Terri Preston, principal with Baker Tilly Virchow Krause, LLP, has been with the firm since 2001. Terri is a principal on the transactions team. She has worked in the commercial and real estate finance industry since 1987. Terri has been a primary author in the writing of the New Markets Tax Credit (NMTC) applications with which Baker Tilly has been involved and leads its asset management and impact assessment teams. She has underwritten and participated in the closing of multiple NMTC and Low-Income Housing Tax Credits (LIHTC) transactions.
In addition to working as part of a team that constructed the compliance software now in use by the State of Wisconsin to monitor Section 42 housing, Terri has worked directly on other compliance-related programs. She worked with the IRS in developing the compliance guide for Section 42 of the Internal Revenue Code.
Terri also worked with the CDFI Fund relative to specific issues such as duplication of project reporting in CIIS (the Community Investment Impact System). She was also the founder and a primary participant of the Community Impact Working Group, an industry working group hosted by Baker Tilly, which focused on developing best practices in the measurement of community impact both pre- and post-project funding.
She is a member of numerous national boards focused on economic and housing development. Utilizing this experience, Terri and other staff at Baker Tilly work closely with Baker Tilly’s NMTC and affordable housing (as it may apply) clients to develop business strategy, underwrite and place allocation, develop and implement impact assessment and compliance systems, and conduct client and project audits.
- NMTC specialist, providing training, initial CDE set-up support, underwriting support, application and financial product review, and compliance and impact consulting
- Leads nationwide tax credit consulting team focusing on strategic portfolio and compliance planning, subsidized housing preservation and repositioning, greenfield construction, elderly services, and adaptive/historic re-use
- Manages a portfolio of NMTC industry clients relative to application, placement, impact assessment, compliance, and unwind of investments
- Leads team of economic development professionals providing support for municipalities in developing and extrapolating strategic growth plans, impact analysis, and access to resources to support these efforts
- Provides litigation support services to communities, developers, and investors as needed based on experience in the affordable housing industry
- Acts as primary liaison at state and national levels; develops marketing and product tools, policy, and procedures as required
- Has published articles and provided presentations at state, regional, and national forums, all related to affordable housing and/or economic development
- Currently serves on local, state, and national boards/initiatives in affordable housing including as Chair Emeritus of the National Leased Housing Association
- Provided leadership for Wisconsin’s participation in the development of the Section 42 noncompliance manual with the IRS; worked at national level on the development of the PAE contract and working policies for the Multifamily Assisted Housing Reform and Affordable Act of 1997 (MAHRAA) program
- National Leased Housing Association (NLHA), Chairman Emeritus
- New Markets Tax Credit Coalition, Board Member
- Institute for Responsible Housing Preservation, Board Member
- Affordable Housing Tax Credit Coalition, Member
- National Housing & Rehabilitation Association NMTC and Legislative Steering Committee(s) member
- Opportunity Finance Network, Ally member
- NLHA Education Scholarship Fund, President
- Valued Advisor Fund, Executive Director
- Business Valued Advisor Fund, Executive Director
- International Economic Development Council, Member
- Featured speaker for State and National Economic Development and Housing Conferences and Forums
- Published author in national and regional press on topics related to NMTC and affordable housing
University of Wisconsin–Madison
Master of Arts
University of Maryland–College Park
Housing and Community Development Executive Program
National Development Council–Economic Development Professional Certification
NAHB – Housing Credit Certified Professional