The Real Deal New York

From the April issue: As the city’s housing prices fall, credit dries up and affordable housing goals are threatened, new Housing Preservation and Development Commissioner Rafael Cestero has a lot on his plate. Cestero took office in the middle of last month after his predecessor, Shaun Donovan, headed to Washington, D.C., to become President Barack Obama’s Secretary of Housing and Urban Development. Donovan had been commissioner since 2004, and Cestero was his deputy between 2004 and 2007. As deputy commissioner, Cestero helped develop the city’s $7.5 billion New Housing Marketplace Plan, the mayor’s 10-year initiative to create 165,000 units of affordable housing. He also played a role in establishing the NYC Acquisition Fund, which helps developers create affordable housing through faster access to equity. Real estate pros say Cestero has a lot to do, including reviewing old policies that might help the real estate community, and furthering the mayor’s affordable housing plan on a smaller budget.