SHAUN DONOVAN
Secretary, U.S. Department of Housing and Urban Development (HUD)
Years in the Industry: 11
It might seem premature to include recently appointed HUD secretary Shaun Donovan on a list of influential multifamily leaders of the decade. And they would have a point. But they forget his contributions before arriving in Washington, D.C.
As Commissioner of the New York City Department of Housing Preservation and Development (HPD), Donovan created and implemented HPD’s New Housing Marketplace Plan to build and preserve 165,000 affordable homes, the largest municipal affordable housing plan in the nation’s history. According to the HUD Web site, he also worked on the New York City Acquisition Fund, a collaboration with foundations and banks to finance affordable housing; an innovative inclusionary zoning program; an ambitious supportive housing plan; and the Center for New York City Neighborhoods, one of the earliest responses to the foreclosure crisis.
Now, at HUD, Donovan is tasked with running the FHA, which is providing a large amount of the financing for the multifamily industry (specifically with construction). With FHA’s reserves falling, Donovan’s focus will be on buyers putting more “skin in the game,” which could mean fewer buyers and more renters. In addition to modernizing FHA, Donovan is also focused on preserving public housing; supporting project-based rental housing; preventing homelessness; and addressing the affordable rental housing crisis.
