2025 NMHC Top 10 Syndicators

Check out who made the list of leading tax credit syndicators as of Jan. 1, 2025.

May 9, 2025


RANK + COMPANY	HEADQUARTERS	CORPORATE OFFICER	PORTFOLIO SIZE 2025/2024	RANK 2024
1. Raymond James Affordable Housing Investments	St. Petersburg, FL	Steve Kropf	170,615/160,727	2
2. Boston Financial	Boston, MA	Robert Golden	154,323/163,706	1
3. PNC Multifamily Capital	Portland, OR	Todd Crow	133,877/132,458	3
4. National Equity Fund	Chicago, IL	Matthew Reilein	133,642/125,104	4
5. Enterprise Housing Credit Investments	Columbia, MD	Kari Downes	115,857/117,132	5
6. The Richman Group Affordable Housing Corporation	Greenwich, CT	Richard Paul Richman	101,478/102,674	6
7. Hudson Housing Capital	New York, NY	Joseph A. Macari	82,823/76,990	7
8. WNC	Irvine, CA	Will Cooper Jr.	77,699/68,794	9
9. Walker & Dunlop	Bethesda, MD	Willy Walker	69,057/69,907	8
10. Viking Capital Investments	Vienna, VA	Vikram Raya	3,617/2,743	new