Wednesday, January 22, 2014

Tackling the Challenge of Affordable Home Financing

Many professionals would look forward to slowing down after a busy career spanning more than 30 years in the business world. But Bill Mulrow isn’t one of them. He’s still ready to take on new challenges, especially if it means being of service to his state and to his community. In 2012, Mulrow answered the call of the Governor of New York and took on the job of Chairman of the Housing Finance Agency and the State of New York Mortgage Agency to lead the state in its recovery from the recent housing crisis.

His vast experience in finance and investment banking made him the ideal choice to lead the New York Housing Finance Agency (HFA) and the State of New York Mortgage Agency (SONYMA). He brings the knowledge he acquired at the Blackstone Group, Citigroup, Paladin Capital, Gabelli Asset Management, Donaldson, Lufkin and Jenrette, and Rothschild Inc., to help fellow New Yorkers. Now in his second year as Chairman of HFA and SONYMA, Mulrow uses his background from the private sector to help develop programs to create, preserve and finance housing that is affordable for New York residents.

The challenge for the State of New York Mortgage Agency (SONYMA) has been to enable state residents to make the move from tenant to homeowner. When he accepted Governor Cuomo’s appointment to head the Housing Finance Agency and SONYMA, he brought to the position more than 30 years of experience in finance and investment banking in the public and private sectors. As he enters his second year as Chairman, SONYMA programs offering low-interest rate mortgage financing are making the dream of owning new construction or an existing home an affordable reality for New York residents with low or moderate incomes.

As Chairman of the New York Housing Finance Agency, Bill Mulrow also oversees the operations of the state’s Affordable Housing Corporation (AHC). The AHC offers grants to government agencies, charities and other nonprofit organizations to subsidize the construction of new homes or the renovation of existing homes for low- to moderate-income families in the state. The agency’s Affordable Home Ownership Development Program provides the funding for the development, preservation and stabilization of communities in the state by encouraging homeownership. Under Mulrow’s guidance and leadership, the agency encourages home builders to partner with government, charities and other nonprofit organizations.

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