Ruben Alonso

New Markets Tax Credit Program
Wednesday, February 25, 12:05 - 1:15 PM

CEO
AltCap

Ruben Alonso III is CEO of AltCap, a multi-state, purpose driven community development financial institution (CDFI) based in Kansas City, Missouri. In this role, he is responsible for the overall administration, management, ongoing growth and development, and strategic direction of the organization. Under Mr. Alonso’s leadership, AltCap has grown from a community development entity specializing in New Markets Tax Credit (NMTC) facilitated financing, to a high performing CDFI and Small Business Administration (SBA) Microloan Intermediary and Community Advantage Lender providing alternative capital to communities and small businesses in Missouri, Kansas, Nebraska, Texas and in California (through its affiliate AltCap CA).

Since 2008, Mr. Alonso has led AltCap, initially focusing on its participation in the NMTC Program. He assisted the organization secure $213 million in allocation from the CDFI Fund which has resulted in over $250 million in impact investments in Missouri and Kansas since 2010. These investments range from a LEED Platinum manufacturing facility to a repurposed school building which is now home to a co-working space for small businesses. After AltCap became certified as a CDFI in 2016 and SBA microlender in 2017, Mr. Alonso led the development of its small business and microloan products – helping entrepreneurs and small businesses underserved and overlooked by traditional financial institutions access over $50 million in fair, flexible capital. From 2020 – 2022, Mr. Alonso led a civic and corporate capital raising effort to create a small business relief and recovery loan fund as well as stood up a Paycheck Protection Program loan operation which combined provided over $13 million in critical financing to small businesses impacted by the economic disruption caused by COVID-19. Starting in 2023 Ruben spearheaded the launch of a new revenue-based financing loan product for small businesses which is being supported by a $5 million PRI by the Ewing Marion Kauffman Foundation. Mr. Alonso continues to lead AltCap's growth and expansion, having reached over $40 million in assets in 2024.

In addition to his role at AltCap, Mr. Alonso launched and sits on the board of directors of the Community Capital Fund, a 501c3 AltCap created in 2011 to support neighborhood capacity building in the Kansas City Metro. Mr. Alonso is a Class B member of the Board of Directors of the Federal Reserve Bank of Kansas City and also serves on the Board of Directors of the Community Reinvestment Fund, USA (CRF) which is a leading, national CDFI that strengthens communities through innovative financial solutions.
Mr. Alonso is also an adjunct professor at University of Missouri-Kansas City’s Department of Architecture, Urban Planning and Design where he teaches a course in urban redevelopment.

James Carras

Bringing the Deal Together: Case Studies & Innovative Tax Credit Use
Wednesday, February 25, 4:10 - 4:55 PM

Principal
Carras Community Investment, Inc.

James Carras is a Lecturer at Harvard University, where he has taught for the past 11 years at the Harvard Kennedy School, the Graduate School of Design, and the Harvard Extension School, focusing on urban policy, equitable development finance, and community economic development. He previously served as a Fellow at Harvard’s Advanced Leadership Initiative and is currently an Affiliated Faculty member at the Bloomberg Center for Cities at Harvard University.

For more than 30 years, James has advised mission-driven organizations, government agencies, financial institutions, and developers on capital access strategies and community development finance. Through his firm, Carras Community Investment, Inc., he has helped create and capitalize over fifty community development corporations (CDCs), community development financial institutions (CDFIs), and public–private partnership initiatives nationwide. His current advisory work centers on expanding capital access for community and economic development, including strategic deployment of New Markets Tax Credits, Opportunity Zones, CDFI Fund programs, and Community Reinvestment Act resources.

James is the author of numerous studies on affordable housing, equitable development, and revitalization. He previously served as Founding Executive Director of the National Association of Affordable Housing Lenders, Founding President of the Broward Housing Partnership and the South Florida Community Land Trust, Community Development Advisor to the Mayor of Boston, and Executive Director of the Massachusetts Urban Reinvestment Advisory Group, where he was awarded the John Hay Whitney Fellowship. He is widely recognized as a national expert in development finance and capital ecosystem design.

Ben Fry

Historic Preservation Tax Incentive Program
Wednesday, February 25, 2:35 - 3:05 PM

Principal
Novogradac & Company LLP

Ben Fry is a Principal in the Dover, Ohio office of Novogradac & Company LLP.  Fry specializes in historic rehabilitation tax credits (HTCs) and new markets tax credits (NMTCs).   His experience includes structuring complex financing for real estate developments using HTCs, NMTCs and other federal, state and local tax credits and incentives.  Fry has extensive experience in preparing financial forecasts for HTC and NMTC projects. He also provides cost certifications, traditional financial statement audit and tax services. 

Savannah Jermance

State Tax Credit Programs for Economic Development
Wednesday, February 25, 3:15 - 4:10 PM

Director, Credits and Incentives Consulting
Ryan LLC

Savannah Jermance is the Director of Business Incentives & Site Selection with Ryan, LLC, based in Albuquerque, New Mexico.

Mrs. Jermance is both a Certified Credits and Incentives Professional (CCIP) and a Certified Economic Developer (CeCD), providing a unique cross-perspective for each profession. She has extensive experience at the state and local levels of economic development, as well as in managing business incentive and site selection projects across a diverse range of industries.

In addition to serving multiple times as an appointee for the Institute for Professionals in Taxation (IPT) and the International Economic Development Council (IEDC), Mrs. Jermance is affiliated with the IPT and Commercial Real Estate Women (CREW). Within CREW, she has contributed to the Corporate Real Estate Council and served on the Communications and Editorial Committee.

Mrs. Jermance holds a Master’s in Business Administration from the University of New Mexico - Anderson School of Management and a Bachelor of Science in Biology from the University of New Mexico.

Jonathan Maakestad

Low-Income Housing Tax Credit Program
Wednesday, February 25, 1:25 - 2:35 PM

Partner
CohnReznick

Jonathan Maakestad is a Partner in CohnReznick’s Baltimore tax practice with over fourteen years of experience in public accounting, including spending over a year and a half of experience in CohnReznick’s Project Finance & Consulting practice. As a member of the firm’s Affordable Housing Real Estate practice, he works directly with developers, Community Development Entities and tax credit syndicators on a regular basis. His expertise includes tax-incentivized projects that have been allocated federal and state Low-Income Housing Tax Credits, Historic Rehabilitation Tax Credits and New Markets Tax Credits.

Jonathan is responsible for working with smaller clients, as well as various large volume clients to plan, review and oversee tax engagements, as well as identifying and resolving tax issues. Services provided to his clients include tax planning and compliance, consulting, and projections for partnerships, corporations and high net-worth individuals, as well as providing guidance to clients throughout the tax credit process.

Jaime Reichardt

State Tax Credit Programs for Economic Development
Wednesday, February 25, 3:15 - 4:10 PM

Partner
CohnReznick LLP

Jaime Reichardt is an experienced state and local (SALT) attorney and advisor with extensive leadership and multi-state tax experience. A recognized industry thought leader, he provides strategic counsel and insight to clients and colleagues on a wide range of state and local tax matters.

Tony Smith

New Markets Tax Credit Program
Wednesday, February 25, 12:05 - 1:15 PM

Partner & Executive Vice President
SB Friedman Development Advisors

Tony is a Partner and Executive Vice President at SB Friedman Development Advisors, LLC, a leading development finance consulting firm based in Chicago. Tony leads SB Friedman’s community and economic development finance practice, providing technical support and strategic guidance to clients seeking to implement challenging mission-driven development projects that serve disadvantaged communities.

He has expertise in a range of financing tools including New Markets Tax Credit (NMTC), Tax Increment Financing (TIF), Opportunity Zones, Low-Income Housing Tax Credits, and others. He has assisted with underwriting and structuring of over $2.5 billion in financing, resulting in over $5 billion of project investment. He is registered with the SEC as a Series 50 and Series 54-qualified Municipal Advisor Principal. Tony holds both a Bachelor of Arts (Magna Cum Laude) and a Master’s degree from the University of Pennsylvania. He also serves on the LISC Chicago Board of Advisors, and has been recognized by Crains Chicago Business as a Notable Leader in Community Development.

Jong Sook Nee

Introduction to Tax Credits
Wednesday, February 25, 11:10 - 12:05 PM

Member
Convergent Law

Jong Sook has developed her practice in various fields, including commercial lending and banking, tax credits, public finance, tax exemptions, governmental law, commercial leasing, housing, land use and public private partnerships. These disciplines have allowed her to develop a comprehensive understanding of development finance from multiple perspectives. In addition, she has served two state governors offering policy and legal advice on state issues affecting all aspects of life, including affordable housing, universal healthcare, statewide planning and economic development incentives. Using her past experience in state government and working with local governments, Ms. Nee can provide a balanced insight into governmental policies and procedures.

Ms. Nee combines her years of experience to hone a practice that can creatively address the many issues that impact development across the spectrum, from land use approvals to federal tax credit financings. Since no two projects are alike, no two solutions have to be. Ms. Nee has developed expertise in the fields of redevelopment and real estate finance which has provided her with an insight into comprehensive development financial planning. From modest commercial loan closings to complex tax credit take-out financing with multiple lenders, Convergent Law can structure a solution. Ms. Nee works closely with the tax team to structure holistic financial frameworks that service the immediate financial needs, as well as any future tax or financing interests that could be impacted. Ms. Nee takes a holistic and proactive approach to client projects to help ensure the success of all projects, large and small.

Alex Stekler

Low-Income Housing Tax Credit Program
Wednesday, February 25, 1:25 - 2:35 PM

Vice President
KeyBanc Capital Markets

Alex is a Vice President in KeyBanc Capital Markets’ Public Finance Investment Banking Group in Cleveland, Ohio. Alex has focused on affordable housing bond underwriting since joining the group in 2017 and has closed over 80 sole or senior managed affordable housing transactions, primarily focusing on LIHTC and Workforce solutions for developers and public housing authorities.

Alex graduated from Bates College with honors in May 2017 with a degree in Economics and was the two-time captain of the Varsity Golf Team.