Leadership Change at The NHP Foundation
In a significant move, The NHP Foundation has appointed Eric W. Price as its new President and Chief Executive Officer. This transition marks an exciting chapter in the organization’s mission of providing affordable housing. With a strong background in community development and affordable housing, Mr. Price is poised to lead NHPF as it navigates the complexities of today’s housing market.
Eric W. Price Brings Valuable Experience
Mr. Price has been a key player in advancing NHPF's mission for nearly six years. Previously serving as President, he has had a crucial role in driving significant initiatives. Notably, he led the successful issuance of NHPF's first $75 million social bond, which received an impressive AA- rating from Standard & Poor's. This achievement is particularly noteworthy as it represents the highest rating secured by nonprofit social housing providers, highlighting NHPF's credibility and financial health.
Expansion of Impact Through Financial Innovations
Under Mr. Price’s leadership, NHPF also secured its first award from the CDFI Fund's Capital Magnet Fund. These accomplishments enable NHPF to leverage private capital effectively, further expanding its capability to provide affordable housing solutions across the nation. Importantly, Mr. Price's oversight of internal operations led to nearly doubling the number of employees, positioning NHPF for renewed growth.
Glynna Christian Supports the Leadership Transition
Glynna Christian, Chair of the NHPF Board of Trustees, expressed confidence in Mr. Price’s leadership abilities. She believes that his passion and strategic mindset are vital as NHPF evolves to meet the challenges of the current affordability crisis in housing. The board sees Mr. Price as a natural fit, equipped to lead the organization in its pursuit of sustainable housing initiatives.
Transitioning Leadership: Honoring Outgoing CEO
This leadership transition also marks the end of an era for outgoing CEO Dick Burns, who has profoundly impacted NHPF over the past 15 years. His tenure included steering the organization through pivotal milestones and expanding its reach across the nation. As he moves into a senior advisor role, he will focus on specific strategic initiatives while staying involved as a member of the Board of Trustees.
Looking Ahead: Priorities for Eric W. Price
In stepping into his new role, Mr. Price expressed his excitement about the opportunities ahead. He emphasized the responsibility of leading NHPF during this crucial phase of growth, where his focus will be on enhancing the impact of affordable housing solutions. Mr. Price aims to work closely with a dedicated team and partners to achieve sustainable outcomes for communities across the country.
About Eric W. Price
Eric W. Price brings over 30 years of experience in the realms of affordable housing and community development. His previous role as Deputy Mayor for Planning and Economic Development in Washington, D.C., allowed him to manage multiple City agencies and oversee a substantial $120 million annual budget. Mr. Price played a pivotal role in creating significant funding for the City's Housing Production Trust Fund (HPTF), which has invested approximately $1 billion in affordable housing since 2015.
About The NHP Foundation
The NHP Foundation operates as a 501(c)(3) not-for-profit real estate corporation that was established in 1989. With a robust history of over three decades, NHPF specializes in the acquisition, investment, development, and construction of affordable housing. Their team’s expertise combines real estate fundamentals with a commitment to addressing evolving community needs. NHPF, through its subsidiary, Operation Pathways, also provides resident services programs aimed at assisting families confronting challenges such as poverty. Currently, NHPF owns and manages 60 properties across 16 states and the District of Columbia, showcasing its expansive influence in the affordable housing sector.
Frequently Asked Questions
What is the significance of Eric W. Price's promotion?
Eric W. Price's promotion as President and CEO signifies a new era for The NHP Foundation focusing on enhancing affordable housing initiatives.
What achievements has Eric W. Price made at NHPF?
He led the issuance of a $75 million social bond and secured a prestigious AA- rating from Standard & Poor's, showcasing NHPF's financial integrity.
What role will Dick Burns play after transitioning?
Dick Burns will assume a senior advisor position and will focus on select strategic initiatives while remaining involved with the Board of Trustees.
How does NHP Foundation address affordable housing?
NHPF provides sustainable, resident-focused affordable housing solutions through strategic partnerships and innovative funding mechanisms.
What is the mission of The NHP Foundation?
The mission of The NHP Foundation is to deliver affordable housing and impactful resident services to communities in need.
