The Team

Bob Stevens, PE
Principal, LEED AP, CNU

Bob is a co-founder of M&S Development, and founder of Stevens & Associates, P.C., a  design and development firm specializing in historic and architecturally significant projects. With 28 years’ experience working on affordable housing, historic mixed-use downtown development, and complex feasibility consulting, and with multiple professional affiliations, Bob has established deep connections with many communities, and with state and national funders, investors, regulators, and policy makers in the region. Bob has been instrumental in deal structuring, loan sourcing and capital raising for over $110 million in NMTC projects since 2011. His work and community support have been recognized with numerous awards including the Vermont Downtown Volunteer of the Year and the Southern Vermont Leadership Award for Economic Excellence.



Skye Morse
Principal, Investment Director

Skye is a Principal and the Investment Director at M&S Development, in which capacity he oversees all capital raising and deployment, asset management, marketing, investor relations, and strategic business initiatives. He brings 15 years’ experience in financial management, risk analysis, business development, project management and knowledge of risk underwriting, large scale asset management, all aspects of project and construction management, tax equity funding and due diligence. He previously managed a $1 billion portfolio of solar energy assets and oversaw more than $700 million in new solar construction.



Martha Ratcliffe
Senior Manager of Project Development

Martha brings nearly 30 years’ experience in financial analysis, risk underwriting, capital raising and deployment, and project management with affordable housing, mixed-use, light industrial, and health care projects. Martha leads projects from feasibility studies, budget development, the complexities of funding with LIHTC, HTC, HUD and USDA RD, private, local and state funding procurement and closings, through construction management and grant compliance. She has helped create 120 affordable housing units and nearly a dozen single family ownership units through the HARP program. Previously, she was responsible for risk underwriting, including navigating the complexities of investor (Fannie Mae, Freddie Mac, FHA, and non-government investor) guidelines and regulations.



Dan Ridlehoover
Manager of Project Development

A desire to tackle complex housing projects and improve rural economies led Dan to join the M&S Development Team in August 2021. He holds a BA from University of California, Santa Cruz, and seven years experience in corporate retail project management; sourcing, developing, and operating retail stores on a national level. Other experience includes retail operations manager for Newell Brands’ technical apparel division, and the facilities manager for the Brattleboro Co-op. Dan is also a volunteer for the Dummerston Fire Department.


Ann Dillon
Chief Financial Officer

Ann is the CFO for M&S Development and Stevens & Associates.  She brings over 25 years of finance experience including project management, financial reporting and public accounting to this position. In this role, Ann manages each company’s accounting, tax management, financial planning, analysis and reporting. In addition to her career in finance, Ann is active within her community by serving several neighborhood and regional organizations.



Deb Moser

Deb is an accountant for M&S Development and Stevens & Associates. She has over 30 years of management experience in finance, and has held various positions including Risk Manager, Controller, Business Analyst, and Project Manager. She worked for several years in the investment banking/financial services industry, where she honed her financial skills and applied them to address financial statement preparation, reporting and forecasting; operational risk mitigation; and internal control improvements. As part of the M&S team, she is responsible for the bookkeeping, the preparation of financial statements and reporting packages, and the loan and tax credit compliance related to real estate development projects.