JPMorgan Chase names head of affordable real estate lending
JPMorgan Chase (JPM) named Priscilla Almodovar to lead the bank's community development real estate lending business. The bank, which was the third-largest mortgage originator in 2009, extends $4.3 billion in financing to 75 community development organizations and more than 900 affordable housing and economic development projects in the U.S. Almadovar will continue as the chief operation officer of the community development banking. Under the additional role, she will lead a team of 30 bankers providing financing to for-profit and non-profit project developers. "Her new role will provide a consistent face to large national developers, and will allow her to share market intelligence across the business to help us better serve our clients," said Martin Cox, head of Chase Community Development Banking. Before joining JPMorgan Chase, Almodovar was the executive director of the New York State Housing Finance Agency. Write to Jon Prior.