Bloomberg names Jahr president of city's HDC.
Mayor Michael R. Bloomberg announced the appointment of Marc Jahr as President of the New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Housing Development Corporation (HDC (Hard Disk Controller) See disk controller.
HDC - Disk Controller ). Jahr's appointment was approved by the HDC Board today. Since 2002, Jahr has served as New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Regional Director for Citi Community Capital, where he directed Citibank's community development real estate lending in New York City, Long Island, Connecticut and New Jersey. Prior to his work at Citibank, Jahr was a Vice President at the Local Initiative Support Corporation, a national intermediary that provides funding for housing and community development. Jahr also worked for the New York City Department of Housing Preservation and Development, directing the multi-family housing unit.
HDC is a public benefit corporation established to finance the creation and preservation of affordable housing throughout New York City. HDC is the nation's number one issuer of affordable housing bonds. Through the Mayor's $7.5 billion New Housing Marketplace Plan, HDC has committed to finance 42,000 units of affordable housing over ten years. 31,000 of those units have already been funded.
"Affordable housing is fundamental to New York City's long-term prosperity, and HDC has been at the forefront of our efforts to harness the real estate market to build and preserve affordable housing," said Bloomberg. "Marc brings with him 26 years of affordable housing experience and the leadership to build on HDC's impressive record. Marc is well qualified to balance fiscal discipline with creativity to fund more affordable housing units. I am confident that he will make a significant contribution to the success of our New Housing Marketplace Plan, the largest municipal affordable housing plan in the nation's history."
"This is a very exciting time for HDC," said HDC President Jahr. "The Mayor has given his vote of confidence to HDC by assigning it the responsibility of financing many of the initiatives set forth in his ambitious housing plan. I'm looking forward to working with Mayor Bloomberg, the Board and staff of HDC, as well as HPD HPD Honolulu Police Department (Honolulu County, Island of Oahu)
HPD Housing Preservation and Development
HPD Housing Preservation and Development (New York City Department) staff and the banking and real estate communities to continue to bring more affordable housing to the people of New York City."
HDC was created in 1971 to provide financing for the production of affordable multi-family housing within the five boroughs. Since inception, HDC has issued in excess of $9 billion of bonds and notes to provide construction and/or permanent loans for the acquisition, refinancing Refinancing
An extension and/or increase in amount of existing debt. , construction and/or rehabilitation rehabilitation: see physical therapy. of affordable housing. Jahr succeeds Emily Youssouf who left HDC in October to start an affordable housing finance division at JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. . Youssouf, leading a hard-working and innovative staff, implemented several inventive practices to finance the construction and preservation of affordable housing, including earmarking It has been suggested that some sections of this article be split into a new article entitled Earmark (USA). more than $500 million of HDC's self-generated corporate reserves to augment its bond-funded development lending. HDC's portfolio has been affirmed af·firm
v. af·firmed, af·firm·ing, af·firms
1. To declare positively or firmly; maintain to be true.
2. To support or uphold the validity of; confirm.
v.intr. by S&P at "AA" and Moody's at "Aa2". This is the best rating since HDC's inception.