The Community Development Trust announces the election of two new members to Board of Directors
New York, N.Y. — Sept. 11, 2017 — The Community Development Trust (CDT), which provides long-term debt and equity capital for the creation and preservation of affordable housing and charter schools, today announced the election of two new members to its Board of Directors: Brian A. Hudson Sr., executive director and chief executive officer of the Pennsylvania Housing Finance Agency (PHFA); and Robin Hughes, president and chief executive officer of Abode Communities, a Los Angeles-based nonprofit affordable housing developer.
“CDT’s continued success rests on the vision, talent and dedication of our management and staff who are guided by our strong and experienced management team and a Board of Directors that includes many of the nation’s top experts in affordable housing, residential real estate, finance and community development,” said Joseph F. Reilly, CDT president and CEO.
“Mr. Hudson and Ms. Hughes both have extensive experience navigating the complexities of a broad array of transactions within the affordable housing and community development sectors,” Reilly said. “Their vision and leadership will help CDT to continue meeting our mission of preserving and expanding the nation’s supply of affordable housing, while at the same time providing competitive financial returns to our investors.”
Mr. Hudson took over the PHFA reins on July 1, 2003, following his appointment to the post by unanimous approval by the agency’s Board of Directors. His major responsibilities involve developing and implementing program initiatives as well as providing guidance for the Board, and for maintaining relationships with the Administration, the State Legislature and Congress, business and advocacy partners, the financial community and the public. He was previously the PHFA’s deputy executive director and chief financial officer beginning in 1995.
The PHFA is Pennsylvania’s leading provider of capital for affordable homes and apartments, and is one of the largest state housing agencies in the United States. Since its creation in 1972, PHFA has generated more than $13 billion of funding for more than 167,000 single-family mortgage loans and 133,000 rental units, and has saved the homes of nearly 49,000 families from foreclosure. PHFA raises capital by selling tax-exempt and taxable securities. It is governed by a 14-member board, which includes members appointed by Pennsylvania’s governor and members appointed by the leadership of the Pennsylvania Legislature.
Mr. Hudson holds a bachelor’s degree from the Pennsylvania State University, and is a Certified Public Accountant and a Certified Treasury Professional. He is past president of the National Council of State Housing Agencies, chairman of the Commonwealth Cornerstone Group and a member of the board of the National Housing Trust. He is the former chairman of the Audit Committee of the Federal Home Loan Bank of Pittsburgh and a former member of the Consumer Advisory Council of the Federal Reserve Board.
Abode Communities’ President & CEO, Robin Hughes, has been actively involved in affordable housing and community development for more than 30 years. In her 20+ years in leading Abode Communities, she has transformed the organization into an Affordable Housing Finance Top 50 Affordable Housing Developer nationwide and the premier provider of environmentally sustainable affordable housing in California.
Under Ms. Hughes’ direction, Abode Communities has developed more than 40 residential and mixeduse communities, created new affordable homes for more than 8,000 California residents and provided a social safety net through Beyond Homes, the nonprofit’s resident services program. Highly regarded as an industry leader in housing policy at the local, state and federal level, Ms. Hughes serves or has served on numerous boards, task forces and advisory bodies, where she continues to advocate for resources, programs and policies that support the preservation and production of affordable housing for low-income residents. Ms. Hughes currently serves on the Board of California Community Reinvestment Corporation, is the Housing Partnership Network’s Board Chair and is Co-Policy Chair of the California Housing Consortium.
Ms. Hughes has been recognized by the National Real Estate Investor as a Champion of Affordable Housing, as well as Huffington Post’s Person of the Day. Ms. Hughes has previously held positions in the public and private sectors, including The Richmond Group of Companies, Citibank, the Community Development Commission of the County of Los Angeles, and the Office of the Mayor of the City of Los Angeles. Her experience is highlighted by four years as the city planning commissioner for the City of Los Angeles.
Ms. Hughes received her master’s and bachelor’s degrees in public administration from the University of Southern California, and graduated from Harvard University’s John F. Kennedy School of Government Executive Program.
The Community Development Trust (CDT) is a real estate investment trust that provides capital for the preservation and creation of affordable housing and charter school facilities. Working with local, regional and national partners, CDT makes long-term equity investments and originates and acquires long-term mortgages. In its 18 years, CDT has invested over $1.4 billion in debt and equity capital to properties in 44 states and regions – helping to preserve and create over 40,000 units of affordable housing. CDT is a private real estate investment trust (REIT), a certified Community Development Financial Institution (CDFI), an approved Fannie Mae affordable housing lender and a member of the Federal Home Loan Bank of New York (FHLBNY). As a CDFI and private REIT with a social impact mission, CDT operates as a double-bottom-line organization by utilizing creative financial solutions to provide debt and equity capital to underserved real estate markets, all while seeking attractive returns for shareholders.