THDA Board Approves Ralph Perrey as New Executive Director

NASHVILLE, September 25, 2012 – Ralph M. Perrey will leave his position on the Tennessee Housing Development Agency’s Board of Directors on October 16 to begin his term as its next Executive Director.

Board Chairman Brian Bills formed an Executive Director search committee at the board’s May meeting and the six-person team worked through the summer to review applications from 37 housing professionals.

“It was an extensive and exhaustive search,” said Bills. “We met a lot of people with a variety of skills who wanted to lead our remarkable organization, but Ralph has the best understanding of the housing needs of Tennesseans and extensive relationships in the state and beyond, this and more to help THDA reach the goal of being the best housing finance agency in the country.”

Ted R. Fellman leaves THDA after 17 years, 30 years with the state of Tennessee. “Ted’s leadership has been exemplary,” said Bills. “He accepted the position while THDA was in a strong financial position. It is stronger now, and with his outstanding leadership it has grown in its effectiveness, financial soundness, connections and respect from the housing industry and communities across Tennessee. THDA is among the finest housing finance agencies in the country, creating housing opportunities with a wide range of partners. We appreciate his leadership and wish him well.”

Perrey comes to THDA’s team from Fannie Mae, where he has held a number of positions including director of the Tennessee Community Business Center, coordinator of the company's Central Appalachian Initiative, and national co-lead of the Public Entities Loan Team. Prior to joining Fannie Mae in 2000 he served on the senior staff of former Tennessee Governor Don Sundquist, handling a variety of policy and communication responsibilities.

He started his second stint on the THDA Board in July 2011, appointed by Speaker of the House Beth Harwell. He also served from 2001-05 by appointment of Governor Don Sundquist and from 2005-09 by appointment of Governor Phil Bredesen.

“I’ve admired THDA as a housing professional for many years, since I worked with Don Sundquist in the US Congress,” said Perrey. “Housing finance agencies are a great example of public private partnership.

“THDA has made remarkable strides in building a strong portfolio of investments, building relationships with the private housing industries and with other funders such as the Federal Home Loan Bank. THDA is also recognized by its national council, winning six awards in the last five years. I’m looking forward to continuing and broadening that success.”

The state’s housing finance agency was established by the General Assembly in 1973, issuing its first bonds and buying its first mortgages in 1974. It has the responsibility of issuing the state’s allotment of tax-exempt mortgage revenue bonds to make affordable mortgage funding available to Tennesseans to low and moderate income. THDA also administers federal housing programs and Tennessee’s Housing Trust Fund. In 2006, the Board created a housing trust fund in 2006 to provide grant funds for Tennesseans of very low income, with special needs or above 60 years of age. THDA uses profits from the bond program to offer $6 million per year to local administrators.

THDA is a political subdivision of the State of Tennessee, established in 1973. THDA is the State’s housing finance agency, responsible for selling tax exempt mortgage revenue bonds to offer affordable mortgage funds to homebuyers of low and moderate incomes through local lenders, and to administer various housing programs targeted to households of very low-, low- and moderate-incomes. THDA made its first mortgage in 1974. It has provided affordable fixed rate mortgages to over 107,000 households without using state tax dollars. The total contribution of the THDA-related activities to Tennessee’s economy in 2011 is estimated at $728.6 million.

THDA issues between $250 and $300 million in mortgage revenue bonds annually for its first-time homebuyer program.

THDA created the Tennessee Housing Trust Fund in 2006, using state, THDA and locally-generated match to support programs for households of very-low income, elderly and special needs populations.

More information about THDA is available on-line at www.thda.org.