The housing industry is applauding President-elect Barack Obama’s pick of Shaun Donovan to head the Department of Housing and Urban Development (HUD). Donovan has shown his commitment to quality affordable housing for low- and moderate-income households while serving as director of the New York City Department of Housing Preservation and Development, where he has been responsible for leading the effort to build and preserve 165,000 affordable housing units for 500,000 New Yorkers, and as deputy assistant secretary for multifamily housing at HUD during the Clinton administration.
“We need to approach the old challenge of affordable housing with new energy, new ideas, and a new, efficient style of leadership. We need to understand that the old ways of looking at our cities just won’t do. That means promoting cities as the backbone of regional growth by not only solving the problems in our cities, but seizing the opportunities in our growing suburbs, exurbs, and metropolitan areas,” Obama said when naming Donovan as the next HUD secretary on Saturday, Dec. 13.
If confirmed by the Senate, Donovan certainly has the track record and leadership needed to reinvigorate the troubled agency and put quality affordable housing back on the national agenda.
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The nomination of industry veteran Shaun Donovan to be the next housing secretary is drawing strong support from housing leaders across the nation. FULL
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This past year was not a kind one for multifamily transactions. In the winter and spring, Fannie Mae and Freddie Mac were a beacon of hope, processing deals hand over fist, but they grew increasingly cautious as the year progressed. The meltdown of the capital markets as summer ended led to massive bank consolidations and the government’s takeover of the government-sponsored enterprises. Despite all the complications, several great deals still closed in 2008, each with their own story to tell. When UDR put an 86-community portfolio on the market, it pre-arranged debt financing before it found a buyer. In the end, the $1.7 billion acquisition went to Steven D. Bell & Co. and DRA Advisors. FULL
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