A Spotlight on NASLEF as VCDC welcomes first Executive Director

Together, NASLEF organizations have successfully raised over $19 billion in equity dedicated to affordable housing initiatives nationwide.

At VCDC, we take pride in not only providing capital for real estate development but also in our dedication to serving our local communities through meaningful and impactful revitalization efforts. While there are numerous tax credit equity syndicators across the United States, only a few share our mission and values of intentional hands-on reinvigoration of local communities that we take time to get to know. This is why NASLEF was established in 1994. 

NASLEF (National Association of State and Local Equity Funds) is an association that aims to educate member organizations about tax credit programs, advocate for affordable housing and innovative community development, and facilitate the sharing of resources and tools to enhance our collective ability to serve our respective communities. VCDC is a proud long-standing member of NASLEF, working alongside other leading tax credit equity organizations that prioritize local impact. 

Together, NASLEF organizations have successfully raised over $19 billion in equity dedicated to affordable housing initiatives nationwide. Through unique and community-oriented investments, these organizations have contributed to the creation or restoration of over 206,000 rental units across 4,306 developments. At the heart of VCDC's work lies our deep connection to the communities we serve, and NASLEF provides us with an invaluable opportunity to collaborate with other syndicators who can share resources and ideas that have already made a positive impact in their own neighborhoods. 

NASLEF Portfolio of Homes Built, 2020

As NASLEF continues to grow in capacity and impact, the organization recently hired its first Executive Director, Michelle Foster, to create new opportunities for NASLEF members and develop more ways for our work to make meaningful impact in the communities we serve. Michelle most recently worked in affordable housing investment fund analysis at Cinnaire. She was introduced to the NASLEF Executive Director position through the NASLEF Emerging Leaders Group.   

“We are thrilled to have Michelle join NASLEF in this historic and important role,” said Bob Newman, the current President of NASLEF and President and CEO of VCDC. “We are confident and excited that Michelle will be leading NASLEF through future challenges and have a bigger impact on those we serve.” 

In May, Michelle visited VCDC at our office in Richmond as the first stop on her tour to meet with all ten active NASLEF members to identify areas for collaboration, new business lines, and resource sharing to deepen our partnerships. During her visit, we had the opportunity to connect with Michelle on our mission to revitalize communities and discuss ways that we can strengthen our impact through the NASLEF network.  

"To build on the collaboration and energy of the Emerging Leaders Group in a time of a national housing crisis were motivators that stimulated me to leave a job and team that I highly respected and enjoyed,” Michelle said. “But, connecting with VCDC team members and community partners in Richmond on my first days of the new job -- that really energized and encouraged me. I am so excited to further the good work of NASLEF members." 

Throughout her career, Michelle has always found value in peer-to-peer networking and community reinvestment. She hopes to implement initiatives at NASLEF that carry those values by creating more affinity groups to facilitate the inter-company networking and sharing of knowledge among NASLEF members, growing NASLEF’s brand presence and amplifying our work online, expanding NASLEF conference activities and networks, and uniting on legislative advocacy. She believes that getting to know each member’s strengths and areas of expertise will be instrumental in finding ways for members to work with and help each other as organizations who all have the goal of advancing affordable housing and economic development in our communities. Given Michelle’s impressive track record in community work and her drive to unite NASLEF members, we are looking forward to being a part of NASLEF’s growth with Michelle’s leadership.  

To learn more about other NASLEF members, visit this link.