
 16.0     X       197,697 0 13,748
(25) Mark Siranovic
SVP Bus Dvlp & Asst. Treasurer
 16.0     X       278,840 0 43,759
(26) Todd Fabian
VP
 40.0         X   212,976 0 36,303
(27) Michael Jacobs
VP
 40.0         X   240,625 0 27,349
(28) Robert Poznanski
VP
 40.0         X   214,240 0 37,299
(29) Ed Simon
VP and CIO
 40.0         X   223,195 0 40,935
(30) Macy Kisilinsky
Public Housing Manager
 40.0         X   212,585 0 30,236
(31) Jolene Birkelo
VP
 40.0           X 135,301 0 19,970
(32) Hunter Botts
VP
 40.0           X 166,430 0 35,392
(33) Deborah Burkart
VP
 34.0           X 191,326 0 16,905
(34) Gaylene Domer
VP
 40.0           X 150,897 0 31,863
(35) Rose Eaton
Former VP
 40.0           X 149,954 0 27,044
(36) Matthew Huber
VP
 40.0           X 161,570 0 35,216
(37) Anthony Lyons
VP
 40.0           X 200,878 0 36,303
(38) Colleen Mulcahy
Former VP
 25.0           X 92,187 42,497 12,793
(39) Patricia Norum
Asst Secretary
 40.0           X 103,813 0 30,165
(40) Sue Ann Reed
Senior Vice President
 40.0           X 191,141 0 25,116
(41) Patrick Maher
Former Asst Secretary
 2.0           X 0 114,159 22,292
(42) Denise Notice-Scott
Former VP
 2.0           X 0 164,702 24,689
1b Sub-Total................MediumBullet
c Total from continuation sheets to Part VII, Section A....MediumBullet
d Total (add lines 1b and 1c)............MediumBullet 6,080,349 1,090,891 988,148
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 in reportable compensation from the organizationMediumBullet44
Yes
No
3
Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If “Yes,” complete Schedule J for such individual .............
3
Yes
 
4
For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If “Yes,” complete Schedule J for such individual...........................
4
Yes
 
5
Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If “Yes,” complete Schedule J for such person .....
5
 
No
Section B. Independent Contractors
1
Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization.
(A)
Name and business address 		(B)
Description of services 		(C)
Compensation
KPMG LLP
Dept 0970 PO Box 120001
DALLAS,TX75312 		Financial Reporting 1,062,309
GREENBERG TRAURING
77 West Wacker Drive Suite 2500
CHICAGO,IL60601 		Legal Services 1,446,970
NOVOGRADAC COMPANY LLP
246 First Street 5th Floor
SAN FRANCISCO,CA94105 		Financial Reporting 1,033,084
SQUIRE SANDERS and DEMPSEY LLP
221 E 4th Street
CINCINNATI,OH45264 		Legal Services 1,406,419
KUTAK ROCK LLP
PO Box 30057
OMAHA,NE68103 		Legal Services 614,802
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 in compensation from the organization MediumBullet5
Form 990 (2010)
Form 990 (2010)
Page 9
Part VIII
Statement of Revenue
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512, 513, or 514
Contributions, gifts, grants and other similar amounts 1a Federated campaigns..1a  
b Membership dues....1b  
c Fundraising events....1c  
d Related organizations...1d  
e Government grants (contributions)1e  
f All other contributions, gifts, grants, and
similar amounts not included above1f 		 
g Noncash contributions included in lines 1a-1f:$  
h Total. Add lines 1a-1f.......MediumBullet 0
Program Service Revenue Business Code
2a LOW INCOME HOUSING REVENUE 531,390 35,438,053 35,438,053    
b
c
d
e
f All other program service revenue .        
g Total. Add lines 2a–2f........MediumBullet 35,438,053
Other Revenue 3 Investment income (including dividends, interest
and other similar amounts).....MediumBullet 452,591 452,591    
4 Income from investment of tax-exempt bond proceeds..MediumBullet 0      
5 Royalties............MediumBullet 0      
(i) Real (ii) Personal
6a Gross Rents    
b Less: rental expenses    
c Rental income or (loss)    
d Net rental income or (loss).......MediumBullet        
(i) Securities (ii) Other
7a Gross amount from sales of assets other than inventory    
b Less: cost or other basis and sales expenses    
c Gain or (loss)    
d Net gain or (loss)..........MediumBullet 0      
8a Gross income from fundraising events (not including
$  
of contributions reported on line 1c). See Part IV, line 18 ...
a  
b Less: direct expenses ...b  
c Net income or (loss) from fundraising events..MediumBullet 0    
9a Gross income from gaming activities.
See Part IV, line 19 ...
a  
b Less: direct expenses ...b  
c Net income or (loss) from gaming activities...MediumBullet 0      
10a Gross sales of inventory, less
returns and allowances .
a  
b Less: cost of goods sold ..b  
c Net income or (loss) from sales of inventory..MediumBullet 0      
Miscellaneous Revenue Business Code
11a MISCELLANEOUS INCOME 531,390 713,860 713,860    
b RECOVERY OF LOAN LOSS 531,190 364,490 364,490    
c            
d All other revenue ....        
e Total. Add lines 11a–11d ......MediumBullet 1,078,350
12 Total revenue. See Instructions....MediumBullet 36,968,994 36,968,994 0  
Form 990 (2010)
Form 990 (2010)
Page 10
Part IX
Statement of Functional Expenses
Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A) but are not required to complete columns (B), (C), and (D).
Do not include amounts reported on lines 6b,
7b, 8b, 9b, and 10b of Part VIII. 		(A)
Total expenses 		(B)
Program service expenses 		(C)
Management and general expenses 		(D)
Fundraising expenses
1 Grants and other assistance to governments and organizations in the U.S. See Part IV, line 21 7,831,000 7,831,000
2 Grants and other assistance to individuals in the U.S. See Part IV, line 22 0  
3 Grants and other assistance to governments, organizations, and individuals outside the U.S. See Part IV, lines 15 and 16 0  
4 Benefits paid to or for members 0  
5 Compensation of current officers, directors, trustees, and key employees .... 3,861,253 3,276,106 585,147  
6 Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .... 0      
7 Other salaries and wages 15,537,285 13,182,714 2,354,571  
8 Pension plan contributions (include section 401(k) and section 403(b) employer contributions) .... 989,869 839,861 150,008  
9 Other employee benefits ....... 1,633,211 1,385,709 247,502  
10 Payroll taxes ........... 1,134,760 962,795 171,965  
11 Fees for services (non-employees):        
a Management ...... 0      
b Legal ......... 5,328,222 4,336,412 991,810  
c Accounting ........... 317,644 252,077 65,567  
d Lobbying ........... 0      
e Professional fundraising. See Part IV, line 17.. 0  
f Investment management fees ...... 0      
g Other .......... 3,033,188 2,798,985 234,203  
12 Advertising and promotion .... 523,723 0 523,723  
13 Office expenses ....... 628,148 516,589 111,559  
14 Information technology ...... 133,198 111,802 21,396  
15 Royalties .. 0      
16 Occupancy ........... 1,818,937 1,403,465 415,472  
17 Travel ............ 901,530 755,413 146,117  
18 Payments of travel or entertainment expenses for any federal, state, or local public officials ...... 0      
19 Conferences, conventions, and meetings .... 314,836 235,681 79,155  
20 Interest ........... 1,193 1,193 0  
21 Payments to affiliates ....... 0      
22 Depreciation, depletion, and amortization ..... 400,744 300,558 100,186  
23 Insurance .............. 461,367 416,311 45,056  
24 Other expenses. Itemize expenses not covered above. (Expenses grouped together and labeled miscellaneous may not exceed 5% of total expenses shown on line 25 below.)
a LOAN RECEIVABLE ALLOWANCE 973,344 973,344 0  
b BAD DEBT EXPENSE 246,164 246,164 0  
c BANK CHARGE 114,620 95,879 18,741  
d EQUIPMENT RENTAL & MAINTENANCE 172,790 129,736 43,054  
e DUES AND SUBSCRIPTION 23,595 20,424 3,171  
f All other expenses 87,990 74,150 13,840 0
25 Total functional expenses. Add lines 1 through 24f 46,468,611 40,146,368 6,322,243 0
26 Joint costs. Check here MediumBullet if following
SOP 98-2 (ASC 958-720). Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation 		       
Form 990 (2010)
Form 990 (2010)
Page 11
Part X Balance Sheet
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash—non-interest-bearing ..........   1  
2 Savings and temporary cash investments ....... 34,782,656 2 46,616,285
3 Pledges and grants receivable, net .........   3  
4 Accounts receivable, net ......... 58,639,096 4 7,633,572
5 Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
Schedule L ..........   5  
6 Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
Schedule L ..........   6  
7 Notes and loans receivable, net ............. 10,265,662 7 6,209,557
8 Inventories for sale or use ..............   8  
9 Prepaid expenses and deferred charges ............ 533,969 9 401,448
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 2,592,854
b Less: accumulated depreciation. ..... 10b 1,597,237 1,007,137 10c 995,617
11 Investments—publicly traded securities ..........   11  
12 Investments—other securities. See Part IV, line 11 ......   12  
13 Investments—program-related. See Part IV, line 11 .. 2,158,354 13 2,182,864
14 Intangible assets .........   14  
15 Other assets. See Part IV, line 11 ........... 790,701 15 765,568
16 Total assets. Add lines 1 through 15 (must equal line 34)... 108,177,575 16 64,804,911
Liabilities 17 Accounts payable and accrued expenses . 6,496,917 17 9,143,031
18 Grants payable ..........   18  
19 Deferred revenue .......... 6,026,940 19 6,687,188
20 Tax-exempt bond liabilities ..........   20  
21 Escrow or custodial account liability. Complete Part IV of Schedule D..   21  
22 Payables to current and former officers, directors, trustees, key
employees, highest compensated employees, and disqualified
persons. Complete Part II of Schedule L..........   22  
23 Secured mortgages and notes payable to unrelated third parties ..   23  
24 Unsecured notes and loans payable to unrelated third parties ....   24  
25 Other liabilities. Complete Part X of Schedule D..... 91,875,800 25 29,974,443
26 Total liabilities. Add lines 17 through 25..... 104,399,657 26 45,804,662
Net Assets or Fund Balance Organizations that follow SFAS 117, check here MediumBullet and complete lines 27 through 29, and lines 33 and 34.
27 Unrestricted net assets ..... 3,777,918 27 19,000,249
28 Temporarily restricted net assets .....   28  
29 Permanently restricted net assets .....   29  
Organizations that do not follow SFAS 117, check here MediumBullet and complete lines 30 through 34.
30 Capital stock or trust principal, or current funds .....   30  
31 Paid-in or capital surplus, or land, building or equipment fund .....   31  
32 Retained earnings, endowment, accumulated income, or other funds   32  
33 Total net assets or fund balances ..... 3,777,918 33 19,000,249
34 Total liabilities and net assets/fund balances ..... 108,177,575 34 64,804,911
Form 990 (2010)
Form 990 (2010)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response to any question in this Part XI . . . . . . . . . .
1
Total revenue (must equal Part VIII, column (A), line 12) . . .
1
36,968,994
2
Total expenses (must equal Part IX, column (A), line 25) . . . . .
2
46,468,611
3
Revenue less expenses. Subtract line 2 from line 1 . . . .
3
-9,499,617
4
Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) . .
4
3,777,918
5
Other changes in net assets or fund balances (explain in Schedule O) . . . .
5
24,721,948
6
Net assets or fund balances at end of year. Combine lines 3, 4, and 5 (must equal Part X, line 33, column (B)) . . . . . .
6
19,000,249
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response to any question in this Part XII . . . . . . . . . .
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain in
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?..
2a
 
No
b
Were the organization’s financial statements audited by an independent accountant?........
2b
Yes
 
c
If “Yes,” to 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O............................
2c
Yes
 
d
If “Yes” to line 2a or 2b, check a box below to indicate whether the financial statements for the year were issued on a separate basis, consolidated basis, or both:
3a
As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Single Audit Act and OMB Circular A-133? ................
3a
 
No
b
If “Yes,” did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits. ..
3b
 
 
Form 990 (2010)
Additional Data


Software ID:  
Software Version:  
Form 990, Special Condition Description:
Special Condition Description
SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11, or 12.
SchDMd Bullet Attach to Form 990. SchDMd Bullet See separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
National Equity Fund Inc
 
Employer identification number

36-3490231
Part I
Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year .......    
2 Aggregate contributions to (during year) ...    
3 Aggregate grants from (during year) ...    
4 Aggregate value at end of year .......    
5
Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............
6
Did the organization inform all grantees, donors, and donor advisors in writing that grant funds may be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit. ...................................
Part II
Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
Complete lines 2a–2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.
Held at the End of the Year
a Total number of conservation easements ....................... 2a  
b Total acreage restricted by conservation easements .................. 2b  
c Number of conservation easements on a certified historic structure included in (a) ..... 2c  
d Number of conservation easements included in (c) acquired after 8/17/06 ........ 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the taxable year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................
6
Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year SchDMd Bullet $  
8
Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)? ....................................
9
In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under SFAS 116, not to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education or research in furtherance of public service,
provide, in Part XIV, the text of the footnote to its financial statements that describes these items.
b
If the organization elected, as permitted under SFAS 116, to report in its revenue statement and balance sheet works of art,
historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:
(i)
Revenues included in Form 990, Part VIII, line 1 ........................SchDMd Bullet $  
(ii)
Assets included in Form 990, Part X ..............................SchDMd Bullet $  
2
If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 relating to these items:
a
Revenues included in Form 990, Part VIII, line 1 ..........................SchDMd Bullet $  
b
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990
Cat. No. 52283D
Schedule D (Form 990) 2010

Schedule D (Form 990) 2010
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
Using the organization’s accession and other records, check any of the following that are a significant use of its collection
items (check all that apply):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIV.
5
During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b
If "Yes," explain the arrangement in Part XIV and complete the following table:
Amount
c Beginning balance ................................. 1c  
d Additions during the year .............................. 1d  
e Distributions during the year ............................. 1e  
f Ending balance ................................... 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21? .....................
b
If “Yes,” explain the arrangement in Part XIV.
Part V
Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.
(a)Current Year (b)Prior Year (c)Two Years Back (d)Three Years Back (e)Four Years Back
1a Beginning of year balance ....      
b Contributions ........      
c Investment earnings or losses ...      
d Grants or scholarships .....      
e Other expenditures for facilities
and programs ........ 		     
f Administrative expenses ....      
g End of year balance ......      
2
Provide the estimated percentage of the year end balance held as:
a
Board designated or quasi-endowment: SchDMd Bullet  
b
Permanent endowment: SchDMd Bullet  
c
Term endowment: SchDMd Bullet  
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) unrelated organizations ........................
3a(i)
 
 
(ii) related organizations ........................
3a(ii)
 
 
b
If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
Describe in Part XIV the intended uses of the organization's endowment funds.
Part VI
Investments—Land, Buildings, and Equipment. See Form 990, Part X, line 10.
Description of investment (a) Cost or other basis (investment) (b)Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land .................      
b Buildings ................        
c Leasehold improvements ............   957,280 633,544 323,735
d Equipment ................   1,203,146 655,742 547,404
e Other .................   432,428 307,950 124,478
Total. Add lines 1a-1e. (Column (d) should equal Form 990, Part X, column (B), line 10(c).)........SchDMdBullet 995,617
Schedule D (Form 990) 2010

Schedule D (Form 990) 2010
Page 3
Part VII
Investments—Other Securities. See Form 990, Part X, line 12.
(a) Description of security or category
(including name of security)		 (b)Book value (c) Method of valuation:
Cost or end-of-year market value
(1)Financial derivatives    
(2)Closely-held equity interests    
Other








Total. (Column (b) should equal Form 990, Part X, col.(B) line 12.)Small Bullet  
Part VIII
Investments—Program Related. See Form 990, Part X, line 13.
(a) Description of investment type (b) Book value (c) Method of valuation:
Cost or end-of-year market value








Total. (Column (b) should equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets. See Form 990, Part X, line 15.
(a) Description (b) Book value








Total. (Column (b) should equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities. See Form 990, Part X, line 25.
1.(a) Description of Liability (b) Amount
Federal Income Taxes 0
DUE TO NYEF, INC. 15,215,861
PAYABLE TO NEFCI, INC. 13,107,582
NOTES PAYABLE TO RELATED ORGAN 1,651,000






Total. (Column (b) should equal Form 990, Part X, col.(B) line 25.)Small Bullet 29,974,443
2. Fin 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC740).
Schedule D (Form 990) 2010

Schedule D (Form 990) 2010
Page 4
Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements
1 Total revenue (Form 990, Part VIII, column (A), line 12) .................... 1 36,968,994
2 Total expenses (Form 990, Part IX, column (A), line 25) ..................... 2 46,468,611
3 Excess or (deficit) for the year. Subtract line 2 from line 1 ............. 3 -9,499,617
4 Net unrealized gains (losses) on investments .......................... 4  
5 Donated services and use of facilities ............................. 5  
6 Investment expenses ................................... 6  
7 Prior period adjustments .................................. 7  
8 Other (Describe in Part XIV) ................................. 8 12,506,516
9 Total adjustments (net). Add lines 4 - 8 ............................. 9 12,506,516
10 Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 ......... 10 3,006,899
Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1 Total revenue, gains, and other support per audited financial statements ....... 1 49,247,424
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains on investments .......... 2a  
b Donated services and use of facilities ......... 2b  
c Recoveries of prior year grants ........... 2c  
d Other (Describe in Part XIV): ............ 2d 12,278,430
e Add lines 2a through 2d ..................... 2e 12,278,430
3 Subtract line 2e from line 1..................... 3 36,968,994
4 Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b . 4a  
b Other (Describe in Part XIV): ........... 4b  
c Add lines 4a and 4b....................... 4c  
5 Total Revenue. Add lines 3 and 4c. (This should equal Form 990, Part I, line 12.) ...... 5 36,968,994
Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1 Total expenses and losses per audited financial statements ............. 1 46,240,526
2 Amounts included on line 1 but not on Form 990, Part IX, line 25:
a Donated services and use of facilities .......... 2a  
b Prior year adjustments .............. 2b  
c Other losses ................ 2c  
d Other (Describe in Part XIV): ............ 2d 4,122,872
e Add lines 2a through 2d...................... 2e 4,122,872
3 Subtract line 2e from line 1..................... 3 42,117,654
4 Amounts included on Form 990, Part IX, line 25, but not on line 1:
a Investment expenses not included on Form 990, Part VIII, line 7b .. 4a  
b Other (Describe in Part XIV): ............ 4b 4,350,957
c Add lines 4a and 4b....................... 4c 4,350,957
5 Total expenses. Add lines 3 and 4c. (This should equal Form 990, Part I, line 18.) ...... 5 46,468,611
Part XIV
Supplemental Information
Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete this part to provide any additional information.
Identifier Return Reference Explanation
FIN 48 Footnote Schedule D, Part X, Line 2 In June 2006, the FASB issued guidance on accounting for uncertain tax positions. The guidance clarifies the accounting for uncertainty in income taxes by creating a framework for how companies should recognize, measure, present and disclose in their financial statements uncertain tax positions that they have taken or expect to take in a tax return. The guidance is effective for fiscal years beginning after December 15, 2008 and was adopted by the Corporation beginning January 1, 2009. The Corporation's policy is to evaluate potential uncertain tax positions and it believes it has no unrecognized tax benefits as of December 31, 2010 and 2009.
Reconciliation of changes in Net Assets Schedule D, Part XI, Line 8 Elimination of related entities activity $12,506,516
Reconciliation of Revenue Schedule D, Part XII, Line 2d GAAP to tax difference re: treatment of legal expenses - $(4,350,957) Elimination of related entities activity included in consolidated financial statements - $ 16,629,387 Total for Line 2d - $ 12,278,430
Reconciliation of Expenses Schedule D, Part XIII, Line 2b Elimination of related entities activity included in consolidated financial statements. $4,122,872 Line 4b GAAP to tax difference re: treatment of legal expenses $4,350,957
Schedule D (Form 990) 2010

Additional Data


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Software Version:  




Schedule I
(Form 990)
Department of the Treasury
Internal Revenue Service
Grants and Other Assistance to Organizations,
Governments and Individuals in the United States
Complete if the organization answered "Yes," to Form 990, Part IV, line 21 or 22.
lBullet Attach to Form 990
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
National Equity Fund Inc
 
Employer identification number
36-3490231
Part I
General Information on Grants and Assistance
1
Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ....................................
2
Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.
Part II
Grants and Other Assistance to Governments and Organizations in the United States. Complete if the organization answered "Yes" to
Form 990, Part IV, line 21 for any recipient that received more than $5,000. Check this box if no one recipient received more than $5,000. Use
Part IV and Schedule I-1 (Form 990) if additional space is needed ......................... lBullet
(a) Name and address of organization
or government		 (b) EIN (c) IRC Code section
if applicable		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
non-cash assistance		 (h) Purpose of grant
or assistance
(1) Bickerdike Redevelopment Corporation2550 W North Avenue
Chicago,IL60647 		23-7087890 501 (c)(3) 30,000       LOW-INCOME HOUSING DEVELOPMENT
(2) Local Initiatives Support Corporation501 Seventh Avenue
New York,NY10018 		13-3030229 501 (c)(3) 7,800,000       LOW-INCOME HOUSING DEVELOPMENT




















2
Enter total number of section 501(c)(3) and government organizations ......................... Bullet Image
3
3
Enter total number of other organizations ................................ . Bullet Image
0
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) 2010

Schedule I (Form 990) 2010
Page 2
Part III
Grants and Other Assistance to Individuals in the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 22.
Use Schedule I-1 (Form 990) if additional space is needed.
(a)Type of grant or assistance (b)Number of
recipients		 (c)Amount of
cash grant		 (d)Amount of
non-cash assistance		 (e)Method of valuation (book,
FMV, appraisal, other)		 (f)Description of non-cash assistance













Part IV
Supplemental Information. Complete this part to provide the information required in Part I, line 2, and any other additional information.
Identifier Return Reference Explanation
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.
Schedule I (Form 990) 2010


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Schedule J
(Form 990)
Department of the Treasury
Internal Revenue Service
Compensation Information
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet Complete if the organization answered "Yes" to Form 990,
Part IV, question 23.
SchJMediumBullet Attach to Form 990. SchJMediumBullet See separate instructions.
OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
National Equity Fund Inc
 
Employer identification number

36-3490231
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement orprovision of all the expenses described above? If "No," complete Part III to explain....
1b
 
 
2
Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
officers, directors, trustees, and the CEO/Executive Director, regarding the items checked in line 1a? ....
2
 
 
3
Indicate which, if any, of the following the organization uses to establish the compensation of the
organization's CEO/Executive Director. Check all that apply.
4
During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? ...............
4a
Yes
 
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? ........
4b
 
No
c
Participate in, or receive payment from, an equity-based compensation arrangement? ........
4c
 
No
If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.
Only 501(c)(3) and 501(c)(4) organizations only must complete lines 5-9.
5
For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ...........................
5a
 
No
b
Any related organization? .........................
5b
 
No
If "Yes," to line 5a or 5b, describe in Part III.
6
For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ...........................
6a
 
No
b
Any related organization? .........................
6b
 
No
If "Yes," to line 6a or 6b, describe in Part III.
7
For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
Yes
 
8
Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regs. section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................
8
 
No
9
If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990
Cat. No. 50053T
Schedule J (Form 990) 2010

Schedule J (Form 990) 2010
Page 2
Part II
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use Schedule J-1 if additional space needed.
For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.

Note. The sum of columns (B)(i)-(iii) must equal the applicable column (D) or column (E) amounts on Form 990, Part VII, line 1a.
(A) Name (B) Breakdown of W-2 and/or 1099-MISC compensation (C) Retirement and other deferred compensation (D) Nontaxable
benefits		 (E) Total of columns
(B)(i)-(D) 		(F) Compensation
reported in prior
Form 990 or
Form 990-EZ
(i) Base compensation (ii) Bonus & incentive compensation (iii) Other reportable compensation
(1) Kevin Boes (i)
(ii)		 185,212
0 		101,000
0 		9,281
0 		21,624
0 		22,261
0 		339,378
0 		0
0
(2) Thomas Flanagan (i)
(ii)		 136,288
0 		22,428
0 		1,290
0 		14,749
0 		6,638
0 		181,393
0 		0
0
(3) Joseph Hagan (i)
(ii)		 319,720
0 		200,000
0 		31,344
0 		28,175
0 		20,221
0 		599,460
0 		0
0
(4) Peter Harrison (i)
(ii)		 180,627
0 		70,000
0 		13,719
0 		20,042
0 		25,481
0 		309,869
0 		0
0
(5) Darrell Hubbard (i)
(ii)		 110,434
0 		85,000
0 		264,374
0 		22,701
0 		21,658
0 		504,167
0 		0
0
(6) Robert Johnston (i)
(ii)		 196,232
0 		100,000
0 		15,119
0 		22,449
0 		20,221
0 		354,021
0 		0
0
(7) Karen Przypyszny (i)
(ii)		 160,244
0 		85,000
0 		14,219
0 		18,642
0 		21,301
0 		299,406
0 		0
0
(8) Judy Schneider (i)
(ii)		 195,363
0 		90,000
0 		12,719
0 		20,431
0 		21,301
0 		339,814
0 		0
0
(9) Greg Schuler (i)
(ii)		 186,737
0 		85,000
0 		6,344
0 		20,140
0 		20,221
0 		318,442
0 		0
0
(10) Lawrence Howard Sereda (i)
(ii)		 197,052
0 		0
0 		645
0 		0
0 		14,041
0 		211,738
0 		0
0
(11) Jolene Birkelo (i)
(ii)		 112,469
0 		20,852
0 		1,980
0 		11,649
0 		8,907
0 		155,857
0 		0
0
(12) Hunter Botts (i)
(ii)		 144,155
0 		21,585
0 		690
0 		15,757
0 		20,221
0 		202,408
0 		0
0
(13) Deborah Burkart (i)
(ii)		 145,636
0 		45,000
0 		690
0 		15,601
0 		1,890
0 		208,817
0 		0
0
(14) Gaylene Domer (i)
(ii)		 105,553
0 		40,000
0 		5,344
0 		12,228
0 		20,221
0 		183,346
0 		0
0
(15) Rose Eaton (i)
(ii)		 111,241
0 		27,000
0 		11,713
0 		9,045
0 		18,585
0 		177,584
0 		0
0
(16) Todd Fabian (i)
(ii)		 144,155
0 		68,521
0 		300
0 		16,668
0 		20,221
0 		249,865
0 		0
0
(17) Matthew Huber (i)
(ii)		 121,270
0 		40,000
0 		300
0 		14,381
0 		23,221
0 		199,172
0 		0
0
(18) Michael Jacobs (i)
(ii)		 140,225
0 		99,950
0 		450
0 		16,668
0 		14,027
0 		271,320
0 		0
0
(19) Anthony Lyons (i)
(ii)		 144,155
0 		56,033
0 		690
0 		16,668
0 		20,221
0 		237,767
0 		0
0
(20) Colleen Mulcahy (i)
(ii)		 87,981
42,497 		0
0 		4,206
0 		4,421
0 		8,807
0 		105,415
42,497 		0
0
(21) Patricia Norum (i)
(ii)		 91,090
0 		11,500
0 		1,223
0 		8,130
0 		23,976
0 		135,919
0 		0
0
(22) Robert Poznanski (i)
(ii)		 128,550
0 		85,000
0 		690
0 		14,564
0 		23,321
0 		252,125
0 		0
0
(23) Sue Ann Reed (i)
(ii)		 141,297
0 		40,000
0 		9,844
0 		16,675
0 		11,217
0 		219,033
0 		0
0
(24) Ed Simon (i)
(ii)		 157,914
0 		60,000
0 		5,281
0 		16,500
0 		26,527
0 		266,222
0 		0
 
(25) Mark Siranovic (i)
(ii)		 183,371
0 		80,000
0 		15,469
0 		21,624
0 		24,101
0 		324,565
0 		0
0
(26) Macy Kisilinsky (i)
(ii)		 104,509
0 		107,776
0 		300
0 		11,905
0 		18,917
0 		243,407
0 		0
0
(27) Elizabeth Pugh (i)
(ii)		 0
255,405 		0
0 		0
4,042 		0
25,725 		0
10,525 		0
295,697 		0
0
(28) Michael Rubinger (i)
(ii)		 0
391,392 		0
0 		0
3,969 		0
25,725 		0
25,735 		0
446,821 		0
0
(29) Patrick Maher (i)
(ii)		 0
113,942 		0
0 		0
217 		0
12,154 		0
10,943 		0
137,256 		0
0
(30) Denise Notice-Scott (i)
(ii)		 0
164,012 		0
0 		0
690 		0
17,267 		0
8,497 		0
190,466 		0
0
Schedule J (Form 990) 2010

Schedule J (Form 990) 2010
Page 3
Part III
Supplemental Information
Complete this part to provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 4c, 5a, 5b, 6a, 6b, 7, and 8. Also complete this part for any additional information.
Identifier Return Reference Explanation
Change-of-control payment & non- fixed payments Schedule J, Part I, Line 4a Severance Payments Darrell Hubbard - severance paid $251,000 Rose Eaton - severance paid $11,319 Schedule J, Part I, Line 7 National Equity Fund, Inc. awards discretionary bonuses to eligible employees. There are four bonus plans. Under two plans, 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 revenue. Under two other plans, 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 the equity closed to fund low-income housing projects. 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.
Schedule J (Form 990) 2010

Additional Data


Software ID:  
Software Version:  
SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet Attach to Form 990 or 990-EZ.
OMB No. 1545-0047
2010
Open to Public
Inspection
Name of the organization
National Equity Fund Inc
 
Employer identification number

36-3490231
Identifier Return Reference Explanation
Part VI, Line 4 Changes in By-Laws In 2010 National Equity Fund amended its bylaws to reduce the number of Officers in the organization from 32 in 2009 to 12 in 2010 in order to more effectively manage the organization with no adverse impact on the conduct of the Company's business by eliminating unnecessary reporting requirements associated with a large slate of officers, some of whom do not hold senior executive management positions. Employees are designated as officers by the board, and not deemed officers solely based on title. Many of these former Officers remained employees of National Equity Fund in 2010; however they did not qualify as "Key Employees". Article VI, Section 1 of NEF's By-Laws (concerning Officers) are amended as follows: Officers. The officers of the Corporation may include a Chairman of the Board, a Vice-Chairman of the Board, a President and Chief Executive Officer, an Executive Vice President and Chief Operating Officer, an Executive Vice President and Chief Financial Officer, one or more Senior Vice Presidents, one or more Vice Presidents, a Treasurer, a Secretary, one or more Assistant Treasurers and Assistant Secretaries, and such other officers as may be elected and whose offices may be created by the Board of Directors. The Board of Directors will designate, from time to time, the specific positions whose holders will constitute the officers of the Corporation. Officers whose authority and duties are not prescribed in these By-Laws shall have the authority and perform the duties prescribed from time to time, by the Board of Directors. Any two or more offices may be held by the same person, except the offices of President and Secretary.
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 11a 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 12 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. Any changes in status during the year should immediately be reported to the individual's supervisor or the Legal Department. 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 Section B, Line 15 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. NEF generally sets compensation at approximately 75% of the going market compensation range for each position. 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 5 Other Changes in Net Assets Capital Contributions from NEFCI - $15,000,000 Capital Contributions from NYEF - $10,000,000 Capital Contributions to affiliates - $ (278,052) Total to Line 5 - $24,721,948
Attachment 1 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 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. also manages LISC's New Markets Tax Credit (NMTC) activities, which stimulate the investment of private capital in distressed communities. 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 National Equity Fund, Inc. 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 2,025 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 $8.8 billion to support 2,025 projects. ---Financed the development of 121,725 homes. ---Partnered with more than 700 nonprofit and for-profit developers. ---Helped revitalize communities in 43 states + the District of Columbia and Puerto Rico. 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 2,025 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 nearly 25 years, NEF Inc has collaborated with local and national affordable housing developers in 475 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. Because of our roots as a nonprofit, we share their passion for developing high-quality, responsive affordable housing; as a seasoned financial intermediary, we have the technical and financial tools to support those efforts.
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Joseph Hagan TITLE:President & CEO HOURS:25
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Andrew Ditton TITLE:Director HOURS:
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Robert Mantle TITLE:Director HOURS:
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Elizabeth Pugh TITLE:Director HOURS:35
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Michael Rubinger TITLE:Vice Chairman HOURS:35
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Kevin Boes TITLE:SVP, Treasurer & CFO HOURS:22
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Thomas Flanagan TITLE:VP & Secretary HOURS:24
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Peter Harrison TITLE:SVP Asset Management HOURS:24
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Darrell Hubbard TITLE:SVP Invst Mngt Until 6/30/2010 HOURS:22
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Karen Przypyszny TITLE:SVP Proprietary Transaction HOURS:22
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Judy Schneider TITLE:SVP & Chief Credit Officer HOURS:24
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Greg Schuler TITLE:SVP General Counsel & Asst Sec HOURS:24
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Lawrence (Howard) Sereda TITLE:SVP Inv Mgt Effective 4/26/10 HOURS:24
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Mark Siranovic TITLE:SVP Bus Dvlp & Asst. Treasurer HOURS:24
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Colleen Mulcahy TITLE:Former VP HOURS:2
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Patrick Maher TITLE:Former Asst Secretary HOURS:35
HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Denise Notice-Scott TITLE:Former VP HOURS:35
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2010

Additional Data


Software ID:  
Software Version:  
SCHEDULE R
(Form 990)
Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
MediumBulletComplete if the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37.
MediumBulletAttach to Form 990. MediumBullet See separate instructions.

OMB No. 1545-0047
2010
Open to Public Inspection
Name of the organization
National Equity Fund Inc
 
Employer identification number

36-3490231
Part I
Identification of Disregarded Entities (Complete if the organization answered "Yes" on Form 990, Part IV, line 33.)
(a)
Name, address, and EIN of disregarded entity


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Total income
(e)
End-of-year assets


 		(f)
Direct controlling
entity

















Part II
Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.)
(a)
Name, address, and EIN of related organization


(b)
Primary activity


 		(c)
Legal domicile (state
or foreign country)

 		(d)
Exempt Code section
(e)
Public charity status
(if section 501(c)(3))

 		(f)
Direct controlling
entity

 		(g)
Section 512(b)(13) controlled organization
Yes No
(1) NEF Community Investments Inc

120 S Riverside Plaza 15th F

Chicago,IL60606
36-4229337 		Low-Inc Housi IL 501(c)(4) N/A NEF Inc
 
 
 
(2) New York Equity Fund Inc

120 S Riverside Plaza 15th F

Chicago,IL60606
36-4041986 		Low-Inc Housi IL 501(c)(4) N/A NEF Inc
 
 
 
(3) Local Initiatives Support Corporation

501 Seventh Avenue

New York,NY10018
13-3030229 		Community Dev NY 501(c)(3) 7 NA
 
 
 
(4) The Retail Initiative Inc

501 Seventh Avenue

New York,NY10018
13-3690780 		Low-Inc Housi NY 501(c)(3) 9 LISC
 
 
 
(5) Local Initiatives Managed Asset Corp

501 Seventh Avenue

New York,NY10018
11-2848981 		Low-Inc Housi NY 501(c)(3) 9 LISC
 
 
 
(6) Oregon Corp for Affordable Housing

120 S Riverside Plaza 15th F

Chicago,IL60606
93-1113844 		Low-Inc Housi OR 501(c)(3) 9 NEF Inc
 
 
 
(7) Community Housing Preservation Corp

120 S Riverside Plaza 15th F

Chicago,IL60606
27-0280127 		Support OR 501(c)(3) 9 OREGON CORP
 
 
 
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50135Y
Schedule R (Form 990) 2010
Schedule R (Form 990) 2010
Page 2
Part III
Identification of Related Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.)
(a)
Name, address, and EIN of
related organization



 		(b)
Primary activity




 		(c)
Legal
domicile
(state or foreign
country)


 		(d)
Direct controlling
entity



 		(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(f)
Share of total income




 		(g)
Share of end-of-year
assets



 		(h)
Disproprtionate allocations?




 		(i)
Code V—UBI
amount in box 20 of
Schedule K-1
(Form 1065)
 		(j)
General or
managing
partner?



 		(k)
Percentage
ownership
Yes No Yes No
(1) California Equity Fund 1990 LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
36-3738507 		Low Income Housin CA NA
  		Related 5,401 -114,167   No 0 Yes   0.010 %
(2) California Equity Fund 1991 LP

120 S Riverside Pl Chicago IL
Chicago,IL60606
36-3794783 		Low Income Housin CA NA
  		Related -32 -1,849   No 0 Yes   0.010 %
(3) California Equity Fund 1992 LP

120 S Riverside Pl Chicago IL
Chicago,IL60606
36-3843751 		Low Income Housin CA NA
  		Related 134 162,088   No 0 Yes   0.010 %
(4) California Equity Fund 1993 LP

120 S Riverside Pl Chicago IL
Chicago,IL60606
36-3885995 		Low Income Housin CA NA
  		Related -177 -2,147   No 0 Yes   0.010 %
(5) California Equity Fund 1994 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3961576 		Low Income Housin CA NA
  		Related -94 -61,627   No 0 Yes   0.010 %
(6) California Equity Fund 1994 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3997618 		Low Income Housin CA NA
  		Related -36 -410   No 0 Yes   0.010 %
(7) California Equity Fund 1995 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4025432 		Low Income Housin CA NA
  		RELATED -256 -1,803   No 0 Yes   0.010 %
(8) California Equity Fund 1996 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4089379 		Low Income Housin CA NA
  		RELATED -153 -1,771   No 0 Yes   0.010 %
(9) California Equity Fund 1997 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4159240 		Low Income Housin CA NA
  		RELATED -325 -3,563   No 0 Yes   0.010 %
(10) California Equity Fund 1998 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4234307 		Low Income Housin CA NA
  		RELATED -214 6,474   No 0 Yes   0.010 %
(11) California Equity Fund 1999 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4296157 		Low Income Housin CA NA
  		RELATED -111 109,858   No 0 Yes   0.010 %
(12) California Equity Fund 2000 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4380675 		Low Income Housin DE NA
  		RELATED -1 198   No 0 Yes   0 %
(13) California Equity Fund 2002 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
94-3427611 		Low Income Housin DE NA
  		RELATED -2 6   No 0 Yes   0 %
(14) California Equity Fund 2003 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-0233867 		Low Income Housin DE NA
  		RELATED -3 2,650   No 0 Yes   0 %
(15) California Equity Fund 2004 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-1384513 		Low Income Housin DE NA
  		RELATED -3 3,237   No 0 Yes   0 %
(16) National Equity Fund 1987 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3539334 		Low Income Housin DE NA
  		RELATED 34,730 0   No 0 Yes   0.010 %
(17) National Equity Fund 1988 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3602378 		Low Income Housin DE NA
  		RELATED 257 310,171   No 0 Yes   0.010 %
(18) National Equity Fund 1990 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3725144 		Low Income Housin DE NA
  		RELATED -1 644,070   No 0 Yes   0.010 %
(19) National Equity Fund 1991 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3793575 		Low Income Housin DE NA
  		related 192 -2,942   No 0 Yes   0.010 %
(20) National Equity Fund 1992 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3843752 		Low Income Housin DE NA
  		RELATED -262 947,981   No 0 Yes   0.010 %
(21) National Equity Fund 1993 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3878944 		Low Income Housin DE NA
  		RELATED -293 534,087   No 0 Yes   0.010 %
(22) National Equity Fund 1994 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3958151 		Low Income Housin DE NA
  		RELATED -400 551,707   No 0 Yes   0.010 %
(23) National Equity Fund 1995 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4025434 		Low Income Housin DE NA
  		RELATED -708 24,466   No 0 Yes   0.010 %
(24) National Equity Fund 1995 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4025433 		Low Income Housin DE NA
  		RELATED -243 542,720   No 0 Yes   0.010 %
(25) National Equity Fund 1996 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4094851 		Low Income Housin DE NA
  		RELATED -848 138,905   No 0 Yes   0.010 %
(26) National Equity Fund 1996 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4097771 		Low Income Housin DE NA
  		RELATED -195 132,013   No 0 Yes   0 %
(27) National Equity Fund 1997 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4188807 		Low Income Housin DE NA
  		RELATED -680 253,074   No 0 Yes   0.010 %
(28) National Equity Fund 1997 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4192679 		Low Income Housin DE NA
  		RELATED -376 419,301   No 0 Yes   0.010 %
(29) National Equity Fund 1999 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4262821 		Low Income Housin DE NA
  		RELATED 434 110,778   No 0 Yes   0.010 %
(30) National Equity Fund 1999 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4284872 		Low Income Housin DE NA
  		RELATED -310 286,647   No 0 Yes   0 %
(31) National Equity Fund 2000 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4373745 		Low Income Housin DE NA
  		RELATED -38 198,621   No 0 Yes   0.001 %
(32) National Equity Fund 2001 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4437162 		Low Income Housin DE NA
  		RELATED -4 717,470   No 0 Yes   0 %
(33) National Equity Fund 2002 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
75-3045298 		Low Income Housin DE NA
  		RELATED -12 969,860   No 0 Yes   0 %
(34) National Equity Fund 2003 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-0083344 		Low Income Housin DE NA
  		RELATED -20 438,247   No 0 Yes   0 %
(35) National Equity Fund 2004 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-1909507 		Low Income Housin DE NA
  		RELATED -20 2,027,395   No 0 Yes   0 %
(36) New York Equity Fund 1988 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3602373 		Low Income Housin NY NA
  		RELATED 1,216 -297,393   No 0 Yes   0.020 %
(37) New York Equity Fund 1989 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3680405 		Low Income Housin NY NA
  		RELATED 540 -181,960   No 0 Yes   0.010 %
(38) New York Equity Fund 1990 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3744662 		Low Income Housin NY NA
  		RELATED 285 -631   No 0 Yes   0.010 %
(39) New York Equity Fund 1992 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3831681 		Low Income Housin NY NA
  		RELATED -287 6,592   No 0 Yes   0.010 %
(40) New York Equity Fund 1993 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3924008 		Low Income Housin NY NA
  		RELATED -590 306,237   No 0 Yes   0.010 %
(41) New York Equity Fund 1994 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-3970081 		Low Income Housin NY NA
  		RELATED -596 80,343   No 0 Yes   0.010 %
(42) New York Equity Fund 1995 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4033218 		Low Income Housin NY NA
  		RELATED -655 279,761   No 0 Yes   0.010 %
(43) New York Equity Fund 2000 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4187874 		Low Income Housin NY NA
  		RELATED -527 15,430   No 0 Yes   0.010 %
(44) Banc of America CHIF II LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-0296106 		Low Income Housin DE NA
  		RELATED -488 21,002   No 0 Yes   0.010 %
(45) Banc of America CHIF III LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-3697681 		Low Income Housin DE NA
  		RELATED -439 49,682   No 0 Yes   0.010 %
(46) Bank of America CHIF IV LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-1851404 		Low Income Housin DE NA
  		RELATED -168 54,032   No 0 Yes   0.010 %
(47) National Affordable Housing Inv XIV-NEF

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-0690738 		Low Income Housin DE NA
  		RELATED -149 1,885,454   No 0 Yes   0.010 %
(48) Citigroup CCDE Investment Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4425650 		Low Income Housin DE NA
  		RELATED -171 1,384,470   No 0 Yes   0.010 %
(49) National Affordable Housin Inv XVIII-NEF

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-0973916 		Low Income Housin DE NA
  		RELATED 0 1,088   No 0 Yes   0.010 %
(50) First Chicago Leasing IF LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-1005813 		Low Income Housin DE NA
  		RELATED -9 106   No 0 Yes   0.010 %
(51) FNBC Leasing Investment Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-5046285 		Low Income Housin DE NA
  		RELATED -525 14,045   No 0 Yes   0.010 %
(52) JP Morgan Chase Low-Income HF LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4406946 		Low Income Housin DE NA
  		RELATED -92 232,210   No 0 Yes   0.010 %
(53) Key CDC Investment Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
95-4893445 		Low Income Housin DE NA
  		RELATED -17 41,876   No 0 Yes   0.010 %
(54) Key USA Investment Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
95-4893448 		Low Income Housin DE NA
  		RELATED -12 88,506   No 0 Yes   0.010 %
(55) MetLife Investment Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4426157 		Low Income Housin DE NA
  		RELATED -20 5,657   No 0 Yes   0.010 %
(56) National City Investment Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
95-4893437 		Low Income Housin DE NA
  		RELATED -4,817 99,071   No 0 Yes   1.000 %
(57) NAHIF XVII - NEF LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
90-6061443 		Low Income Housin DE NA
  		RELATED -140 1,060,484   No 0 Yes   0.010 %
(58) NEF Community Investment Fund II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-1309458 		Low Income Housin DE NA
  		RELATED -740 39,090   No 0 Yes   0.010 %
(59) NEF Community Investment Fund LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4406954 		Low Income Housin DE NA
  		RELATED -309 2,347   No 0 Yes   0.010 %
(60) NEF Heartland Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-0083309 		Low Income Housin DE NA
  		RELATED -1 60,956   No 0 Yes   0 %
(61) New York Acquisition Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
22-3928216 		Low Income Housin NY NA
  		Related 45,177 37,551,062   No 0     50.000 %
(62) Newark Community Investment Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4424438 		Low Income Housin DE NA
  		RELATED -120 10,075   No 0 Yes   0.010 %
(63) One Economy Fund I LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-2660021 		Low Income Housin DE NA
  		RELATED -4 169,127   No 0 Yes   0 %
(64) US Affordable Housing CIF LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
94-3414697 		Low Income Housin DE NA
  		RELATED -276 7,597   No 0 Yes   0.010 %
(65) Washington Mutual CIF LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4419044 		Low Income Housin DE NA
  		RELATED -146 1,270   No 0 Yes   0.010 %
(66) Chicago Equity Fund 1995 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4039330 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(67) Chicago Equity Fund 1996 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4098780 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(68) Chicago Equity Fund 1997 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4186158 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(69) Chicago Equity Fund 1998 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4282144 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(70) Chicago Equity Fund 2000 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4325575 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(71) Chicago Equity Fund 2001 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4416840 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(72) Chicago Equity Fund 2002 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
30-0066665 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(73) Chicago Equity Fund 2003 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
30-0149138 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(74) Chicago Equity Fund 2004 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
32-0106888 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(75) National Equity Fund 2005 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-3052057 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(76) National Equity Fund 2006 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-4587136 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(77) National Equity Fund 2006 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-5575038 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(78) National Equity Fund 2007 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-8189381 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(79) National Equity Fund 2007 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-8864796 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(80) National Equity Fund 2008 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-1775928 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(81) National Equity Fund 2008 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-2740220 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(82) Crescent Community Investment Fund LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-0859985 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(83) MLI Investment Fund II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-2554858 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(84) National Affordable Housing Inv I LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-1177748 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(85) NAHIF XX - NEF LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-1651241 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(86) Preservation LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-5160740 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(87) TD BankNorth Housing Investment Fund LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-4417284 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(88) US Affordable Housing CIF II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-4417160 		Low Income Housin DE NA
  		RELATED -84 4,350   No 0 Yes   0.010 %
(89) New York Equity Fund 1995 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4047569 		Low Income Housin NY NA
  		RELATED -272 -9,808   No 0 Yes   0.010 %
(90) New York Equity Fund 2000 Series II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4190655 		Low Income Housin NY NYEF
  		        No 0   No  
(91) New York Equity Fund 2001 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4402575 		Low Income Housin DE NYEF
  		        No 0   No  
(92) New York Equity Fund 2002 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
72-1536444 		Low Income Housin DE NYEF
  		        No 0   No  
(93) New York Equity Fund 2003 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-0335458 		Low Income Housin DE NYEF
  		        No 0   No  
(94) New York Equity Fund 2004 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
80-0132471 		Low Income Housin DE NYEF
  		        No 0   No  
(95) New York Equity Fund 2005 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-3760899 		Low Income Housin DE NYEF
  		        No 0   No  
(96) New York Equity Fund 2006 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
20-5705331 		Low Income Housin DE NYEF
  		        No 0   No  
(97) New York Equity Fund 2008 LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-2775151 		Low Income Housin DE NYEF
  		        No 0   No  
(98) Casa Puebla Investors LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4473104 		Low Income Housin DE NEFCI Inc
  		        No 0   No  
(99) Deborah's Place III Investors LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4261308 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(100) South Loop Investors LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
36-4243402 		Low Income Housin IL NEFCI Inc
  		        No 0   No  
(101) NATIONAL EQUITY FUND 2009 LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-4818735 		Low-Income Ho DE NEF 2009 LLC
  		        No 0   No  
(102) Bank of America CHIF V LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-3751207 		Low-Income Ho DE NEFCI
  		        No 0   No  
(103) Bank of America CHIF VI LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-3402632 		Low-Income Ho DE BOACHIF Fnd Mgr
  		        No 0   No  
(104) Covington Investment Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-1490747 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(105) Fifth Third Investment Fund LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
95-3427804 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(106) Four Eighty-One Housing Investment Fund

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-0711050 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(107) The La Quinta Equity Fund LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
26-2400960 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(108) NEF Investment Partners Fund I LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-0186285 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(109) NEF National Community Investment Fund L

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-1312355 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(110) NEF New York Special Tax Credit Fund 200

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-0365747 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(111) GS-NYEF 2009

120 S Riverside Pl Chicago IL
Chicago,IL60606
27-1086070 		Low-Income Ho DE NYEF
  		        No 0   No  
(112) NEF Investment Partners Fund II LLC

120 S Riverside Pl Chicago IL
Chicago,IL60606
27-2772231 		Low-Income Ho DE NEFCI
  		        No 0   No  
(113) NEF NEIGHBORHOOD REVITALIATION FUND I

120 S Riverside Plaza 15th Floor
Chicago,IL60606
27-0186322 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(114) NEF Afford Hous Invst Fund LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-0719219 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(115) NEF Afford Hous Invst Fund LP II LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-2395998 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(116) MS Single Investor Fund I LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-1499871 		Low-Income Ho DE MS Fund Mgr LLC
  		        No 0   No  
(117) MS Shared Investment Fund I LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-1490797 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(118) State Farm Good Neighbor Fund LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-1973833 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(119) WFCIH Investment Fund I LLC

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-2007684 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(120) Wintrust Community Investment Fund LP

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
27-2440641 		Low-Income Ho DE NEFCI Inc
  		        No 0   No  
(121) CL Dellums (Oakland)

120 S RIVERSIDE PLAZA 15TH FLOOR
Chicago,IL60606
94-3194785 		Low-Income Ho CA CDA Inc
  		        No 0   No  
(122) Carmen Allende Houses

120 S Riverside Pl
Chicago,IL60606
13-3796506 		Low-Income Ho NY CDA Inc
  		        No 0   No  
(123) Harry Derienzo Houses

120 S Riverside Pl
Chicago,IL60606
13-3665255 		Low-Income Ho NY CDA Inc
  		        No 0   No  
(124) Raul Morales Terrace

120 S Riverside Pl
Chicago IL,IL60606
13-3796501 		Low-Income Ho NY CDA Inc
  		        No 0   No  
(125) Phillip C Dean Apartments

120 S Riverside Pl
Chicago,IL60606
38-3684910 		Low-Income Ho MI CDA Midwest Inc
  		        No 0   No  
(126) McClellan Place Apartments

120 S Riverside Pl Chicago IL
Chicago,IL60606
71-0781493 		Low-Income Ho AZ CDA South Inc
  		        No 0   No  
(127) Rebecca Walker Complex

120 S Riverside Pl
Chicago,IL60606
36-3954083 		Low-Income Ho IL CDA Central Inc
  		        No 0   No  
(128) Meridian Stratford

120 S Riverside Pl
Chicago,IL60606
38-3628164 		Low-Income Ho MI CDA Central Inc
  		        No 0   No  
(129) Maury Senior Retirement

120 S Riverside Pl
Chicago,IL60606
54-1984348 		Low-Income Ho VA CDA Central Inc
  		        No 0   No  
(130) Corinthian Homes II

120 S Riverside Pl
Chicago IL,IL60606
22-3442618 		Low-Income Ho NJ CDA East Inc
  		        No 0   No  
(131) Corinthian Homes

120 S Riverside Pl
Chicago IL,IL60606
22-3293204 		Low-Income Ho NJ CDA East Inc
  		        No 0   No  
(132) TOTCO Homes

120 S Riverside Pl
Chicago,IL60606
34-1823570 		Low-Income Ho OH CDA TOTCO
  		        No 0   No  
(133) Gladys McCoy Apartments LP

120 S Riverside Pl
Chicago,IL60606
93-1211950 		Low-Income Ho OR CHPC
  		        No 0   No  
(134) CDC Tax Credit I

120 S Riverside Pl
Chicago IL,IL60606
36-4140910 		Low-Income Ho IL NEF Comm Cap
  		        No 0   No  
(135) CDC Tax Credit II

120 S Riverside Pl Chicago IL
Chicago,IL60606
36-4215475 		Low-Income Ho IL NEF Comm Cap
  		        No 0   No  
(136) CDC Tax Credit III

120 S Riverside Pl
Chicago IL,IL60606
36-4235882 		Low-Income Ho IL NEF Comm Cap
  		        No 0   No  
(137) BOF AMERICA CHIF LLC

120 S Riverside Pl
Chicago,IL60606
36-4401581 		Low-Income Ho IL NA
  		        No 0   No  
(138) Victory Square Limited Partnership

501 Seventh Avenue
NEW YORK,NY10018
51-0389589 		LOW-INCOME HO PA NA
  		        No 0   No  
(139) Coral New Haven Associates II LLC

501 Seventh Avenue
NEW YORK,NY10018
06-1526805 		LOW-INCOME HO CT NA
  		        No 0   No  
(140) East Harlem Abyssinian Triangle LLC

501 Seventh Avenue
NEW YORK,NY10018
13-3874719 		LOW-INCOME HO NY NA
  		        No 0   No  
(141) New Markets Investment I LLC

501 Seventh Avenue
NEW YORK,NY10018
20-0192507 		COMMUNITY DEV DE NA
  		        No 0   No  
(142) New Markets Investment II LLC

501 Seventh Avenue
NEW YORK,NY10018
20-0192519 		COMMUNITY DEV DE NA
  		        No 0   No  
(143) Bloom Lake New Markets Investment Fd LLC

501 Seventh Avenue
NEW YORK,NY10018
20-1276053 		COMMUNITY DEV DE NA
  		        No 0   No  
(144) New Markets Investment III LLC

501 Seventh Avenue
NEW YORK,NY10018
20-0192549 		COMMUNITY DEV DE NA
  		        No 0   No  
(145) New Markets Investment IV LLC

501 Seventh Avenue
NEW YORK,NY10018
20-0192561 		COMMUNITY DEV DE NA
  		        No 0   No  
(146) Asbury Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-2008414 		COMMUNITY DEV DE NA
  		        No 0   No  
(147) New Markets Investment V LLC

501 Seventh Avenue
NEW YORK,NY10018
20-0192571 		COMMUNITY DEV DE NA
  		        No 0   No  
(148) New Markets Investment VI LLC

501 Seventh Avenue
NEW YORK,NY10018
20-1582060 		COMMUNITY DEV DE NA
  		        No 0   No  
(149) West Allis Investment Fund

501 Seventh Avenue
NEW YORK,NY10018
20-1952870 		COMMUNITY DEV MO NA
  		        No 0   No  
(150) New Markets Investment VII LLC

501 Seventh Avenue
NEW YORK,NY10018
20-1582099 		COMMUNITY DEV DE NA
  		        No 0   No  
(151) New Markets Investment VIII LLC

501 Seventh Avenue
NEW YORK,NY10018
20-1582135 		COMMUNITY DEV DE NA
  		        No 0   No  
(152) MGM Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3464214 		COMMUNITY DEV MO NA
  		        No 0   No  
(153) NEW MARKETS INVESTMENT IX LLC

501 Seventh Avenue
NEW YORK,NY10018
20-1582167 		COMMUNITY DEV DE NA
  		        No 0   No  
(154) New Markets Investment X LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3164710 		COMMUNITY DEV DE NA
  		        No 0   No  
(155) New Markets Investment XI LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3158031 		COMMUNITY DEV DE NA
  		        No 0   No  
(156) Pike's Place Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
61-1497318 		COMMUNITY DEV MO NA
  		        No 0   No  
(157) New Markets Investment XII LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3158120 		COMMUNITY DEV DE NA
  		        No 0   No  
(158) New Markets Investment XIII LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3158182 		COMMUNITY DEV DE NA
  		        No 0   No  
(159) New Markets Investment XIV LLC

501 Seventh Ave
NEW YORK,NY10018
20-3158233 		COMMUNITY DEV DE NA
  		        No 0   No  
(160) Tangerine Plaza Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3937882 		COMMUNITY DEV DE NA
  		        No 0   No  
(161) New Markets Investment XV LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3158279 		COMMUNITY DEV DE NA
  		        No 0   No  
(162) 60 Valley Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-4169561 		COMMUNITY DEV DE NA
  		        No 0   No  
(163) New Markets Investment XVI LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3158319 		COMMUNITY DEV DE NA
  		        No 0   No  
(164) NMI XVI Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
04-3844149 		COMMUNITY DEV DE NA
  		        No 0   No  
(165) New Markets Investment XVII LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3158359 		COMMUNITY DEV DE NA
  		        No 0   No  
(166) Hope Street Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-8212251 		COMMUNITY DEV DE NA
  		        No 0   No  
(167) New Markets Investment XVIII LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3158395 		COMMUNITY DEV DE NA
  		        No 0   No  
(168) New Markets Investment XIX LLC

501 Seventh Avenue
NEW YORK,NY10018
20-3158430 		COMMUNITY DEV DE NA
  		        No 0   No  
(169) New Markets Investment XX LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200245 		COMMUNITY DEV DE NA
  		        No 0   No  
(170) Achievement Academy Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5854903 		COMMUNITY DEV MO NA
  		        No 0   No  
(171) New Markets Investment XXI LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200280 		COMMUNITY DEV DE NA
  		        No 0   No  
(172) Chase NMTC CUCS LLC (CUCS IF)

501 Seventh Avenue
NEW YORK,NY10018
20-8203584 		COMMUNITY DEV DE NA
  		        No 0   No  
(173) New Markets Investment XXII LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200310 		COMMUNITY DEV DE NA
  		        No 0   No  
(174) New Markets Investment XXIII LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200340 		COMMUNITY DEV DE NA
  		        No 0   No  
(175) Northwest Harvest Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-8059574 		COMMUNITY DEV DE NA
  		        No 0   No  
(176) New Markets Investment XXIV LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200364 		COMMUNITY DEV DE NA
  		        No 0   No  
(177) New Markets Investment XXV LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200396 		COMMUNITY DEV DE NA
  		        No 0   No  
(178) New Markets Investment XXVI LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200422 		COMMUNITY DEV DE NA
  		        No 0   No  
(179) New Markets Investment XXVI LLC

501 Seventh Avenue
NEW YORK,NY10018
20-8307117 		COMMUNITY DEV DE NA
  		        No 0   No  
(180) New Markets Investment XXVII LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200447 		COMMUNITY DEV DE NA
  		        No 0   No  
(181) New Markets Investment XXVIII LLC

501 Seventh Avenue
NEW YORK,NY10018
90-0370007 		COMMUNITY DEV DE NA
  		        No 0   No  
(182) CFCL Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-8396418 		COMMUNITY DEV DE NA
  		        No 0   No  
(183) New Markets Investment XXIX LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200500 		COMMUNITY DEV DE NA
  		        No 0   No  
(184) New Markets Investment XXX LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200545 		COMMUNITY DEV DE NA
  		        No 0   No  
(185) NMI XXX Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-8401857 		COMMUNITY DEV MO NA
  		        No 0   No  
(186) New Markets Investment XXXI LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200571 		COMMUNITY DEV DE NA
  		        No 0   No  
(187) Spokane Y Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
20-8401940 		COMMUNITY DEV DE NA
  		        No 0   No  
(188) New Markets Investment XXXIV LLC

501 Seventh Avenue
NEW YORK,NY10018
20-5200657 		COMMUNITY DEV DE NA
  		        No 0   No  
(189) NEW MARKETS INVESTMENT 37 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-1283428 		COMMUNITY DEV DE NA
  		        No 0   No  
(190) New Markets Investment 38 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-1283547 		COMMUNITY DEV DE NA
  		        No 0   No  
(191) New Markets Investment 39 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-1283590 		COMMUNITY DEV DE NA
  		        No 0   No  
(192) New Markets Investment 40 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-1283633 		COMMUNITY DEV DE NA
  		        No 0   No  
(193) LISCBOA NM 40 Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
26-2667429 		COMMUNITY DEV DE NA
  		        No 0   No  
(194) New Markets Investment 41 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-1283743 		COMMUNITY DEV DE NA
  		        No 0   No  
(195) New Markets Investment 43 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-1284340 		COMMUNITY DEV DE NA
  		        No 0   No  
(196) New Markets Investment 44 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-1284745 		COMMUNITY DEV CA NA
  		        No 0   No  
(197) NM 44 Pyramid Investment Fund LLC

501 Seventh Avenue
NEW YORK,NY10018
26-3487837 		COMMUNITY DEV DE NA
  		        No 0   No  
(198) New Markets Investment 47 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-1284910 		COMMUNITY DEV DE NA
  		        No 0   No  
(199) New Markets Investment 53 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-3667103 		COMMUNITY DEV DE NA
  		        No 0   No  
(200) Chase NMTC CTK LLC

501 Seventh Avenue
NEW YORK,NY10018
26-4815316 		COMMUNITY DEV DE NA
  		        No 0   No  
(201) New Markets Investment 54 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-3667492 		COMMUNITY DEV DE NA
  		        No 0   No  
(202) Chase NMTC Winters Building LLC

501 Seventh Avenue
NEW YORK,NY10018
27-0226436 		COMMUNITY DEV DE NA
  		        No 0   No  
(203) New Markets Investment 55 LLC

501 Seventh Avenue
NEW YORK,NY10018
26-3667554 		COMMUNITY DEV DE NA
  		        No 0   No  
(204) Homestead Equity Fund A-Oregon LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
93-1309851 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(205) Homestead Equity Fund A-Washington LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
93-1309850 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(206) Homestead Equity Fund B-Oregon LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
74-3068676 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(207) Homestead Equity Fund II LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
93-1305114 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(208) Homestead Equity Fnd III Propriet Fnd LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
76-0720406 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(209) Homestead Equity Fund III LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
26-0018664 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(210) Homestead Equity Fund IV LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
72-1552615 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(211) Homestead Equity Fund LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
93-1278206 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(212) Homestead Equity Fund V LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
20-0912383 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(213) Homestead Equity Fund VI LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
20-3624501 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(214) Homestead Equity Fund VII LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
26-0796373 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(215) Homestead Northern California Fund LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
20-4596836 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(216) Homestead Western Communities Fund LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
20-0912505 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(217) Oregon Equity Fund II LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
93-1169181 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(218) Oregon Equity Fund III LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
93-1231023 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(219) Oregon Equity Fund IV LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
93-1258939 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(220) Homestead Preservation LLC

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
27-3520887 		Low Income Housin IL Oregon Aff Hou
  		        No 0   No  
(221) Homestead Equity Fund VIII LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
26-3897389 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(222) Homestead Equity Fund IX LP

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
27-2021135 		Low Income Housin OR Oregon Aff Hou
  		        No 0   No  
(223) NEF NEIGHBORHOOD REVITALIZ FUND II LLC

120 S Riverside Pl Chicago IL 60606
Chicago,IL60606
27-4033192 		Low Income Housin DE NN REV FND II M
  		        No 0   No  
Part IV
Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.)
(a)
Name, address, and EIN of related organization



 		(b)
Primary activity



 		(c)
Legal domicile
(state or
foreign
country)
 		(d)
Direct controlling
entity


 		(e)
Type of entity
(C corp, S corp,
or trust)

 		(f)
Share of total income



 		(g)
Share of
end-of-year
assets

 		(h)
Percentage
ownership
(1) NEF Assignment Corporation
120 S Riverside Pl 15th fl
Chicago,IL60606
36-4326848 		Low-Income Housin IL NA
  		C Corp 274,268 25,123,291 100.000 %
(2) NEF Support Corporation
120 S Riverside Pl 15th fl
Chicago,IL60606
36-4326845 		Low-Income Housin IL NA
  		C Corp -10,993 24,653,060 100.000 %
(3) NEF Mortgage Corporation
120 S Riverside Pl 15th fl
Chicago,IL60606
83-0337773 		Low-Income Housin IL NA
  		C Corp 6,761 344,096 100.000 %
(4) NEF Community Capital Inc
120 S Riverside Pl 15th fl
Chicago,IL60606
36-4222908 		Low-Income Housin IL NA
  		C Corp 1,501 104,601 100.000 %
(5) Community Development Advocates Inc
120 S Riverside Pl 15th fl
Chicago,IL60606
36-4009754 		Low-Income Housin IL NA
  		C Corp 4,330 102,140 100.000 %
(6) Community Development Advocates East Inc
120 S Riverside Pl 15th fl
Chicago,IL60606
26-0807410 		Low-Income Housin IL NA
  		C Corp 2 100,000 100.000 %
(7) Community Development Advocates South
120 S Riverside Pl 15th fl
Chicago,IL60606
26-0807437 		Low-Income Housin IL NA
  		C Corp -7,417 100,000 100.000 %
(8) Community Development Advocates Midwest
120 S Riverside Pl 15th fl
Chicago,IL60606
26-0807338 		Low-Income Housin IL NA
  		C Corp -8,017 100,000 100.000 %
(9) Community Development Advocates West Inc
120 S Riverside Pl 15th fl
Chicago,IL60606
26-0807380 		Low-Income Housin IL NA
  		C Corp -3,465 100,000 100.000 %
(10) Community Development Advocates Central
120 S Riverside Pl 15th fl
Chicago,IL60606
26-1793642 		Low-Income Housin IL NA
  		C Corp -10,101 100,000 100.000 %
(11) CDA TOTCO Inc
120 S Riverside Pl 15th fl
Chicago,IL60606
27-0338809 		Low-Income Housin IL NA
  		C Corp -4,222 100,000 100.000 %
(12) Community Development Advocates TCG Inc
120 S Riverside Pl 15th fl
Chicago,IL60606
27-2082864 		Low-Income Housin IL NA
  		C Corp -332 100,000 100.000 %
Schedule R (Form 990) 2010
Schedule R (Form 990) 2010
Page 3
Part V
Transactions With Related Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35, 35A, or 36.)
Note. Complete line 1 if any entity is listed in Parts II, III or IV.
Yes
No
1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?
a Receipt of (i) interest (ii) annuities (iii) royalties (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .
1a
 
No
b Gift, grant, or capital contribution to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1b
Yes
 
c Gift, grant, or capital contribution from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1c
Yes
 
d Loans or loan guarantees to or for other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1d
Yes
 
e Loans or loan guarantees by other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1e
Yes
 
f Sale of assets to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1f
 
No
g Purchase of assets from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1g
Yes
 
h Exchange of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1h
 
No
i Lease of facilities, equipment, or other assets to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1i
 
No
j Lease of facilities, equipment, or other assets from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .
1j
 
No
k Performance of services or membership or fundraising solicitations for other organization(s) . . . . . . . . . . . . . . . . . . . . . .
1k
Yes
 
l Performance of services or membership or fundraising solicitations by other organization(s) . . . . . . . . . . . . . . . . . . . . . .
1l
Yes
 
m Sharing of facilities, equipment, mailing lists, or other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1m
 
No
n Sharing of paid employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1n
 
No
o Reimbursement paid to other organization for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1o
Yes
 
p Reimbursement paid by other organization for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1p
Yes
 
q Other transfer of cash or property to other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1q
Yes
 
r Other transfer of cash or property from other organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1r
 
No
2
If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.
(a)
Name of other organization 		(b)
Transaction
type(a-r) 		(c)
Amount involved 		(d)
Method of determining amount involved
(1) NEF ASSIGNMENT CORPORATION

 d 10,580,201  
(2) NEF COMMUNITY INVESTMENTS INC

 k 16,765,140  
(3) NEF COMMUNITY INVESTMENTS INC

 c 15,000,000  
(4) NYEF INC

 k 1,997,667  
(5) NYEF INC

 c 10,000,000  
(6) NEF ASSIGNMENT CORPORATION

 e 11,909,404  
(7) OREGON CORP FOR AFFORDABLE HOUSING

 g 2,613,609  
(8) OREGON CORP FOR AFFORDABLE HOUSING

 k 360,000  
Schedule R (Form 990) 2010
Schedule R (Form 990) 2010
Page 4
Part VI
Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 37.)
Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.
(a)
Name, address, and EIN of entity 		(b)
Primary activity 		(c)
Legal domicile
(state or foreign
country) 		(d)
Are all
partners
section
501(c)(3)
organizations? 		(e)
Share of
end-of-year
assets 		(f)
Disproprtionate allocations? 		(g)
Code V—UBI
amount in box
20 of Schedule K-1
(Form 1065) 		(h)
General or
managing
partner?
Yes No Yes No Yes No






























Schedule R (Form 990) 2010
Schedule R (Form 990) 2010
Page 5
Part VII
Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule R (see instructions).
Identifier Return Reference Explanation
Additional Data


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