Enterprise Names Ex-HUD Secretary Donovan as CEO

The former cabinet officer has an extensive background in affordable housing finance and development.

Shaun Donovan. Image courtesy of Enterprise Community Partners

Shaun Donovan. Image courtesy of Enterprise Community Partners

Former U.S. Secretary of Housing and Urban Development Shaun Donovan has been tapped as the next CEO of Enterprise Community Partners.

Donovan, who will succeed interim co-CEOs Lori Chatman and Drew Warshaw, will take the helm as the developer and investor reckons with an affordable housing crisis and the unrelenting demand in multifamily.

Enterprise is involved in a number of affordable housing investment and development initiatives, including a recent $502 million fundraise backing the construction of 3,203 residential units across 18 states and the U.S. Virgin Islands.

Chatman and Warshaw will serve as president of the firm’s capital division and chief operating officer, respectively. Enterprise’s previous CEO, Priscilla Almodovar, became CEO of Fannie Mae in December.

Extensive affordable housing experience

Donovan will bring more than three decades of experience in affordable housing development and advocacy in both the public and private sectors to his new role, including technical knowledge of city planning and sustainable development.

“(He) understands the complex way promoting an affordable home intersects with transportation, workforce training, health and the environment,” Phyllis Caldwell, board vice-chair at Enterprise, said in a statement.

Donovan has previously been an advisor to the Millennial Housing Commission and held roles with the Community Preservation Corporation and the FHA lending subsidiary of Prudential Mortgage Capital. He served as Commissioner of the New York City Department of Housing Preservation and Development under Mayor Michael Bloomberg from 2004 to 2009.

In 2009, President Barack Obama appointed Donavan Secretary of Housing and Urban Development. Donovan took charge of HUD during the Great Recession, a time marked by two of the largest foreclosure and mortgage crises in U.S. history. During his tenure, HUD deployed three quarters of the funds allocated for the department in the American Recovery and Reinvestment Act. Donovan also chaired the Hurricane Sandy Rebuilding Task Force. While at HUD, Donovan prioritized renter protections, affordability and housing for veterans. The number of homeless veterans nationwide was halved during his tenure. Donovan was appointed Director of the Office of Management and Budget in 2014.

Donovan is a senior fellow at the Ford Foundation and sits on the board of directors of the Regional Plan Association and the board of trustees of the Urban Institute.

In a statement, Ford Foundation President Darren Walker, U.S. Sen. Susan Collins (R-Maine) and Senate Majority Leader Chuck Schumer (D-N.Y.) touted Donovan’s government experience and commitment to affordable housing, including his efforts to reduce veteran homelessness nationwide and increase fair accommodations in New York City, where he was a mayoral candidate in 2021.

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