
When Julie Sharp joined Merchants Capital, her first day at work was March 16, 2020.
“That was the day the world really shut down because of the coronavirus pandemic,” says Sharp, executive vice president of tax credit equity at Merchants Capital. She was the only employee in Merchant’s new low-income housing tax credit (LIHTC) syndication group. "I got my laptop—and then I got a call to go home.”
Before she joined Merchants, the 35-year-old had been assistant vice president of tax credit syndication and investor relations at CREA, headquartered in Indianapolis. Relationships built over seven years there, both internally and externally, helped Sharp build a staff and raise equity to invest in affordable housing. “That period of shutdown gave us the time that we needed to take a pause from business travel and some of the distractions,” she says.
After a year, Sharp’s group had about 15 employees, largely hired over video calls. Sharp’s team closed its first LIHTC fund within six months of her hire date, springboarding the firm into larger, national multi-investor funds and large proprietary funds.
“We are more willing to consider deals from a debt and equity perspective that are maybe structured a little bit outside of the box and deliver an investment solution that meets investor credit standards and target returns,” says Sharp.As soon as the team could travel, they hit the road to visit more potential investors and project sponsors.
In 2023, the new syndicator surpassed more than $1 billion in equity raised to invest in LIHTCs. “This year, we’ll surpass $2 billion,” says Sharp. That business is enough to make Merchants a major LIHTC syndicator in terms of equity raised.
Merchants also has a reputation for innovation. For example, the LIHTC fund that invested in North End Apartments in Carmel, Indiana, includes a tenant impact reserve that contributed to build an urban farm with a greenhouse on the site. In fall 2023, the community opened 40 new affordable apartments set aside for intellectually disabled adults who have the opportunity to work at the greenhouse in addition to 168 high-end rental apartments and a farm-to-table restaurant.
Sharp also helped recruit members of Congress to support bipartisan legislation to support affordable housing as secretary of the board of directors for the Affordable Housing Tax Credit Coalition (AHTCC). “I admire Julie’s spirit, passion for making a difference, and ability to find new solutions,” says AHTCC CEO Emily Cadik.
Sharp lives near Carmel, Indiana, with her husband and three small children.