Rachel Carey

Advisors

Rachel brings nearly two decades of experience in affordable housing finance, community development, and impact investing to her role as Managing Director. Prior to rejoining Forsyth Street, Rachel served as Chief Real Estate Officer at the Westside Future Fund, where from 2018-2026 she drove the organization's real estate development and "restoration without displacement” strategy, setting a national precedent for equitable redevelopment in underserved neighborhoods. She also managed the WFF Real Estate Investment Fund, a $120 million Westside-focused impact investment fund.

Rachel originally joined Forsyth Street in 2010, where over eight years she advised private and not-for-profit owners and developers on the acquisition, rehabilitation, and new construction of affordable and mixed-income housing, using tools including tax-exempt bonds, tax credits, capital subsidies, and project-based Section 8. She was responsible for arranging over $850 million in debt and equity and was involved in all phases of the development and financing process. During her tenure she also provided advisory services, feasibility consulting, and portfolio analysis to private clients, government agencies, and municipal housing authorities.

In 2017, Rachel served as Vice President of Real Estate Investments for the Atlanta Housing Authority, overseeing financing for the agency's real estate transactions, including recapitalization of its mixed-income developments and structuring public-private partnerships on the Atlanta BeltLine. Earlier in her career, she worked as an acquisitions and asset manager of rent-regulated workforce housing in New York and New Jersey at Urban American.

Rachel holds undergraduate degrees in architecture and history of architecture, as well as a master's degree in real estate, from Cornell University. She is a member of HouseATL's advisory board and sits on the Rose Urban Green Fund New Markets Tax Credit CDE Board.