Governing Board

Carlton Jenkins, Chairman of the Board
David McGrady
Mary Tingerthal
Al Lau
Mark Willis
Saurabh Narain


 

Carlton Jenkins
Partner
Yucaipa Corporate Initiative Fund

Yucaipa Funds is a Los Angeles, California-based private equity/merchant banking firm that specializes in acquiring and operating companies in the retail, distribution, logistics and technology areas. Their transactions are valued in excess of $30 billion dollars, with an annual gross return of 53%. The Fund was established in July 2001 to provide investment capital to historically underserved communities on a national level, focusing on opportunities for minority- and/or women-owned entrepreneurial firms.

Prior to his partnership in the Yucaipa Fund, Jenkins was the founder, principal organizer, president and CEO of Founder's National Bank of Los Angeles, California, the only African American-owned commercial bank in California, and west of the Mississippi River. Founders was opened in 1990, successful enough by 1993 to win a "Bank of the Year" award from Black Enterprise Magazine, and considered one of the most progressive and innovative financial services firms in the U.S. During his ownership of Founders, Jenkins increased the asset size from $45,000,000 to $110,000,000, and grew the bank from one branch to five, employing 125 people.

Upon leaving the Bank in 1999, and immediately prior to assuming his position with Yucaipa, Jenkins was a principal and CEO of OneNetNow.com, LLC, an Internet company specifically designed to cultivate proactively the African-American and Latino communities, which have been left behind in the digital revolution.

Jenkins is a nationally recognized expert on community economic development issues, and has been called upon to provide Senate and House testimony, as well as print and television commentary, on these issues. Jenkins was a mayoral appointee to the Los Angeles Local Development Corporation board of directors, and was selected by the mayor to serve as a member of the Los Angeles Development Reform Committee. He was a member of the Ad Hoc Committee for the development of the Los Angeles Community Development Bank, a non-depository financial institution created by Congress to work under the aegis of the City of Los Angeles. The bank provided debt, equity and mezzanine financing to businesses located in a federally designated empowerment zone.

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David McGrady
Vice Chairman
City First Bank of D.C.

David is President of Convergence Capital Advisors, LLC and has worked in senior management positions in the CDFI industry for more than 30 years. He currently advises community development financial institutions (CDFIs) and their investors on a range of issues, including corporate structure and governance; capitalization; market assessment; product development; investment evaluation; and risk and portfolio management.  His clients include banks, local governments, foundations, Aeris, private investors and CDFIs. 

David has developed application, capitalization and deployment strategies for more than 29 successful New Markets Tax Credit (NMTC) applications that have received allocations of more than $1.62 billion.  He is also a Managing Director of City First Capital, a $543 million NMTC real estate fund that focuses on Washington, D.C. For many years, David was Director of Commercial Programs for the Center for Community Self-Help in Durham, North Carolina.  Under his leadership, Self-Help originated over 1,300 higher risk small business loans totaling more than $80 million.  He was also head of Self-Help’s real estate development arm. 

David is currently vice chair of the board of City First Bank, a CDFI bank serving the District of Columbia, and its two holding companies. He is a long-time member of the bank’s loan committee and past chair of its audit committee. He is also a member of the board and past chair of the National Community Investment Fund, a CDFI that makes equity and subordinated debt investments in community development banks nationwide. He also serves as a member of Calvert Foundation’s Investment Committee.  

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Mary Tingerthal

Commissioner
Minnesota Housing Finance Agency

Mary Tingerthal was appointed as Commissioner of Minnesota Housing in January, 2011 by Governor Mark Dayton. Minnesota Housing serves more than 70,000 families each year with a wide range of programs and has provided financing programs for affordable housing for the past 45 years.

Ms. Tingerthal rejoined Minnesota Housing where she spent the first ten years of her career, when she led the development of the agency’s innovative home improvement lending programs. She previously served as President and CEO of the National Equity Fund. She also served as a Managing Director for GMAC Residential Funding, where she led the development of the company’s home equity loan products. Ms. Tingerthal also held senior management positions with the Housing Partnership Network, Community Reinvestment Fund, and the City of Saint Paul.

Ms. Tingerthal has participated in numerous community-based activities. She serves as a member of the Community Advisory Council to the Federal Reserve Board and served on the Affordable Housing Advisory Council to Fannie Mae. She currently serves on the boards of the National Council of State Housing Agencies, National Housing Trust and the National Community Investment Fund. She previously served as chair of the boards of Twin Cities Habitat for Humanity and of CommonBond Housing.  She holds a Master’s Degree in Business from Stanford Graduate School of Business and a Bachelor of Arts Degree in Geography and Political Science from the University of Minnesota.

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Al Lau
Director and Founder
First American International Bank

Al Lau is currently retired and a Director at First American International Bank (FAIB), a CDFI Bank in New York City. Previously he was President and CEO of FAIB and a key founder of the bank. He has over 30 years of experience in banking. As senior executive at Citibank he managed large branch networks and business and consumer loan portfolios. He served as President of Citibank-Maryland and Capital One, FSB. He is a Columbia University graduate with a BS in Engineering and an MBA.

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Mark Willis
Senior Policy Fellow
New York University
Furman Center for Real Estate and Urban Policy

Mark Willis is the Senior Policy Fellow at the Furman Center, conducting research, writing, and speaking on such urban-related policy issues as affordable housing, housing finance reform, community development lending and investment, and the Community Reinvestment Act. Before joining the Center, Mark was a Visiting Scholar at the Ford Foundation, sharing his learnings and insights on working with government, community groups, and the financial services industry to stabilize and revitalized urban areas. Prior experience included 19 years in community development at JPMorgan Chase where he developed and oversaw the bank’s programs and products to help strengthen low- and moderate-income communities; six plus years for the City of New York in economic development, tax policy, and ultimately as Deputy Commissioner for Development at the Department of Housing Preservation and Development; and five years as an urban economist at the Federal Reserve Bank of New York.  Mark founded Chase’s Community Development Corporation and held a number of positions including President of the Chase Manhattan Foundation and Executive Vice President for Community Development.

In addition to NCIF Mark serves on a number of boards including the New York Housing Conference (treasurer), the National Housing Conference (research committee chair), the Greater Harlem Chamber of Commerce (executive committee), the Citizens Budget Commission (co-chair of the housing and economic development committee), the National Jazz Museum in Harlem (treasurer), and The Skyscraper Museum.  Previously he helped to found and co-chaired Housing First! in New York City, chaired the New York Community Investment Company and the Consumer Bankers Association’s Community Reinvestment Committee, and co-chaired Living Cities. Mr. Willis has also served as a member of the Bankers/Community Collaborative Council of the National Community Reinvestment Coalition. Mark teaches Housing and Community Development Policy at New York University’s Wagner School of Public Service. He has a B.A. degree in economics from Yale University, a J.D. degree from Harvard Law School, and a Ph.D. degree in urban economics and industrial organization from Yale University.

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Saurabh Narain
President and Chief Executive
National Community Investment Fund

Saurabh Narain joined NCIF in 2003, and, under his leadership, the fund has become the largest equity investor (in numbers) in CDFI Banks in the country, grown assets under management to $228 million (including $206 million in NMTC allocations) and pioneered the development of NCIF’s Social Performance Metrics.

He is involved in policy and advocacy for the industry through his board positions in the CDFI Coalition and memberships with the Federal Reserve Board’s Consumer Advisory Council (2008-10) and the Minority Depository Institutions Advisory Council of the Officer of Thrift Supervision (2009-11). NCIF is also a member of the Investors Council of the Global Impact Investing Network and the Strategy and Adoption Committee of the Impact Rating and Investing System led by the Rockefeller Foundation.

Prior to NCIF, he has had extensive experience in capital markets and risk management having worked at Bank of America for almost 17 years based in Asia and the US. Towards the end of his tenure in Hong Kong, he was Head of Marketing, Non-Japan Asia for Global Derivative Products. He has done business in almost 10 countries in Asia/US dealing with financial institutions, global multinational corporations and governments.

He is interested in inclusive finance and the microfinance movement in India. He is a member of the Steering Committee of the Professional Risk Managers’ International Association, Chicago Chapter and is a regular speaker in industry conferences.

Saurabh is a graduate of the ABA Graduate Stonier School of Banking (2007), and holds an MBA from Indian Institute of Management in Ahmedabad (1985), and a Bachelors of Arts (Honors) in Economics from St. Stephens College, University of Delhi (1983), India.

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