SOURCE: Citizens Housing Corporation

September 12, 2007 09:00 ET

Citizens Housing Corporation Appoints New COO as Part of Plan to Expand Housing Options for Low Income and Homeless Households

SAN FRANCISCO, CA--(Marketwire - September 12, 2007) - Citizens Housing Corporation, an innovative non-profit housing developer, has named Noreen Beiro to serve as the organization's chief operating officer. Beiro is a senior executive with over 20 years of experience in real estate finance, including a special interest and expertise in affordable housing. Beiro will oversee Citizens Housing's finance, property management, asset management, and administrative functions as the organization expands the number of properties it develops for low-income and homeless households.

"Noreen has a deep understanding of affordable housing finance and operations, and she is just the right person to help us build on Citizens Housing's successes," said James Buckley, president of Citizens Housing Corporation. "Our board of directors is focused on expanding our efforts to build, preserve, and operate affordable housing in the Bay Area and throughout California. Noreen's expertise in real estate finance will help us raise additional capital and incorporate more properties into our operations, bringing more affordable housing to the communities we serve."

Prior to joining Citizens Housing, Beiro served as senior vice president at PNC MultiFamily Capital, a leading provider of financial services for the multifamily housing industry. Beiro previously served as the director of lending and portfolio management of the Low Income Investment Fund, a national community development financial institution. Ms. Beiro holds an undergraduate degree in city and regional planning from the School of Architecture at the University of Virginia and a master's degree in urban planning from the University of North Carolina-Chapel Hill.

"Over the last few years, Citizens Housing has had an increasing impact -- both quantitative and qualitative -- on the supply of high-quality housing for low-income people in California," said Beiro. "I am excited to join this team at Citizens Housing; their reputation for innovation in affordable housing is unsurpassed."

Upcoming Citizens Housing projects include the Altenheim Senior Housing in Oakland, a historic rehabilitation project that is now home to independent low-income seniors and Buena Vista Terrace, a converted historic church in the Haight-Ashbury neighborhood of San Francisco that will offer affordable rental housing to seniors.

About Citizens Housing Corporation

Citizens Housing Corporation is an innovative non-profit housing developer and manager incorporated in 1992 to increase and preserve affordable housing opportunities for low-income Californians. Their diverse portfolio includes green buildings, transitional housing on a former naval base, reuse of historic buildings for affordable senior and family housing, renovation of HUD Section 8 expiring use properties, supportive housing for people with special needs, and mixed-use, transit oriented developments. Citizens Housing's current portfolio includes over 3,000 units, more than 90% of which are affordable to low-income seniors and families earning between 30% to 60% of the area median income. For more information, please visit www.citizenshousing.org.

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