After a monthslong search, the Capital Area Finance Authority (CAFA) has hired Mark Drennen as its new president and CEO.
Drennen brings decades of experience in government affairs and public policy to the agency, as well as a wealth of connections in the public and private sectors. As commissioner of administration under Gov. Mike Foster, he was instrumental in forging the public-private partnerships that brought new state office buildings to downtown Baton Rouge and directly led to the revitalization of the historic neighborhood.
“We are honored to have someone of Mark’s prestige join our organization,” CAFA Board Chair Cheri Ausberry says in a prepared statement. “His dynamic leadership experience in the public, private and nonprofit sectors paired with his vision for collaboration and growth will help bring our strategic plan to life: improving housing for our community and the development of economic and community enhancement.”
Drennan’s background will serve him well in his new position. He comes to CAFA nearly three years after the agency—formerly the East Baton Rouge Mortgage Finance Authority—received authority from the State Bond Commission to expand its geographic boundaries and its product offerings.
The agency’s original mission was to help mostly low- and moderate-income homebuyers in East Baton Rouge Parish by issuing bonds and using the proceeds to provide low-income mortgages as well as assistance with down payments or closing costs. Over the years, the agency has provided more than $1 billion in below-conventional-market-rate funds to more than 16,000 households.
But as it became easier for qualified buyers to secure financing from conventional lenders, the agency needed to find a new revenue stream.
In the spring of 2015, the agency changed its name and launched a rebrand, announcing its expansion into the nine-parish Capital Region. At the time, then-Executive Director Mike Airhart said CAFA hoped to operate as a general finance authority for the region, much as the Louisiana Public Facilities Authority or the Louisiana Community Development Authority do for the entire state.
In the more than two years since, CAFA has expanded into all nine parishes of the Capital Region and is providing financing for housing there, but has yet to finance any major public projects.
Airhart resigned in January without explanation.
In a prepared statement, Drennen suggests he plans to bring CAFA to a whole new level as a public financing authority.
“CAFA is looking to be a partner, to build coalitions and work with community groups, and expand their impact on economic development and job creation,” he says. “I’m truly excited to lead CAFA in achieving these goals and furthering its mission.”
Drennen currently serves as a principal for the lobbying firm The Cornerstone Group. He takes the helm at CAFA Oct. 1.
—Stephanie Riegel
