State Farm Insurance Cos. announced this month that it is expanding its commitment by $25 million with the National Equity Fund (NEF).The increased capitalization of the fund will help revitalize low-income communities by financing affordable housing for disadvantaged families and seniors. State Farm has joined forces with NEF, a nonprofit syndicator of low-income housing tax credits (LIHTCs), to support high-impact developments that create healthy living environments, eliminate blighted and vacant lots, anchor broad plans for community improvement and generate local jobs.
"In any economic environment, affordable housing is critical," commented Joe Hagan, NEF president and CEO. "But in today’s climate, the implications of State Farm’s investment are even more significant. It ensures that hundreds of at-risk families will be able to raise their children in safe, decent homes that contribute to a better quality of life in their neighborhoods and that low-income seniors can afford to age in place, in the communities where they have lived so much of their lives."
State Farm has contributed more than $80 million in community development grants and loans to the Local Initiatives Support Corporation (LISC), NEF’s parent, to support restored commercial corridors, parks and recreational programs, after-school programs and other initiatives in low-income areas.
"By investing in affordable housing developments for disadvantaged families and seniors, State Farm is improving the lives of many residents in our communities across the country," says Barbara Cowden, executive vice president at State Farm. "We are thrilled to build upon our long-standing partnership with LISC by creating and investing in the Good Neighbor Fund with NEF."