Meet our Lender – Pamela Woodell, VP, New Markets Tax Credits
Pamela Woodell is vice president for the New Markets Tax Credit (NMTC) Program for Finanta. She is in charge of sourcing, underwriting, negotiating, closing, and asset managing each project through its compliance period. Pam has 24 years of industry experience working with NMTCs and has managed all of Finanta’s $120 million NMTC allocations for its 19 total projects. She has more than 30 years of experience in community development, affordable housing, and tax credit financing.
New Markets Tax Credit Project Highlights
Big Mill Outlet (Reading, PA)
- Houses four tenant businesses – a pediatric health clinic, Berks County Council on Chemical Abuse, a restaurant, and a bilingual multi-service tax. Collectively, they employ 44 full-time employs, 80% of whom earn a living wage.
- The facility also contains 69 affordable housing units. Twelve units are accessible to individuals with disabilities and are leased to the Reading Housing Authority for occupancy by very low-income households.
- Created 92 full-time construction workers.
Market Square (York, PA)
- Created 40,500 square feet of retail space for eight businesses.
- Created 17,000 square feet of residential space for 33 mixed income apartments.
- Seven apartments are set aside for households making 80% or less AMI.
- The remaining market-rate apartments are affordable to people making $20.92/hour (94% of AMI)
- The projected created 42 full-time construction jobs.
- The retail businesses have created 38 jobs, the majority of which provide health insurance and career advancement training. As of mid-2023, 55% of the jobs were held by city residents.
Salvation Army (Harrisburg, PA)
- Provides a fresh food pantry, clothing bank, education programs for pre-k through high school students, a workforce development center, and a commercial kitchen, with weekly nutritional education programming.
- Created 64 full-time workers, many of whom lived in the area.
- The completed facility serves 39,000 people annually.
- The center also includes a gymnasium and recreational center for client use and at-risk-youth programs.
Please, contact Pam directly for more information about our New Markets Tax Credit Program.
Phone: 717-413-7978 | Email Pam
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Prior to joining Finanta, Pam spent 15 years at Sovereign Bank, where she was a Senior Vice President and the manager of the bank’s community development, commercial lending, and investment division. As Senior Vice President, Tax Credit Manager for Sovereign Bank, Pam was responsible for a team of eight real estate professionals. She managed two Community Development Entities, two real estate lenders, and Asset Management team, overseeing a portfolio of over $500 million in investments in LIHTC, Historic, and NMTCs. In addition, Ms. Woodell booked over $300 million in Community Development Real Estate loans.
Before joining Sovereign Bank, Pam was an Assistant Vice President for commercial lending at National Penn Bank. There she financed more than $60 million worth of community development real estate projects, including multi-family housing developments, office buildings, shopping centers, and warehouse space.
She had earlier been a program coordinator for a CDC based in Pottstown, PA, where she was responsible for the development of affordable rental housing for low- and moderate-income households, property management, and financial counseling of prospective homebuyers.
Pam has a bachelor’s degree from the University of Arkansas and has completed coursework towards a real estate broker’s license at Penn State as well as property development management training through the Pennsylvania Community Development and Finance Corporation.