SAN FRANCISCO, CA, March 17, 2009---President Barack Obama has appointed BRIDGE Housing President and CEO Carol Galante as Deputy Assistant Secretary for Multifamily Housing Programs at the U.S. Department of Housing and Urban Development (HUD).

As Deputy Assistant Secretary, Galante will be responsible for HUD's financing support for the development and preservation of privately-owned rental housing (a current portfolio of over $58 billion) and will be integral to several new initiatives that promote sustainable development.

"Having previously served in the position Carol will step into, I am extremely confident that her proven track record in multifamily housing is exactly what HUD needs to move that division forward," said HUD Secretary Shaun Donovan. "She is one of the nation's most innovative affordable housing leaders and will be a tremendous asset during our nation's housing crisis, especially as HUD moves forward an aggressive policy agenda. I am thrilled to have Carol on board and look forward to working with her to carry out HUD's mission to create affordable housing opportunities for all Americans."

Galante said, "President Obama and Secretary Donovan share a compelling vision for positive change in our nation's metropolitan areas, and I'm looking forward to bringing some of the ideas garnered from my work in California-including transit development and green building programs-to today's national challenges."

Galante, who joined BRIDGE as vice president in 1987, stepped up to head the company in 1996 when founding president Don Terner died in a plane crash.

"Carol transformed BRIDGE from an entrepreneurial start-up into a sustainable business with a robust infrastructure and new product types," said BRIDGE Chairman and co-founder Rick Holliday. "The board and I are immensely proud of her accomplishments, and we are thrilled she's taking this opportunity to make a national impact. Carol's appointment to HUD is a testament to her talents and to the strength of BRIDGE as an organization."

The Board of Directors has asked BRIDGE Executive Vice President Lydia Tan to serve as interim president. Tan, who has worked for BRIDGE since 1991, has over 25 years of experience in real estate development and project finance.

"Lydia has tremendous development savvy and a deep understanding of BRIDGE and our culture," said Holliday. "The board and I are grateful that she has agreed to take on the role during this time of transition."

Holliday will oversee the recruitment and selection of the next CEO. BRIDGE has retained consultant Helen Dunlap to guide the board and senior staff through a strategic planning process that will inform a national executive search; she will also serve as interim chief operating officer. Dunlap has over 35 years of experience in the direct delivery, consulting and management of real estate initiatives focused particularly on affordable housing and community revitalization.

For more information about BRIDGE Housing, visit www.bridgehousing.com. For more information about HUD, visit www.hud.gov.

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