TCAM Executive Team

Jenny NetzerJenny Netzer

Chief Executive Officer

Jenny Netzer has been TCAM’s Chief Executive Officer since the Company’s inception. Ms. Netzer is responsible for setting direction for TCAM and working with clients to tailor services to meet their needs. Prior to joining TCAM, Ms. Netzer spent 21 years in the affordable housing and the renewable energy industries with MMA Financial and its predecessor organizations, Lend Lease Housing and Community Investing and Boston Financial. Ms. Netzer led the development of new business for MuniMae, leading the company’s entrance into the renewable energy business and expanding its affordable housing investment activities internationally. She also led the company’s affordable housing tax credit business, including capital-raising, investment, and asset management. Under her leadership, assets under management tripled to $6 billion and generated results for investors that consistently met or exceeded expectations over 19 years. In addition to managing and leading organizations and business development, Ms. Netzer has extensive hands-on experience in investment and asset management. She worked directly with institutional clients to structure affordable housing and renewable energy investments. As Director of Asset Management, she built the tax credit investment management function for Boston Financial in the early days of the program, and developed solutions for investor clients to resolve asset and portfolio problems as markets changed. Prior to joining Boston Financial in 1987, Ms. Netzer served as Deputy Budget Director for the Commonwealth of Massachusetts. She also worked at Yale University as Assistant Comptroller, and at the Massachusetts Department of Public Welfare as a budget analyst and Assistant Deputy Commissioner. She has a Master’s in Public Policy from Harvard’s Kennedy School of Government and an AB from Harvard College.


Jenny NetzerMartha Shults

Managing Director

Martha Shults is Managing Director and a member of TCAM’s senior management team. She joined TCAM at the Company’s inception. Ms. Shults is responsible for structuring and managing engagements to ensure client satisfaction. She participates in business development, oversees engagement set-up and provides services to tax credit guarantors in need of comprehensive portfolio and asset management oversight and analysis of troubled portfolios and properties, as well as traditional investment management of client portfolios. Prior to joining TCAM, Ms. Shults spent 17 years in the affordable housing and the renewable energy industries with MMA Financial and its predecessor organizations, Lend Lease Housing and Community Investing and Boston Financial. From 2006 through 2008, Ms. Shults was a member of MMA’s New Products division where she assisted with the acquisition, integration and expansion of the company’s renewable energy platform, with particular emphasis on equity placement and debt financing of solar transactions. Prior to that, Ms. Shults was a long-term member of MMA’s affordable housing business where she led the company’s guaranteed investment business and secondary market acquisition and resale initiatives. She has broad investment management experience and skills gained from serving in a variety of capacities over her career at MMA, including controller of tax credit funds, investor reporting, fund and asset management and investor database development. Early in her career, Ms. Shults was a Senior Auditor with Laventhol & Horwath with a specialty in real estate and a focus on affordable housing and tax credit partnerships. She received a BS in Business Administration from the University of Vermont and is a Certified Public Accountant in the Commonwealth of Massachusetts. Ms. Shults serves as Treasurer, and on the Executive Committee, of Friends of Boston’s Homeless.


Jenny NetzerTracy McDermott

Managing Director

Tracy McDermott is Managing Director and a member of TCAM’s senior management team. She joined the Company in November 2009. Ms. McDermott is responsible for coordinating the delivery of client services and reporting, including staffing and data systems. She is also responsible for evaluation of new business opportunities and establishing new engagements. Prior to joining TCAM, Ms. McDermott was a Senior Portfolio Manager at Boston Capital Corporation where she was responsible for the oversight of 21 tax credit funds. Her prior experience includes over 17 years in the affordable housing business, primarily with MMA Financial and its predecessor organizations, Lend Lease Housing and Community Investing and Boston Financial. She has broad investment management experience and skills gained from serving in a variety of capacities over her career at MMA including asset management, underwriting, fund management and portfolio management. While at MMA, from 2005 through 2008, Ms. McDermott led the development of business process redesign and efficiency solutions for a 230-person Affordable Housing Group, including both debt and equity platforms, and she created an efficient and user-friendly process for developers, investors and MMA Financial, leveraging technology and creating streamlined processes including a web-based pipeline system and due diligence tracking database. She also structured, underwrote and closed in excess of $250 million in tax credit equity financing and presented and closed 56 properties comprising nearly $305 million in tax credit equity financing in two single-investor, proprietary funds. Ms. McDermott received a BS in Mathematics and Economics from the University of New Hampshire. She serves as Secretary on the Board of the Women’s Institute for Housing and Economic Development.


Jenny NetzerAllen Feliz

Managing Director

Allen Feliz is Managing Director and a member of TCAM’s senior management team. He joined TCAM at the Company’s inception. Mr. Feliz is responsible for managing the Company’s engagements with for-profit and non-profit developers and public sector clients including state housing agencies and large housing authorities. Mr. Feliz has 12 years of experience in the affordable housing business. He leads TCAM’s consulting assignments and market research activities and provides analytical support for many of the Company’s asset management assignments and new business opportunities.  The engagements included asset management function consulting, underwriting, due diligence review and closing, debt and equity sourcing, market analysis and valuation, long-term viability analysis and operational and property management company reviews. He also co-managed the delivery of consulting services for 18 public sector clients including state housing agencies, housing authorities and local housing departments. Prior to TCAM, Mr. Feliz  worked in the Tax Credit Acquisitions department at MMA Financial where he helped to structure, price and close private equity investments in multifamily developments financed with Section 42 low-income housing tax credits in the Midwest and Mid-Atlantic markets. While at MMA, he co-managed the closing of over $150 million of equity financing in 17 developments and evaluated over 100 potential property acquisitions and led the closing of 13 of the selected prime acquisition targets totaling $134 million in investor equity. He also worked at Brown University as a Presidential Intern. Mr. Feliz is a Housing Credit Certified Professional (HCCP), and he obtained a Master of Public Administration from the Maxwell School of Citizenship and Public Affairs at Syracuse University and a BA from Brown University.