Margaret Allen is the CEO and owner of AGM Financial Services, Inc., a licensed FHA multifamily mortgagee founded in 1990. AGM finances affordable rental housing and upscale market rate apartments using FHA-insured mortgages. AGM’s annual loan production for the last 5 years averaged $450,000,000. AGM has 20 employees and has started a servicing department.
Since 1995, she has been active with the National Association of Home Builders and is both a Multifamily Council Trustee and a member of the Housing Credit Group Steering Committee. She is also an active member of the Mortgage Bankers Association, a Trustee of Sheppard Pratt Health System, and Treasurer at Friends Meeting of Baltimore, Stony Run. She graduated Phi Beta Kappa from the University of California at Berkeley in 1968. She is married with two children and five grandchildren.
Jennifer is a principal with Mitchell Market Analysts, a regional multifamily housing analysis company based in Indianapolis, Indiana, and she is a certified member of NCHMA. Prior to joining the real estate analysis industry in 2006, Jennifer was a software technical writer, manager, and trainer based in Santa Clara, California. She has a degree in computer science and a degree in communication from Purdue University.
Jennifer worked on the market study for the first tax credit assisted living project in the state of Indiana. She also has a passion for homeless programs and volunteers with Family Promise, an interfaith homeless support program.
Jonathan S. Beery, MAI is a Partner and Senior Managing Director with Valbridge Property Advisors | Allgeier Co. based in Louisville, Kentucky with an office in Cincinnati, Ohio. As a Certified General Appraiser holding the MAI designation from the Appraisal Institute, he has extensive experience appraising many property types and has been providing market analysis and valuation services for affordable housing properties for over 14 years. The Affordable Housing Specialty Group at VPA | Allgeier Co. works extensively in the LIHTC valuation and market analysis field, HUD Section 8 program, Rural Development program, and the HUD MAP program.
Patrick M. Bowen, is the President of Bowen National Research, a real estate research and analysis firm based just outside of Columbus, Ohio. Mr. Bowen has written more than 2,000 market studies over the past two decades and has completed multiple Housing Needs Assessments throughout the United States, ranging from small village assessments to larger statewide studies, including assessments of the state of Vermont and Texas. Mr. Bowen currently serves as the Co-Chair of the National Council of Housing Market Analysts, an organization that sets the national standards for housing market studies.
Jen Brewerton is the Vice President of Compliance for Dominium. At over 30,000 units, operating in 22 different states, Dominium is one of the nation’s largest and most innovative affordable housing development and management companies. Dominium added 7,000 units in 2018, mostly through resyndications, and is on track to do the same for 2019. Dominium’s goal moving forward is to implement Income Averaging on as many of our new properties as possible. Ms. Brewerton is responsible for determining and implementing all affordable program policy and procedures for Dominium. Prior to joining Dominium, Ms. Brewerton has held a variety of influential positions in her field, including almost 10 years with Texas Department of Housing and Community Affairs (TDHCA) overseeing the Housing Tax Credit, Bond, HOME and Housing Trust Fund programs. After leaving TDHCA, Mr. Brewerton held senior positions at CohnReznick, Capstone Management, and Southwest Housing Compliance Corporation, a Project Based Section 8 Contract Administrator for the Department of Housing and Urban Development (HUD).
A.H. (Bud) Clarke, III, MAI joined Boston Financial Investment Management in 1998 where he is a SVP and Director of the Investment Valuation Group. Mr. Clarke is a founding member, and past Chairman, of the National Council of Housing Market Analysts. In 1995 he was awarded the MAI designation from the Appraisal Institute where he has served as Chairman on various committees for the Massachusetts-Rhode Island Chapter, and currently serves as Chapter President. Mr. Clarke also possesses a Massachusetts General Certified Appraiser’s License. He has guest lectured at several area universities and continuing education programs, and has provided market analysis training for investor clients and state housing agencies.
In 1991, Mr. Clarke Graduated from the University of New Haven Connecticut (MBA) and in 1984 from Southern Connecticut State University (BS). Prior to joining Boston Financial, Mr. Clarke was employed by Bank of America where he received formal credit training and held a variety of positions including: Portfolio Reporting and Risk Manager; Commercial Real Estate Appraiser; and Corporate Property Manager. Mr. Clarke has over thirty years of experience in the real estate industry and has been published in many industry periodicals and professional journals.
David Cooper, Jr. serves as a Director and an Officer of Woda Cooper Companies, Inc., which owns Woda Construction, Inc., Woda Management & Real Estate, LLC, and Woda Cooper Development, Inc. Woda Cooper Companies has developed over 300 affordable housing communities in 15 states and currently owns and manages over 11,600 apartment units. In conjunction with Jeffrey Woda, Mr. Cooper oversees day-to-day operations of Woda’s business units and is involved with all aspects of each entity’s operations. Mr. Cooper was previously a partner at Squire Sanders LLP, an international law firm, and the Director of Acquisitions and Corporate Counsel for Alliance Holdings, Inc., a privately held investment company. As a practicing attorney, Mr. Cooper represented syndicators, lenders, and developers in hundreds of tax credit and other affordable housing transactions. Mr. Cooper received his B.A. from Wittenberg University, and his J.D. from the University of California, Hastings College of the Law. Mr. Cooper is the past chair of the Housing Credit Group of the National Association of Home Builders and has served on the boards of directors of several manufacturing, service, and financial companies, as well as serving as a trustee and officer of numerous community and charitable organizations.
Jill T. Cromartie joined the Georgia Department of Community Affairs in December 2017. She serves as the Director of the Office of Portfolio Management. The Office Portfolio Management oversees property inspections, file audits, and monitors the financial health of more than 900 properties, with various funding sources. Jill brings real estate expertise, LIHTC asset management experience, compliance knowledge, and a deep commitment to the affordable housing industry to the Agency. She earned her B.A. in Real Estate at Georgia State University. Jill currently serves as co-chair of the Women’s Affordable Housing Network.
Kady DeWees joined Monarch Private Capital in November 2014 as Director of Business Development, initially handling investor relations, marketing and communications for the firm. She then shifted her focus toward the acquisition of affordable housing developments and historic rehab properties for tax credit equity investment.
In addition to her role on Monarch’s acquisition team, DeWees’s background in community service and advocacy led her to spearhead Monarch’s Impact Initiatives philanthropic program which creates purpose-driven work through its employee volunteer program, provides scholarships to residents of affordable housing and offers support to charitable organizations dedicated to protecting our planet, strengthening communities and addressing issues related to poverty and homelessness.
DeWees earned a bachelor’s degree in youth and community studies with a minor in Spanish from the University of Texas at Austin. She is an active member of Women’s Affordable Housing Network and serves on GSU’s CINEMA Advisory Council and Nicholas House’s Corporate Leadership Council.
Derek DeHay is a director with Newmark Knight Frank’s Affordable Housing Group. He joined the team in 2010
and has been involved in the valuation and disposition of over $3 billion of affordable housing properties
across the country. Mr. DeHay’s current role includes working with developers, syndicators and direct Low-
Income Housing Tax Credit (LIHTC) investors on disposition strategies of properties in the LIHTC program, the
Project-based Section 8 program and the USDA Rural Development program.
Prior to joining Newmark Knight Frank, Mr. DeHay worked for a private multi-housing investment group
participating in the acquisition and redevelopment of distressed assets in the Southeast. In this position he
received a general contractor’s license in multiple states and renovated over 2,000 units. Previously, Mr.
DeHay also worked as a financial analyst for a LIHTC investment and asset management firm providing
investment management to corporate limited partners that were invested in LIHTC’s. He brings to Newmark
Knight Frank firsthand experience in multi-housing property repositioning as well as an intricate knowledge of
the investor expectations and complex structure of a LIHTC investment.
Mr. DeHay graduated from the Hankamer School of Business at Baylor University with a Bachelor of Business
Administration degree in finance and real estate and he is a CCIM candidate.
Rachel Denton is a partner in the metro Kansas City, Mo., office of the valuation, consulting, market research and government services division of Novogradac & Company LLP. Ms. Denton has extensive experience performing market feasibility studies, appraisals and consulting services for a broad cross-section of clients in the low-income housing tax credit (LIHTC) industry, including developers, lenders, syndicators and state agencies. She also specializes in conducting regional or marketwide housing studies for various municipalities and agencies. Additional areas of expertise include the valuation and analysis of USDA Rural Development properties and those applying for FHA financing through the U.S. Department of Housing and Urban Development’s (HUD’s) MAP program. Ms. Denton has spoken at Novogradac and other industry conferences, discussing HUD-specific valuation and market analysis issues, as well as Year 15 valuation concerns related to LIHTC properties. Ms. Denton has completed extensive real estate appraisal coursework through the Appraisal Institute and received a bachelor’s degree in urban and regional studies from Cornell University. Ms. Denton is a designated member of the Appraisal Institute and is licensed as a certified general real estate appraiser in several states.
Chris Dischinger is a proven leader within the real estate development
industry and is co-principal and co-founder of LDG Development in
Louisville, KY. He is committed to the business of building better lives
through developing quality, affordable communities for hard-working
families and active seniors to grow and thrive.
In 1994, Chris formed LDG Development with his business partner
Mark Lechner, successfully focusing on acquiring, developing, building
and managing single-family homes. The company eventually grew to
have a portfolio of more than 500 homes as well as acquiring and
managing commercial real estate properties in 17 states. In 2002,
LDG saw an opportunity to enter the Housing Tax Credit Program and
by using this model, LDG has developed over 8000 units in multiple
Today, LDG has three main divisions, all focused on maximizing growth and production.
With the mission statement, “Everyone Deserves a Quality Place to Live”, the company
has over 30 employees in its offices located in Louisville, KY and Austin, TX and are
focused on developing and managing quality properties for the thousands of families
of residents and families it serves.
Chris has served as president of four different trade organizations including the
national president of the Society of Exchange Councilors. He resides in his hometown of
Louisville, KY with his family.
Scott Farmer is the executive director of the North Carolina Housing Finance Agency, a self supporting public agency with the mission to create affordable housing opportunities for North Carolinians whose needs are not met by the market. Mr. Farmer has been with the Agency since1999, serving as executive director since January 2017 and as director of rental investment from
2005 to 2016. Prior to joining the Agency, he worked in mortgage servicing.
Ken is a demographer with Claritas, where his work involves the production and evaluation of small area demographic estimates and projections. A frequent presenter at professional and business conferences, Ken is an advocate of the US Census, and has served in various advisory capacities related to the Census and the American Community Survey. He has a Ph.D. in Sociology/Demography from Cornell University, has worked in the private data business for 37 years, and resides in Ithaca, NY.
Douglas P. Koch
Douglas P. Koch
Douglas Koch, MAI, AICP and Advisory Affiliates, LLC provide clients with advisory services across key disciplines needed to plan, appraise, analyze and successfully complete complex real estate and investment fund transactions in affordable housing, real estate and community development. Along with real estate, planning and investor consulting 2018 activities, Advisory Affiliates participated in affordable/workforce housing development ventures arranging tax credit and private equity financing, assisting with organizational formation and coordinating underwriting activities. Advisory Affiliates, LLC is available to work directly with clients and collaborate with other professionals across a number of real estate and affordable housing and community development services.
Julia LaVigne is a housing market analyst with extensive experience in a range of housing types. As the owner/manager of Ribbon Demographics, LLC, Ms. LaVigne specializes in providing custom demographic data and analysis for the housing development industry and conducting market study reviews. She is a founding member of NCHMA.
Through her work on LIHTC projects, Ms. LaVigne identified a need for specialized demographic data and spearheaded the development of HISTA Data, a unique cross tabulation of household demographics designed specifically to improve the accuracy and ease of housing demand calculations. Over the past 15 years, Ms. LaVigne has worked to refine and enhance HISTA with the assistance of the US Census Bureau and the demographic experts at Claritas. During this process, she has gained a unique perspective regarding demographics – both as a provider and as a data user – and fully understands the challenges facing both market analysts and funding decision makers.
Mr. Lefenfeld is the founding principal of Real Property Research Group, Inc., (RPRG) a national market research firm with offices in the Columbia, Maryland and Atlanta, Georgia. RPRG offers a wide array of real estate market research services including rental housing market research, for sale market analysis, seniors housing studies as well as commercial, economic and fiscal impact analyses.
Mr. Lefenfeld has over 30 years of experience in the field of residential market research. Before founding Real Property Research Group in 2001, Bob served as an officer of research subsidiaries of The Reznick Group accounting firm and Legg Mason. Bob is a founding member of the National Council of Housing Market Analysts (NCHMA), for which he has served as National Chair and currently serves as chair of its FHA Committee. He is also on the adjunct faculty of the Graduate Program in Real Estate Development, School of Architecture, Planning and Preservation, University of Maryland College Park and an instructor for the Mortgage Bankers Association’s Multifamily Underwriter Certificate program.
Bob holds a Master of Urban and Regional Planning from The George Washington University and a Bachelor of Arts - Political Science; Northeastern University.
Luan Nguyen is part of a Dispositions Department at Cinnaire that was formed to address the influx of deals in their portfolio reaching the end of their 15-year LIHTC compliance periods. Since inception, they have liquidated 12 funds and closed over 200 dispositions. His team works strategically to strike a balance between the fiduciary responsibility to investors and their social responsibility to community partners, neighborhoods, and the people they serve. Luan is responsible for all aspects of analyzing, negotiating, and deal closings with Partners as they move towards a year-15 disposition of their partnership interests in LIHTC developments. His role focuses on building strategic relationships to this end. Luan also facilitates conversations on the industry’s trends, issues and best practices as it relates to dispositions. He has been a speaker for The Institute for Professional and Executive Development (IPED) Dispositions Conference, Building Michigan Communities Conference (BMCC), Affordable Housing Association of Indiana Conference, and leads bi-annual Dispositions roundtables for the National Association of State and Local Equity Funds (NASLEF). He is a NASLEF Emerging Leader and was awarded the Lansing Regional Chamber of Commerce’s 10 Over the Next Ten award, which recognizes Lansing’s best and brightest young professionals. Before his promotion, he managed a LIHTC portfolio totaling over $240 Million in assets. Prior to joining Cinnaire, he gained commercial banking experience by underwriting investment real estate as well as commercial and industrial loans. He obtained his B.B.A. in Finance from Grand Valley State University’s Seidman College of Business. His personal life vision is to be a good man and to base his actions on that vision. He strives to be someone his daughter can model, a man his partner and family can be proud of. This philosophy grounds him amidst the complexities of real estate transactions and pushes him to be a better person.
Brett Pelletier is the Chief Operating Officer of Kirk & Company, a comprehensive real estate consulting firm that provides valuation, analysis, and counseling services to sophisticated market participants. He joined the firm in 2005 and currently leads the appraisal and consulting process which focuses on affordable housing strategies and policy, adaptive reuse strategies, and complex real estate problem solving.
He is a recognized expert in affordable housing finance and analysis and has specialized experience advising municipalities, non-profit developers, and private entities on adaptive reuse of historic buildings, historic preservation and rehabilitation, and strategic decision-making functions. Prior to joining Kirk & Company, Mr. Pelletier served on the presidential campaign of former Secretary of State John Kerry and worked in the Boston office of the late Senator Edward M. Kennedy. Mr. Pelletier received a BS in Finance with minors in English and Government from Bentley College. He is a graduate student at the Harvard University Extension School and Bryant University.
Mr. Pelletier holds Certified General Real Estate Appraiser licenses in five states, is a licensed real estate salesperson in Massachusetts, a candidate for MAI Designation of the Appraisal Institute, a member of the Real Estate Finance Association, and a member of the National Council of Housing Market Analysts. He is a designated member of Lambda Alpha International; an honorary land economics society, a contributing writer to the New England Real Estate Journal and has spoken at numerous conferences relating to affordable housing finance, analysis, and policy.
As Chief Credit Officer at Red Stone Equity Partners, LLC, Troy Pohlkamp leads the real estate underwriting of prospective real estate investments and is responsible for the overall review and approval of each of Red Stone’s affordable housing transactions. Troy has more than 20 years of real estate investment and LIHTC experience, having previously served in various roles within Red Stone’s portfolio management group, including Director of Asset Management. Prior to joining Red Stone, Troy spent four years at another national tax credit syndicator as an asset manager where he was responsible for overseeing a portfolio of LIHTC investments located throughout the United States.
Tad Scepaniak assumed the role of Real Property Research Group’s Managing Principal in November 2017 following more than 15 years with the firm. Tad directs the firm’s research staff in the production of feasibility studies throughout the United States. As managing Principal, He is the key contact for research contracts with state housing finance agencies, including those states that commission market studies for LIHTC applications Tad has personally conducted over 1,000 studies throughout the Nation for a wide range of residential and mixed-use developments for developers, lenders, and government entities.
Tad is National Chair of the National Council of Housing Market Analysts (NCHMA) and previously served as Vice Chair and Co-Chair of Standards Committee. He has taken a lead role in the development of the organization's Standard Definitions and Recommended Market Study Content, and he has authored and co-authored white papers on market areas, derivation of market rents, and selection of comparable properties. He has served as a featured speaker at both Affordable Housing and HUD Lenders conferences. Tad is also a founding member of the Atlanta chapter of the Lambda Alpha Land Economics Society.
Areas of Concentration:
• Low Income Tax Credit Rental Housing: Mr. Scepaniak has worked extensively with the Low Income Tax Credit program throughout the United States, with special emphasis on the Southeast and Mid-Atlantic regions.
• Senior Housing: Mr. Scepaniak has conducted feasibility analysis for a variety of senior oriented rental housing. The majority of this work has been under the Low Income Tax Credit program; however his experience includes assisted living facilities and market rate senior rental communities.
• Market Rate Rental Housing: Mr. Scepaniak has conducted various projects for developers of market rate rental housing. The studies produced for these developers are generally used to determine the rental housing needs of a specific submarket and to obtain financing.
• Public Housing Authority Consultation: Tad has worked with Housing Authorities throughout the United States to document trends rental and for sale housing market trends to better understand redevelopment opportunities. He has completed studies examining development opportunities for housing authorities through the Choice Neighborhood Initiative or other programs in Florida, Georgia, North Carolina, South Carolina, Texas, and Tennessee.
Bachelor of Science – Marketing; Berry College – Rome, Georgia
Mark Shelburne is Director of Georgia DCA’s Office of Housing Finance. The Office is responsible for allocating tax credits, bond volume, and appropriated funds for affordable rental housing. Prior to joining DCA Mark was a Senior Manager with Novogradac Consulting LLP, where he advised state agencies, local governments, financial institutions, and developers on topics including allocation policy, supportive housing, IRS compliance, program innovation, and fair housing. Before then he was with the North Carolina Housing Finance Agency, where he coordinated the QAP, initiated award-winning programs, testified before Congress, worked with agencies in many other states, and wrote a book on LIHTCs. Mark also was in-counsel for an equity investor. He has degrees in law, planning, and public policy from UNC Chapel Hill.
Robert Sienkiewicz joined the U.S. Census Bureau as the Assistant Center Chief for the Longitudinal Employer-Household Dynamics (LEHD) program in spring 2012. In collaboration with LEHD senior associates, he oversees a diverse group of employees, manages resources and sets the goals that make up this award-winning program. Under his leadership, the LEHD team developed and implemented major enhancements to LEHD’s OnTheMap and OnTheMap for Emergency Management products and developed QWI Explorer, a new tool that allows for greater access to LEHD’s data. Between 2013 and 2014, Sienkiewicz led the Census Bureau’s Dissemination Task Force and was recently (2015) awarded the Department of Commerce’s Silver Medal for this work that will “revolutionize the way the Census Bureau does data dissemination.” Sienkiewicz also established and strengthened partnerships with states and other federal agencies.
Sheila Stone has been at the Virginia Housing Development Authority (VHDA) for 2+ years and is a Senior Tax Credit Allocation Officer devoting her work to the Low Income Housing Tax Credit Program. Born in Connecticut and a graduate of the University of Connecticut with a BA in Political Science and Minor in Spanish, her career includes over 30 years of affordable housing development experience. 19 of those years have been devoted to working on the Low-Income Housing Tax Credit Program. Prior to taking on employment at VHDA, Sheila worked at the Connecticut Housing Finance Authority and the Department of Economic and Community Development. She is a Certified Public Housing Manager (PHM) and holds a Housing Development Finance Professional Certification from the National Development Council. She is passionate about her work in fulfilling VHDA’s mission of providing affordable housing opportunities to the citizens of Virginia. Sheila has three children and lives in Mechanicsville with her husband Elliot. She enjoys traveling and exploring the many beautiful areas in Virginia.
Jeff’s personal life vision is to help empower communities to direct their own future and build faith in themselves. Prior to joining Cinnaire as an Underwriter three years ago he was the Manager of Housing and Community Development for the City of Racine, WI where he formed the Racine Revitalization Partnership, an effort to ensure collective impact among various community development entities. Prior to that he worked in Northwest Michigan on affordable housing and brownfield redevelopment efforts, and in South Bend, IN as a City Planner focusing on strategic partnerships with Community Development Corporations. Jeff is a proud AmeriCorps National Civilian Community Corps and Michigan State University alumni.