NEW YORK, NY--(Marketwired - May 20, 2014) - The Community Development Trust (CDT), the country's first and largest private real estate investment trust (REIT) which provides capital for the preservation of affordable housing, today announced that Nicolas P. Retsinas, Senior Lecturer in Real Estate at Harvard Business School and Director Emeritus of Harvard University's Joint Center for Housing Studies, has been elected as the new Chairman of the company's Board of Directors. Mr. Retsinas succeeds Peter J. Weidhorn, Managing Director at Baron Realty Advisors, who has served as Chairman for the past eight years. Mr. Weidhorn will remain on CDT's Board.
"Peter has played an invaluable leadership role for CDT over the last eight years, especially during the recent global financial crisis. We are fortunate that he will continue to serve on the CDT Board," said Joseph Reilly, President and CEO of CDT.
"I'm thrilled that Nic will be succeeding me as the next Chairman," said Mr. Weidhorn. "He is taking over at an exciting time for CDT, as the next two years are set to be big years of capital deployment and growth for the company. I look forward to continuing my work with him and the rest of the Board of Directors."
Mr. Retsinas has served on CDT's Board since 1998, when the company was founded. Prior to his current appointments at Harvard, he served as Assistant Secretary for Housing and Federal Housing Commissioner at the United States Department of Housing and Urban Development. Before that, he was Director of the Office of Thrift Supervision. In addition to his involvement on CDT's Board, Mr. Retsinas serves on the Board of Directors of Freddie Mac and the Center for Responsible Lending. He also chairs the Providence Housing Authority and is a past Chair of the Board of Directors of Habitat for Humanity International. In 2012, Mr. Retsinas was named to the Bipartisan Policy Center's Housing Commission where he co-chairs the Mortgage Finance Reform Working Group. He has lectured and written extensively on housing, real estate, and banking issues, and is a Fellow at the National Academy for Public Administration.
"As a charter member of CDT's Board, I have witnessed firsthand the impact of CDT on underserved communities and families in need throughout the country. As Chairman of the Board, I look forward to building on our successes to date as we stay the course and carry out our critical mission of preserving and expanding the nation's supply of affordable housing. I acknowledge the substantial contributions of our outgoing Chairman, Peter Weidhorn, and am eager to support our outstanding CEO, Joseph Reilly, in the days ahead."
"Nic has been a tremendously influential figure in the affordable housing industry throughout his career and has already made great contributions to CDT as a Board member," said Joseph Reilly. "As our new Chairman, his insights, industry experience, and leadership will be extremely beneficial to the company's continued success. We are delighted to have him take on this new role."
For his work in the housing industry, Mr. Retsinas has received numerous awards and accolades over his career, including:
- The Excellence in Public Service Award from the Rental Housing Association;
- The Housing Leadership Award from the National Low Income Housing Coalition;
- Induction into the Affordable Housing Hall of Fame;
- Induction into the National Housing Hall of Fame;
- Inclusion in Multi-Housing News' Most Influential People in Real Estate list;
- BUILDER magazine's Top 30 Innovators in the Home Industry in the Past 30 Years list;
- Bloomberg Businessweek's 50 Most Powerful People in Real Estate list;
- Meritorious Service Award from the US Department of Treasury; and
- The National Housing Conference's Person of the Year honor in 2011.
The Community Development Trust (CDT) is a national investor in affordable housing. Working with local, regional, and national partners, CDT makes long-term equity investments and originates and purchases long-term mortgages. In its fifteen years, CDT has provided nearly $1 billion in debt and equity capital to properties in 41 states -- helping to preserve and create more than 33,000 units of affordable housing. CDT is a private real estate investment trust (REIT), a certified Community Development Financial Institution (CDFI), an approved Fannie Mae affordable housing lender, and a member of the Federal Home Loan Bank of New York (FHLBNY).