Five Minutes with Ronne Thielen

Ronne Thielen

The Housing& network is working hard to confront the growing housing affordability crisis in the Capital Region. Through our “Five Minutes With” series, we spotlight the voices and visions of our members who are shaping this work. These informal yet insightful conversations dive into their current projects, perspectives on the affordable housing landscape, and more.

In this edition, we sat down with Ronne Thielen, who leads R4 Capital’s Housing Credit advocacy efforts. Our conversation explores her decades-long involvement with the Low-Income Housing Tax Credit program, from helping shape its implementation in the late 1980s to championing its continued success today. Spend the next five minutes learning about the evolution of the Housing Credit, the importance of advocacy, and what it will take to preserve and expand one of the nation’s most effective affordable housing tools.

===================================================

Housing&: Ronne, what is your history with the LIHTC program? How did it start and how were you involved in the early days? How is that connected to your time at R4 Capital?
Ronne: I have worked in the Low-Income Housing Tax Credit (Housing Credit) arena since its inception in 1986, first at National Council of State Housing Agencies (NCSHA), then as executive director of the California Tax Credit Allocation Committee. During my time at NCSHA, I was tasked with bringing together all State Housing Finance Agencies and DCHFA, lawyers, accountants and the IRS. Our mission was to transform a whole lot of legalese within the Internal Revenue Code (Section 42) into a workable housing production and preservation program.

I have worked at R4 Capital since 2012. On behalf of R4, I advocate for the Housing Credit before Congress, at affordable housing events and, within our organization. I educate our industry peers and my R4 colleagues about the importance of advocacy and their personal obligation do so with their district Congressperson and U.S. Senators.

R4 Capital is a syndication firm that finances Housing Credit properties and is active in the DC-metro area. R4 has raised and managed $642 MM in LIHTC Equity for the DC, VA, and MD Metro areas since the firm’s founding in 2011. R4’s debt financing subsidiary, R4 Capital Funding, has provided more than $189 MM to the DC, VA, and MD Metro areas since its launch in 2016. This financing has enabled the construction of 5,595 units of affordable housing across 47 properties.

Housing&: How have you seen the program change since its inception? How does LIHTC in 2026 compare to LIHTC in 1986 and LIHTC in 1993?
Ronne: Congress kept a keen eye on the implementation of the program by the State Agencies and, in 1988-89, held hearings during which it determined the diverse state programs were working well but would benefit from more consistency amongst them. So, Congress amended Section 42 imposing a requirement that every state have a Qualified Allocation Plan that incorporated policy guidance from Congress as well as allowing each state’s governing body to include their own unique selection policies and preferences. In 1993 Congress made what was a temporary program into a permanent part of the Code. This encouraged large financial institutions (banks, insurance companies, etc.) to consider investing in the Housing Credits. During the earlier years, investments were made by individuals, but those investment totals were limited by law.

There were other improvements made over the years and then, in 2025, Congress doubled the amount of 4% Credits available under the bond program by reducing the 50% test to 25% and increased by 12% the amount of the 9% Credits available, allowing for as many as an additional 1.22 million homes to be provided over the next decade.

Since Congress created it in 1986, the Low-Income Housing Tax Credit (Housing Credit) has financed the development of 4 million affordable rental homes, serving more than 9.28 million low-income households.

Housing&: The entire House of Representatives runs for reelection every two years while 1/3 of the US Senate turns over every two years. How does this frequent change in the Congress impact the program?
Ronne: No federal program is ever “permanent”. It is indefinite until Congress loses site of its value and finds other budgetary priorities deemed more important. I learned how important advocacy is when I staffed the investigative hearing held about the Housing Credit in 1988-89 and witnessed the debate about whether this program was valuable enough to maintain it in the Code. The Housing Credit program is complicated to understand and expensive to the federal government so, with the significant turnover of members every two years – knowledgeable ones leaving and new ones arriving – we must always be advocating and educating.

Housing&: What kind of advocacy work is required to keep the program intact through the ever-changing political landscape? How can folks advocate for the program, both at the organization and company level and at the individual level?
Ronne: We can all do our part. Get to know your district staff and explain how the program works. Invite them to visit some properties and meet the residents. Offer to set up a property visit for your Representative and U.S. Senators during Congressional recesses. Congress must be kept aware of the importance of the Housing Credit – the quality of the properties and the benefits to the residents.