We help Community Development Corporations and Investment Entity Operations.


PAR Advisors serves the entire investment operation for financial institutions and companies who have the need and desire to invest back into their communities in a profitable manner. Community development investing – specifically low income housing tax credit investing – is a niche market that requires expertise. Most companies do not have the internal expertise to underwrite, negotiate, and asset manage over the investment period.

With experience managing a billion-dollar Community Development Corporation (CDC), PAR Advisors is equipped to help you grow.

PAR Advisors provides the following services:

  • Community Reinvestment Acts (CRA) loan consultation & Strategy
  • Established relationships for sourcing investment opportunities, satisfying CRA needs, and setting profitability goals
  • Expertise underwriting all types of CRA investments
  • Credit files that meet your bank’s internal auditing and loan review staff
  • CRA reports crafted and ready to present to CRA examiners
  • Customized account reports catered to internal and external auditors


Syndicator Review

Over the last 15 years, PAR Advisors has underwritten and invested in over 15 local, regional, and national syndicators. In addition, we offer to perform annual reviews on these syndicators. PAR Advisors has a template to satisfy your Internal Credit Committee’s and Risk Management Partners’ informational needs.

CDC Operations


PAR Advisors underwrites all forms of community development investments. With decades of experience underwriting commercial real estate transactions and community development investments, let PAR Advisors underwrite for all your needs, including:

  Low-Income Housing Tax Credit (LIHTC) direct project investments

  Single-Investor Fund investments

  Multi-Investor Fund investments

  New Market Tax Credit (NMTC) investments

  Historic Tax Credit investments

  Non-Tax Credit investments


R. Wayne Koehler

Wayne Koehler formed PAR Advisors in July 2009. From its inception, PAR strives to be the expert in Community Development Corporation for multiple banks. Koehler began Fifth Third Bank’s CDC division in 2000 and served as President of the Fifth Third Bank CDC from 2000 to 2009. During his 9-year tenure, he developed and led a team that grew the CDC into a billion dollar corporation, earning Outstanding CRA Investment Ratings on each of its bi-annual CRA exams.  Prior to managing the Fifth Third Bank CDC, Koehler was Vice President of Acquisitions for Bank One CDC and previously served as Vice President of Bank One Ohio’s Commercial Division. In total, Koehler boasts 15 years of CDC experience and 10 years of commercial lending and credit experience between Bank One and Fifth Third Bank.

Since forming PAR Advisors, Wayne has underwritten over 100 investments. These investments totaling over $500 million of low income housing, historic and new market tax credit investments underwritten, approved, and closed.

In addition to these experiences, Koehler served on the boards of Great Lakes Capital Fund, The Council for Rural Housing & Development in Ohio, and The Ohio Housing Council. Koehler speaks on numerous panels across the country regarding Low-Income Housing Tax Credit (LIHTC) investing, underwriting, CRA and much more.