NEF president and CEO Joseph Hagan named new president at AHTCC
22 Feb 2010 - NEF, AHTCC
Contact:Victoria Spielman, AHTCC Colleen Mulcahy, NEF |
For Immediate Release:February 22, 2010 |
WASHINGTON (February 22, 2010)—The Affordable Housing Tax Credit Coalition (AHTCC) has elected Joseph S. Hagan—president and CEO of National Equity Fund, Inc. (NEF)—as its new president. NEF is a national nonprofit syndicator with a $7.3 billion portfolio of federal low income housing tax credits.
Hagan succeeds Ronne Thielen, managing director of affordable housing at Centerline Capital Group, who was at the AHTCC helm for the last three years.
“Like much of the rest of the economy, this is a very challenging time for affordable housing and the tax credit business,” Hagan said. “Ronne has done a wonderful job helping steer the industry toward policies that can help stabilize the market,” he said. “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 we have seen over the last 18 months.”
That includes advocating for a federal five-year carry-back provision focused on LIHTCs, Hagan said. The LIHTC carry back would allow corporate investors to use current credits to offset income in prior years, when they were more profitable. “This provision alone could attract an additional $5 billion to affordable housing development over the next few years,” Hagan said.
Hagan has served as NEF president and CEO since 2000. Prior to that he was managing director of Banc One Capital Markets, Inc. and Banc One Capital Funding, having previously served as president of Bank One Community Development Corporation. Hagan was also the founder and president of Ohio Capital Corporation for Housing, was director of rental housing programs for the Ohio Housing Finance Agency, and served as director of a local Ohio public housing agency as well as an Ohio community development corporation. He is located in NEF’s Chicago office.
About AHTCC
The Affordable Housing Tax Credit Coalition is a nonprofit organization of syndicators, developers, lenders, nonprofit groups, public agencies, and others concerned with the low-income housing tax credit. For more information on the Coalition including membership information and a detailed list of legislative priorities please visit www.taxcreditcoalition.org.
About NFF
National Equity Fund, Inc. (NEF) is a leading national syndicator of Low Income Housing, Historic and New Markets Tax Credits. NEF’s portfolio includes $7.3 billion in investments to support the construction and preservation of more than 100,000 homes for low-income families, the homeless, the disabled, seniors and others with special needs. Based in Chicago, NEF is a nonprofit subsidiary of the Local Initiatives Support Corporation (LISC). For more, visit www.nefinc.org or www.lisc.org.
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Article Type: Press Release