With nearly 30 years of banking experience and a partnership history with NEF, Arroyo joins the trusted Board of Directors to help bring affordable and supportive housing to the nation.
CHICAGO, July 14, 2022 /PRNewswire/ -- Vicky Arroyo has joined the National Equity Fund Board of Directors. Currently, Arroyo is the president and COO of The Resurrection Project, a Chicago-based nonprofit organization dedicated to community investment through innovative development and advocacy services.
Arroyo's extensive background spans commercial real estate, mortgage lending and Low-Income Housing Tax Credit (LIHTC) financing. Prior to joining The Resurrection Project, Arroyo worked diligently at banks such as BMO Private Banking and MB Financial Bank to develop strategies and fulfill their Community Reinvestment Act investment goals. While at those banks, Arroyo worked with NEF as a limited partner on multiple deals and managed the banks' charitable efforts, employee volunteer initiatives and special loans programs, creating sustained community impact.
"I am thrilled to have been appointed to the NEF Board after having worked closely with the organization for more than 15 years across both of my career tracks in banking and the nonprofit affordable housing developer space," said Arroyo. "Transitioning from the lender side to the developer side has provided me insight to the challenges that affordable housing developers face every day, especially as inventory is low, resources are competitive and often complex, prices of construction are skyrocketing and community needs are not being met. I hope to provide a 'boots-on-the-ground' perspective so that NEF can be part of the solution in the industry."
NEF has history working with The Resurrection Project, which was founded in 1990 to advocate for a safer, cleaner and more inclusive community in Chicago's southwest neighborhoods. For more than 25 years, NEF has partnered with The Resurrection Project to complete six developments across the area, creating more than 400 affordable homes for vulnerable populations. Recently, The Resurrection Project was recognized with a Chicago Neighborhood Development Award (CNDA), winning the 2022 Polk Bros. Foundation Affordable Rental Housing Preservation Award for Casa Veracruz, a joint development with NEF.
"The wide range of Vicky's experience – at The Resurrection Project, in collaboration with NEF, and in banking – brings forth a valuable understanding of both investor and client relations, which will empower Vicky to help us strengthen and expand our impact with partners across the country," said Matt Reilein, president and CEO at NEF. "Our team has seen firsthand how Vicky and The Resurrection Project share our values in providing access to affordable housing and supportive services to both individuals and families in need."
Arroyo joins 15 other board members with expertise and credentials ranging from local nonprofits to national banks and accounting firms. The Board is dedicated to helping communities grow responsibly, especially in a time when affordable and supportive housing is needed most due to rapidly rising rent costs.
"This is a crucial time for affordable housing as there is already a shortage of 6.8 million units for extremely low-income families who pay over 70 percent of their income on rent," said Arroyo. "During this economic cycle where a recession could occur, it is critical to help provide clean, safe affordable housing for those that could be the most impacted."
About National Equity Fund, Inc. (NEF)
National Equity Fund, Inc., is a leading nonprofit Low-Income Housing Tax Credit (LIHTC) syndicator and pioneer in affordable housing with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its diverse multi- and single-investor funds, NEF generates opportunities rooted in its vision that all individuals and families across the country have access to stable, safe and affordable homes that provide a foundation for them to reach their full potential. Since being founded by the Local Initiatives Support Corporation (LISC) in 1987, NEF has invested more than $20.6 billion, which represents 215,500 new affordable homes for individuals, families and communities in need across the country. NEF is Chicago-based and has donated more than $210 million in grants to support LISC's nationwide community development work. To learn more about NEF's impact, innovative financial solutions and opportunities, visit www.nefinc.org.
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SOURCE National Equity Fund