Thomas R. Gleason
Thomas (Tom) Gleason is a career housing finance professional with more than 33 years of experience in affordable housing lending, community development and bond finance.
Tom was appointed Executive Director of MassHousing in 2001. He had previously served as Deputy Director/Chief Operating Officer since 1995, during which time he implemented an agency-wide downsizing and restructuring. Prior to that, Tom was the Director of MassHousing's Home Ownership Division.
Before joining MassHousing in 1987, Tom worked for 10 years with the Massachusetts Executive Office of Communities and Development, where he administered the Commonwealth's Small Cities Program as well as various other housing and community development programs.
In its 46 year history, MassHousing has provided more than $13 billion for affordable housing, half of which has been provided during Tom's tenure as CEO. Under Tom's leadership, the Agency has regained its financial footing, having faced severe financial challenges in the 1990s caused by flaws in a large-scale rental housing program of the 1980s that left the Agency on the brink of insolvency.
Under Tom's leadership, MassHousing has re-established itself as the leading provider of affordable housing resources in Massachusetts, and been involved in several unique affordable housing endeavors.
In 2004, under Tom's direction and as a result of the Agency's improved financial condition, MassHousing created the Priority Development Fund, a $100 million gap-filler financing program to stimulate the production of new rental housing. The program was funded solely by internal cost-saving measures and intelligent management of the Agency's resources, and did not require the Agency to issue bonds or utilize any public dollars.
Under Tom's leadership, MassHousing in 2004 also completed the Demonstration Disposition Program, a massive, 10-year $500 million rehabilitation of 10 HUD-foreclosed, distressed inner-city rental housing developments. MassHousing managed the project on behalf of HUD.
During Tom's tenure as Chief Executive, MassHousing has also nearly doubled the number of rental housing units it oversees, as a result of being chosen by HUD as Section 8 Contract Administrator for more than 40,000 federally-subsidized rental units.
The Agency has also been a leader in progressive programming for low-and moderate-income homebuyers, developing zero-downpayment loans, a loan program for veterans and a mortgage insurance product that helps homeowners pay their mortgage if they lose their jobs.
In March 2009, MassHousing received an upgrade of its Issuer Credit Rating from Standard & Poor's (S&P) from A to A+, an extraordinary accomplishment in the midst of tumultuous financial markets. S&P cited MassHousing's strong management team, improved financial performance and stable equity levels.
In 2004, Tom received the Public Service Award from the Greater Boston Real Estate Board's Rental Housing Association. In 2008, he received the Impact Award from the National Council of State Housing Agencies (NCSHA) for his work on an affinity agreement with Fannie Mae which provides housing finance agencies access to Fannie Mae programs at favorable terms and makes more affordable home loans available to moderate-income homebuyers. Since Tom became Executive Director in 2001, MassHousing has won 22 NCSHA awards for program excellence.
More recently, Tom, along with one other HFA Director, was asked by the NCSHA to represent all 52 state housing finance agencies in negotiations with the U.S Department of the Treasury, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac over President Obama's pledge to work with HFAs to increase their liquidity.
Tom has repeatedly been elected by his fellow housing finance agency leaders as a member of the Board of Directors of the NCSHA. In May 2010, Tom was named to Fannie Mae's Affordable Housing Advisory Council. In Massachusetts he serves on the boards of the Massachusetts Housing Investment Corporation and the Community Economic Development Assistance Corporation. Tom is an emeritus member of the Massachusetts Association for the Blind.
Tom is a strong supporter of Habitat for Humanity and has enjoyed working to build five houses in and around greater Boston.
Tom is a graduate of the College of the Holy Cross in Worcester, Massachusetts. He resides in Westwood, Massachusetts.