May 22, 2007

Phoenix Realty Group's Jay Stark Appointed to California Department of Housing Key Finance Committee

LOS ANGELES – Jay Stark, managing director of Phoenix Realty Group, has been appointed to the California Department of Housing and Community Development's (HCD) Local Assistance Loan and Grant Committee. The HCD is the state's principal housing agency, providing policies and programs to expand and preserve affordable housing opportunities and promote strong communities for all Californians.

The appointment by HCD Director Lynn L. Jacobs recognizes Stark's many years experience as a developer of affordable housing and an expert in infill development statewide. "Jay's appointment to HCD's Loan and Grant Committee will help to ensure that affordable housing resources continue to be delivered in the most cost effective way in order to meet our critical housing needs in the state of California," said Jacobs.

"I look forward to working on behalf of HCD to leverage California's resources to significantly increase the number of affordable housing units statewide," said Stark. "In order for California to continue as one of the world's most powerful economies, we need quality housing for all." In his role with HCD, Stark will help to administer the recently approved $2.85 billion in Prop 1C funds approved by California voters in November 2006 for improving the state's infrastructure to support housing. He will also oversee more than 20 programs that award loans and grants for the construction, acquisition, rehabilitation and preservation of affordable rental and ownership housing, homeless shelters, transitional housing, public facilities, and infrastructure.

Stark manages all private equity investments in the Western Region for Phoenix Realty Group (PRG), which firm wide invests more than $700 million in institutional capital to create market-rate and tax-credit housing throughout the United States. He also serves as the co-chair of the City of Los Angeles Building Industry Association Government Affairs committee; as project developer for the environmental organization TreePeople, overseeing the group's office campus redevelopment; and is a member of the Leadership Council at the USC Lusk Center for Real Estate. In addition, Stark serves on the board of directors of Grand Performances, a non-profit organization that is Southern California's largest presenter of free performing arts.

Stark is a graduate of the University of California, Santa Cruz and holds a masters degree from the University of Southern California in Urban Planning and Real Estate Development.

Phoenix Realty Group (www.phoenixrg.com) is a national real estate investment firm providing capital and expertise to urban developers focused on middle-market, for-sale and rental housing; low-income tax-credit housing; and community revitalizing commercial projects. Phoenix Realty Group has attracted significant institutional investment from many of America's leading pension funds, banks and insurance companies. PRG currently manages private equity and tax credit real estate funds that together will provide nearly $3 billion in housing and community revitalizing commercial properties.

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Editors' Note: A photo of Jay Stark is available for viewing or download in jpeg format at www.phoenixrg.com/editors/jay-stark.jpg