Priscilla Almodovar has been appointed CEO of Fannie Mae, effective Dec. 5. She will also be on the board of directors at the government-sponsored enterprise.

Priscilla Almodovar
Priscilla Almodovar

She steps into the post after being president and CEO of Enterprise Community Partners, a national affordable housing organization, since 2019. Prior to that, Almodovar worked for nearly a decade at JPMorgan Chase, where she was managing director and co-head of real estate banking.

Earlier in her career, the affordable housing industry veteran was president and CEO of New York state’s housing finance and mortgage agencies.

“It’s an honor to join Fannie Mae and lead the company as it carries out its vital role in the housing finance market and works to help ensure that equitable, affordable housing is available to people in communities across the country,” said Almodovar in a statement. “I look forward to working with the board, management, and my new colleagues at Fannie Mae to continue this important work, which has benefited so many people over the company’s more than 80-year history.”

She will be the first woman and Latina to hold the top post at Fannie Mae.

Almodovar will succeed David C. Benson, who has served as interim CEO and board member since May. After her arrival, Benson will continue in his role as president.

Michael J. Heid, chair of Fannie Mae’s board, announced Almodovar’s appointment, citing her extensive background.

“Priscilla’s vast experience in large, complex businesses and her commitment to affordable housing makes her an ideal choice to further Fannie Mae’s mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America,” he said.

She has been named to Fortune’s “50 Most Powerful Latinas” and Hispanic Business’ “100 Most Influential Hispanics.” She earned a bachelor’s degree from Hofstra University and her Juris Doctor from Columbia University School of Law.

Almodovar plans to step down at Enterprise on Nov. 11. The organization’s board has elevated Lori Chatman, president of Enterprise’s capital division, and Drew Warshaw, chief operating officer, to interim co-CEOs as it launches a nationwide search for a new leader.

“Priscilla leaves Enterprise at the strongest moment in its four-decade history. Thankfully, the board did not have to look far for leadership continuity,” said longtime board member and incoming chair Rick Lazio. “Lori has succeeded at every level in affordable housing and community development, and is the embodiment of Enterprise’s drive for innovation, impact and the will to truly change the system. Drew is as natural and transformative a leader of people and multifaceted organizations as they come, bringing deep management experience from the private and public sectors to ensure that we continue to leverage the end-to-end capabilities that make Enterprise so unique and impactful. They will be wise stewards.”