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FOR IMMEDIATE RELEASE
January 21, 2000

Governor Welcomes Return Of Peter R. Dwars As Head Of The Illinois Housing Development Authority CHICAGO -- Governor George H. Ryan said t

CHICAGO -- Governor George H. Ryan said the selection today of Peter R. Dwars as executive director of the Illinois Housing Development Authority (IHDA) marks the return of one of the nation's most experienced and respected affordable housing experts.

"Peter was with IHDA for 22 years and served as director for six before pursuing private sector interests in 1994 that still tied him closely to the affordable housing industry," said Ryan. "Having worked on low- and moderate-income housing from the public and private perspectives, he is ideally suited to make the Authority more efficient. The people of Illinois are fortunate to have someone with Peter's varied background and widespread acceptance in this important post.

"Also, I want to thank acting executive director Michael P. Rose for his contributions to the Authority," Ryan added. "Since 1992, he has been an important part of IHDA's success and I wish him all the best in his new ventures."

Dwars, 50, was selected unanimously by the IHDA board at its monthly meeting. He officially assumes duties January 24.

Board Chairman A.D. Van Meter praised the choice of Dwars to succeed Rose, who leaves IHDA after a year as acting executive director to pursue other interests. "I look forward to working with Peter again. There is nobody in Illinois who knows more about affordable housing or who has better ideas for getting it financed.

"Equally important, he works very well with developers, investment bankers, congressional figures, political leaders in Springfield and other state agencies -- in fact, with everyone," said Van Meter.

Van Meter also said Dwars' close familiarity with most of the top executives and staff at IHDA will ensure a smooth transition and effective coordination of internal administrative matters.

During his first stay at IHDA, Dwars' key accomplishments included (1) obtaining a coveted "A1" General Obligation rating for IHDA from Moody's Investors, (2) working with rating agencies and legislators to create a first-of-its-kind Trust Fund Bond Leveraging Program of up to $250 million to finance housing for the low-income, (3) making Illinois the first state in the nation to refinance high-interest rate, 1980's-era housing bonds containing "Financial Adjustment Factor" agreements with HUD, thus freeing $30 million in savings for additional housing units, (4) lobbying the U.S. Congress successfully (in concert with the National Council of State Housing Agencies) for permanent extensions of Mortgage Revenue Bonds and Low Income Housing Tax Credits, (5) leading the development and implementation of IHDA's first issuance of a taxable commercial paper program in an amount up to $75 million, and (6) establishing in 1982 IHDA's highly successful single-family mortgage program.

A graduate of Indiana University (Bachelor of Arts in Marketing and Economics) and Loyola University of Chicago (Masters of Business Administration), Dwars has also worked for CS First Boston, Alex Brown & Sons and, most recently, Chicago real estate firm Jos. Cacciatore & Co. Dwars is a resident of Chicago.

IHDA was created in 1967 by the Illinois Legislature to bring private sector banking and housing expertise to bear on the continuing need for safe, decent and reasonably priced housing for its citizens. IHDA uses chiefly private bond market proceeds to achieve its public purpose.


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