WASHINGTON, DC - Fannie Mae announced that the Board of Directors has elected Frederick B. "Bart" Harvey III to the company's 13-member Board, filling the last remaining vacancy. Harvey will serve on the Housing and Community Finance Committee and Technology and Operations Committee. He is the 10th director elected to the company's Board since 2004.
Harvey, 59, retired as Chairman of the Board of Trustees of Enterprise Community Partners (the Enterprise Foundation) in March of 2008. He joined Enterprise in 1984, and a year later became Vice Chairman. Harvey also was Enterprise's Chief Executive Officer from 1994 to 2007. During his tenure, Enterprise grew into a leading provider of development capital and technical expertise to create affordable housing and rebuild communities. Before joining Enterprise, Harvey served in various domestic and international positions with Dean Witter Reynolds, leaving as Managing Director of Corporate Finance.
"Bart Harvey has spent a career learning - and teaching others - about how to use the tools of Wall Street to meet the housing needs of Main Street. His work goes to the very heart of Fannie Mae's housing mission," said Chairman of the Board Stephen B. Ashley. "The Board, the company, and its shareholders will be well-served by the experience, expertise and innovative thinking Bart brings to the boardroom."
Harvey is a noted leader in the field of housing and community development, and was instrumental in working with Congress to create the Low- Income Housing Tax Credit (LIHTC). After more than 20 years of bi-partisan support, LIHTCs provide the financing for a vast majority of affordable rental housing in the United States, and are a key component of Fannie Mae's multifamily affordable housing finance business.
"Bart is a perfect addition to Fannie Mae's Board - his life's work represents everything our mission is about: harnessing private enterprise to expand affordable, sustainable housing opportunities," Daniel H. Mudd, President and Chief Executive Officer said. "Bart's role on our Board will be especially critical as we work through this housing crisis, address the impact on the nation's less fortunate, and then meet the nation's expanding need for affordable housing."
Harvey was appointed by Congress to the Millennial Housing Commission in 2000, and has served on a number of housing industry boards, including the Federal Home Loan Bank of Atlanta, the National Housing Conference, the National Housing Trust, and Fannie Mae's Housing Impact Advisory Council. He received his masters in business administration and bachelor's degrees from Harvard University.
Source: Fannie Mae