WASHINGTON -- HUD deputy secretary Termnee R. Duvemay is resigning to become a director with CS First Boston, the department announced yesterday.
Duvernay, who has been .the Departmeat of Housing and Urban Development's second in command since April 1993, will be helping CS First Boston "develop investment vehicles for urban commalities on the privatesector side," he said in a statement. His resignation from HUD is effective Sept. 15.
"Leaving HUD, especially now. with the renewed enthusiasm we are seeing for communities , and with HUD's own reinvigoriaton as a 'can do' agency, is tough," Duvernal said. But the position at the ivestment banking firm "is a once in a lifetime opportunity," he said.
Before coming to HUD, Duvernay headed the Michigan State Housing DevelopmentAuthority and the Georgia Housing and Finance Authority. He is also a past president of the National Council of State Housing Agencies, and in that capacity helped to spearhead the organization's fight for a permanent extension for the tax exemption, for mortgage revenue bonds. Congress made the exemption permenent in 1993.
In a March interview with The Bond Buyer, Duvernay said the housing community needs to be vigilant in safeguarding the mortgage bond tax exemption. "I think we've all got to work to make sure Congress doesn't change its mind," he said.