Donna Aronoff Smith
Executive Vice President
Donna Smith, Executive Vice President and co-founder of Smith NMTC Associates, LLC (Smith NMTC), brings groundbreaking innovation to the New Markets Tax Credits (NMTC) industry. Donna’s work began in 2006 when she wrote the first exclusively affordable homeownership-focused NMTC application for a joint Community Development Entity (CDE) between Habitat for Humanity International (HFHI) and Smith NMTC.
This visionary application secured a $25 million Gulf Opportunity (GO) Zone allocation and set the path for continued success and demonstrable impact for affordable homeownership projects. Since that first application, Donna has served as principal writer and spearheaded numerous successful NMTC applications for multiple CDEs: The Housing Partnership Network, Community Housing Capital, and HFHI, resulting in over $575 million of allocation.
In partnership with co-founder Howard Smith, Donna and Howard’s innovative collaboration addressed the challenge of providing a maximum net benefit to smaller projects, which led to the creation of a multi-QALICB model. This model, which has been used in over 50 transactions, combines several Qualified Active Low Income Community Businesses (QALICBs) into single transactions with individual QLICIs to reduce the transaction costs incurred by each QALICB. Since 2008, their company has closed a total of $760 million for 160 affordable homeownership projects using this model, in collaboration with 24 CDEs and resulting in 6,170+ homes in low-income communities across 33 states and Washington, D.C.
In addition to her pioneering work in NMTC allocations, Donna manages the Compliance Department at Smith NMTC, overseeing QALICB compliance monitoring, AMIS reporting, and all investor and external reporting. Donna is also a passionate advocate for the expansion of using NMTCs for affordable homeownership and serves on various working groups and advocacy organizations. Her steadfast commitment to increasing access to homeownership for low-income families drives her passion for her work.
Prior to co-founding Smith NMTC, Donna had an extensive legal background as a litigator and appellate attorney. She practiced law with a focus on appellate work, appearing numerous times before the 8th Circuit Court of Appeals as counsel for the Special School District in the St. Louis desegregation case. A recipient of the William Webster Criminal Law Scholarship, Donna earned her J.D. from Washington University School of Law, where she was a published author in the Washington University Law Quarterly.
Donna is actively involved in her local St. Louis community. She serves on the governing committee and was board chair for eight years of a K-8 charter school in the city, and has previously held leadership roles with America SCORES St. Louis and her local school board.
Donna’s expertise and thought leadership are reflected in her published works, including articles such as: “Don’t Leave NMTC Borrowers Behind: How a Support System Prevents Recapture Risk,” “Innovative Strategies for Community Redevelopment Projects: Minimizing Risk While Maximizing Returns,” and “NMTC Model Answers CDFI’s Call for Innovation for QLICIs under $2 Million.” Her insights were also featured in the article “NMTC Practitioners Finding Ways to Complete Small Deals,” highlighting her contributions to the field. The Smith NMTC innovative model was featured in a Washington Post article, “A model for neighborhood renewal.”
