Our Tax Credit Equity Group (TCEG) provides equity capital by utilizing the Low Income Housing Tax Credit (LIHTC), Historic Tax Credit, New Markets Tax Credit (NMTC), Renewable Energy Tax Credit (RETC), and various State Tax Credit programs. As of October 2019, our team of over 100 professionals has raised nearly $11.0B of equity, including $970 million in RBC RETC Direct Investments and Syndications, and 988 affordable housing tax credit assets under administration. In addition, TCEG has closed 20 NMTC developments nationwide. These experienced specialists identify strategic investments and design equity structures that serve the long term interests of all our partners, including investors, developers and public authorities. We provide investors with full asset management and reporting services during the investment life cycle.

Areas of Expertise

  • Low Income Housing Tax Credit Equity
  • Investor Asset Management Services
  • Workforce Housing Investments
  • Historic Tax Credit Equity
  • New Markets Tax Credit Equity
  • Renewable Energy Tax Credits
  • State Tax Credit Equity
  • Underwriting and Advisory Services

Housing Finance

Our Housing Finance Group is the largest State HFA platform in the country

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National Footprint

121 tax credit funds and 24 Direct Investments with 988 properties and over 86,000 affordable homes in 47 states, Washington D.C. and Puerto Rico

The syndications group enjoys deep relationships with the industry’s most active developers and investors. We have expertise in fully leveraging the synergies that exist in matching the needs for affordable housing at the local level with the tax credit investment objectives of our investor clients. Our depth of talent in effectively structuring quality tax-advantaged investments, coupled with the strength of RBC in worldwide financial markets, makes us a premier tax credit syndicator.

TCEG’s team of originators, underwriters and closing specialists works with developers nationwide to provide solid deal execution and follow-up through closing. We deploy substantial resources in all major markets to meet the dynamic development needs of affordable housing sponsors. Our capabilities include the flexibility to close a transaction with RBC funding within a developer’s timeframe.

Our mission is to find quality investment opportunities for our clients and our syndication platform is built on the principle of providing strategic diversification for tax credit investors. We are disciplined in maintaining dual distribution channels – looking to syndicate tax credit investments equally through proprietary funds as well as multi-investor funds. This balance allows us to provide flexible capital to meet the needs of our developer partners and to provide strong investment opportunities to our investor partners. In the last five years, we have worked with 48 different institutional investors and have closed on tax credit investment funds totaling over $3.5 billion.

Our Asset and Fund Management teams are structured to effectively monitor our entire portfolio of properties at any stage of the asset lifecycle. Serving to protect yield and asset quality for both investors and developers, we employ a diverse team of strong professionals in the following areas of expertise:

Development Risk Management monitors the development portfolio (through receipt of the Certificate of Occupancy) by performing site inspections, monitoring construction, sources and uses, funding equity contributions through C.O., completing monthly risk assessments for internal reporting and communicating with developers and investors.

Stabilized Asset Management monitors the portfolio beginning at C.O. through disposition by reviewing the lease up process, funding equity contributions, performing annual site inspections, reviewing property financial performance, completing risk rating assessments quarterly for investor reporting, responsible for the disposition process and communicating with developers and investors about property performance.

Asset Risk Management monitors a select group of underperforming properties with watch list criteria and aggressively manage properties off of the watch list or through workout, review risk ratings for the entire portfolio to ensure proper rankings and communicate with developers and investors.

Asset Management Operations monitors the aggregate portfolio from inception to disposition by coordinating property data collection, quality control over the database, evaluating insurance requirements, tenant file reviews, ensuring Qualified Occupancy is achieved, and communicating with developers, property managers and investors.

Fund Management manages investor communications regarding changes and requests to the portfolio, as well as providing investor reporting needs, fund performance analysis, audits and tax returns and communicating portfolio reporting results with investors.

The architects, engineers, asset managers, compliance experts, CPAs and attorneys who lead and work in these areas develop valuable relationships with investor and developer clients. This specialization strategy enhances our ability to deliver best in class service.

Our national footprint includes over 947 properties across 47 states, Washington D.C. and Puerto Rico.

Click on a state in the map below to view a sampling of key projects in that state.


Our Team

Executive Team

Anthony J. Alfieri

Managing Director,
Tax Credit Equity Group


Tony Alfieri has worked extensively in the banking industry for over 30 years, primarily specializing in real estate finance and the creation of affordable housing.  Tony joined RBC in 2006 and continued to accept greater leadership responsibility including key roles on the TCEG Operating Committee and the Investment Committee.  As Co-Head Tax Credit Equity Group, he has shared responsibility for the entire syndication platform including Low Income Housing Tax Credit, State Credit, Historic Credit, Renewable Credit, and New Market Tax Credit lines of business along with a the management of more than 90 professionals. Tony has held positions as Chief Operating Officer and Managing Director for Asset Management, and Chief Credit Officer for RBC’s affordable housing platform.

Prior to joining RBC in 2006, Mr. Alfieri was a Director in Wachovia Bank's Tax Credit Investment Group, where he served in various capacities including Director of Risk Management and had approval authority for equity investments and debt in a multi-billion dollar portfolio.  In his 10-year career at Wachovia, he was also a Senior Credit Officer in the Asset Securitization Department and Real Estate Credit Officer.  Mr. Alfieri has been a member of the Affordable Housing Tax Credit Coalition (AHTCC) since 2013, and served as President from 2016 through February 2018.  He currently is Chairman of the Board of AHTCC.  The AHTCC is a broad-based industry coalition whose mission is to protect and expand the low-income housing tax credit.  He is a graduate of Nazareth College in Rochester, NY, with a BS degree in Business Administration and an Economics concentration.  


Craig Wagner

Managing Director,
Tax Credit Equity Group


Craig Wagner joined RBC in 2002 and continues to accept greater leadership responsibility, including key roles on the TCEG Operating Committee and chairmanship of the Investment Committee.  As Co-Head Tax Credit Equity Group, he has shared responsibility for the entire syndication platform including Low Income Housing Tax Credit, State Credit, Historic Credit, Renewable Credit, and New Market Tax Credit lines of business along with a the management of more than 90 professionals.  Previously, Craig was Director of Business Development with responsibility for new product business development and managed the firm’s national accounts, the Director of Originations, and a Regional Director – Southeast where he led a team in the areas of origination, financial underwriting, and partnership structuring of investments.

Craig’s experience includes the acquisition and underwriting of LIHTC, HTC, and various state tax credit investments.  He has worked with numerous housing authorities, for-profit developers, and non-profit developers on various property types including RAD, mixed-income, and mix-use transactions.  Prior to joining RBC, Mr. Wagner served in various leadership roles as an officer in the United States Navy and as a production manager for Frito Lay, Inc. in California.  Craig, a graduate of Northwestern University with a Bachelor of Arts in Economics, earned his Master’s in Business Administration with concentrations in Real Estate and Finance from the Kenan-Flagler Business School, University of North Carolina-Chapel Hill.


Regional Directors

Stacie Altmann



Stacie Altmann joined RBC in 2010 as VP-Acquisitions and currently serves as Director – West Region responsible for originating, structuring and negotiating LIHTC investments throughout the western US. Ms. Altmann has over 20 years of investment banking and real estate finance experience, with a specific focus on the affordable housing industry. Ms. Altmann has relationships with for-profit and non-profit developers and has experience structuring 9% tax credit, tax-exempt bond, RAD, state and historic tax credit, mixed income and mixed use projects in both urban and rural markets. She also actively works with state and local agencies as well as community affordable housing groups on policy and program issues.

Prior to joining RBC, Ms. Altmann served as a corporate officer and Director of Project Finance for USA Properties Fund, Inc. in Roseville, CA where she oversaw the financing activities for the firm. She graduated summa cum laude from the University of Tennessee with a Bachelor of Science in Business Administration – Finance.


Brian Flanagan



Brian Flanagan currently serves as Director – Southeast Region with RBC’s Tax Credit Equity Group, with a focus on originations activity in the Southeast, District of Columbia and Missouri. Brian joined RBC’s Charlotte, NC office in 2006 and prior to this role Brian was a Regional Director and Vice President-Acquisitions. Brian’s experience includes the acquisition of federal, state and historic tax credit properties. Brian works with for-profit and non-profit developers, underwritten a variety of property types, including affordable housing only, mixed income, tax credit and commercial retail, structured transactions that involved both federal and state historic tax credits, and has invested in multiple mixed finance properties utilizing HOPE VI funds. Prior to joining RBC in 2006, Mr. Flanagan worked for First Union/ Wachovia as an equity originator and closer in the company’s Tax Credit Investment Group. Prior to joining First Union/Wachovia Mr. Flanagan worked for Aetna Real Estate Investors as a correspondent accountant. Mr. Flanagan received a Bachelor’s Degree in Accounting from Assumption College in Worcester, MA.


Daniel J. Kierce

Managing Director
Central Region


Dan Kierce, Managing Director, is responsible for originating, structuring and negotiating LIHTC investments in the Central Region, with a particular focus on Texas.  Mr. Kierce originally joined RBC in 2003 and has over 25 years of experience in LIHTC syndication and has closed equity transactions in over 30 states.  His experience includes working with for-profit and non-profit developers on a wide range of projects which includes 9% tax credit and tax-exempt bond projects, historic tax credit projects, RAD conversions, high profile urban projects, as well as rural communities.  Prior to joining RBC, Mr. Kierce had 11 years of experience with a major financial institution and a syndication firm where he was responsible for acquiring and structuring tax credit investments, as well as providing additional debt products to developer clients. 

Mr. Kierce is a board member of the Texas Affiliation of Affordable Housing Providers, where he serves as President Elect of the board as well as the chairman of the Government Affairs Committee.  Mr. Kierce is also a board member of the Michigan Housing Council, a member of the Indiana Affordable Housing Council and a board member of the Rose-Mary Center, a non-profit organization that serves children and adults with development disabilities.  Mr. Kierce graduated with honors with a Bachelors of Science in Business Administration from Nichols College and also served with honor in the United States Marine Corps.  He is a frequent speaker at state and national industry conferences.


Aaron Krasnow

Midwest/Mountain West


Aaron Krasnow serves as Regional Director in RBC Tax Credit Equity Group’s Denver Office and has been RBC for over 10 years originating tax credit investment opportunities in the states of Colorado, New Mexico, Nevada, Wyoming, Utah, Minnesota, Wisconsin, and Iowa.  Aaron possesses over 20 years’ experience working within several facets of the affordable housing finance and development industries including quasi-governmental gap lending at the San Francisco Redevelopment Agency, non-profit sponsored LIHTC and affordable housing development at Mercy Housing, and tax credit syndication.  He is versed in the structuring and underwriting of LIHTC transactions including multiple local, state, and federal financing programs tailored to new construction, acquisition/rehabilitation, and adaptive reuse residential and mixed-use projects serving low-income families, seniors, persons with special needs, and mixed-income populations.  Aaron graduated with a Bachelor’s of Arts in Urban Studies with an emphasis in Land Use Planning and Development from San Francisco State University.


Tom Maxwell



Tom Maxwell joined RBC in 2012 as a Director with responsibility for originating LIHTC investments in the Northeast Region and working with developer clients and sponsors. Mr. Maxwell is a real estate professional with over 35 years of experience in real estate and significant originations experience in the affordable housing industry.

Mr. Maxwell received his undergraduate degree from Case Western Reserve University and his MBA from The Graduate School of Business at Boston University.


Julian Torres

Renewable Investments


Julian Torres currently serves as Director, Renewable Investments in the New York office and has 15 years of experience in renewable energy and structured finance banking.  Mr. Torres has led the origination and execution of over $1 billion in tax equity investments in solar and wind projects since joining RBC in 2015.  In addition to tax equity investments, Mr. Torres assists with RBC Capital Market’s global investment banking coverage and execution efforts in the renewable energy sector. Prior to joining RBC Capital Markets, Mr. Torres had roles in capital markets with a large investment bank as well as with start-ups in the renewable energy sector.  Julian received his Bachelor of Science in Business Administration from the Questrom School of Management at Boston University, graduating magna cum laude.  Mr. Torres maintains a series 7 and 63 license, and is also a CFA Charterholder and has carried that designation since 2013.


Chris Tully



Christopher Tully currently serves as Director – Mid-Atlantic Region and has over 15 years of experience in real estate and finance. During his tenure with RBC Capital Markets since 2010, Mr. Tully has been involved in the structuring and placement of over $550 million in LIHTC equity. Mr. Tully is responsible for evaluating, negotiating and closing the acquisition of LIHTC multifamily properties in Connecticut, Delaware, New Jersey, Maryland, Pennsylvania and Rhode Island. Prior to joining RBC Capital Markets, Mr. Tully spent seven years in progressive roles with another tax credit syndication firm. Mr. Tully received his Masters of Science in Real Estate Finance from the New York University and also has a BS-Finance and Marketing from Boston College.


David J. Urban

Gulf Coast


Dave Urban currently serves as Director – Gulf Coast Region with RBC’s Tax Credit Equity Group, with a focus on originations activity in the Gulf Coast, Southeast and Illinois. He originally joined the group in 1998 and has worked on acquisitions and origination activity during his tenure. Cultivating relationships with both for-profit and not-for-profit developers, Dave has closed on real estate equity transactions in more than twenty states and Puerto Rico. Prior to joining RBC, Mr. Urban had over 10 years of experience in accounting and finance. He worked for TravelCenters of America in Cleveland, Ohio, performing operations and budget analysis on over 85 locations, and assisted in determining the profitability of potential property acquisitions.

Since joining RBC, he has worked closely with developers to close on a broad range of projects and providing assistance in securing construction and permanent financing, as well as developing and maintaining several long-term developer relationships. Mr. Urban has also worked closely with several state and local tax credit agencies and assisted in the development and servicing of equity investor relationships. A 1997 MBA graduate of Baldwin-Wallace University, Mr. Urban's background includes experience as a Controller and International Controller.


Senior Management Team

Lorraine Coram

Asset Management


Lorraine Coram joined the Tax Credit Equity Group in 2004 and currently serves as the Director of Asset Management. She leads the Development Risk Management, Stabilized Asset Management, Asset Risk Management and Compliance teams for the firm. This team oversees the TCEG portfolio and their primary focus is minimizing investment risk and enduring the dependable flow of benefits to the investor. Lorraine has been a senior member of the Asset Management leadership team since 2007, overseeing Stabilized Asset Management through 2011.

Ms. Coram has over 30 years experience in property management and LIHTC asset management. Prior to joining the Tax Credit Equity Group, she had over 16 years of experience in residential property management for a portfolio of conventional, HUD and LIHTC properties. She earned a Bachelor’s Degree in Business Administration/Marketing from the State University of New York, College at Oswego.


Ken Lohiser

Transaction Management


Ken Lohiser currently serves as Director – Tax Credit Transactions supervising the Investment Diligence Specialist group and collaborating with the Underwriting team on all aspects of closing investments at the lower tier. Ken joined RBC in early 2006 to serve as Associate General Counsel. He brings to the organization over thirty years of real estate experience, including fourteen years in private practice and six years as corporate counsel for a Fortune 500 company.

Mr. Lohiser has represented real estate developers in acquisitions, dispositions, commercial and residential developments and financing of real estate. He has an extensive background in due diligence for multi-parcel transactions, including title insurance, environmental compliance, survey review, zoning and construction issues. Mr. Lohiser is a graduate of the University of Cincinnati, College of Law and has an undergraduate degree from The Ohio State University. He is a frequent speaker at industry conferences and has served is a member of the Governing Committee for the American Bar Association Forum on Affordable Housing and Community Development Law.


Yonette Chung McLean

Managing Director
RBC Direct Investments and TCEG Business Development


Yonette Chung McLean is a Managing Director within the RBC Tax Credit Equity Group, where she serves as portfolio manager for RBC’s direct investments in US tax credits (Low Income Housing Tax Credits (LIHTC) and renewable energy tax credit investments). In addition, she leads the 104-person group's new product development initiatives where she is focused on the development of Opportunity Zone and workforce housing funds as well as structured investment funds.

Ms. Chung McLean maintains, on a limited basis, her origination role for LIHTC and Historic Tax Credits investments in select markets in New York and New Jersey.

A 15-year veteran at RBC, Ms. Chung McLean has previously worked in credit underwriting, structuring and execution roles on multifamily and single family housing debt transactions for US Corporate Banking and Municipal Finance.

A graduate of the University of Phoenix, Ms. Chung McLean holds the Series 7, 63 and 79 securities licenses.


Eric Moody

Managing Director


Eric Moody currently serves as Managing Director of Underwriting overseeing all aspects of lower tier closings and managing the Investment Manager staff, along with selected key client relationships. Prior to this role, Eric served as Vice President-Acquisitions for RBC's Southeast Region in Charlotte, NC.  He joined RBC in 2006 from Wachovia Bank, where he was as an underwriter in the company’s Tax Credit Investment Group covering primarily the Southeast region.  Eric’s industry experience includes the acquisition of affordable and historic tax credit properties.  He has structured transactions that involved both federal and state historic tax credits, and has invested in multiple mixed financed properties utilizing HOPE VI funds. Mr. Moody received his undergraduate degree in Business Administration from the UNC-Chapel.


Todd Surbey

Fund Management


Todd Surbey serves as Director – Fund Management at RBC, responsible for the financial reporting function of RBC and its various tax credit partnerships, along with management of the Fund Management department staff. Additionally, Mr. Surbey oversees the dispositions process, which is a collaborative effort between the fund management and asset management groups. Furthermore, Mr. Surbey provides financial analysis assistance and review and offers tax technical guidance to the asset management department.

Prior to joining RBC in 2003, Mr. Surbey worked in the public accounting field where he specialized in the tax and accounting projects for many types of real estate entities, such as architects, contractors, developers, management companies and syndicators. He gained experience preparing and supervising cost certifications for low-income housing projects, preparing financial underwriting for low-income housing and historic rehabilitation developers and supervising annual audits and tax engagements. Mr. Surbey graduated with Bachelor of Arts degree in Accounting from Mount Union College and earned his CPA thereafter. He is a member of the AICPA and the Ohio Society of CPAs.


Tammy Thiessen

Managing Director
Equity Sales


Tammy Thiessen serves as Managing Director-Equity Sales.  In this role, Tammy manages the Equity Sales Team, originates and manages both multi investor fund and proprietary investor client relationships, and oversees all aspects of the fund closing process with a focus on providing top tier service to TCEG’s investor clients.   Tammy joined RBC in 2004 and has continued to assume greater leadership responsibility after holding previous roles including Vice President of Investor Relations, as well as Transaction Analyst.  Tammy is a tenured LIHTC professional and began her LIHTC career with KeyBank Real Estate Capital in 2002.  Previously, Ms. Thiessen worked in various roles at several large financial institutions and private corporations including mergers and acquisitions, compliance and contracts administration.  Ms. Thiessen graduated from the University of Iowa with a Bachelor of Arts degree in Pre-Law Studies, Philosophy and Political Science.