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Advisors

Stephen W. Holden, Partner

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573-624-8901 xt 117

Steve Holden graduated from the University of Kansas with a Juris Doctorate in 1975 and entered the private practice of law with an emphasis on commercial real estate specializing in long-term health care properties, and affordable housing developments. Holden, as Developer’s Counsel, has closed in excess of Two Billion Dollars in affordable housing including USDA-RD, HUD, and State HOME agencies in the Midwest including Missouri, Illinois, Indiana, Tennessee, Kentucky, Arkansas, Mississippi, Kansas, Oklahoma and Texas. In 1992, Holden acted as Developer’s counsel for Longview Housing, Longview, Texas which completed and opened the first affordable housing rehabilitation in the nation with the use of Home funds.

Since the 1986 Tax Code Amendment, Holden has acted as Developer and Lender’s counsel in dozens of syndicated developments. Thirty years handling all aspects of affordable housing has given Holden the experience needed to identify and select the very best developers in the Midwest as well as the capacity to analyze the underwriting of each development. The structure for the investment is intended to provide the maximum assurance to the Investor by providing personal guarantees from the Developers and providing the compliance reporting which the Investors may not have in-house.


Matthew Mills, Partner

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573-624-8901 xt 104

Matt Mills graduated from The University of Mississippi in 2001 with a Bachelor degree in Business Administration. Since his graduation, Mills served as Vice President of First National Bank of Malden, Missouri for two years. In 2003 Mills was employed as Senior Housing Coordinator over thirteen States and 9800 units of affordable housing. He was promoted and served as Chief Financial Officer of The MACO Companies from 2006 to 2009. The MACO Companies specialize in LIH Tax Credit Developments and the acquisition of Single Tenant Commercial Assets, with an emphasis on the United States Postal Service. During Mills tenure the company expanded its commercial portfolio in the DolGen Corporation and franchised hotels. As CFO, Mills helped grow The MACO Companies net earnings after taxes by over 50% and increased the Asset Base of the companies by over 70%.

Since leaving The MACO Companies, Mills has personally amassed a single tenant, net leased asset portfolio exceeding $100,000,000. Mills also owns 50% of PB Brokerage, LLC, a single tenant, net leased focused Real Estate Brokerage Company. PB Brokerage has successfully brokered in excess of $100,000,000 in addition to his current portfolio. Both PB and Mills concentrate on net leased assets with lease terms in excess of 8 years with an average lease term of 11.5 years with no tenant having a credit rating below Investment Grade.


Pete Ramsel, Consultant

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816-390-6911

As a specialist in developer coordination and recruitment, Pete brings valuable experience to CRA. Pete’s extensive experience started as chief underwriter of HUD-insured multifamily loans and grew quickly to the development of apartment units, shopping centers, office buildings and single family subdivisions. Before joining the team at HRM, Pete had spent his last 15 years with Missouri Housing Development Commission (MHDC), having served from Chief Underwriter to Executive Director (2005-2007 Acting Director).   The following were just a few of his responsibilities throughout his tenure at MHDC:

  • Developed a successful proposal in response to HUD’s Request for Proposals to purchase HUD notes secured by $40,000,000 in mortgages. MHDC has completely rehabilitated all properties and has collected in excess of $18,000,000 from these notes.   Included in his responsibilities in this process, were all inspections, all negotiations, all underwriting and all costs associated with the rehabilitation of said portfolio
  • Developed Tax Exempt Bond, 4% Housing Tax Credit and Risk Share programs
  • Rental Production and Preservation (Federal and State Housing Credits, HOME, Fund Balance, Trust Fund, Tax Exempt Bonds, AHAP Credits, Risk Share)
  • Single Family Production—MHDC First Place Program (first time home buyer program)
  • Asset Management (Property management, Inspections, Compliance, HUD contract administration)
  • Preservation (developing, nurturing and implementing preservation effort with HUD, Rural Development and OMHAR)
  • Advised Commissioners of current federal, state and local rules and statutes or proposed legislation affecting housing and the operation of the MHDC
  • Analyzed housing development proposals to determine their compliance to federal, state and MHDC regulatory and program guidelines
  • Developed and implemented strategic and financial planning
  • Evaluated and discussed senior management recommendations for program involvement, proposed production of housing units and administration of tax credits.

Debra L. Giffin, Consultant

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636-527-2003

As a consultant, Debra is responsible for providing the asset management oversight and reporting to the Investor. Debra was recruited by the Executive Director of Missouri Housing Development Commission (MHDC) to become its Director of Asset Management in 2001 and resigned in 2009 to form her own asset management consulting firm. Prior to her recruitment by MHDC, she had 10 years experience working for private developers in Columbia and Springfield, Missouri. Her responsibilities evolved into procurement and development, risk management, financial management, physical needs assessment, building disposition, and compliance monitoring of various federal and state affordable housing programs.

At Missouri Housing Development Commission her responsibilities included:

  • Managed a staff of 50 housing professionals
  • Directed the housing risk assessment process associated with the physical and fiscal condition and overall management of the agency loan portfolio
  • Initiated servicing workout plans and/or building dispositions and processed through resolution
  • Directed the successful administration of 320 HUD Section 8 contracts (25,000 units)
  • Directed the successful administration of 2,000 LIHTC properties (75,000 units)
  • Developed and published technical assistance manuals
  • Performed housing feasibility studies
  • Performed strategic planning
  • Developed business improvement plans
  • Fostered effective partnerships with various federal and state housing finance agencies to include the US Department of HUD and USDA Rural Development

Natalie D. Riley, Legal Counsel

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(573) 624-8901 xt 110

Natalie Riley is the sole shareholder of Holden Law Office, P.C. in Dexter, Missouri. Her 12 years of practice has been with emphasis on commercial real estate, business organization and affordable housing development and finance. Riley was admitted to the Missouri bar in 2001 and is also admitted to practice before the U.S. District Court, Eastern District of Missouri. Riley is a graduate of the University of Missouri-Columbia (B.A., 1998; J.D., 2001). Riley served as the Managing Editor for the Missouri Law Review from 2000 to 2001.

Riley has participated in transfer and acquisition of affordable housing projects in Missouri, Mississippi, Illinois, Tennessee, Kansas, Nebraska, Arkansas, Louisiana and other states; and has worked with various local, state and federal agencies including Rural Development, Housing and Urban Development and multiple state finance agencies. In 2003, Riley closed the first multi-asset Mark-to-Market transaction in Missouri consisting of ten projects and has been the lead attorney in several individual and multi-project closings since.


Tyler Ramsey, Legal Counsel

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(573) 624-8901 xt 107

Tyler R. Ramsey is an associate at Holden Law Office, P.C., of Dexter, Missouri, where his practice includes representing developers of Federal and state low-income housing tax credit projects, USDA-Rural Development project transfers and general partner transfers, real estate law, general business law, business entity planning and formation, and general civil law.  Mr. Ramsey works with developers and investors in affordable housing tax credit projects and has closed LIHTC projects in Missouri, Illinois, Tennessee, Mississippi, Arkansas, and Kansas. Mr. Ramsey received his Bachelor’s degree in Agriculture Economics from the University of Missouri – Columbia, and J.D. degree from University of Missouri-Kansas City School of Law.  Mr. Ramsey has previously worked at the Missouri Department of Agriculture and externed at the Environmental Protection Agency.

Mr. Ramsey is married to Cacie Ramsey and they reside in Dexter with their daughter, Isabel.


Ashley Mayer, Legal Counsel

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(573) 624-8901

Ashley Mayer practices law with Holden Law Office, P.C. in Dexter, Missouri with a focus on corporate, financial and real estate services.  Mayer began practicing law in 2011 as an associate attorney with Armstrong Teasdale in St. Louis, Missouri.  She counsels clients on matters that include general business organizations law, mezzanine financing, and the purchase, sale, leasing, financing and development of real estate.  Her practice concentrates on affordable and market rate multifamily housing, hotels, and triple-net leased retail facilities.  

Mayer was admitted to the Missouri bar in 2011, is registered to practice before the U.S. Patent and Trademark Office, and is a graduate of the University of Missouri-Columbia (B.A., 2008; J.D., 2011).  

Ashley is married to Dustin Mayer and they reside in Dexter with their daughter, Lillian. Ashley serves on the Board of Directors for the Keller Public Library and is a member of the local National Wild Turkey Federation chapter.  She is a member of the First Baptist Church of Dexter.


Gail Kamp, Legal Counsel

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573-624-8901 xt 127

Gail Kamp, CPA, graduated from Southeast Missouri State University with a Bachelor of Science degree in Business Administration with a major in accounting. She began her career working for a CPA firm and has 30 years of experience in public accounting. Her experience includes tax preparation, auditing and accounting services. Prior to joining CRA, she was the Director of Accounting at a not-for-profit agency for 5 years. Gail is responsible for preparing models and proformas to determine the maximum return on investment in an affordable housing project. The housing project tax returns are reviewed by her to monitor compliance and the financial performance of the property. Her duties also include performing and reviewing the accounting records of CRA and the partnerships in which it is involved.


Leslie K. Sha, Legal Counsel

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816-569-5840

Leslie Sha is the sole member of Leslie Sha Law Office LLC, of Kansas City, Missouri, where his practice includes planning and syndication of Federal and state historic rehabilitation, low-income housing and renewable energy investment tax credit projects, real estate development, general business law, business entity planning and formation, and partnership and corporate income tax planning.  Sha formerly practiced with White Goss Bowers March Schulte and Weisenfels, a Professional Corporation.  Sha has worked with developers and investors in affordable housing tax credit projects for over twenty-five years and has been involved in drafting and passage of state low-income housing tax credit statutes in Missouri and other Midwestern states.  Sha received Bachelor’s and Master’s degrees from the University of Iowa, and both J.D. degree and an LL.M. degree in Taxation from the University of Missouri-Kansas City School of Law.  Sha has written and published on the subject of state low-income housing tax credits, and has presented programs and seminars on small business operations and finance, state tax credit qualification and syndication, taxation of partnerships and limited liability companies and legal, financial and income tax considerations in choice of business entity.