FOR IMMEDIATE RELEASE
July 7, 2021
COMMISSION NAMES KAYRINE BROWN ACTING SECRETARY-TREASURER AND EXECUTIVE DIRECTOR
KENSINGTON, MD. On July 7, 2021, during its monthly meeting, the Board of the Housing Opportunities Commission of Montgomery County named Kayrine Brown to the post of Acting Secretary-Treasurer and Executive Director, serving as an interim replacement for Stacy Spann who tendered his resignation last month.
Brown most recently served as the Deputy Executive Director of the HOC, where, in addition to her management of all financial aspects of HOC’s multifamily and single-family bond programs and investment decisions related to the acquisition, rehabilitation, and development activities, she also assumed oversight responsibility for other agency lines of business, including property management, maintenance, and the voucher program. Brown has served in several roles at HOC during her more than 20-year tenure, including immediate past Chief Investment and Real Estate Officer.
With over 25 years of experience in the area of real estate development and finance, Ms. Brown has a mastery of structuring complex transactions with multiple funding sources, including innovative transactions like The Lindley in Chevy Chase and Westside Shady Grove. Since 2006, she has managed the issuance of over $1.6 billion of tax-exempt and taxable bonds of varying structures for HOC, financing over 8,500 active multifamily housing units and over 1,200 single-family mortgages in Montgomery County, Maryland.
“The Board has great confidence in naming Ms. Brown to the Acting Executive Director’s post,” said HOC Board Chair Roy Priest. “She and her team have been at the core of some of the agency’s most groundbreaking work over the last several years and we look forward to her leadership and contributions to business continuity during this critical transition.”
Brown will serve as Acting Secretary-Treasurer and Executive Director while HOC’s Board of Commissioners conducts a search for a permanent replacement for Stacy Spann, who announced he will be leaving the position after nearly a decade of service. HOC created over 1 billion dollars of affordable housing opportunities under Spann’s leadership, utilizing a mixed-income rental housing development strategy that connected low- and moderate-income families to areas of opportunity throughout the county. He leaves the agency poised to deliver a robust pipeline of more than 3,000 units in the near future.
During Spann’s term, the agency partnered with best-in-class private sector construction, development, financing and programmatic partners to meet its mission, grew its portfolio and deeply invested in communities to ensure persons from all walks of life could benefit from all that Montgomery County has to offer. He piloted innovative customer service programs – including HOC Academy’s robust educational offerings as well as becoming the first Public Housing Agency to receive a National Fatherhood Grant from the U.S. Department of Health and Human Services – and led the creation of Housing Path, the first online, perpetually-open Public Housing Agency waitlist. With Spann at the helm, the agency garnered numerous accolades and awards – including the Urban Land Institute’s Jack Kemp Excellence in Affordable and Workforce Housing Award – while significantly expanding its footprint within the county, the number of units under its control and supportive services offered to individuals and families across Montgomery County.
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About the Housing Opportunities Commission of Montgomery County (HOC)
The Housing Opportunities Commission of Montgomery County provides affordable housing and supportive services that enhance the lives of low- and moderate-income families and individuals. HOC is a property owner and operator, and a vertically-integrated developer, focusing on three things: getting people housed, keeping people housed, and helping customers reach their fullest potential. HOC serves more than 15,000 Montgomery County residents, owns more than 8,000 rental units, and provides assistance to more than 7,000 low-income households – many of whom are seniors and persons with disabilities – through the Housing Choice Voucher program.
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