Affordable Housing Finance

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AFFORDABLE HOUSING FINANCE • March 2009

Enterprise’s Donahue to Retire

Enterprise Community Investment, Inc., has announced the planned retirement of President and CEO Jeffrey H. Donahue, effective April 15. The board of directors has named Charles R. Werhane, vice chairman and chief operating officer, as his successor.

Donahue, 62, served on Enterprise’s board for eight years while working as vice president and chief financial officer at The Rouse Co.

“During Donahue’s tenure as CEO, Enterprise Community Investment’s organizational strength has expanded substantially and its revenues, net worth, and assets under management have all increased by 75 percent or more,” says Chairman Jaime Yordan.

Werhane, 54, who joined Enterprise six years ago, started its New Markets Tax Credit program and has overseen all debt and equity production lines since 2006.

NCSHA Elects Officers

Susan F. Dewey, executive director of the Virginia Housing Development Authority, has been selected to serve as president of the National Council of State Housing Agencies (NCSHA). She will chair the association’s board of directors, which is comprised of 17 state housing finance authorities’ executive directors.

Gerald Hunter, president and executive director of the Idaho Housing and Finance Association, will be NCSHA’s vice president, and Milroy Alexander, executive director and CEO of the Colorado Housing and Finance Authority, will serve as secretary and treasurer.

Bozzuto Becomes President

Toby Bozzuto takes over as president of Bozzuto Development Co. after serving as vice president. He joined the company in 2001 and was named a partner of The Bozzuto Group in 2007. He was previously a financial analyst with JPMorgan Chase’s Real Estate Debt Group.

A subsidiary of The Bozzuto Group, Bozzuto Development Co. has more than 1,800 rental units in the pipeline or under construction throughout the Mid-Atlantic and Northeast for projects that range from urban high-rises to neo-traditional suburban communities, from affordable housing to seniors residences.

CommonBond Names VP

Kelly Matter has been named vice president of advantage services at CommonBond Communities, a St. Paul, Minn.-based affordable housing developer, where she will oversee the technology-based programs that support and help to stabilize more than 7,800 seniors, families, and people with special needs who live in the nonprofit’s apartments and townhomes. She will also build partnerships and establish new programs for the organization. With more than 20 years of experience in workforce development, employment, and training, Matter previously served as vice president of mission services for Goodwill/Easter Seals.

Arbor Names Director

Dan Gaylord has been appointed director of Arbor Commercial Mortgage’s Austin, Texas, offi ce. He is responsible for originating Fannie Mae, Federal Housing Administration, and structured transactions throughout the West. Prior to joining Arbor, Gaylord was vice president and regional manager of Principal Financial Group, specializing in the origination of small-balance loans for multifamily properties.

ista North America Makes Moves

Kernie Brashier has been named CEO at ista North America, a leader in utility expense management and submetering for affordable and market-rate multifamily properties. Brashier will be responsible for leading all divisions of ista’s submetering groups. ista has also promoted Vito Ciavarelli to chief technology officer, Arlene Margulis to vice president of portfolio management, and Lee Helt to vice president of sales and marketing. Kimberly August was appointed general counsel, and Lynn Grimes has become director of learning and development.

Build It Green Names Leader

Catherine Merschel has been appointed executive director of Build It Green, a nonprofit organization that promotes energy-efficient homes in California. Merschel has more than 25 years experience in affordable housing, including serving as executive director of Eden Housing.