NTCIC Group Shot LM

Senior Management


Merrill Hoopengardner, President
Tel: 202.588.6081 | Email:

As President of NTCIC, Merrill manages investor relations and governing and advisory board/staff relations; oversight of the acquisitions process; program goal setting; and conceptualizing and implementing overall strategy and new lines of business. Merrill joined NTCIC in 2016, bringing 19 years of experience in community development finance that includes the structuring and closing of over $1 billion utilizing Historic, New Markets and Low Income Housing Tax Credits. Before joining NTCIC, Ms. Hoopengardner was a Principal at Advantage Capital Partners, a finance company that specializes in using public-private partnerships to raise venture capital and small business capital for investments and loans in underserved areas. At Advantage, Merrill raised over $100 million per year in state and federal NMTC funds that were used to provide access to capital for small businesses nationwide. Ms. Hoopengardner began her tax credit career with the law firm Nixon Peabody LLP, where she represented a number of prominent community development entity, investor and project sponsor clients. Merrill received her bachelor’s degree and law degree from Duke University.


Randy Bartholomew, Executive VP & Chief Operating Officer
Tel: 202.588.6333 | Email:

As Chief Operating Officer, Randy assists the President with the overall operations and strategic planning for the NTCIC.  Randy also oversees the accounting and asset management functions. With over 30 years of experience in commercial real estate finance and asset management, Randy has acted in various senior management roles, including VP Strategic Planning / Asset Management, Director of Finance and Controller.  His experience includes: partnership structuring, tenant lease restructures, partner and lender liaison, strategic planning and controllership functions.  Randy is a CPA and holds a BS degree in accounting and finance from George Mason University and is a member of the American Institute of CPA’s and the Maryland Society of CPA’s.


JACKSONKandi Jackson, Senior VP and Managing Director of Acquisitions & Underwriting
Tel: 704.905.3813 | Email:

As Managing Director, Kandi oversees the Acquisitions and Underwriting Team of NTCIC, which is primarily responsible for finding, underwriting, closing, and initiating the first equity and loan disbursements to a project.  She also originates and manages NTCIC’s upper-tier investor relationships. Kandi has more than 20 years of senior level experience in commercial real estate development and finance.  As Director at Wachovia, she originated and managed developer relationships through underwriting, closing and asset management of complex transactions, including historic and New Market tax credit investments.  As Vice President at PNC and Simpson Housing Solutions (formally KBMH), Kandi originated LIHTCs and HTCs.  Kandi is also licensed as a general contractor and general engineer in California.  As Construction Manager at Bovis, she established on site project development experience for high-profile historic and non-historic new construction projects.  Ms. Jackson received an MBA with a concentration in finance from Pepperdine University.


Bret Mosher, VP of Asset Management
Tel: 202.588.6006 | Email:

As Director of Asset Management, Bret is responsible for the supervision of the asset management functions for NTCIC’s NMTC and HTC portfolios including all disbursements from closing through subsequent installments based on properties meeting benchmark requirement including management of capitals calls from investors.  He also creates and maintains asset management systems including compliance and project level reporting for both Historic and NMTC investments.  Bret has over 18 years of experience in commercial real estate appraisal, underwriting, financing, asset management, and acquisition/due diligence. Prior to joining NTCIC, Bret spent 3 years as an Investment and Acquisition Manager at a private equity real estate investment company and was primarily responsible for underwriting potential deals, evaluating risks, and financial analysis. Bret also has 5 years of experience as a Senior Asset Manager at Fannie Mae and managed a residential portfolio of 35 assets with a total asset value of $1.1 billion. He provided direct asset management and fund oversight for joint venture market rate equity, mezzanine debt, and historic tax credit/mezzanine equity for acquisition/rehab and new development deals. Bret has a Bachelor of Business Administration in Finance from The College of William and Mary and a MBA in International Finance from Loyola College.


Suzanne Brown, Vice President of Finance & Controller
Tel: 202.588.6256 | Email:

As Controller, Suzanne oversees the accounting function for NTCIC and its funds, including preparing financial statements, managing audit and tax reporting, assisting with NMTC compliance, and performing loan servicing for all debt investments.  Because of her NMTC background, she is a second set of eyes for NMTC compliance on each capital deployment.

Suzanne has over 20 years of accounting and finance experience and has held various senior management positions in corporate accounting for both private and public companies.  Prior to joining NTCIC, she worked with Enterprise Community Investment, Inc., and held a manager position in the financial services practice of KPMG, a national public accounting firm. She spent 50% of her time deploying NMTC capital at Enterprise, where she closed deals totaling approx. $100 million, and 50% of her time overseeing NMTC compliance and investor reporting. Suzanne is a CPA and holds a Bachelor of Accountancy, Magna Cum Laude, from The George Washington University and an MBA from Johns Hopkins University.


BERRYKarin Berry, Vice President & Manager of Renewable Energy
Tel: 202.588.6198 | Email:

Karin serves as the primary business development/relationship manager with renewable energy tax credit investors and project developers to syndicate Solar Investment Tax Credits.

Karin comes to NTCIC with a wealth of experience, having served as Senior Advisor in the Office of Policy for the U.S. Department of Energy; Vice President of the Guggenheim Capital Markets,  Principal of Pave Energy Finance; and most re­cently, Senior Account Executive and Vice President of PNC Energy Capital.  Karin has worked on renewable transactions all over the country for commercial, municipal, residential, utility and non-profit clients.  Karin received a bachelor’s degree from Samford University and a master’s degree from the LBJ School of Public Af­fairs at the University of Texas Austin.


Executive Office Team

Latta 1Natalie Latta, Executive Assistant
Tel: 202.588.6244 | Email:

Natalie is responsible for confirming all scheduling requests for NTCIC’s executive office, maintaining a strong relationship with NTCIC’s Governing & Advisory Boards, advising President’s office of internal & external affairs and serving as the first point of contact to the President and COO for staff. Prior to joining NTCIC, Natalie served two years in the Peace Corps as an English teacher, developing programs on gender equality and leadership for Ukrainian youth. She later worked for the Finance and Accounting division at Robert Half International where she managed schedules and communications for a team of twelve executives. She holds a Bachelor of Arts in Political Science and English from the University of Alabama.


Melani Hom, Marketing & Communications Manager
Tel: 202.588.6022 | Email:

Melani is responsible for planning, developing and implementing overall brand positioning and public awareness of NTCIC through digital and printed marketing materials, NTCIC’s website, and social media outlets. Prior to joining NTCIC in 2011, Melani served as Scheduler to former Mayor Adrian M. Fenty. She later worked for the Mayor’s Office of Community Relations & Services as Executive Assistant to the Director. Melani graduated with a Bachelor of Arts in Communication Studies & Business Administration from Loyola Marymount University of Los Angeles.


John Leith-Tetrault, Founder & Public Policy Advisor
Tel: 202.588.6064|Email:

John supports NTCIC’s public policy efforts by engaging in high-level policy discussions with federal lawmakers and executive branch officials on a number of important issues, including comprehensive tax reform, historic tax credit (HTC) eligibility for the Community Reinvestment Act (CRA), legislation to modernize the HTC, IRS tax treatment of HTC transactions and improvements to the National Park Service’s administration of the HTC program. John chairs the Historic Tax Credit Coalition (HTCC) which has led the effort to retain the HTC in a reformed tax code. The HTCC also worked closely with the IRS to develop Revenue Procedure 2014-12 that governs how HTC transactions are structured to comply with the Historic Board Walk Hall appeals court decision. John has a Masters Degree in Urban Planning from George Washington University and a BA in History from Georgetown University.  He brings over 40 years of real estate, community development, banking and tax credit experience to NTCIC.  In addition to his 15 years as the founding President of NTCIC, John’s experience includes employment in various community development financing capacities with the following organizations:  Neighborhood Housing Services, NeighborWorks USA, Enterprise Community Partners, Bank of America and the  National Trust for Historic Preservation.


Mike Phillips, Public Policy Manager
Tel: 202.588.6049 | Email:

As Public Policy Manager, Michael specializes in garnering advocacy for the federal Historic Tax Credit nationwide. He has over 13 years of government affairs related experience, including positions such as President of Phillips Associates, Inc. where he represented multiple national non-profits, for-profit industry, national governing bodies in sports, and served as a conservation consultant on transportation and historic preservation issues. He also spent 9 years with the National Recreation and Park Association, where he tirelessly lobbied congress for annual appropriations and permanent funding measures for public lands, urban parks, wildlife, and historic preservation as proposed reinvestment for Outer Continental Shelf (OCS) federal energy revenues. Michael undertook graduate studies in American Politics and Comparative Politics at George Mason University, and received his bachelor of science from Old Dominion University, where he also played soccer. He is an avid hiker, camper, and colonial history enthusiast as well as a youth soccer coach.


Ted Potts, Office Manager
Tel: 202.588.6352 | Email:

As Office Manager, Ted is responsible for organizing and coordinating office operations and procedures in order to ensure organizational effectiveness and efficiency.  He oversees NTCIC Human Resources where the goal is to improve the hiring process and upgrade the maintenance of employee personnel records.  Ted is also the first point of contact for computer technology and software issues.  Ted comes to NTCIC after 8 years with The Mills Corporation, a large REIT in Washington, DC, where he was a property analyst.  Before The Mills Corporation, Ted spent 13 years as General Manager and partner in Netmark, Inc. a four million dollar a year home improvement business based in Bethesda, MD. Ted graduated Delaware Technical Community College with an Associate Degree in Business Administration before going on to the University of Delaware and the Military.



Accounting Team

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Fahad Khan, Accounting Manager
Tel: 202.588.6158| Email:

Fahad is an Accounting Manager and assists the VP of Finance in maintaining NTCIC’s financial and accounting records. Prior to joining NTCIC, he held accounting roles in various real estate investment companies. Fahad is a Certified Public Accountant, and has an MBA and a Bachelor of Science degree in Accounting from George Mason University. He is also a member of the American Institute of CPAs.


Akshat Gururani, Fund Accountant
Tel: 202.588.6311 | Email:

As a Fund Accountant, Akshat maintains accounting records for NTCIC’s CDEs and funds. He also works with loan servicing and accounting for all equity investments. Akshat joined NTCIC from public accounting background with strong experience in auditing, tax and corporate accounting. In his previous jobs he has worked with Nonprofits, real estate developers and regional corporate businesses. He was also responsible for accounting and auditing of HUD and low income housing properties. Akshat received a Bachelor of Science in Accounting from the University of Maryland.


Ady Gonfa, Staff Accountant
Tel: 202.588.6371| Email:

Ady is a Staff Accountant and assists the Assistant Controller in maintaining NTCIC’s financial and accounting records. Prior to joining NTCIC, she worked as a Staff Accountant for two years at the Association of Home Appliance Manufacturers (AHAM) in Washington, D.C. Ady is a Certified Public Accountant, has a Masters degree in Accountancy from Western Carolina University, and a Bachelor of Business Administration from Warren Wilson College, in Asheville, North Carolina. She is also a member of the American Institute of CPAs.


Joseph Crugnale, New Markets Tax Credit Compliance Manager
Tel: 202.588.6129 | Email:

Joseph oversees compliance related to the New Markets Tax Credit. This entails monitoring and reporting on projects, as well as keeping track of NTCIC’s status as it pertains to the New Markets Tax Credit. Joseph previously worked at Enterprise Community Investment where he led due diligence efforts in funds that raised $510 million in LIHTC equity. He has also held various roles in economic and community development in the Boston area. He holds a BA in International Affairs from Northeastern and a Masters in Real Estate from Johns Hopkins.

Acquisitions Team

Michael Dubansky– Acquisitions Manager
Tel: 202.588.6374 | Email:

As Acquisitions Manager, Michael is the first point of contact for prospective deals. He is responsible for origination, underwriting, negotiating and closing federal/state HTC and NTCIC’s NMTC investments. Before rejoining the company in 2010, Michael worked for NTCIC for 2 years as an Acquisitions Analyst. Michael also has nearly 3 years of experience as a senior associate with CohnReznick, a national accounting firm widely recognized by the tax credit industry for its expertise in tax credit transactions and over 3 years as a Senior Acquisitions Analyst with a private equity real estate investment company for which Michael sourced, underwrote, and helped structure acquisitions in excess of $400 million. Michael has a Bachelor of Arts in Finance from Towson University.


Kathryn Frattaroli, Acquisitions Manager
Tel: 202.588.6108 | Email:

Based in New Orleans, Kathryn joins NTCIC as an Acquisition Manager responsible for identifying, structuring and preliminarily underwriting prospective federal/state HTC, NMTC and private equity investments. Kathryn has nearly 10 years of experience in community development and real estate finance. Prior to joining NTCIC Kathryn spent four years as a real estate development consultant for a broad range of clients including Stonehenge Capital Company. Kathryn helped Stonehenge build a vertical platform for real estate development, investment and ownership. In this capacity, Kathryn represented the firm in its first-ever role as part-owner and developer of a $75 million historic renovation in downtown Birmingham, AL. Prior to this Kathryn spent four years as an Associate with AMCREF Community Capital, a mission-driven specialty finance firm and Community Development Entity offering below-market financing solutions for renewable energy projects. As Associate for AMCREF, Kathryn provided support with underwriting, closing and asset management. Kathryn earned a Bachelor of Arts from Loyola University New Orleans and a Master of Sustainable Real Estate Development MSRED from Tulane University School of Architecture.


Kevin Keyser, Senior Project Manager
Tel: 202.588.6104 | Email:

As Senior Project Manager at NTCIC, Kevin oversees the project management and underwriting functions and leads the project management team, which is responsible for taking projects from acquisition to closing and hand-off to the asset management team.  Kevin is responsible for preparing and reviewing project write-ups for NTCIC’s Investment Committee and managing the deal-closing process.

Kevin joins NTCIC from Wexford Science & Technology, a national developer of university related research facilities and mixed use communities, where he led Wexford’s finance and accounting functions and was responsible for project finance, including structuring and execution of its tax credit transactions.  Kevin was also directly involved with Wexford’s development projects and, most recently, oversaw the planning and predevelopment for the initial projects in a 4 million square foot mixed used development in West Philadelphia, where he secured $3.6 million in public infrastructure subsidy from City, State and Federal sources.

After graduating from Towson University with a bachelor’s degree in accounting, Kevin began his career in public accounting in the Baltimore office of Ernst & Young and later moved into mortgage banking with Prudential where he was involved with hedging its mortgage-backed security portfolio.  He spent six years on the operations side of Baltimore-based Aerotek (now Allegis Group) as it grew to become the largest staffing firm in the US. Kevin was Vice President of Finance for the US division of Intervid, an international company specializing in high-end commercial security systems, then co-founded a company in the industry and ran it for three years before selling his interest.  Kevin has more than 28 years of diverse financial, operational and commercial real estate development experience.


Christina Smith, Project Manager
Tel: 202.588.6220 | Email:

As Project Manager for NTCIC, Christina performs a variety of acquisition activities including underwriting and closing debt and equity investments involving federal/state historic, solar and new markets tax credits. Before joining NTCIC in 2006, Christina worked for a former leading warehouse lender where she managed account portfolios totaling over $1 billion in bank credit lines. She also has three years of experience as a commercial real estate paralegal for the New York Office of Skadden, Arps, Slate, Meagher & Flom LLP.


Alex Shewchuk, Project Manager | Renewable Energy
Tel: 202.588.6268 | Email:

Alex is responsible for supporting the Senior Acquisitions Managers, and for performing the underwriting and closing for NTCIC’s NMTC, solar, and federal/state HTC investments. Before joining NTCIC, Alex was a project manager/estimator for a demolition/environmental remediation company, the CFO for a mid-size mixed-use condominium developer in Washington DC and developed a historic tax credit mixed-use building in downtown Baltimore. He also worked in NYC, London and Tokyo for Morgan Stanley.  Alex has a Bachelor of Arts in Economics from Yale University and an MBA from Wharton.

Kathleen Galvan, Project Manager
Tel: 202.588.6331 | Email:

Asset Management Team

Margaret Whitesides, Senior Asset Manager
Tel: 202.588.6253 | Email:

As Senior Asset Manager, Margaret manages a portfolio of NMTC, HTC and LIHTC investments totaling over $125 million.  She is the primary contact with developers and investors during the tax credit compliance periods.  Additionally, Margaret reviews construction draws and post-closing HTC fundings, completes investor reporting, works out problem loans, monitors tax credit compliance and assists in reviewing audits and tax returns.  Prior to joining NTCIC in 2010, Ms. Whitesides was the director of asset management at Enterprise Community Investment from 2007-2010.  At Enterprise, she was responsible for the asset management of $570 million in NMTC investments that funded commercial real estate and also managed relationships with developers, CDE’s and investors.  Margaret has over 25 years of progressively responsible experience in commercial real estate lending, asset management and relationship management with Enterprise Community Investment, GMAC-RFC, Freddie Mac and national banks in the Washington, DC area.  Ms. Whitesides has an MBA from the George Washington University and a Bachelor of Arts from the University of Virginia.


Andrae Baly, Senior Asset Manager
Tel: 202.588.6208 | Email:

As Asset Manager, Andrae is responsible for asset management, including construction monitoring as well as lower tier compliance, and investor reporting for NMTC and HTC investments.  He also processes post-closing equity investment installments based on operating agreement benchmarks. Before joining NTCIC in 2007, Andrae earned over seven years experience in asset management, compliance monitoring and loan administration of both equity investments and mezzanine debt for CIG International, a real estate investment firm, and Key Bank Real Estate Capital.  He has a Bachelor of Science in Business Administration from Houghton College (NY).


Sarah McDonnell, Asset Manager
Tel: 202.588.6113 | Email:

As an Asset Manager, Sarah is responsible for managing NTCIC’s portfolio of HTC, NTMC, and ITC projects during the tax credit compliance periods. For five years prior to joining NTCIC, Sarah worked as a Senior Development Associate for a real estate development company in Michigan that specialized historic rehabilitation. There, she reviewed all transaction documents and oversaw the closing process of each project.  Sarah graduated with her Juris Doctor, cum laude, from Western Michigan University and also holds a Bachelor of Arts in Economics from Michigan State University.