Joe Summers

Mr. Summers is highly regarded in the real estate industry with more than 30 years of financial consulting and capital placement experience. As Director of Investment Services, and leader of Cross Street Partners tax and finance team, Joe directs all investment planning and tax projections for all entities of the company. He negotiates terms, operating and other agreements with Federal and State Tax Credit investors, maintaining tax credit investor relationships and current market knowledge of terms.

As the Finance Director he has extensive experience working with project teams including construction, development professionals, government organizations, and marketing professionals from initial planning through phases of acquisition, financing, construction and development, closeout. He also has worked to prepare permanent financing and analyze budgets, cash flow projections, returns to investors (including tax credit investors).

Mr. Summers provides guidance to debt and equity providers and Direction on Tax Increment Financing (TIF), and works with lenders and investors to identify investments for available capital resources and determines investment potential. He secures financing for new investments – combining public and private sources that enable the company to undertake investments in distressed markets that often transform communities but do not provide initial returns required by traditional financing sources.

Mr. Summers is also Vice President for Urban Action Community Development (UACD), a national Community Development Entity (CDE) and affiliate of Cross Street Partners, where he directs the financial services and support for low-income communities where the neighborhood vision for economic transformation was stymied on a lack of access to adequately priced capital. Mr. Summers’ efforts with UACD predominantly focus on funding mixed-use developments that would otherwise have an insurmountable financing gap without the aid of New Markets Tax Credit (NMTC) enhancement. Mr. Summers directs UACD’s business plan with the intention to provide a mix of low-cost, flexible equity and low-interest subordinate debt with equity-like features to the mixed-use urban redevelopment projects, minimizing required cash outlays and enhancing both the project’s overall viability and its ability to provide financial incentives to prospective tenants. To date, UACD has been awarded $388MM in cumulative federal NMTC allocation authority over nine rounds. UACD has raised $354MM in Qualified Equity Investments (“QEIs”)s from various investors, of which $350MM has been structured as flexible loans to 46 projects across the country. UACD has also deployed $51.32MM in various state NMTC allocation to 12 projects in Florida, Kentucky, Illinois, and Nevada.

Through his capacity at UACD, Mr. Summers is also the Director of Tax for American Communities Trust (ACT) the non-profit affiliate of UACD. ACT focuses its efforts on providing support for community and school partnerships in low income communities.