MSHDA Board Unanimously Approves New Executive Director

Veteran real estate financial developer to head state housing authority, will focus on spurring investment growth, increasing homeownership, revitalizing Michigan's downtowns and neighborhoods

LANSING, Mich., Oct. 24, 2012 /PRNewswire-USNewswire/ -- The Michigan State Housing Development Authority (MSHDA) Board of Directors today unanimously approved Rochester real estate financial developer Scott Woosley as the new executive director in charge of managing the agency that promotes community development and affordable housing.

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The board's appointment of Woosley, a Michigan Fast Track Land Bank Authority board member who has more than 25 years of real estate and investment experience, becomes effective Nov. 1.

"I applaud the MSHDA board's action and am pleased to welcome Scott Woosley to this important post," said Gov. Rick Snyder.

"Scott is a great choice to lead MSHDA into the future, and I am confident his background and knowledge will help to effectively support the authority's mission."

Woosley is a principal and one of the founders of Labor-Management Fund Advisors (LMFA) LLC, a Troy-based full-service commercial and residential real estate advisory firm. Prior to forming LMFA, Woosley was managing director and portfolio manager for a $1 billion commingled real estate fund. He has overseen the underwriting and due diligence for more than $900 million in equity, participating mortgages and credit enhancement facilities.

In addition, Woosley has extensive experience in valuing commercial real estate of all types under state and federal regulatory guidelines. Woosley is a chartered financial analyst and member of the CFA Institute, American Real Estate Society and the International Foundation of Employee Benefit Plans.

He earned a bachelor's degree in accounting from George Washington University and an MBA from the University of Michigan.

Gov. Snyder appointed Woosley May 22 to the Michigan Land Bank Fast Track Authority, a seven-member board that promotes economic growth on the local, county and state levels through the acquisition, assembly and disposal of public property, including tax-reverted property.

"Scott Woosley's background makes him perfectly suited to lead MSHDA at this critical juncture," said MSHDA Board Chair Tom Saxton, State Treasurer Andy Dillon's designee. "I am confident the authority will continue to make great strides under his leadership."

Woosley said he is honored to receive the MSHDA board's unanimous backing in accepting his new role.

"I am committed to working with MSHDA's excellent staff to provide assistance to the homeless and ensure that all state residents have access to decent, affordable housing," Woosley said. "I embrace the opportunity to lead MSHDA's efforts in strengthening communities, increasing homeownership and helping to rebuild the kind of neighborhoods and downtowns that Michigan needs to compete in the 21^st century."

Michigan's current direction and strategies has the state well positioned to attract new housing investments from developers throughout the country, Woosley noted. MSHDA's "AA" bond rating is among the highest in the nation, and MSHDA's balance sheet is among the strongest of all housing finance agencies nationwide, according to Standard & Poor's.

"I believe community development and economic development go hand in hand," Woosley said. "Attracting new investors and creating new developments will help Michigan to maximize underutilized resources throughout the state, particularly in our urban centers and rural communities."

Woosley succeeds Gary Heidel, who had served as the authority's executive director since 2010. Heidel is returning to his prior position as MSHDA's director of program policy and market research.

"I want to commend Gary Heidel for his steady leadership during the past two years," Snyder said. "Gary has been a key figure at MSHDA for nearly three decades, and I'm pleased that he will continue to play a prominent role in the authority's stewardship."

Joining Saxton in approving Woosley's appointment were MSHDA board members Robert S. Sher, CEO of Robert S. Sher & Associates; Maura Corrigan, director of the Michigan Department of Human Resources; Rob Fowler, president and CEO of the Small Business Association of Michigan; Tony Lentych, general manager of Leelanau Wine Cellars Ltd.; Kate Luckert Schmid, program director of the Grand Rapids Community Foundation; Kirk T. Steudle, director of the Michigan Department of Transportation; and Cheryl Shooltz, the board's resident member.

About MSHDA

The Michigan State Housing Development Authority (MSHDA) provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents and to engage in community economic development activities to revitalize urban and rural communities.*

*MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.

SOURCE Michigan State Housing Development Authority