Our Housing Group provides a comprehensive suite of debt, credit and equity products providing a range of housing finance solutions to meet the needs of housing finance agencies, investors and the affordable housing community.

Housing Finance Expertise

Our Housing Finance Group is a key specialty group within our Municipal Markets platform and serves as senior and co-manager to 33 state Housing Finance Agencies (HFA) and numerous local HFAs. In addition, we work with many public housing authorities and affordable housing developers nationwide, and have one of the largest dedicated teams of full-time bankers covering single and multifamily housing.

The depth and experience of our team enables allows us to provide each of our Housing Finance Agency clients with the highest level of coverage while benefitting from the collective experience of our broad client base. Our philosophy is to provide substantial professional resources and a complete menu of banking services while building long-term regional relationships.

Tax Credit Equity Group

Our Tax Credit Equity Group provides equity capital by utilizing the Low Income Housing Tax Credit , various State Housing Tax Credit and Historic Tax Credit programs.

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Areas of Expertise

  • Market leadership in PAC distribution
  • Innovative bond structures such as the tax exempt pass-through bond transactions
  • Specifically tailored debt structuring solutions based on in depth programmatic and cash flow knowledge
  • Full capability to provide cash flow and yield compliance analyses
  • Integrated balance sheet solutions (liquidity and swap pairing)
  • Multifamily structuring and investing
  • Tax credit equity syndication capabilities
  • Structuring and underwriting of bond offerings and refundings
  • Open and closed indenture financings
  • Credit and derivative products
  • Mortgage warehousing lines for state HFAs
  • Agency (FHA/GNMA, FNMA, FHLMC & FHLB) bond executions
  • Tax credit equity

One of the largest State HFA platforms nationwide with senior and co-managed assignments covering 33 State HFAs

Single and Multifamily Housing

RBC is a leading underwriter of negotiated single family offerings and housing underwriter overall. From 2011 to 2016, we were the #1 ranked underwriter of negotiated single family offerings, with over $9 billion of senior managed business. Over the same time period, RBC was #1 on a combined single family and multifamily basis by number of issues and participated in over one third of all housing bond transactions as either a senior or co-manager.

Senior Managed Activity

*Senior Managed Housing Deals (Jan 1, 2016 – March 31, 2017)

Our Team

Michael Baumrin

Managing Director &
Sector Co-Head

+1.212.618.5644

Michael Baumrin is a Managing Director in the New York office and is Co-Head of the Housing Group.  He is responsible for the Firm’s overall activities in providing state housing finance agencies with investment banking services, and has served as lead banker for numerous state HFAs around the country.  During his tenure at RBCCM, the firm’s senior managed client base has grown from one state HFA to 25 and has achieved a number one ranking.  In addition, during his tenure, RBCCM has provided in excess of $1.4 billion of credit to the state HFA client base.  For the prior nine years, Mr. Baumrin served as Manager of UBS’s Housing Group, which was the number one underwriter of mortgage revenue bonds, senior managing in excess of $33 billion.  Michael began his career in public finance in 1980 and has worked primarily with state housing finance agencies since 1982.  During his 37 year industry tenure, Michael has worked with state housing finance agencies across the country, providing affordable housing finance for their constituents, implementing many varied programs and bond structures. Prior to investment banking he worked for the Comptroller of the City of New York.

Michael received his B.A. from Brandeis University and his M.B.A. from Columbia University.  He is a Municipal Bond Principal and has his Series 7, 50, 53 and 63 registrations.

Bio

Helen Hough Feinberg

Managing Director &
Multi Family Specialist

+1.727.895.8892

Helen Hough Feinberg has been employed by RBC Capital Markets for approximately 30 years. She presently serves as the co-head of the firm’s Housing Finance Group with management responsibilities focused on the multifamily sector and State of Florida. Ms. Feinberg has approximately 25 years’ experience in the housing sector having served as underwriter or placement agent on a wide range of single family and multifamily transactions. Her affordable housing client base includes state and local housing finance agencies, public housing authorities, developer and non-profits.

Ms. Feinberg graduated from Wake Forest University where she received a Bachelor of Arts degree with majors in both Economics and Spanish and she completed graduate work in Finance at the University of South Florida. She is a licensed General Securities Representative, Municipal Securities Principal and General Securities Principal. Ms. Feinberg currently serves as an advisory council member for the Florida Housing Coalition and a board member of the Coalition of Affordable Housing Providers. Ms. Feinberg was appointed by Governor Jeb Bush in 2003 to serve as Chair of the Affordable Housing Study Commission for a four year term and previously served as a member of Fannie Mae’s National Advisory Council for a two year term.

Bio

Ray Barrish

Director

+1.513.826.0546

Mr. Barrish is a Director in the Cincinnati Municipal Finance office of RBC Capital Markets.

Mr. Barrish joined RBC Capital Markets in 2007, after having worked at Seasongood and Mayer, LLC, a regional investment banking firm since 2002. Mr. Barrish has served as the investment banker or financial advisor to many types of tax-exempt issuers, including state agencies, counties, cities, public universities and school districts. However, Mr. Barrish specializes in single family housing transactions. He has served as Financial Advisor to the Ohio Housing Finance Agency since 2002. Mr. Barrish has also structured single family housing bond financings (total par amount of more than $2 billion) for the Colorado, Illinois, Iowa, Minnesota, Montana, North Dakota and New Hampshire housing finance agencies and multi-family bond transactions for the Minnesota and Wisconsin housing finance agencies.

Prior to joining RBC Capital Markets, Mr. Barrish was a structural engineer with Drexel University where he specialized in the diagnostic testing of long- span bridges.

Mr. Barrish is a registered securities representative, currently holding Series 7 and Series 63 licenses. Mr. Barrish holds a B.S. and M.S. in structural engineering from the University of Cincinnati and received an MBA in finance from Drexel University.

Bio

Debbie Berner

Director

+1. 727.895.8885

Debbie Berner is a Senior Quantitative Banker for RBC Capital Markets and has been employed by the firm since 1996.  Ms. Berner has over 25 years experience in the mortgage-backed securities industry and has authored research publications on industry product innovations.  For the past 17+ years, she has been providing technical expertise to state and local housing issuers in structuring single family programs utilizing both stand alone and open indentures as well as implementing and monitoring a TBA / Forward Delivery Program for several Florida clients.  To date, Ms. Berner has structured billions of taxable and tax-exempt mortgage backed securities and she serves as quantitative services manager for Florida Housing Finance Corporation’s open indenture.  Debbie holds an M.B.A. from Columbia Business School and a degree in Economics from the Wharton School at the University of Pennsylvania.

Bio

Mina Choo

Director

+1.415.445.8355

Mina Choo is a Director at RBC CM's Municipal Finance Group's Housing Practice. She started her municipal banking career in 1994 working exclusively in housing. She has 20 years of experience senior managing 12 State and numerous local housing agencies issuing debt to finance single family mortgages and multifamily developments. She has senior managed over 100 single family bonds totaling almost $6 billion and 40 multifamily bond issuances totaling over $700 million. She has a wide range of quantitative experience, having structured issuances in open and close indentures, run consolidated, stand-alone rating agency and yield cash flows on DBC and cfX. Her senior managed State HFA clients have included: Alaska, Arkansas, Hawaii, Iowa, Indiana, Missouri, Montana, New Mexico, Nevada, North Carolina, Puerto Rico, Washington.

Prior to her municipal banking tenure, Ms. Choo worked for 3 years as a management information systems consultant. She is NASD Series 7 and Series 63 licensed. She is a former board member of The Women’s Foundation of California and the Angel Island Immigration Station Foundation. She received her MPPM from the Yale School of Management and her BSE from the Wharton School of the University of Pennsylvania.

Bio

Mitch Gallo

Director

+1.212.618.2218

Mitch Gallo joined RBC Capital Markets in 2005. Since 1999, he has been involved in financings for both non-profit and for-profit organizations, primarily consisting of public agencies, real estate developers, healthcare providers, and educational institutions. He has experience with multiple fixed income executions, credit enhancement alternatives, derivative strategies, and structured products. 

Mr. Gallo has a background in housing and real estate, and specializes in single and multifamily municipal bond offerings.  He has worked with the State Housing Finance Agencies of Connecticut, Illinois, Maryland, Minnesota New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Texas, and New York City HDC, and also maintains a strong presence in the public housing community, having direct experience with such PHAs as Boston, Cambridge, Denver, Philadelphia, and Seattle.  Prior to joining the Firm, Mr. Gallo spent nearly three years with a Fannie Mae DUS lender, where he specialized in the sizing and underwriting multifamily real estate loans.  Mitch is a graduate of Lehigh University and holds a BS in Business and Economics with a major in Finance. He is FINRA registered representative, currently holding Series 7, 63, 65, and 79 licenses.

Bio

Cory Hoeppner

Managing Director &
Sector Co-Head

+1.612.313.1073

Mr. Hoeppner is a Managing Director in RBC CM's Midwest/Large Client/Housing Groups and is Manager of the Minneapolis public finance office. Mr. Hoeppner has 19 years of banking experience, which includes work at a national financial advisory firm that specialized in providing quantitative cash flow analyses, pricing, and program development services for issuers of municipal housing bonds. Mr. Hoeppner has served as banker on senior managed issues for various State Agencies in Colorado, Florida, Illinois, Iowa, Minnesota, New York State, North Dakota, Ohio, Tennessee, Texas, Vermont, and Wisconsin.

Mr. Hoeppner received a Bachelor of Science in Finance from the University of St. Thomas in St. Paul, Minnesota. Prior to joining RBCCM in February of 2008, Mr. Hoeppner spent 4 years in Citigroup’s public finance group and spent 5 years prior to that at a regional underwriting firm. In addition, he has his Series 7 and Series 63 Securities registrations.

Bio

Hing C. Loi

Director

+1.212.618.2221

Hing joined RBC Capital Markets in New York in 2011 as a senior quantitative banker for our state housing agencies and student loan clients, following a 21 year career at Citi where he was the senior quantitative banker in their student loan group for over a decade, and was the lead banker for multiple accounts. Prior to that, he provided banking services to both state housing agencies and student loan agencies at Citi. Before joining RBC, Hing co-found Fynanz, Inc. (now known as LendKey) a private student loan startup, and served as its Chief Financial Officer and Chief Risk Officer for 2 ½ years, where he underwrote and originated over $60 million of private student loans. To date, Mr. Loi has structured over $150 billion in taxable and tax-exempt debt financings. Mr. Loi holds an Executive M.B.A. from Fordham School of Business, graduating with the highest academic honor, and a BA degree in Computer Science from Columbia University with a three year completion.

Bio

Derek McGreal

Managing Director

+1.415.445.8347

Derek McGreal is a Director at RBC CM’s Municipal Finance Group’s Housing Practice. Mr. McGreal began working in public finance in 1981, specializing in the quantitative analysis of and the programming of computer software related to municipal bonds, including single family mortgage revenue bonds and municipal lease revenue bonds. After a year as a consultant to the World Bank, he returned to Municipal Finance in 1986 where he has worked with numerous state and local agencies, providing not only quantitative analysis and structuring of bond issues, but also day-to-day management of the financing process, both for single family and multifamily issues. He has structured a wide variety of transactions, including fixed and variable rate debt, tax-exempt and taxable, and has provided expertise in structuring and risk analysis for a wide variety of derivative transactions. Recently he was part of the team that developed the highly successful pass-through bond structure. He currently serves as a senior banker for the Colorado HFA, the Hawaii HFDC, the Iowa FA, the Indiana HCDA, the Minnesota HFA, the North Dakota HFA, the Washington SHFC, and the Wisconsin HEDA. In the past he has completed financings for many other state agencies including the Arkansas DFA, the Missouri HDC, the North Carolina HFA, and the Pennsylvania HFA, as well as local issuers in California and Colorado.

Mr. McGreal has a B.A. in Economics from California State University, Sacramento, and an M.A. in Economics from the University of California, Berkeley. In addition, Mr. McGreal holds Series 7 and Series 63 licenses.

Bio

Jeff Sula

Managing Director

+1.617.722.4852

Jeff Sula is a Managing Director specializing in Housing Finance located in the Boston, MA Municipal Finance office of RBC Capital Markets. Mr. Sula joined RBC in July 2013 and has over twenty years of municipal investment banking experience, specializing in mortgage revenue bond transactions on behalf of State Housing Finance Agencies. Prior to joining RBC, Mr. Sula was a Director in the Public Sector Banking and Markets Group of Bank of America Merrill Lynch. Before that, he worked as an Executive Director in UBS’s Housing Group. He has served as the lead banker to numerous State HFAs across the country with experience structuring and executing both taxable and tax- exempt single and multi-family mortgage revenue bond transactions. Mr. Sula is a registered municipal principal with Series 7, 53, 63 and 79 registrations. He has a B.A. with a concentration in Economics from the University of Michigan and an M.B.A. in Finance from the Columbia Business School.

Bio