Bank of America Names LIHTC Officials
Maurice Coleman has been named low-income housing tax credit (LIHTC) syndicator relationship management executive and Erin Smith has been named LIHTC syndicator relationship manager at Bank of America Community Development Banking.
Based in Boston, Coleman will be responsible for leading the bank’s origination of LIHTC equity through syndication partners. He will work with syndicators to find the best financial solutions to create and restore affordable housing and drive economic development opportunities across the country. He has been with Bank of America and its predecessor banks for 21 years, most recently serving as senior vice president, senior relationship manager, and Boston market leader of Community Development Banking.
Coleman has served as the chairman of the board of three Community Development Financial Institutions (CDFIs): the Local Initiatives Support Corporation New York, TruFund Financial Services, and the Upper Manhattan Empowerment Zone – Small Business Lending. He also serves as co-chair of the bank’s Global Commercial Banking Diversity and Inclusion Council. Coleman is also a co-founder and treasurer of the Capital Preparatory Harlem School and serves on the national board of the directors for the Corporation of Supportive Housing.
Based in Charlotte North Carolina, Smith will work closely with syndicator partners to help finance affordable housing and generate local economic opportunities nationally in the communities the bank serves. She also serves as ESG co-champion for Commercial Real Estate Banking, where she connects the capabilities of Community Development Banking to the broader ESG goals of Bank of America. Smith joined the bank in 2016 and most recently served as vice president and business development officer for Community Development Banking.
Smith is actively involved with ULI Carolinas Innovation in Housing Council, the Bank of America Black Professional Group, and the NYU Stern Women in Business, and she is a ULI Women’s Leadership Initiative mentor, the Bank of America Better Money Habits lead champion, and a TreesCharlotte volunteer and ambassador.
Quinn Joins Merritt Community Capital
Julie Quinn has been named director of investor relations at Merritt Community Capital Corp., a leading provider of equity for affordable housing in California.
Quinn has nearly 20 years of experience in community lending and affordable housing. She joins Merritt from Housing Trust Silicon Valley, an S&P-rated nonprofit CDFI, where she served as chief development officer. While at Housing Trust, she managed capital raising from banks, corporations, foundations, and government sources securing over $260 million.
Included in this work, Quinn led the TECH Fund campaign, which in its first three years raised $117 million from corporate and philanthropic partners and financed 3,376 affordable homes. She also developed the organization’s communications strategy. Before moving into her development role, Quinn was the Housing Trust’s multifamily senior loan officer.
Since 1989, Merritt has financed more than 9,000 affordable homes and invested approximately $900 million in 22 separate funds. It is a member of the National Association of State and Local Equity Funds.
Enterprise Names President of Solutions Division
Jacqueline Waggoner has been named president of Enterprise Community Partners’ Solutions division, which operates 11 market offices across the country and delivers program, policy, advisory, and capacity-building support at the national, state, and local levels.
As Enterprise embarks on a new five-year strategic plan, Waggoner is charged with leveraging all of the Solutions division’s capabilities to drive the organization’s three major priorities of increasing housing supply, advancing racial equity, and building resilience and upward mobility.
Waggoner will remain headquartered in Enterprise’s Los Angeles office, where she previously served as vice president and Southern California market leader. This will be the first time in Enterprise’s nearly 40-year history that it has a bicoastal team of senior executive leaders.
Waggoner has 20 years of experience in affordable housing with a unique mix of expertise in program design, policy advocacy, community lending, and housing finance. She joined Enterprise in 2005 as a senior lender for Enterprise’s CDFI, where she doubled production and built relationships with partners. She also spearheaded the New Generation Fund that preserved 2,700 affordable homes in Los Angeles.
AASC’s Monks Announces Retirement
Janice Monks has announced that she will retire from the American Association of Service Coordinators (AASC) at the end of the year after leading the nonprofit membership association for more than two decades.
She has been the association’s founding president and CEO since 1999.
“When I started AASC, I had no idea of the lasting impact this profession would have on the nation, and the imprint this calling would leave on my heart and in the lives of so many others,” Monks said. “It has been the greatest honor of my life to establish and lead this organization for the past 21 years. I hope the years to come will be even more rewarding for such a noble profession.”
Throughout its 21-year history, the Powell, Ohio-based organization has led the way to define the standards of practice, establish a professional code of ethics, and become the leading resource for the service coordinator profession nationwide. AASC members assist elderly and disabled residents and families living in affordable housing communities to identify, locate, and acquire the services and supports necessary to become and remain self-sufficient.
The organization has grown from 100 charter members to more than 3,600 members, representing nearly 1,000 organizations nationwide.
Her work was recently recognized in honor of the organization’s 20th anniversary by Ohio’s top elected officials, including U.S. Reps. Steve Stivers and Joyce Beatty, Sen. Sherrod Brown, state Sen. Andrew Brenner, and state Rep. Beth Liston.
WNC Restructures Executive Roles
WNC has restructured four executive-level roles to align with its recent growth, announced the firm.
The firm has promoted Melanie Wenk to executive vice president of business operations, Christine Cormier to executive vice president of investor relations, and Camille Longino to chief financial officer.
WNC executive vice president Michael Gaber will now also serve as the firm’s chief liaison for industry and government affairs. Gaber, who was recently named a trustee of BUILD-PAC, the National Association of Home Builders Political Action Committee, has multiple years of experience as president of the Affordable Housing Tax Credit Coalition and has served on several industry boards.
Wenk, who joined WNC in 2003, most recently served as executive vice president and chief financial officer. In her new role, she will continue to oversee LIHTC underwriting and dispositions for the firm and now will also oversee WNC’s LIHTC asset management department. In addition to her promotion, Wenk has also been appointed as chair of the executive committee at WNC.
Cormier previously served as senior vice president, investor relations, at WNC. Cormier, who has been with WNC for 12 years, will oversee the firm’s fund management department.
Longino previously served as senior vice president of accounting and finance. In her new role as CFO, she reports to Wenk and oversees accounting and human resources. Prior to joining WNC, she served as COO, CFO, and senior vice president of asset management at a private equity investment company specializing in affordable housing.
Founded in 1971 and headquartered in Irvine, California, WNC is a national tax credit syndicator and investor in affordable housing and community development initiatives. The firm has acquired approximately $10.9 billion of assets totaling in excess of 1,450 properties in 47 states, Washington, D.C., and the U.S. Virgin Islands.
CHFA Names Tax Credits Manager
Kathryn Grosscup has been named manager of housing tax credits at the Colorado Housing and Finance Authority (CHFA). CHFA is the allocating agency of federal and state housing tax credits in the state.
In her new role, Grosscup is responsible for the day-to-day administration of CHFA’s tax credit allocation program and leading CHFA’s tax credit team.Since the program’s inception, housing tax credits have supported more than 68,000 affordable rental units in Colorado by leveraging over $3.5 billion in private-sector equity investment into the state’s affordable housing need.
Grosscup previously served as a senior tax credit officer at CHFA for two years, assisting with the allocation of tax credits and providing expertise to developers, local governments, nonprofits, and housing authorities. Prior to joining CHFA,
Grosscup garnered more than 20 years of experience in affordable housing with the Colorado Department of Local Affairs’ Division of Housing, Garfield County Housing Authority, and the Department of Housing and Urban Development.Grosscup’s community involvement includes serving on her community’s planning and zoning commission and as co-chair of Housing Colorado’s Eagle Awards Committee.
Tiber Hudson Adds Partners
Tiber Hudson has announced the addition of Nicholas Pirulli, and Casimira “Casi” Walker as partners in the Washington, D.C.-based law firm.
Pirulli and Walker represent numerous lenders throughout the U.S. with a strong focus on preservation transactions, 4% and 9% forward and immediate commitments, short-term bonds, acquisition/rehab transactions, and mortgage-backed bond transactions, each primarily for sale to Fannie Mae and Freddie Mac. They also have extensive experience with transactions involving public housing conversions under the Rental Assistance Demonstration (RAD) program, including LIHTC and mixed-finance RAD conversions. In addition, Pirulli and Walker have acted as “single counsel” for various Freddie Mac products, including tax-exempt loans and Targeted Affordable Housing loans.
Attorney Jeffrey E. Weissmann has also joined the firm bringing over two decades of experience with Fannie Mae DUS, Freddie Mac Optigo seller/servicer multifamily lending, conduit lending, and affordable and tax credit housing finance transactions. He has experience in the acquisition, syndication, and sale of pools of real property and seasoned loans as well as sophisticated commercial leasing transactions.
Fairfield Homes Hires VP of Property Management
Amy Young has joined Fairfield Homes as vice president of property management, a new position at the company.
Young, a certified apartment property supervisor, is responsible for developing, implementing, and managing the strategic plan for the growth and profitability of the firm’s property management division. She is also responsible for all aspects of property operations including talent management, business development, operational excellence, financial management, and regulatory compliance. Additionally, she is responsible for developing a team that will deliver the highest level of service to customers.
Fairfield Homes is a full-service property management company present in over 113 communities with more than 4,700 units throughout Ohio and in neighboring states across the Midwest. It specializes in the development, construction, and management of affordable housing.
Newmark Group Unveils Rebrand
Newmark Group (NASDAQ: NMRK), a leader in commercial real estate (CRE) services, announced its formal rebranding to Newmark.
The rebranding is a milestone in Newmark’s transformation over the last decade, during which it has completed over 50 acquisitions and formed strategic partnerships expanding its international reach and scope of services, according to the firm.
“Newmark’s primary impetus for rebranding is to outwardly reflect the organization’s evolution into a global CRE leader on the forefront of industry trends,” said the firm.