Fannie Mae appoints affordable housing leader Almodovar as CEO

Government-sponsored enterprise Fannie Mae has tapped affordable housing veteran Priscilla Almodovar as its new CEO. 

With a professional background that includes experience in both real estate and community development, Almodovar will begin her tenure on Dec. 5, and also join the Fannie Mae board. She currently serves as president and CEO of Enterprise Community Partners, a national nonprofit advocating for increased affordable housing, racial equity and community investment across the U.S.

The CEO role at Washington-based Fannie Mae had been vacant since May, following the retirement of Hugh Frater. David Benson, the GSE's president, has also been serving as interim CEO in the ensuing five months, as well as a member of the Fannie Mae board. After Almodovar's arrival in December, Benson will return to his duties as president. 

Before taking over the top leadership position at Enterprise Community Partners in 2019, Almodovar held several executive roles in both government and commercial sectors, including at JPMorgan Chase. At the banking giant, she led two of the company's national real estate businesses, including as managing director, co-head of real estate banking, regularly working with developers, investors, owners and investment funds. Previously, Almodovar was president and CEO at New York State Housing Finance Agency, State of New York Mortgage Agency and Affordable Housing Corporation. Almodovar is also a current board member of the San Diego-based real estate investment trust Realty Income.

"Priscilla's vast experience in large, complex businesses and her commitment to affordable housing makes her an ideal choice to further Fannie Mae's mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America," said Michael J. Heid, chairman of Fannie Mae's board of directors. 

Over the past year, Fannie Mae has been aiming to address equitable housing concerns, and recently has been at the forefront of efforts to introduce rental history in underwriting.

"It's an honor to join Fannie Mae and lead the company as it carries out its vital role in the housing finance market and works to help ensure that equitable, affordable housing is available to people in communities across the country," Almodovar said.

Fannie Mae reported earnings of $4.65 billion in the second quarter this year. Along with fellow government-sponsored enterprise Freddie Mac, Fannie Mae has been under government conservatorship since September 2008.