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News January 25, 2022

Ivy Dench-Carter and Raquel Favela Join Reinvestment Fund’s Board of Directors

Topic General

Philadelphia, PA, January 25 Reinvestment Fund is pleased to welcome Ivy Dench-Carter and Raquel Favela to its Board of Directors. Ms. Dench-Carter is Senior Vice President of Development of Pennrose, a nationally acclaimed developer and manager of high-quality affordable, conventional, mixed-income, mixed-use and master planned communities. Ms. Favela is Senior Executive Vice President at the nation’s oldest non-profit technical advisory services firm, National Development Council (NDC).

“Safe and affordable housing is foundational to health and opportunity,” said Don Hinkle-Brown, President and CEO of Reinvestment Fund. “Both Ivy and Raquel bring really deep expertise in fair housing and knowledge of the affordable housing ecosystem. We are thrilled to have their wisdom shape Reinvestment Fund’s work in this sector in the coming years.”

Ms. Dench-Carter has over 30 years of experience in management and real estate development. She began her career in property management giving her a unique perspective during the development process. Her experience ranges from stand-alone affordable housing development deals to complex mixed-income, mixed finance, and multi-phase redevelopment projects including, HOPE VI, RAD, Upfront Grant and CHOICE programs. As a result, these programs require the complicated, multi-layered financing structures and the ability to secure soft resources required for 9% and 4% Low Income Housing Tax Credit transactions. While most of her career has been redevelopment of public housing, her office is also focused on mixed-income, mixed-use and market rate developments. Ms. Dench Carter also has deep roots in Reinvestment Fund’s key cities of Atlanta, Baltimore and Philadelphia

“I am excited to help guide Reinvestment Fund’s mission and contribute my perspective on affordable housing to its initiatives,” said Ivy Dench-Carter. “I look forward to collaborating with the esteemed group of individuals that make up the Board.”

Throughout her career, Ms. Dench-Carter has developed over thirty-five projects totaling approximately 2,400 units. Many of these projects involved public housing authorities and government agency owned land requiring the negotiation of complex Land Disposition Agreements and Master Development Agreements. Ms. Dench-Carter serves as President Emeritus of the Maryland Affordable Housing Coalition and is on the Board of Directors of Anne Arundel County Affordable Housing Coalition and Baltimore City Inclusionary Housing Board.

Ms. Favela is a recognized expert in economic development and housing with 28 years of experience. At NDC, she leads the Regional Technical Advisory Services Teams, the Professional Training and Certification programs, and Multicultural Investments. A thought leader and authority, she has walked in the shoes of most of the major participants in real estate development: owner, investor, developer, consultant, governmental entity, lender and landlord. Known for delivering results, while at the City of San Antonio, Ms. Favela is credited with producing San Antonio’s first Strategic Community Development Plan in 2007. In 2018, while serving as the City of Dallas’ Chief of Economic Development and Neighborhood Services, Raquel was lauded for delivering the city’s first Comprehensive Housing Policy and Strategic Plan that addressed longstanding fair housing and disparate impact issues.


“I’m proud to serve in this role after fifteen years of working with Reinvestment Fund’s Policy Solutions team,” said Raquel Favela.  “It’s a privilege to find a community development partner that aligns with one’s personal and professional values. I look forward to being part of guiding Reinvestment Fund’s growth during this unprecedented time.”

At NDC, in her role as trusted advisor to clients across the country to include cities, counties, housing authorities, and federal agencies Ms. Favela has guided clients on financing structures for challenging redevelopment projects, a role that garnered her extensive transactional experience with federal, state and local tools available to maximize public benefits. Her unique brand of expertise in financing & real estate development joins her long-range planning acumen to bring balanced problem solving to communities.


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About Reinvestment Fund

Reinvestment Fund is a mission-driven financial institution committed to making communities work for all people. We bring financial and analytical tools to partnerships that work to ensure that everyone has access to essential opportunities: affordable places to live, access to nutritious food and health care, schools where their children can flourish, and strong, local businesses that support jobs. We use data to understand markets, communities, and impediments to opportunity—and how investment and policy decisions can have the most powerful impact. Since our inception in 1985, Reinvestment Fund has provided over $2.7 billion in financing to strengthen neighborhoods, scale social enterprises, and build resilient communities. Learn more at

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