As a low-income housing tax credit (LIHTC) investor, Rob Golden built a long and solid relationship with Boston Financial.

Rob Golden
Rob Golden

For approximately 20 years, he invested in various funds led by the firm and other housing credit syndicators. This month, he joined Boston Financial as its new CEO.

“I think ultimately we all want to create more and more affordable housing,” he tells Affordable Housing Finance about the move from investor to syndicator. “Our goals are well aligned. I think there will be some nuances leading this from the syndication side versus the investor side, but I’m excited to bring the investor perspective more directly to Boston Financial.”

Golden steps into the role after a long career at Capital One, recently serving as head of community finance originations, responsible for leading debt and equity production efforts at the firm.

His initial plans call for getting to know Boston Financial’s clients as well as the company’s more than 200 team members to learn what’s working and “more importantly, where there are opportunities for us to innovate, provide new products, or do things better.”

He cites the company’s talent and strong standing in the industry as reasons he wanted to join the firm. “Boston Financial, having been in this business for over 50 years, is the gold standard in reputation,” Golden says. “They’ve been through many market cycles, challenges and changes. If I think about my career and where I want to spend the next part of my career, it’s certainly with a firm that is dedicated to affordable housing and that will be there for the long term.”

He steps into the CEO role following the departure of Greg Voyentzie, who became head of the new LIHTC syndication platform at Greystone.

As the year approaches the midpoint, Golden notes there are still economic headwinds, including elevated interest rates and lower equity pricing. “But throughout that, our longstanding investor clients, especially our CRA [Community Reinvestment Act]-motivated investors, have been committed to providing investment and lending capital,” he says. “We’re optimistic as we move throughout the year.”

It’s been a little more challenging on the economic capital side as the housing credit competes with other vehicles available to economic investors. “There has been some softness in that market,” he says.

Boston Financial’s latest LIHTC fund is scheduled to close this summer, raising approximately $175 million to $200 million to help finance about 18 developments. Golden adds that he expects another multi-investor fund to be offered in late 2024 or early 2025.