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. [more]