ERIC Price: Transforming Affordable Housing with Strategic Leadership
Eric Price's Promotion to President and CEO of NHPF
Eric Price has been appointed as the President and CEO of The NHP Foundation (NHPF), effective January 1, 2025. This marks a pivotal moment for the organization, which has been a leader in affordable housing acquisition, development, and resident services since its inception in 1989. Price succeeds outgoing CEO Dick Burns, who served for 15 years and will transition to a senior advisor role while joining the Board of Trustees.
NHPF's Mission and Impact on Affordable Housing
The NHP Foundation is a mission-driven non-profit organization dedicated to addressing the affordable housing crisis in the United States. Through its subsidiary, Operation Pathways, NHPF provides resident services that focus on family-centered coaching and community development. Under Eric Price’s leadership, the organization is expected to continue its impactful work, leveraging innovative financial tools and partnerships to expand affordable housing nationwide.
What is NHPF’s Role in Affordable Housing?
NHPF plays a critical role in tackling the affordable housing crisis by acquiring, developing, and managing properties that serve low- and moderate-income families. The organization’s efforts are complemented by Operation Pathways, which provides essential resident services aimed at improving financial stability and community engagement.
Eric Price's Career Achievements in Affordable Housing and Community Development
Eric Price brings over 30 years of experience in affordable housing and community development to his new role. His career spans both public and private sectors, with notable achievements that have shaped housing policies and initiatives.
Key Contributions in Washington, D.C.
As Deputy Mayor for Planning and Economic Development in Washington, D.C., Price spearheaded transformative initiatives, including:
Housing Production Trust Fund (HPTF): Price created funding for the HPTF, which has invested approximately $1 billion in affordable housing since 2015.
Tax Increment Financing (TIF) Program: He managed a $300 million TIF program, fostering job creation and neighborhood retail investment.
These programs have had a lasting impact on the city’s housing landscape, benefiting thousands of residents and driving community development.
Significant Milestones Under Eric Price's Leadership at NHPF
Eric Price has already made substantial contributions to NHPF’s growth and impact. Key milestones include:
Issuance of a $75 Million Social Bond: In 2023, NHPF issued a $75 million social bond, achieving a AA- rating from Standard & Poor's—the highest rating for non-profit social housing providers. This financial innovation has enabled NHPF to expand its affordable housing initiatives.
CDFI Fund Award: Price secured NHPF’s first award from the CDFI Fund’s Capital Magnet Fund, allowing the organization to leverage private capital for affordable housing expansion.
Organizational Growth: Under Price’s leadership, NHPF nearly doubled its employee count and expanded its impact on affordable housing across the nation.
The Role of Social Bonds and Private Capital in Affordable Housing Expansion
Eric Price’s leadership emphasizes financial innovation to address the affordable housing crisis. The issuance of social bonds, such as the $75 million bond in 2023, highlights NHPF’s ability to attract private capital while maintaining its mission-driven approach. These financial tools not only provide funding for housing projects but also demonstrate the organization’s commitment to sustainability and long-term impact.
The Housing Production Trust Fund (HPTF) and Its Impact on Washington, D.C.
Eric Price’s work as Deputy Mayor for Planning and Economic Development in Washington, D.C., laid the groundwork for transformative housing initiatives. The Housing Production Trust Fund (HPTF), created under his leadership, has been instrumental in addressing the city’s affordable housing needs. Since 2015, the fund has invested approximately $1 billion in housing projects, benefiting thousands of residents and fostering community development.
Tax Increment Financing (TIF) Programs and Their Role in Community Development
Another notable achievement from Eric Price’s tenure as Deputy Mayor is his management of Washington, D.C.’s $300 million Tax Increment Financing (TIF) Program. This program has been a catalyst for job creation and neighborhood retail investment, demonstrating Price’s ability to balance economic development with community-focused initiatives.
Outgoing CEO Dick Burns' Contributions to NHPF
Dick Burns, the outgoing CEO of NHPF, has played a pivotal role in shaping the organization over the past 15 years. Under his leadership, NHPF expanded its portfolio and strengthened its mission-driven approach to affordable housing. Burns will continue to contribute to the organization as a senior advisor and member of the Board of Trustees, ensuring a smooth transition and continuity of leadership.
NHPF's Partnerships with Financial Institutions, Public Sector, and Non-Profits
NHPF’s success in affordable housing is built on strong partnerships with financial institutions, public sector entities, and non-profit organizations. These collaborations enable the organization to leverage resources, share expertise, and maximize its impact. Eric Price’s strategic leadership is expected to further strengthen these partnerships, driving innovation and sustainable growth.
Operation Pathways and Its Resident Services Programs
Operation Pathways, a subsidiary of NHPF, plays a crucial role in the organization’s mission by providing resident services that focus on family-centered coaching and community development. Programs like the Family-Centered Coaching initiative empower residents to achieve financial stability, improve their quality of life, and build stronger communities. Under Eric Price’s leadership, Operation Pathways is poised to expand its reach and impact.
Eric Price's Leadership Style and Vision for NHPF
Eric Price is widely recognized for his passionate, strategic, and innovative leadership style. His focus on sustainable, resident-focused affordable housing solutions aligns with NHPF’s mission and values. As President and CEO, Price is expected to drive the organization forward, leveraging his extensive experience and vision to address the affordable housing crisis and create lasting change.