Margot Elton-Ratliff has been promoted to Chief Operating Officer and Ivy Dench to Senior Vice President, Community Revitalization & Public Partnerships. Chris Hart, formerly Director of Communications with the U.S. Department of Veterans Affairs, has joined the organization as Vice President of Marketing & Communications. Additionally, Adriana Guzzo was promoted to

Vice President of Transition Management & Property Marketing.

 

“Each appointment brings invaluable expertise to our leadership team at a time when the company is focused on operational efficiency, accountability, and organizational enhancement,” said Timothy Henkel, Chief Executive Officer. “As the need for affordable housing continues to grow nationwide, having leaders who understand both the operational and human sides of our mission is more important than ever.”

 

Margot Elton-Ratliff Named Chief Operating Officer

Elton-Ratliff will be responsible for leading the company’s core operating functions to drive strong performance across development, property management, resident services, and corporate operations. She will also provide executive leadership to several key departments, including transition management, marketing & communications, information technology, and community impact.

 

Elton-Ratliff joined Pennrose as an Associate Developer in 2016. She most recently served as Vice President of Operations, where she was instrumental in strengthening Pennrose Management Company (PMC) for the future and ensuring operational excellence across the enterprise, and as Director of Development Operations, where she successfully expanded Pennrose’s development pipeline in alignment with the organization’s strategic plan.

 

“I’m honored to step into this new position and continue the work that has always driven me: building stronger operations to more efficiently and effectively deliver mixed-income housing,” said Margot Elton-Ratliff. “I’m looking forward to partnering with our teams across the company to keep raising the bar for all the residents who count on us.”

 

Before joining Pennrose, Elton-Ratliff worked for the New York City Department of Housing Preservation and Development. She recently completed the year-long MIT xPRO Chief Operating Officer Program, an executive education program focused on operational leadership, organizational change, systems thinking, innovation, and building high-performing teams. Elton-Ratliff also holds a bachelor’s degree in sociology from Haverford College and a master’s degree in urban and environmental planning from the University of Virginia.

Ivy Dench Named Senior Vice President, Community Revitalization & Public Partnerships

Dench, a nearly 30-year Pennrose veteran, brings extensive experience in advancing community revitalization through innovative development initiatives and trusted public-private partnerships. In her new role, she will lead efforts to secure and preserve public funding, serve as a government relations liaison, and pursue creative asset repositioning with government agencies, nonprofit organizations, and local stakeholders.

 

Dench began her career with the company in 1990 as a Property Manager, eventually rising through the ranks to Regional Vice President, where she oversaw Pennrose’s robust development pipeline in Maryland, the District of Columbia, Virginia, and the U.S. Virgin Islands.

 

Throughout her tenure, Dench has delivered more than 30 developments and worked collaboratively with local housing authorities and public-sector partners to complete complex mixed-income, mixed-finance, and multi-phase redevelopment projects, including Choice Neighborhood Initiatives, HOPE VI, Rental Assistance Demonstration, Upfront Grant, and Housing Choice Voucher programs.

 

“Over the past three decades, I’ve seen firsthand how cross-sector, public-private partnerships can change lives and transform communities,” said Ivy Dench. “I’m excited to continue building on these relationships to deliver innovative housing solutions.”  

 

Dench is the former president of the Maryland Affordable Housing Coalition and currently serves on the board of The Reinvestment Fund. She is a graduate of Leadership Maryland and was named a 2019 Leaders in Diversity honoree by Baltimore Business Journal, an award that celebrates executives who promote diversity and inclusiveness in the regional business community.

 

Chris Hart Appointed Vice President of Marketing & Communications

As Vice President of Marketing & Communications, Hart will lead Pennrose’s enterprise-wide brand strategy, corporate communications, and integrated marketing initiatives to strengthen the company’s market presence. He will serve as a trusted brand advisor and help shape how Pennrose communicates its mission, values, growth, and community impact to key stakeholders.

 

Prior to his role with Pennrose, Hart served as Director of Communications with the U.S. Department of Veterans Affairs, where he led public relations efforts across the department, acted as the primary Patient Care Services spokesperson, and served as the senior communications advisor to the Assistant Under Secretary for Health for Patient Care Services and Chief Nursing Officer. He has also held senior-level positions with the U.S. Department of State and the U.S. Department of Agriculture.

 

“My career in communications and public affairs has been rooted in service and communicating work that truly matters to people’s lives,” said Chris Hart. “I’m excited to join the Pennrose team and help showcase how quality affordable housing makes an impact on our residents and communities across the country.”

 

Hart served for 10 years in the Navy. He earned his master’s in integrated marketing communication from West Virginia University and his bachelor’s in criminology and forensic psychology from Nova Southeastern University.

Adriana Guzzo Named Vice President of Transition Management & Property Marketing

Guzzo, currently Vice President of Transition Management, will take on an expanded role

overseeing property marketing functions across Pennrose’s managed portfolio. Her new role includes providing strategic leadership for brand execution, leasing performance, applicant generation, digital presence, reputation management, and resident acquisition across Pennrose’s footprint.

 

The position will allow Guzzo to support leasing and marketing efforts across the entire life cycle of a property, serving as the primary bridge between development and property management to ensure communities are successfully planned, launched, leased, stabilized, and transitioned into long-term operations.

 

“Adding property marketing feels like a natural extension to my work, which is focused on transitioning newly developed or acquired properties into thriving community assets,” said Adriana Guzzo. “I look forward to working closely with both the development and property management teams to improve our processes and provide a best-in-class product for our residents.”

 

Guzzo brings more than three decades of industry experience to her role and previously led over 18 affordable housing lotteries and the successful lease-up of more than 35 assets, including Low-Income Housing Tax Credit, market rate, and workforce housing communities. She holds a bachelor’s from Assumption University and is an active participant in the National Apartment Association.

 

The announcement builds on several years of organizational enhancement and recognizes the significant depth and experience of the Pennrose team. In 2025, Timothy Henkel, former President, was named Chief Executive Officer, and Charlie Adams, former Regional Vice President, assumed the role of President of Development. Most recently, Lindsey Samsi and Geoff Milz were promoted to Regional Vice President.