Throughout his 21 years in the field of affordable housing finance, David has a track record of designing and then implementing and closing innovative but rigorously sound financial transactions, including workouts, refinancings, resyndications, sales, preservation recapitalizations, prepayments, and debt restructurings. After working out 20 or more operationally troubled properties

in the mid-1970's, he was among the first to conceptualize and then to execute the business of resyndicating existing affordable housing from 1981-4, and completed resyndications on about 60 properties totaling $500 million in aggregate value. From 1988-91 he led the fight for owner's rights to just compensation under preservation, and during 1991-95 developed and then implemented the business of LIHPRHA recapitalizations. Recap Advisors became the nation's leading specialist in this field and closed more than 95 LIHPRHA transactions allowing owners to access more than $200 million in preservation equity.

David is recognized for providing objective, high-quality financial, programmatic and policy analysis on many topics connected with affordable housing, including preservation and prepayment, Section 8 expiration and debt restructuring, HUD multifamily workouts, recapitalizations of existing Section 8 AAF properties, and both property and portfolio valuations. In 1990 Recap assisted Harvard Private Capital, the investment arm of the Harvard endowment fund, in its evaluation of the 450-property, 58,500-apartment affordable portfolio owned by NHP, Inc., which led to Harvard's acquisition of a controlling interest in NHP. David has also provided financial analysis and program advice to affordable housing industry trade groups including IRHP, MBA, NAHB, NAHMA, NAR, NLHA, NMHC, NHP, and HUD itself.

A 1975 graduate of Harvard College, David has been a prolific author and a frequent and sought-after speaker on affordable housing finance, with more than 40 published articles and a textbook. His 1982 article, The Resyndication Opportunity, described the business to come and his 1983 article Appraising Subsidized Housing, co-authored with David S. Kirk, was published in the Appraisal Journal and won the 1983 Robert H. Armstrong Prize. His summer 1994 article on valuing real estate partnership interests in the Journal of the American Academy of Matrimonial Lawyers is the definitive word on this subject. With Todd Trehubenko of Recap Advisors, he also co-authored HUD's 1994 Loss Mitigation Job Aid.