Joe Hagan, president and CEO of the National Equity Fund, Inc., is the new president of the Affordable Housing Tax Credit Coalition (AHTCC).
He succeeds Ronne Thielen, managing director of affordable housing at Centerline Capital Group, who has led the industry association for the last three years
“Ronne has done a wonderful job helping steer the industry toward policies that can help stabilize the market,” Hagan said in a statement. “I am focused on continuing that effort and advocating for legislation that will help attract new equity to long-stalled projects and offset the dislocation we have seen over the last 18 months.”
That includes advocating for a federal five-year carryback provision focused on LIHTCs, Hagan said. The LIHTC carryback would allow corporate investors to use current credits to offset income in prior years, when they were more profitable. “This provision alone could attract an additional $5 billion to affordable housing development over the next few years,” Hagan said.
Hagan has served as NEF president and CEO since 2000. Prior to that, he was managing director of Banc One Capital Markets, Inc., and Banc One Capital Funding, having previously served as president of Bank One Community Development Corp. Hagan was also the founder and president of Ohio Capital Corporation for Housing and director of rental housing programs for the Ohio Housing Finance Agency.
AHTCC members elected the 2010 board at its January meeting.