This month, the Novogradac Journal of Tax Credit profiled younger leaders and rising stars in the community development space, including NTCIC’s Amanda Bloomberg. Joining the company in 2017, Amanda has managed acquisitions and underwriting efforts for Historic Tax Credit (HTC) and New Markets Tax Credit (NMTC) investments and has facilitated nearly $1 billion in equity. Take a look at what Amanda had to say about her journey through the community development and tax credit finance world.
Rising Stars: Novogradac Spotlights Younger Leaders in Community Development
Nick Decicco, Brad Stanhope, Novogradac
“I can’t say when I was a little girl that I always wanted to work in tax credits,” said Amanda Bloomberg with a laugh.
The daughter of a dairy farmer, Bloomberg, 36, acquisitions manager with tax credit syndicator and community development entity the National Trust Community Investment Corporation (NTCIC), grew up watching her father apply knowledge that later became implements in her own toolbelt such as risk mitigation, market assessment and problem solving. NTCIC is a tax credit syndicator, including historic tax credits (HTC), one of Bloomberg’s specialties.
Lessons gleaned from her dad also taught her to be flexible, which came in handy when Bloomberg joined AEGON USA Realty Advisors in December 2008 amid the Great Recession. After notching a double major in finance and real estate at the University of Northern Iowa, Bloomberg said she started in LIHTCs, saw a handful of HTC deals, and was perplexed and intrigued by the lease pass-through structure. “Being entrenched in the LIHTC space early in my career provided the stepping stones to my current involvement with complex financing structures that include HTCs, which are oftentimes twinned with new markets tax credits,” Bloomberg said.
One of Bloomberg’s favorite aspects of her work with NTCIC is to see the transformation and revitalization of buildings–and communities, by extension– firsthand. “Going to the sites and seeing the before and after is always incredible,” Bloomberg said. “Seeing a developer’s vision come to life, hearing the stories of how the project came to be and seeing its impact on the surrounding communities is one of the best parts of this job.”
During a recent visit and tour of what was once a manufacturing factory turned workforce development training facility in Buffalo, New York, Bloomberg’s tour guide described the generations of their family members who were once employees of the factory and how new generations of families are gaining valuable training within the same halls.
“NTCIC is such a juggernaut in tax credit syndication and Amanda’s contributions there are no small part of that.”
Bloomberg mentioned another tour experience at a tobacco factory that was converted to a nonprofit recovery center offering substance abuse services for women. “That was an incredible and heartwarming project to be part of and there are several more just like that,” Bloomberg said.
When she’s working to put together transactions, Bloomberg said she’s motivated by closing day. “Some of these deals have a life of their own, from when we first hear or learn about a project, and can take months, sometimes years–let’s be honest–of hard work,” Bloomberg said. “There’s no better feeling than when the email-and-call frenzy leading up to closing day slows down and transitions to congratulatory emails and you know all that hard work is behind you. But it’s also just the beginning of a true partnership to get the project complete and operating.”
Bloomberg celebrates the success of that hard work with other members of NTCIC’s acquisitions and project management team, which includes its leader, Kandi Jackson. Jackson said Bloomberg’s passion for historic preservation shows through in her work.
“Amanda is an instrumental member of NTCIC’s acquisitions team,” Jackson said. “I value her ability to evaluate projects in the predevelopment stage, provide practical advice to developers, problem solve and strategize to deliver quality investment opportunities.”
Bloomberg, who joined NTCIC in 2017 months before that year’s seismic tax reform legislation, has participated in projects tallying nearly $900 million worth of total development costs. “This industry keeps us on our toes,” Bloomberg said. “Every deal is unique and a learning opportunity. The HTC has evolved over the years and being a part of an organization that takes a very active role in advocating for enhancements and improvements to the credit while staying abreast of the market to educate industry stakeholders is important.”
When it comes to helping the industry grow, improve and evolve, Tom Boccia, a partner in Novogradac’s Cleveland office, said Bloomberg and NTCIC are well-positioned to do just that.
“Amanda’s passion in the historic tax credit space is easy to see. It shows in her work,” Boccia said. “NTCIC is such a juggernaut in tax credit syndication and Amanda’s contributions there are no small part of that.”
Click below to read the full article and profiles of the rising stars of community development.