Enterprise Community Partners (Enterprise) today announced that the national nonprofit’s President and CEO Priscilla Almodovar will step down this November to become CEO of Fannie Mae. In an endorsement of the organization’s ambitious strategic plan and its current leadership team, Enterprise’s Board has elevated the President of Enterprise’s Capital Division Lori Chatman and Chief Operating Officer Drew Warshaw as interim co-CEOs as the organization commences a nationwide search for its next leader.
“We are immensely grateful for Priscilla’s leadership and the powerhouse team of leaders she has assembled since taking the helm in 2019,” said Enterprise Board Chair J. Ronald Terwilliger. “Priscilla and the hundreds of Enterprisers nationwide have set an ambitious course, and we will continue to build on their momentum in the months ahead.”
Enterprise, which this year celebrates its 40th anniversary, has invested $54 billion in communities across the country, creating and preserving some 873,000 homes. Enterprise aggregates and invests capital for impact in homes and communities; advances housing policy at every level of government; and builds and manages communities as the largest affordable housing provider in the mid-Atlantic. Almodovar departs as the organization continues on a multi-year strategic plan to increase the supply of affordable rental homes, advance racial equity, and build resilience and upward mobility for all.
“Priscilla leaves Enterprise at the strongest moment in its four-decade history. Thankfully, the Board did not have to look far for leadership continuity,” said incoming Enterprise Board Chair Rick Lazio, who has served on the Enterprise Board for 17 years and was a leading voice for creating more affordable homes while in Congress. “Lori has succeeded at every level in affordable housing and community development, and is the embodiment of Enterprise’s drive for innovation, impact and the will to truly change the system. Drew is as natural and transformative a leader of people and multifaceted organizations as they come, bringing deep management experience from the private and public sectors to ensure that we continue to leverage the end-to-end capabilities that make Enterprise so unique and impactful. They will be wise stewards.”
As president of Enterprise’s Capital Division, incoming interim co-CEO Lori Chatman manages one of the nation’s largest affordable housing finance platforms. With more than three decades of experience, she leads a $16 billion affordable housing investment platform with a full suite of equity, debt and tax credit products. Chatman, who has been with Enterprise since 2004, previously served as president of its community development financial institution, Enterprise Community Loan Fund.
“I am grateful for a Board that entrusts us to carry on this change-making work and I am grateful to partner with our management team and the hundreds of Enterprisers from across the country to continue the momentum that has made Enterprise a national leader in creating better, more affordable homes for all,” said Chatman.
Incoming interim co-CEO Drew Warshaw has served as Enterprise’s COO since 2020, leading the organization’s operations and overseeing the implementation of Enterprise’s five-year strategic plan. Prior to joining Enterprise, Warshaw helped build and lead Clearway Energy Group, among the largest renewable energy companies in the country and, before that, helped lead the turnaround of the World Trade Center rebuilding as chief of staff at The Port Authority of New York & New Jersey.
“In partnership with Lori, with the strongest management team that there is, and with an empowering Board, I look forward to continuing the course we have set together. Enterprisers are a force for change, and my only goal will be to enable that change for the millions of families without an affordable home,” said Warshaw.
“We couldn’t be in stronger, more capable hands as we continue the momentum we have built,” said incoming Vice Chair of Enterprise’s Board Phyllis R. Caldwell. “Across the country, families are struggling to pay rent and stay in their homes. Enterprise is at the vanguard when it comes to increasing the housing supply, advancing racial equity, and building resilience and upward mobility for all.”
Almodovar will step down November 11. Enterprise will begin a nationwide search for its next CEO in the coming weeks.