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Our Team: Historic Tax Credits

Our Team: Historic Tax Credits

Helping restore architecturally significant properties and revitalizing communities.

As of June 30, 2013, our Historic Tax Credit (HTC) team has invested more than $1.1 billion through federal and state HTC programs. We work closely with developers, local governments and mission-based community development efforts to preserve and rehabilitate historic properties, breathe new economic life into inner cities and leverage the full value of the HTC program with other tax credit programs to fill critical financing gaps.


Matt Philpott Director of New Markets, Historic, and Renewable Energy Tax Credit Investments

Matt Philpott
Director of New Markets, Historic, and Renewable Energy Tax Credit Investments

Matt Philpott manages the New Markets Tax Credit (NMTC), HTC and Renewable Energy Tax Credit (RETC) production staff. He oversees the origination, underwriting and approval of all investments, as well as the evaluation of the impacts those investments have on communities. Prior to joining USBCDC in 2005, Matt had more than a decade of construction management and real-estate development experience. He holds an MS from the University of California-Davis and a BA from Wesleyan University.


Maria Bustria-Glickman Business Development (West) AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY

Maria Bustria-Glickman
Business Development (West)
AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY

Maria Bustria-Glickman manages NMTC and HTC origination activities throughout the Western region of the United States. She has over 13 years of combined experience in finance, affordable housing and management consulting in the private and nonprofit sectors. Since joining USBCDC in 2007, Maria has participated in tax credit transactions that have included mixed-use, commercial, office, hospitality, retail and community facilities. Earlier in her career, she worked for Seedco, a community development intermediary, and JP Morgan. She’s interested in experiences that blend economic gains with positive social and community impacts. Maria serves on the Board of Endeavor College Prep, a charter middle school, and Abode Communities, and sits on the Low Income Investment Fund Western Region Advisory Committee. She holds a Master of Public Policy and Administration from the School of International and Public Affairs at Columbia University and a BS in finance and accounting from Boston College.


Tim Karp Business Development (West) AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY

Tim Karp
Business Development (West)
AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY

Tim Karp joined USBCDC in early 2010 and works on NMTC and HTC origination in the Western region of the United States. He has worked on a variety of tax credit investments, ranging from museums and operating businesses to community centers and mixed-use facilities. He has seven years of finance and real estate development experience that focused on the acquisition, development, asset management and disposition of large office, industrial and mixed-use projects totaling over $1 billion. He has also worked for a certified Community Development Entity and helped write a successful NMTC application in 2009. Tim holds a BA in economics and German from Claremont McKenna College, where he was also a three-year letterman in baseball.


Steve Kramer Business Development (Central) AR, IA, IL, IN, KS, KY, MI, MN, MO, ND, NE, OH, OK, SD, TX, WI

Steve Kramer
Business Development (Central)
AR, IA, IL, IN, KS, KY, MI, MN, MO, ND, NE, OH, OK, SD, TX, WI

Steve Kramer has served in several capacities for USBCDC. He currently originates business and structures transactions for the NMTC and HTC team. Earlier, as head of our NMTC and HTC project management staff, he oversaw a team that underwrote and closed more than 300 investments. Steve began his career with us in 2001 as an originator, underwriter and closer of Low-Income Housing Tax Credit (LIHTC) investments. Prior to joining USBCDC, he was a project manager for St. Louis Development Corporation and a finance manager for the Chicago Housing Authority. He has originated and underwritten over 400 properties valued at more than $2.4 billion. Nearly all of these properties were located in low-income communities. Steve holds an MBA from Loyola University-Chicago and a BS in business administration from Saint Louis University.


Tom Oldenburg Business Development (Central) AR, IA, IL, IN, KS, KY, MI, MN, MO, ND, NE, OH, OK, SD, TX, WI

Tom Oldenburg
Business Development (Central)
AR, IA, IL, IN, KS, KY, MI, MN, MO, ND, NE, OH, OK, SD, TX, WI

Tom Oldenburg is responsible for originating and structuring NMTC and HTC investments located in markets throughout the central United States. Tom joined USBCDC in 2007 and has supported in closing of more than 100 transactions, helping to invest more than $300 million of tax credit equity in projects across the Midwest. Tom has also worked in USBCDC’s LIHTC group, serving as an asset manager of an affordable housing investment portfolio. Prior to joining USBCDC, he worked for a real estate finance and land development consulting firm in New York. Tom holds an MA in Urban Planning and Real Estate Development from Saint Louis University and BAs in Business Administration and Political Science from Loras College, Dubuque, Iowa. He’s a member of the Urban Land Institute and serves on the board of directors for the International Institute of St. Louis.


Laura Vowell Business Development (East) AL, CT, DC, DE, FL, GA, LA, MA, MD, ME, MS, NC, NH, NJ, NY, PA, RI, SC, TN, VA, VT, WV

Laura Vowell
Business Development (East)
AL, CT, DC, DE, FL, GA, LA, MA, MD, ME, MS, NC, NH, NJ, NY, PA, RI, SC, TN, VA, VT, WV

Laura Vowell manages NMTC and HTC origination activities throughout the East Coast and Southeast. She joined USBCDC in 2005 and has been instrumental in originating and closing more than $900 million in tax credit investments for more than 200 projects, including food banks, performing arts centers, grocery stores and office space. Prior to joining USBCDC, Laura worked in private real estate development and managed aspects of four redevelopment projects simultaneously. She began her career in the Washington, DC area as a transportation engineer and currently serves as treasurer of the DC Preservation League. Laura holds an MBA from the Anderson School of Business at University of California–Los Angeles and a BS in civil engineering from Rensselaer Polytechnic Institute.


Jennifer Westerbeck Business Development (East) AL, CT, DC, DE, FL, GA, LA, MA, MD, ME, MS, NC, NH, NJ, NY, PA, RI, SC, TN, VA, VT, WV

Jennifer Westerbeck
Business Development (East)
AL, CT, DC, DE, FL, GA, LA, MA, MD, ME, MS, NC, NH, NJ, NY, PA, RI, SC, TN, VA, VT, WV

Jennifer Westerbeck was hired in August 2006 to open our Washington, DC office and help expand activities in the East Coast and Gulf Opportunity Zone. Prior to joining USBCDC, she was the director of New Markets Strategies at the National Trust Community Investment Corporation. Jennifer also spent eight years with the Community Development Financial Institutions Fund of the Department of the Treasury, three of which were spent working almost exclusively with the NMTC program to develop policies and procedures and review NMTC allocation and Community Development Entity certification applications. She holds an MBA from George Washington University and a BA in international relations and business administration from William Jewell College.


Tracey Gunn Lowell Business Development (State NMTC Programs)

Tracey Gunn Lowell
Business Development (State NMTC Programs)

Tracey Gunn Lowell has served in several capacities for USBCDC since joining our team in 2005. She currently originates state NMTC investments. Most recently, she was responsible for sourcing RETC investment opportunities for two years. Tracey has previously originated and closed federal tax credit syndications with investors nationally, including banks, insurance companies and large corporations, and has also structured and closed over 50 investments as part of our NMTC and HTC divisions. Prior to joining USBCDC, Tracey worked in the strategy and operations group at Deloitte Consulting, primarily with health care clients. She majored in economics, political science and business at Washington University–St. Louis and graduated first in her class.


Elissa Schauman Director of Project Management

Elissa Schauman
Director of Project Management

Elissa Schauman is responsible for overseeing the underwriting and closing team that specializes in NMTC and HTC investments. She’s been with USBCDC since 2008 and has worked in the tax credit industry since 2006. In her career at USBCDC, she has been responsible for closing over 60 transactions, investing more than $250 million of tax credit equity in support of businesses and real estate developments across the country. Prior to joining USBCDC she worked as an attorney in tax credit transactions, real estate development, general corporate representation and securities law. Elissa holds a JD from Vanderbilt University and a BA from Washington University in St. Louis.


Nicole Blumner USBCDE Management Senior Project Management

Nicole Blumner
USBCDE Management
Assistant Director of Project Management

Nicole Blumner serves as assistant director of project management on our NMTC and HTC production team, where she underwrites and structures investments. She also acts as manager for USBCDC’s Community Development Entity USBCDE, a six-time award winning NMTC allocatee that finances real estate developments and businesses that will generate immediate and long term economic and social benefits to the community. As USBCDE manager, Nicole works closely with the director of NMTC and HTC investments and our business development team to pair USBCDE allocation authority with projects across the country. Nicole joined USBCDC in 2009 and has over 10 years of community development experience involving over $700 million of investments in her work for McCormack Baron (a national developer of affordable housing) and Forest City Ratner (a New York-based developer of commercial and mixed-use projects).


Chimeka Gladney Assistant Director Project Management

Chimeka Gladney
Assistant Director of Project Management


Heather Buethe Project Management

Heather Buethe
Project Management


Joe Hennessee Project Management

Joe Hennessee
Project Management


Shanna Kennedy Project Management

Shanna Kennedy
Project Management


David Kilper Project Management

David Kilper
Project Management


Tina Lin Project Management

Tina Lin
Project Management


Kate McAnnar Project Management

Kate McAnnar
Project Management


Alison Paige Project Management

Alison Paige
Project Management


Neal Richardson Project Management

Neal Richardson
Project Management


Emily Rose Project Management

Emily Rose
Project Management


Jack Sheehan Project Management

Jack Sheehan
Project Management


Jen Sieve Project Management

Jen Sieve
Project Management


Alex Silversmith Project Management

Alex Silversmith
Project Management


Kevin Thompson Project Management

Kevin Thompson
Project Management

The Basics of HTCs

HTCs help restore historic buildings, create jobs and revitalize communities. Here’s how they work.

Dedicated Asset Managers

Our experienced asset management team works closely with developers to help ensure the long-term success of historic renovation projects.

Portfolio Highlights

We have a strong track record of investing in the rehabilitation and adaptive reuse of historic properties across the country.

Equal Housing Lender Equal Housing Lender

U.S. Bank and its representatives do not provide tax or legal advice. Each tax and financial situation is unique. Consult your tax and/or legal advisor for advice and information concerning a particular situation.

U.S. Bank is not responsible for and does not guarantee the products, services or performance of its affiliates and third parties.

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