CCRC was founded in 1989 to address the affordable housing shortage and has since become California’s premier permanent multifamily affordable housing lender. Much of the organization’s success over the years has been due to the exceptional leadership of Mary Kaiser, who has served as CCRC’s president and CEO since 1995. Mary has announced her desire to retire at the end of 2022, allowing for new leadership to take CCRC to the next level, capitalizing on the success of the past 33 years of the organization’s history.
Under Mary’s leadership, the organization has built a diversified business model, originating in excess of $2 billion in affordable housing permanent mortgage lending opportunities for its investors while providing much needed affordable housing to families, seniors and residents with special needs, as well as permanent supportive housing to formerly homeless residents. This evolving business model has built a solid balance sheet as evidenced by a $74 million fund balance, while attracting in excess of $1 billion in capital for loan originations and servicing a funded portfolio of $900 million for banks, insurance companies, pension funds and Freddie Mac institutional investors through securitizations. Loan sales in the secondary market are approaching $1 billion, which allows the recycling of capital into additional housing for deserving low-income residents of California.
Reflecting on her time with CCRC, Mary comments, “Working with this incredible team at CCRC has been the best experience of my professional career. It has been an honor and a privilege to work alongside so many talented individuals who share my dedication to providing housing for those who need it most. Together, we have made a life-changing difference for so many individuals and families in our communities. But the work does not stop with my retirement. I know CCRC will continue to evolve and find new and creative ways to increase the desperately needed supply of affordable housing for our fellow Californians.”
Lisa Gutierrez, senior vice president and chair of the board, adds, “Mary’s impact to CCRC over the last 27 years has been extraordinary. From obtaining a CDFI designation at inception to an S&P Rating, to positioning CCRC as an irreplaceable permanent loan provider for the California affordable housing finance industry, the accolades are truly impressive. We thank Mary for her tireless work in advocating for affordable housing in the California region and beyond. Additionally, her commitment to diversity, equity and inclusion, especially with the CCRC college scholarship program, will be carried on in the work that CCRC engages in every day.”
The board has engaged Terra Search — a national executive search firm focused on the real estate industry with a specialty in CDFIs and the affordable housing space — to assist in the search. They will work with a committee of CCRC stakeholders and board members to facilitate a seamless transition over the next year, sourcing candidates both internally and externally to ensure a broad and transparent outreach with an eye on inclusivity in the process. For more information, view the full position description or please contact Becky Regan at becky@terrasearchpartners.com.
Please join us in congratulating Mary on her retirement and on looking forward to the next phase of CCRC leadership.