Eric H. Darling, Partner

Eric is the founder of Carlisle Tax Credit Advisors, created in 2006 to bring innovative transaction structuring to tax credit transactions.  Eric has over twenty years of experience in the tax credit syndication industry, assisting developers, owners, syndicators and investors in resolving transactional issues and optimizing transactions that utilize federal and state tax credit incentives for the rehabilitation of historic properties, the introduction of subsidized economic equity into under-served low income communities, the development of subsidized affordable housing projects and alternative energy projects.  In addition to numerous advisory engagements in these areas, he also created Commonwealth Equity Investments to provide equity for projects utilizing the Massachusetts Historic Rehabilitation Tax Credit and the Carlisle Historic Tax Credit Fund, which invests directly in historic rehabilitation projects.  Eric is a frequent speaker at professional conferences and industry gatherings.

Before founding Carlisle, Eric was a principal in Ernst & Young’s Tax Credit Investment Advisory Services Group within the firm’s National Tax Department, where he focused on tax-advantaged investments, including low income housing tax credits, historic rehabilitation tax credits, new markets tax credits and alternative energy production tax credits during his 11-year tenure.  His clients included many of the largest institutional investors, syndication firms and property developers in the country.

Prior to Ernst & Young, Eric was a Manager for seven years at Ziner & Company, CPAs (now RSM McGladrey, Inc.), where served tax credit developers, investors and syndicators in the areas of partnership taxation, transaction structuring and syndication forecasting for low income housing and historic rehabilitation tax credits.

Eric holds a Bachelor of Science Degree from the Massachusetts Institute of Technology.  Eric also serves on the Board of the Cambridge Society for Early Music.

Richard A. Floreani, Partner

Rick is a Partner of Carlisle Tax Credit Advisors and leads the firm’s low-income housing tax credit services practice, where he concentrates on consulting and advisory services to institutional capital sources for affordable housing.  In this capacity, he brings nearly twenty years of experience in advising clients on housing credit tax credit transactions, with a focus on investment evaluation and risk analysis for investment capital.  In addition to investment evaluation and risk analysis, his expertise also includes banking and insurance regulatory matters relating to tax credit investments along with performance benchmarking and data reporting.

Rick has authored articles for numerous publications and is a frequent speaker at a multitude of industry conferences on a wide variety of issues relating to housing credits, including those sponsored by the Affordable Housing Investor’s Council, the National Council of State Housing Agencies, the Affordable Housing Tax Credit Coalition, the National Housing and Rehabilitation Association, the National Association of Affordable Housing Lenders, the National Association of State and Local Equity Funds, the Office of the Comptroller of the Currency, the Federal Reserve Bank of Philadelphia, the New York State Association for Affordable Housing and Concentrated Solar Power Today. 

Prior to joining Carlisle, Rick led the housing tax credit due diligence business line for Ernst & Young’s Tax Credit Investment Advisory Services group, advising clients on primary and secondary market investments exceeding $12 billion. During his dozen years at Ernst & Young, Rick also assisted clients in historic rehabilitation, new markets, and renewable energy transactions.  In addition to due diligence, he was also the manager and lead author on several industry reports including the industry’s Understanding the Dynamics series, which surveys housing tax credit investment and property performance across the nation.

Before Ernst & Young, Rick was employed at Affirmative Investments, Inc., a development and financial consulting firm specializing in housing tax credit transactions. During his tenure, Rick analyzed financial projections, conducted real estate due diligence, structured legal and tax issues, and negotiated financing terms on behalf of affordable housing developers. He also structured historic tax credit investments and properties utilizing tax credits with assisted living facilities. Rick’s responsibilities also included asset management of a publicly syndicated tax credit fund and investment management for institutional investors.  Rick holds a Bachelor of Arts degree (cum laude) from Boston University and serves on the Board of Directors of Victory Programs, a not-for-profit provider of affordable housing and social services.

Lisa H. Lyons, Principal

Lisa has 13 years of real estate consulting experience involving tax credit investments and syndication, public-private partnership structuring and market analysis. Ms. Lyons currently works with Carlisle Tax Credit Advisors LLC in helping developers, investors and owners to utilize various tax credit programs including historic rehabilitation tax credits, low-income housing tax credits and new markets tax credits.

Previously, Ms. Lyons worked at Ernst & Young LLP for eight years, providing a variety of real estate, strategic and tax credit advisory services.  She advised corporate, government and non-profit clients on real estate and financial issues surrounding developments of multiple property types including:  low-income housing, historic property re-use, mixed-use, transit facilities, performing arts, residential, office, assisted living, and downtown redevelopments.  She performed market studies, financial and economic impact analyses and investment and acquisition due diligence. While at Ernst & Young, she also served for one year as a strategic analyst to the firm’s Vice Chair for Strategy in the development of the firm’s global business strategy.

Prior to joining Ernst & Young, Ms. Lyons worked at the Congressional Budget Office of the U.S. Congress as a financial and budget analyst for an $11 billion portfolio of federal community development, rural housing, Native American affairs and disaster assistance programs. 

Ms. Lyons received a Bachelor of Arts (cum laude) in Political Science from Boston College. She received a Master of Business Administration and a Master of Public Management specializing in Public Sector Financial Management from the University of Maryland where she was the recipient of the Governor Blair Lee Scholarship for outstanding academic performance and commitment to public service.

Roshni M. Wood, Principal

Roshni brings 15 years of experience in the tax credit industry, with a focus on renewable energy and historic rehabilitation transactions.  She also serves as the manager of the Carlisle Historic Tax Credit Fund. She also is advising on a variety of renewable energy transactions.

Previously, Roshni worked for Ernst & Young’s Tax Credit Investment Advisory Services group where she led the group’s new markets and renewable energy tax credit business lines and was co-author of the quarterly publication “United States Renewable Energy Attractiveness Indices” and featured speaker of its related renewable energy webcast series.  Roshni performed real estate due diligence for both guarantors and investors of low-income tax housing credits with a particular focus on tax issues.  Roshni also structured numerous historic rehabilitation, new market tax credit, renewable energy, and secondary market transactions.  On behalf of corporate investors, Roshni periodically performed evaluations of various syndicators and benchmarks the syndicator’s policies and procedures to industry standards. During her ten years at Ernst & Young, Roshni also assisted clients in preparing applications on behalf of clients seeking a New Markets Tax Credit allocation.

Prior to joining Ernst & Young, Roshni worked at Reznick Group where her responsibilities included advising clients in structuring real estate transactions, particularly for low-income housing and historic tax credit projects. She has helped clients develop and implement complex financial models for use in transaction forecasting of real estate investments to determine the viability of properties in relation to projected operations and tax benefits.

Roshni has authored articles for numerous publications and spoken on various webcasts and industry conferences on a wide variety of issues relating to housing and energy credits, including those sponsored by Institute for Professional and Executive Development, Wisconsin Housing and Development Authority, and the National Council of State Housing Agencies.

Roshni received a B.S. in Accounting from Pennsylvania State University. She is a Certified Public Accountant licensed in the state of Maryland. Roshni is also a member of New England Women in Real Estate and serves on the board of directors for Women’s Institute for Housing and Economic Development.

Ray Wolff, Principal – Director of Business Development

Ray brings 15 years of finance experience, having focused on tax-advantaged corporate investments since 2007.  He works with institutional investors who are looking to achieve financial objectives or satisfy regulatory requirements utilizing tax credit investments.

Prior to joining Carlisle, Ray was a Vice President at Meridian Investments, raising capital from institutional investors for syndicated tax credit transactions within a 22 state territory, focusing on large money center and regional banks, insurance companies and select non-financial companies. 

Before Meridian Investments, he worked for Guardian Life Insurance Company, where he was a part of the wholesaling team for their equity investments.  He is a graduate of The New England College of Finance and holds he FINRA series 7, 26, 63 and 66 licenses.