Priscilla Almodovar
A self-described “deal junkie,” Priscilla Almodovar has been part of hundreds of transactions to help meet the needs of low- and moderate-income communities.
Priscilla Almodovar
“I love working with clients and helping them with their businesses and projects,” says Almodovar, managing director and head of Community Development Banking at JPMorgan Chase.
Almodovar manages construction and term lending for primarily LIHTC deals, New Markets Tax Credit investments, and lending to community development financial institutions (CDFIs).
Numbering about 100 bankers and risk professionals, in 2015 the Community Development Banking team called on developers in 23 states, Chase’s retail footprint, and financed deals in roughly 75 cities. That amounted to more than $1.4 billion in construction loans and $94 million in permanent loans for low-income housing.
Almodovar’s team also works closely with the JPMorgan Chase group that invests in LIHTC equity. It invested more than $1 billion in LIHTCs last year, with the Community Development Banking group serving as debt provider on over half of those investments.
For JPMorgan Chase Community Development Banking, 2016 is shaping up to be another strong year for bringing capital to affordable housing and community developments. It’s rolling out its Fannie Mae Delegated Underwriting and Servicing platform for affordable product early this year, says Almodovar.
Another big focus for Almodovar, who previously served as president and CEO of the New York State Housing Finance Agency and the State of New York Mortgage Agency and as an attorney at global law firm White & Case, is to break down silos and maximize the real estate capability of the various groups at JPMorgan Chase.
