After a career of more than 30 years in real estate banking and community investments, Tony Alfieri, co-head of RBC Community Investments, has announced he will retire in January.
Alfieri joined RBC Capital Markets from Wachovia in 2006 as chief risk officer of its then-named Tax Credit Equity Group, now known as RBC Community Investments. He and Craig Wagner were promoted to co-heads of RBC Community Investments in 2011.
During Alfieri’s tenure, Community Investments has become a leading low-income housing tax credit syndicator, began a direct tax credit equity investment program, and became a leading Renewable Energy Tax Credit syndicator.
Outside of RBC Capital Markets, Alfieri is serving as chairman of the board of the Affordable Housing Tax Credit Coalition (AHTCC), having previously served as president from 2016 to 2018. As AHTCC president, he helped direct the organization through the 2016 presidential election and the 2017 Tax Cuts and Jobs Act, and in 2018 he became chairman, a position he will hold until January.
Bob Spangler, head of RBC Capital Markets’ Municipal Finance Department, said in an internal memo, “Tony's significant contributions to the firm, his team, colleagues, clients, and industry will be greatly missed. I’d like to thank Tony for his service to the department and congratulate him on what he has achieved over the course of his career. I think many will agree with me when I say that Tony’s leadership, dedication, and love for the Community Investments team will be sorely missed.”
Wagner will become sole head of the group, reporting to Spangler. In the same memo, Wagner said, “Working side by side with Tony over the last 10 years has been filled with some great challenges, remarkable successes, and most importantly a lot of fun with the best team we could ever hope for. Tony will be dearly missed but he leaves the Community Investments team in a position to achieve another year of record accomplishments.”
Along with Alfieri’s departure, RBC Community Investments announced the following organizational changes: Dan Kierce and Tammy Thiessen will be co-heads of originations and sales; Eric Moody and Ken Lohiser will be co-heads of originations management; Nancy Amstadt will become head of sales management; and Jainesh Shah and Todd Surbey will be co-heads of financial management. Lorraine Coram remains head of asset management, and Yonette Chung remains head of direct investments and strategic initiatives.
“I’m really pleased to be able to restructure the leadership of Community Investments by promoting the talent we have from within the business rather than looking outside the firm,” Wagner said. “We have a diversified management team with an average of 14 years of RBC tenure and an average 17 years of experience serving tax credit clients. This is an accomplished leadership team, and we all look forward to continuing Tony’s legacy of engagement in the affordable housing industry, and in continuing to grow Community Investments by helping drive the successful development of affordable multifamily communities and renewable energy projects nationwide.”