FOR IMMEDIATE RELEASE

March 8, 2007

LANSING – In an effort to support two key initiatives created by Governor Jennifer M. Granholm, the Michigan State Housing Development Authority (MSHDA) has announced its newest division. The Urban Revitalization Division has been created under the leadership of Granholm to provide adequate support to the Cool Cities and Cities of Promise Initiatives. These initiatives are central to transforming Michigan’s economy.

These two programs are interagency initiatives and rely upon strong state/local partnerships, and are key in making the necessary economic improvements in communities across Michigan. Creating this division will allow for the support that is necessary to ensure these programs are successful in benefiting the citizens of Michigan.

James Butler III has been named as the Director of the Urban Revitalization Division and his leadership is expected to be a great asset to the Authority. James was most recently the Vice President of the Michigan Broadband Development Authority, and previously was a business unit executive for IBM Global Government for Michigan, Ohio and Kentucky.

“James comes to MSHDA with deep management experience, and a long history of community service,” said MSHDA executive director Michael DeVos. “James has truly outstanding skills in customer service, and relationship management, which will be critical as we build our relationships with Cool Cities and Cities of Promise.”

In addition to Mr. Butler, Karen Gagnon transferred from the Department of Labor and Economic Growth where she was the Cool Cities Coordinator and will continue that role at MSHDA. Julie Hales-Smith, currently with the Cities of Promise Initiative at MSHDA will become the Manager of Cities of Promise within the Division.

The creation of this new division will provide permanent support to the two initiatives. It will build the necessary partnership with other state agencies to create the positive work that will greatly benefit cities, towns and villages across Michigan.

MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.

###