Senate confirms CDT founder as Housing Finance Agency chair

Real Estate Weekly, April 4, 2007

Judd S. Levy has been confirmed by the New York State Senate to become the new chairman of the New York State Housing Finance Agency, the State of New York Mortgage Agency ("SONYMA"), and their affiliated agencies and subsidiaries.

"Judd brings more than 30 years of housing and financing experience to the Agencies," said Governor Eliot Spitzer. "His exemplary career in affordable housing finance includes a record of achieving superior results in both the public and private sector. I am grateful that he has accepted this position in my administration, and heartened by the State Senate's show of support for him."

In response to his confirmation Levy said, "I am really excited about the opportunities and challenges that face the state's housing agencies. New York State, like other parts of the country, is facing a crisis in affordable housing. We have the tools to address these problems and I look forward to working with the Agencies to make a real impact on our housing needs. I thank the Governor and the Senate for their trust in me."

HFA and SONYMA president/CEO Priscilla Almodovar, said, "Judd will be a critical voice in shaping the Agencies' work because of his strong financing experience and his deep commitment to affordable housing. All of us here at HFA and SONYMA are very much looking forward to working with him." Levy is currently the founder, president and chief executive officer of The Community Development Trust, the country's only real estate investment trust devoted to community development finance. Under his leadership, CDT has raised more than $120 million in successful private placements, has overseen program activity totaling more than $600 million, and has financed over 22,000 units of affordable housing in 39 states.

Prior to founding CDT, Levy served for three years as president and chief executiveofficer and a Board Member of the Local Initiatives Managed Assets Corporation ("LIMAC"), a national secondary market for community development loans.

From 1978 to 1988 her served as the managing director of the Housing Finance Department at Merrill Lynch Capital Markets. He began his career in affordable housing in 1973 as the deputy director for the New Jersey Mortgage Finance Agency. He currently serves as a Member of the Board of Directors of The Low Income Investment Fund, and as an advisor to Habitat for Humanity International where he developed Habitat's Accelerated Asset Recovery program.

Levy graduated from the Wharton School at the University of Pennsylvania in 1964 where he received a Bachelor of Science Degree. He lives in New York City with his wife Susan.

Levy's confirmation by the State Senate follows the January 25 approval of Priscilla Almodovar as president and CEO by the Agencies' Boards.