The New York City Housing Development Corp. board approved the appointment of Eric Enderlin as president.
Enderlin, whom Mayor Bill de Blasio appointed on Aug. 11, will succeed Gary Rodney, who is leaving to become chairman of Crea LLC, a national low income housing tax credit syndicator.
"He could not have been a more positive selection," Rodney said last Thursday at his final board meeting at the corporation's lower Manhattan headquarters.
HDC is the city's housing finance arm and a major player in de Blasio's affordable housing initiative.
Enderlin, 50, of Greenwich Village, will begin his duties in mid-October. He will play a key role in furthering de Blasio's initiative to create and preserve 200,000 units of affordable housing over the 10 years.
He had been deputy commissioner at the city's Department of Housing Preservation and Development, where he oversees the agency's office of development.
HPD and HDC operate independently of one another, although HPD commissioner Vicki Been chairs HDC's board and the agencies collaborate to finance the city's affordable housing stock.
Since de Blasio took office in 2014, HDC has issued roughly $4 billion in bonds and financed more than 25,000 of the units built or preserved to date under de Blasio's 10-year, five-borough plan, Housing New York.
The agency issued more than $1.5 billion of that amount through the sustainable neighborhood bond program, which it launched last year as the nation's first social responsibility bond in the affordable housing marketplace.
Enderlin's previous public and private sector experience include positions at the New York City Housing Authority, infrastructure firm Louis Berger Group and the New Jersey Council on Affordable Housing. He holds a bachelor of arts in economics and a master's of science degree in urban planning and policy; both from Rutgers University.
"The combination of this team is the best the city of New York has ever offered," said Charles Moerdler, the longest-serving board member and a partner at law firm Stroock & Stroock & Lavan LLP.
The board approved the issuance of up to $235 million of multihousing revenue bonds and a $40 million remarketing of multifamily mortgage revenue bonds issued in 2007 for the Queens Family Courthouse Apartments in Jamaica, Queens.
In addition, the board approved a five-year, interest-only loan of up to $14.3 million to refinance a portfolio of six projects containing 437 units in Brooklyn's East New York neighborhood controlled by Arker Cos. principals. Arker will use the loan to retire the debt and reimburse itself for costs of purchasing limited partnership interests.