In 1992, Senator Ben Nelson, governor at the time, appointed a group of people to a Nebraska Affordable Housing Commission to lay the groundwork in creating a state equity fund. The objective was to raise equity capital to invest into affordable rental housing throughout Nebraska through use of the federal low income housing tax credit program as defined in Section 42 of the Internal Revenue Code. As a result, Midwest Housing Equity Group, Inc. (formerly known as the Equity Fund of Nebraska) was created as a non-profit tax credit syndicator. The first fund, Nebraska Affordable Housing Fund 1993, L.P., raised $4.75 million in equity capital and invested in four developments.
Twenty years later, MHEG has become a leader in affordable housing with extensive skills and knowledge servicing the Midwest. MHEG has experience working with a wide variety of housing types and populations; multifamily, age restricted, and special needs properties located in urban, suburban, and rural communities. Developments have involved new construction, rehabilitation and historic preservation.
To date, MHEG has raised over $1.5 Billion in equity and partnered in the development of over 490 projects, creating 15,000 affordable housing units with no foreclosures or loss of credits to our investors.
Our success is a direct result of our staff‘s dedication and expertise. MHEG provides technical assistance to developers, owners and managers on the development and management of tax credit properties; as well as asset management to monitor and mitigate risk of the properties for the 15 year compliance period.
MHEG is a non-profit 501(c)(3) tax credit syndicator headquartered in Omaha, Nebraska with three additional offices in Iowa, Kansas and Oklahoma offering a local presence for our developments and partners.