On May 23, President Barack Obama nominated Julian Castro to be the next secretary of the Department of Housing and Urban Development (HUD).
Castro is currently the mayor of San Antonio, where he is serving his third term. In March 2010, Castro was named to the World Economic Forum’s list of Young Global Leaders. He was also placed in Time magazine’s “40 under 40” list of rising stars in American politics.
Castro earned his undergraduate degree from Stanford University with honors and distinction in 1996 and a juris doctorate from Harvard Law School in 2000.
He will be replacing the current HUD Secretary, Shaun Donovan, who the president nominated as the new director of the White House Office of Management and Budget.
“Few had a tougher job than Shaun Donovan,” Obama said. “The housing bubble that burst triggered the worst economic crisis of our lifetimes — and the irresponsibility of a few bad actors badly hurt millions of responsible, hardworking Americans.
“And five years later, things look a lot different. Home sales are up nearly 35 percent. Construction is up by more than 120 percent. New foreclosures are down by nearly half. And while we’re not anywhere near where we need to be yet, millions of families have been able to come up for air because they’re no longer underwater on their mortgages,” he continued. “And all this is in part because of the outstanding work of Shaun Donovan.”
Industry associations released statements in support of the nominations.
“In his five years as HUD secretary, Donovan has proven his value to the president by being the point man for the White House on critical initiatives like the Sandy recovery, the housing revitalization and borrower assistance programs,” said David Stevens, president and chief executive officer of the Mortgage Bankers Association. “I had the pleasure of working with Shaun as Federal Housing Commissioner and saw first-hand his management and leadership skills. He has managed complex budget initiatives at HUD and has developed strong relationships on both sides of the aisle on Capitol Hill. He will be a great OMB Director.
“Julian Castro is a brilliant academic who will come to HUD with practical experience in a major city with diverse housing needs,” Stevens continued. “He is a forward thinking policy advocate who will bring a youthful vigor to the department. His work in San Antonio has been thoughtful and innovative, and he will be a welcome addition to the president’s cabinet.”
The National Association of Home Builders (NAHB) also came out in favor of Castro.
“NAHB congratulates Castro on his nomination as HUD secretary,” said NAHB Chairman Kevin Kelly. “Upon his confirmation to the cabinet post, NAHB looks forward to working with Castro to promote policies that will ensure stable and liquid mortgage markets for single-family and multifamily housing and to address the many challenges that face our industry, including persistently tight credit conditions that are preventing qualified buyers from obtaining home loans.”