NEOF, Inc was originally incorporated in Massachusetts in 1985 and is now a Delaware “C” Corporation. James F. Mingey is the founder, current chief executive officer and a Service Disabled Veteran.  The firm initially achieved critical mass by organizing and implementing a public securities offering, the National Housing Trust Limited Partnership, which was supported by the Ford Foundation.  The initiative raised $20 million, and more importantly, set market standards and provided a platform for entrepreneurially focused public-private partnerships in community development finance.

Affordable Housing

Prior to 1986, large syndication companies that excelled in structuring and marketing tax advantaged investments traditionally controlled equity financing for affordable multi-family rental housing.  NEOF, aligned with non-profit interests, was among the first to help develop a tax credit investment product to be sold as a publicly registered security.

NEOF largely defined itself by identifying with the needs of the community development corporations and those who allocate public resources for redevelopment of our cities. These needs include efficiency in both capital raising and capacity building.  NEOF has managed equity financings for over 8,000 housing units.  Most financing has been structured with permanent affordability features and is controlled by community sponsors, while satisfying investment criteria that meet realistic market standards.

Transition to Small Business Development

Through its activities in affordable housing, NEOF successfully developed what it terms a “collective entrepreneurial model” which is now applied to small business incubation. The end beneficiaries include CDC’s that seek to improve the quality of life in their communities.  NEOF provides on-demand investment banking services and entrepreneurial skills to help create a level playing field for entrepreneurs competing for scarce resources.

NEOF began organizing a financial product focused on equity investments for small businesses whose sponsors were primarily women and/or minorities located in the inner city.  NEOF ’s strategy was to partner with community organizations and develop networks for referral and mutual support. NEOF's small business development activities have created and maintained over 1000 living wage jobs during the past five years.

Over the past several years, NEOF has also worked to develop business opportunities for Veterans and Service Disabled Veterans.  To expand this program, NEOF recently entered into an exclusive agreement with the Veterans Corporation to develop a platform of financial services for Veterans and Service Disabled Veterans on a national basis.

NEOF's history reflects continuing adaptation to complex legislative programs and the changing face of banking as it has consolidated over the past 15+ years.  Because advances in technology have been slow to reach the NEOF ’s emerging markets, NEOF has had the luxury of examining rather than developing new tools.  It now believes it can aggregate and commercialize internet based systems and co-brand the proprietary technology of its strategic partners to implement its overall community development franchise strategy.  NEOF has employed both virtual and small business incubation techniques in its model and will continue to do so in the future.