President-elect Barack Obama has tapped the head of New York City's Department of Housing Preservation and Development, Shaun Donovan, to be the next secretary of housing. Obama called Donovan -- who held a key position at HUD under the Clinton administration and also has experience in the private sector -- a reformer who's expanded access to affordable housing in New York City. Before joining Mayor Michael Bloomberg's administration, Donovan, 42, was in charge of FHA lending and affordable housing investment at Prudential Mortgage Capital Co. Donovan was also deputy assistant secretary for multifamily housing at HUD until March 2001, running subsidy programs that provided more than $9 billion a year to 1.7 million families, and oversaw a porftolio of more than 2 million housing units. The National Association of Realtors and Mortgage Bankers Association issued statements welcoming Obama's choice for Secretary of Housing. Donovan is "an acknowledged expert in housing&q...
by Brad Inman | on Mar 21, 2017
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