David Rubin Named Commissioner Los Angeles Housing Authority

Business Wire, May 14, 2002

Business Editors

LOS ANGELES--(BUSINESS WIRE)--May 14, 2002

Los Angeles Mayor James K. Hahn recently announced the appointment of David Rubin as a commissioner to the Housing Authority of the City of Los Angeles.

Chartered in 1938 by the State of California, the Housing Authority is a cooperative effort with the city to provide housing for low-income residents. The Authority is presently Los Angeles' largest provider of subsidized housing, with a budget of nearly $500 million.

Rubin is the founder and president of CDR Financial Products, a diversified investment banking firm highly respected for their creative work in structuring and marketing housing products. In fact, CDR created the Lease-To-Own program, in concert with Freddie Mac, which enables low income families to acquire housing. The company also structured affordable multi-family projects throughout the United States, as well as a variety of other products.

The Housing Commission is composed of six members, all appointed by the Mayor. Don Smith serves as the Authority's Executive Director.

"David Rubin brings a great depth of experience and financial creativity to the Board," Smith said. "We're anticipating a very productive year, especially in a climate of tremendous housing demand."

With headquarters in Los Angeles, CDR Financial Products (Bloomberg:CDRG(GO) or www.CDRFP.com) also has offices in Georgia, New Jersey, New York, Ohio and Virginia.

For further info or to arrange interviews with Rubin contact Scott Regberg at 310/475-5735.