Authorities-sponsored enterprise Fannie Mae has tapped reasonably priced housing veteran Priscilla Almodovar as its new CEO.
With an expert background that features expertise in each actual property and neighborhood growth, Almodovar will start her tenure on Dec. 5, and likewise be a part of the Fannie Mae board. She presently serves as president and CEO of Enterprise Neighborhood Companions, a nationwide nonprofit advocating for elevated reasonably priced housing, racial fairness and neighborhood funding throughout the U.S.
The CEO position at Washington-based Fannie Mae had been vacant since Could, following the retirement of Hugh Frater. David Benson, the GSE’s president, has additionally been serving as interim CEO within the ensuing 5 months, in addition to a member of the Fannie Mae board. After Almodovar’s arrival in December, Benson will return to his duties as president.
Earlier than taking excessive management place at Enterprise Neighborhood Companions in 2019, Almodovar held a number of government roles in each authorities and industrial sectors, together with at JPMorgan Chase. On the banking big, she led two of the corporate’s nationwide actual property companies, together with as managing director, co-head of actual property banking, commonly working with builders, buyers, house owners and funding funds. Beforehand, Almodovar was president and CEO at New York State Housing Finance Company, State of New York Mortgage Company and Inexpensive Housing Company. Almodovar can also be a present board member of the San Diego-based actual property funding belief Realty Earnings.
“Priscilla’s huge expertise in giant, advanced companies and her dedication to reasonably priced housing makes her a perfect option to additional Fannie Mae’s mission to facilitate equitable and sustainable entry to homeownership and high quality reasonably priced rental housing throughout America,” mentioned Michael J. Heid, chairman of Fannie Mae’s board of administrators.
Over the previous yr, Fannie Mae has been aiming to handle equitable housing considerations, and not too long ago has been on the forefront of efforts to introduce rental historical past in underwriting.
“It is an honor to hitch Fannie Mae and lead the corporate because it carries out its important position within the housing finance market and works to assist make sure that equitable, reasonably priced housing is obtainable to individuals in communities throughout the nation,” Almodovar mentioned.
Fannie Mae reported earnings of $4.65 billion within the second quarter this yr. Together with fellow government-sponsored enterprise Freddie Mac, Fannie Mae has been beneath authorities conservatorship since September 2008.