May 20, 2024

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Donovan, the former Secretary of HUD, is named CEO by Enterprise

2 min read

Former cabinet officer with extensive experience in affordable housing financing and development.

Shaun Donovan, former U.S. Secretary for Housing and Urban Development has been selected as the new CEO of Enterprise Community Partners.

Donovan will succeed interim co­CEOs Lori Chatman & Drew Warshaw. The developer and investor will be faced with a housing shortage as well as an unrelenting need for multifamily.

Enterprise is involved with a number affordable housing development and investment initiatives. This includes a recent $52 million fund raise that backed the construction of 3,203 units of residential space across 18 states, and the U.S. Virgin Islands.

Chatman and Warshaw are to serve as the president and chief operating officers of the firm, respectively. Enterprise’s former CEO, Priscilla almodovar, was appointed CEO of Fannie Mae by Fannie Mae last December.

Experience in affordable housing

Donovan brings to his new position more than 30 years of experience in affordable housing and advocacy, both in the public and private sector. He also has technical knowledge in city planning and sustainable developments.

In a press release, Phyllis Caldwell (board vice-chair of Enterprise) said that “(he) understands how promoting affordable housing intersects with workforce training, health, and the environment.”

Donovan was previously an advisor for the Millennial Housing Commission, and held roles at the Community Preservation Corporation as well as the FHA lending subsidiaries of Prudential Mortgage Capital. He was Commissioner of the New York City Department of Housing Preservation and Development under Mayor Michael Bloomberg between 2004 and 2009.

Donavan was appointed Secretary of Housing and Urban Development by President Barack Obama in 2009. Donovan was appointed HUD Secretary during the Great Recession. This period saw two of the biggest mortgage and foreclosure crises in U.S. History. During his tenure at HUD, three-quarters of the American Recovery and Reinvestment Act funds were allocated to the department. Donovan was also the chair of the Hurricane Sandy Rebuilding Task Force. Donovan was the HUD’s director of housing and he prioritized renter protections. During his tenure, the number of homeless vets in the United States was reduced by half. Donovan became Director of the Office of Management and Budget, in 2014.

Donovan is also a senior fellow with the Ford Foundation, and he sits on both the board directors of the Regional Plan Associationand of the board trustees of Urban Institute.

In a joint statement, Ford Foundation President Darren Walker and Senate Majority leader Chuck Schumer (D.N.Y.), praised Donovan for his government experience, commitment to affordable housing and efforts to reduce veteran homeless nationwide.

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