Board of Directors

Leonard (Len) Clark

Leonard (Len) Clark is the Senior Vice President, Chief Lending Officer at Industrial Bank in Washington D.C. Metro Area.  Previously he was a Commercial Real Estate (CRE) Lender at Burke & Herbert Bank in Alexandria, Va.  He is primarily responsible for expanding the Bank’s CRE portfolio by developing new customer and loan relationships in Virginia, Maryland and Washington, D.C.  Projects financed include new construction, rehabilitation and acquisition of retail, office, multifamily and industrial properties. Clark is also responsible for managing the Bank’s affordable housing and community development transactions.  These include Low Income Housing Tax Credit (LIHTC) transactions, Tax Exempt Bonds (TEBs) and mixed use developments with for profit and nonprofit developers often in partnership with various governmental entities.  

Prior to his work at Burke & Herbert Bank, Clark was a Loan Team Manager in Well Fargo Bank’s Wealth Management Group, where he worked with a team of three underwriters, 15 Wealth Advisors/Private Bankers and Senior Management.  Clark was responsible for managing the underwriting process for new and existing loans, including commercial real estate, business investment loans, custom residential mortgages and secured and unsecured lines of credit.
Clark has over 30 years of commercial real estate lending experience for market rate, community development and affordable housing projects, including origination, underwriting and workout/ restructuring of both debt and equity transactions.  He has worked for several other major financial institutions, Fannie Mae, Freddie Mac, city and state finance agencies and the federal government.  

Originally from Chicago, Clark moved east after graduating from Williams College and received his MBA in Finance from Bentley University in Waltham, Massachusetts. Clark spent 15 years as a volunteer head coach for local basketball and football youth leagues and was a basketball referee.  A former Catholic seminarian, he has volunteered as tutor and serves on the advisory board of a nonprofit local economic development council and on the board of a nonprofit devoted to financing affordable housing. An active runner, Clark has completed 62 full marathons.  He and his wife Christine live in Oak Hill, Virginia with two of their six children and two dogs.

Jenny Netzer, Board Chair

Jenny Netzer is the Chief Executive Officer of TCAM, an independent investment manager, providing asset management, advisory and consulting services to owners and funders of affordable housing and renewable energy. As CEO, Netzer leads the organization’s direction and works with clients to tailor services to meet their needs. With over 21 years of experience in investment and asset management in the affordable housing and renewable energy industries, Netzer has previously worked at MMA Financial (now Boston Financial Investment Management) and its predecessor organizations, Lend Lease Housing and Community Investing and Boston Financial. At MuniMae, she led the company’s entrance into the renewable energy business and expanded the company’s affordable housing investment activities internationally to triple the assets under management to $6 billion. As Director of Asset Management, she built the tax credit investment management function for Boston Financial in the early days of the program. Previously, Netzer served as Deputy Budget Director for the Commonwealth of Massachusetts, as Assistant Comptroller at Yale University, and as Assistant Deputy Commissioner at the Massachusetts Department of Public Welfare. Netzer received a bachelor’s from Harvard College and a master’s from Harvard Kennedy School of Government.

Navjeet K. Bal

Navjeet K. Bal is Managing Director and General Counsel at Social Finance. She is responsible for working with the Social Finance team to develop and execute innovative financings that bring together the public, private and non-profit sectors to promote solutions to social needs. She brings over twenty five years of experience as a public finance attorney and a public official to Social Finance. As bond counsel to the Commonwealth of Massachusetts and many public authorities throughout Massachusetts and New England, Navjeet was responsible for structuring innovative bond financings to address critical infrastructure needs, including the first issue of Green Bonds issued in the municipal market in 2013. In addition, she represented the Commonwealth of Massachusetts in negotiating and documenting its ground-breaking Pay for Success contracts addressing juvenile justice and chronic homelessness.

Navjeet served as the Commissioner of Revenue in Governor Deval Patrick’s administration from 2008 through 2011, where she was responsible for a 2000 person agency with three lines of business: Tax Administration, Child Support Enforcement and the Division of Local Services.

Navjeet has held many leadership positions in legal, community and professional organizations, including the Boston Bar Association, the Massachusetts Supreme Judicial Court’s Access to Justice Commission, the Boston Public Market and the Williams College Gaudino Fund. Navjeet graduated from Williams College and Northeastern University School of Law.

Michael Gilligan

Michael Gilligan is founder of Urban Catalyst, a private equity venture providing growth and transition capital for middle market businesses providing quality jobs for underserved communities. Urban Catalyst generates market rate returns investing in growing businesses with accomplished leadership teams committed to creating value through the human, social and environmental capital of their companies.
Urban Catalyst has grown out of Michael’s keen interest in seeing private capital play an active role in addressing our country’s social challenges and his strong belief that for-profit businesses can deliver tangible social benefit while generating financial returns in line with the overall market.
From 2009-2015, Michael focused on fostering social innovation, partnering with leading social entrepreneurs who are committed to new solutions that drive impact in poverty alleviation, community development and education reform. Michael chaired the board of LIFT, where he helped drive the execution of the organization’s strategy, its ambitious growth plan and the build-out of a highly qualified and diverse board. He also sits on the national board of YouthBuild, USA and the Advisory Board of City Year’s flagship operation in Boston.
Michael developed his expertise in helping business leaders drive growth, operating performance and compelling strategies during the early stages of his career. He was cofounder of Bank of Boston’s captive private equity group, creating a differentiated market strategy targeting family-owned businesses with his partners.
Michael also co-led the spin-off of the successor entity, Heritage Partners, a middle market private equity firm providing transition and growth capital for family- and founder-owned businesses that raised $1.3 billion in three funds during the 1990’s. As co-founder, Michael was integrally involved in raising the firm’s investment capital and primarily responsible for overseeing the firm’s portfolio management process.

Allen Feliz, Incoming Director

Allen Feliz is an affordable housing/multifamily real estate finance and technology executive with 16+ years of experience. He’s the Vice President of MRI’s Affordable Housing Managed Services which includes asset management, consulting, subordinate loan administration, fee accounting and data management services. He provides the Managed Services leadership with strategic direction on revenue management, business development, sales and marketing. He also represents MRI’s U.S. subsidized housing business externally – a frequent panelist at industry conferences and writer, covering a host of relevant topics including trends in housing technology, property and asset management and compliance management.
In his prior role at MRI, Allen was the Vice President of Product Management and executive manager of the Affordable and Public Housing business unit. He managed the P&L, KPIs and provided strategic direction for 6 legacy software companies which provide compliance, property management and accounting technology to housing organizations nationwide and the company’s new subsidized housing platforms. Allen led a cross-departmental business unit, coordinating efforts with Product Management, Product Development, Professional Services, Client Support, Marketing, Sales, IT, SaaS and the global senior leadership team; managed M&A activities; led roadmap creation and delivery; and drove GTM activities.
Allen joined MRI in 2018 via the company’s acquisition of TCAM, an organization he co-founded in 2009. TCAM is an independent asset manager and consultant for owners and funders of affordable housing. At TCAM, Allen was responsible for starting and managing the organization’s Advisory and Subordinate Loan Administration practice groups including engagements with for-profit and non-profit developers, state housing agencies and housing authorities. He also led TCAM’s sales and marketing efforts, co-managed the launch of the organization’s loan servicing (for public lenders) business line, and he led TCAM’s underwriting practice group. Allen began his career in the Tax Credit Acquisitions department at MMA Financial, structuring, pricing and closing private equity investments in multifamily developments financed by Section 42 low-income housing tax credits
In his personal life, Allen is a Co-Founder and Executive Director of One Nation Every Vote (“OneV”), a nonpartisan 501(c)(3) organization which shares the experiences and stories of American voters and offers facts and information about past and upcoming elections aimed at maximizing voter turnout in all elections. Also, Allen ran the 2007 Boston Marathon for which he independently raised funds for the community health programs of Brigham & Women’s Hospital.


Leonard Clark [email protected] | [email protected]
Jenny Netzer [email protected]
Michael Gilligan [email protected]
Navjeet Bal [email protected]
Allen Feliz [email protected]