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On Saturday, President-Elect Barack Obama announced his pick for Secretary of the Department of Housing and Urban Development: Shaun Donovan. Donovan is currently New York City Commissioner of Housing, Preservation and Development, and served under Clinton as deputy assistant secretary for multi-family housing at HUD.
According to an article in the Washington Post, Donovan“ has received widespread acclaim for his leadership of an effort to add 165,000 reasonably priced homes to New York’s ultra-expensive housing stock by 2013.
The $7.5 billion program has favored an approach that eschews heavy taxpayer spending on big, bleak, government housing projects.
Instead, the city has favored using various tools to help finance smaller, mixed-income developments built by private investors or nonprofit groups.”
He also, rather impressively, “ran a city home ownership plan that, in contrast with others across the country, kept foreclosures low; of more than 17,000 new or preserved homes under this plan, only 5 owners have lost their properties to foreclosure,” according to the same article.