Hagan Is New President of Housing Credit Coalition

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Joseph Hagan, president and CEO of National Equity Fund, Inc., has been elected as the new president of the Affordable Housing Tax Credit Coalition (AHTCC), a national nonprofit organization of syndicators, developers, lenders, and other participants and advocates of the federal low-income housing tax credit. Chicago-based NEF, a national nonprofit syndicator, has a $7.3 billion housing credit portfolio.

Hagan succeeds Ronne Thielen, managing director of affordable housing at Centerline Capital Group, who had been president of AHTCC for three years.

 “Like much of the rest of the economy, this is a very challenging time for affordable housing and the tax credit business,” said Hagan. “Ronne has done a wonderful job helping steer the industry toward policies that can help stabilize the market. I am focused on continuing that effort and advocating for legislation that will help attract new equity to long-stalled projects and offset the dislocation that we have seen over the last 18 months.”

The Coalition supports a package of proposed legislative changes to the federal housing credit, especially one that would extend the carryback period for housing credit investments from one to five years, to foster increased corporate investment in housing credits. “Carryback is a very critical need in order to get new investors,” says Hagan.

He also noted that the Coalition is interested in regulatory changes to the Community Reinvestment Act to promote greater geographic availability of tax credit equity. During the tax credit crunch, new equity investment has been concentrated primarily in strong, major metropolitan areas on the East and West Coasts where there is strong demand from so-called CRA investors.

Hagan expected that the Coalition will make recommendations regarding CRA regulatory reforms later this year, after seeing the results of a forthcoming CRA study prepared by Fred Copeman of Reznick Group.

Hagan has had a long involvement with the housing tax credit and affordable housing. He has served as NEF president and CEO since 2000. Before that, he was managing director of Banc One Capital Markets, Inc. and Banc One Capital Funding; president of Bank One Community Development Corporation; founder and president of Ohio Capital Corporation for Housing; and director of rental programs at the Ohio Housing Finance Agency.

Robert Greer, president of Michaels Development Company, Marlton, N.J., has been appointed vice chair of the National Association of Home Builder’s Housing Credit Group. He will assume chairmanship of the group in 2011. Michaels Development is a major national developer of low-income housing tax credit and HOPE VI projects.

Ted Tozer was sworn in recently as the new president of the Government National Mortgage Association. Previously he was Senior Vice President of Capital Markets at National City Mortgage, now a part of The PNC Financial Services Group.

Stacey Stewart has been named a Principal of Novogradac & Company LLP, a national accounting and consulting firm, in its Dover, Ohio office.

Karen J. Muchin has been named Executive Director of the Affordable Housing Investors Council, the association’s first. She was previously at JPMorgan Capital Corp.

Adrienne Quinn has joined Enterprise Community Partners, Inc. as its new Vice President of Public Policy and Government Relations. Before she was Director of the City of Seattle Office of Housing. 

Dale McCormick has been nominated by Maine’s governor for reappointment as Director of MaineHousing. He has held the post at the state housing finance agency for five years.

Cris White has been named Executive Director of the Colorado Housing and Finance Authority.