National Equity Fund (NEF) announced that Joseph S. Hagan, the Chicago-based nonprofit’s president and CEO, will be retiring at the end of the year. NEF is a leading syndicator of the low-income housing tax credits (LIHTC) program.
Hagan oversaw the organization’s transformation into one of the top syndicators in the country since joining in 2000. Under his leadership, NEF closed more than $15 billion in equity providing close to 177,000 affordable homes for low-income individuals and families, many of which include support services for seniors, homeless veterans, youth aging out of foster care and the disabled, among countless others.
“Joe Hagan was one of the pioneers of the LIHTC program and has been an essential part of the growth of the affordable housing industry,” said Ed Sigler, NEF’s chairman of the board. “He closed out 2018 with NEF’s strongest year since its inception in 1987, leaving the organization in excellent financial health as well as with a talented management team. On behalf of NEF and its board, I want to express our heartfelt gratitude for Joe’s service. He will be greatly missed.”
The board of directors has begun a national search, conducted by Korn Ferry, to identify a successor. During this time, Hagan will continue to lead NEF.