Almodovar Moves into New Role at Chase
Priscilla Almodovar has been named head of the national community development real estate lending business at Chase, the consumer and commercial banking business of JPMorgan Chase & Co.
Based in Manhattan, Almodovar leads a team of 30 bankers that provides construction and permanent debt financing to large national for-profit and nonprofit developers working in affordable housing and community revitalization.
Chase reports that the community development real estate lending group extends about $4.3 billion in financing to 75 community development organizations and more than 900 affordable housing and economic development projects across the United States.
Almodovar joined Chase about a year ago and will continue to serve as its COO of Community Development Banking. Prior to joining the firm, she was executive director of the New York State Housing Finance Agency.
LISC Names New Markets CEO
The Local Initiatives Support Corp. (LISC) and its tax credit affiliate, National Equity Fund (NEF), recently named Kevin Boes as president and CEO of the LISC New Markets Support Corp. (NMSC). The move is effective Jan. 1.
NMSC is LISC's New Markets Tax Credit (NMTC) investment arm and is managed by NEF.
Boes recently served as NEF's CFO and in that capacity has had direct reporting responsibility for the New Markets team for the last several years.
In anticipation of Boes' new role, NEF will promote Alex Denja to the CFO post. Denja has served as the company's vice president and assistant CFO.
“Over the last couple of years, our New Markets work has grown so much that today we are deploying the largest New Markets allocation in the country,"
says Joe Hagan, NEF president, who had been acting as CEO of NMSC. “As such, we felt it was time that our New Markets affiliate has the strategic and managerial focus of a full-time president. With his leadership skills, creativity, and experience, Kevin was the obvious choice for us."
Boes will report to the NMSC board, which will continue to include Hagan, LISC President and CEO Michael Rubinger, and others.
NMSC has closed on 50 NMTC investments with $500 million in capital from 13 national and regional lenders.
Cabrillo Executive to Retire
Rodney Fernandez will retire as executive director of the Cabrillo Economic Development Corp. (CEDC) at the end of 2011.
Founded by Fernandez in 1981, CEDC began as a grassroots advocacy organization focused on farmworker housing.
It has grown to be a multifaceted nonprofit that has produced more than 1,400 affordable homes and manages a real estate portfolio of 18 rental properties in Southern California. CEDC has a staff of more than 80.
The CEDC Board of Directors has retained TransitionGuides, an executive recruitment firm, to search for a new executive director.
Walker & Dunlop Announces New Executive
Richard M. Lucas has joined Walker & Dunlop as executive vice president and general counsel.
Lucas had been executive vice president, general counsel, and corporate secretary for Hilton Worldwide in McLean, Va.
A real estate finance company, Walker & Dunlop is a Fannie Mae, Freddie Mac, and Federal Housing Administration lender.
D.C. Agency Appoints Leader
Adrianne Todman has been appointed executive director of the District of Columbia Housing Authority (DCHA).
She has served as DCHA's interim executive director for more than a year and as deputy executive director for administration and external affairs and deputy chief of staff for five years.
Todman's 19-year career in public administration includes serving as a special assistant on policy and programs to former Department of Housing and Urban Development Secretary Andrew Cuomo.
DCHA's nationwide search for a new executive director drew more than 138 applicants.
Raymond James Hires Acquisitions Director
John Colvin has joined Raymond James Tax Credit Funds, Inc., a leading low-income housing tax credit syndicator, as director of acquisitions. He is responsible for property acquisitions in the Southeast. Colvin spent seven years at Regions Bank, where he was responsible for tax credit equity originations and construction leading throughout the Southeast.