What We Do

Mr. Walla is the Chief Financial Officer at Dudley Ventures and is responsible for overseeing financial operations, including financial reporting, budgeting, forecasting, tax strategy, compliance, internal controls, and capital structuring. Mr. Walla brings more than 40 years of experience in finance, taxation, and executive leadership.

Prior to joining Dudley Ventures, he served as CFO of a diversified real estate development and investment company, where he directed financial operations, debt and equity financing, legal oversight, and strategic planning initiatives. Mr. Walla was a Tax Partner with KPMG, where he held national leadership roles within the firm’s real estate practice and advised public and private companies on tax strategy, entity structuring, acquisitions, and complex transactions. Mr. Walla earned a Bachelor of Science degree and a Juris Doctor degree from the University of Nebraska and is a Certified Public Accountant in Arizona.

James D. Howard, Jr. is the President of Dudley Ventures. A native of The Bronx, New York, Mr. Howard earned his degree from The College of the Holy Cross in Worcester, Massachusetts in 1980 and a law degree from Georgetown University Law Center in 1984.

Dudley Ventures was founded by Mr. Howard in 1996, acquired by Valley National Bank in October 2021 and now has the resources of a $61B+ publicly traded financial institution. Dudley Ventures has invested over $2 billion in tax credit transactions, representing multiple tax credit asset classes and has over $1.6 billion under management.

Mr. Howard has authored numerous articles on tax credit investing and is a regular speaker at major industry conferences. Mr. Howard is a Board Member of the New Markets Tax Credit Coalition.

D’Anna Elsey is the Chief Operating Officer and Director of Investments at Dudley Ventures and is an expert in financial strategy and investment management. Ms. Elsey oversees all of the day-to-day business of the company and is principally responsible for managing the investment activities of the firm, including the structuring of the firm’s investment funds and its advisory services activities. Prior, Ms. Elsey was Dudley Ventures’ Chief Compliance Officer.

​​Ms. Elsey has been with Dudley Ventures for over 10 years and began her career in the Financial Reporting and Accounting Department, developing asset management policies and procedures. Ms. Elsey has a B.S. in Psychology from Arizona State University and was a National Presidential Scholar, graduating Magna Cum Laude.

Tara Krebbs develops and executes marketing programs for New Markets Tax Credit transactions and oversees DV Community Investment’s pipeline to ensure projects align with its mission. With 20 years of NMTC experience, she manages staff and leads initiatives spanning events, PR, social media, and corporate responsibility. Previously, she managed operations, HR, and accounting at MMG Management. She serves on advisory boards, holds a B.S. in Business Management from Arizona State University, and is a FINRA-registered Operations Professional.

Karen Reen is the Controller at Dudley Ventures, where she oversees financial reporting and investor communications. She manages budgets, forecasts, and accounting for Federal and State Tax Credit programs, while supporting asset and debt servicing operations. With extensive experience in financial management, Karen has led complex workouts and structured special assets to strengthen the company’s strategic position. She holds a Master of Science in Finance from Walsh College and is a Certified Public Accountant.

Kyle Koupal oversees tax credit syndication, investment sourcing, underwriting, and transaction closings. He manages all stages of tax credit deals—from complex structuring to assessing community impact—while coordinating internal teams and third-party professionals. Previously, he worked in commercial real estate lending and tax credit programs in Kansas City and Phoenix. He earned his Finance degree from SMU’s Cox School of Business and holds the FINRA Investment Banking Representative designation.

Mr. Lewis leads compliance efforts for New Markets Tax Credit programs, ensuring reporting accuracy and program integrity across a diverse portfolio that includes real estate, operating businesses, housing, and renewable energy. He engages with borrowers, investors, and community leaders through outreach and site visits to align investments with local priorities. Previously, he practiced law as a commercial litigator focused on construction and real estate disputes. He holds a B.S. in Management from Arizona State University, summa cum laude, and a J.D. from the University of Arizona.