The top two officials at the city’s Housing Development Corporation—President Emily Youssouff and Executive Vice President John Crotty—stepped down today to head up a new tax-exempt bond division at JPMorgan Chase.
During their reign, the agency went from being a scandal-ridden redoubt for political cronies into the country’s largest issuer of affordable housing bonds.
The Mayor’s statement below.
STATEMENT FROM MAYOR BLOOMBERG ON HDC PRESIDENT EMILY YOUSSOUF’S AND EXECUTIVE VICE PRESIDENT JOHN CROTTY’S RESIGNATIONS TO START AFFORDABLE HOUSING FINANCE DIVISION AT JPMORGAN CHASE
“It is with regret that I accept the resignations of Housing Development Corporation President Emily A. Youssouf and Executive Vice President John A. Crotty. New Yorkers have been very fortunate to have had Emily at the helm of HDC for the past four years, and to have had John as her deputy. By issuing bonds to finance the construction and preservation of affordable housing in New York City, HDC brings in capital from private investors to support our New Housing Marketplace plan. Under Emily’s leadership, HDC became the nation’s top issuer of affordable housing bonds, putting out $1.65 billion in housing bonds in 2006 alone, surpassing its previous record of $1.54 billion in 2005.
“Emily came to HDC from Wall Street, bringing with her an innovative mindset that was vital to our Administration’s goal of building affordable housing for 500,000 New Yorkers by 2013 – the largest and most ambitious municipal affordable housing initiative in the nation’s history. She implemented several inventive practices to finance the construction and preservation of affordable housing, including earmarking more than $500 million of HDC’s self-generated corporate reserves to augment its bond-funded development lending. She also created new programs aimed at preserving the affordability of senior housing and Mitchell-Lama housing stock. Now, just as she has helped City government learn from the private sector, I have no doubt that JPMorgan Chase and all of the country will benefit from the experience she has gained from leading HDC.
“As Emily’s second-in-command, John has effectively managed HDC’s expanding staff and has worked with our partners at the State and Federal level to ensure that affordable housing in New York City has received the resources it needs. John has also been a trusted advisor to me since the beginning of our Administration, previously serving as the Director of the Office of City Legislative Affairs.
“I want to thank both Emily and John for their service to the people of New York City. After they leave City service this October, we will continue to move forward with the innovations that they pioneered. And at JPMorgan Chase, Emily and John will use their vast expertise in affordable housing financing to help low- and middle-income Americans across the nation.”