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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release September 29, 1998

                           PRESIDENT CLINTON 
                NAMES IRA G. PEPPERCORN AS DIRECTOR 
     OF THE OFFICE OF MULTIFAMILY HOUSING ASSISTANCE RESTRUCTURING 
          AT THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

The President today announced his intent to nominate Ira G. Peppercorn to serve as Director, Office of Multifamily Housing Assistance Restructuring at the Department of Housing and Urban Development.

Mr. Ira G. Peppercorn, of Indianapolis, Indiana, is currently the General Deputy Assistant Secretary for Housing/Federal Housing Administration (FHA) Commissioner. He has brought a direct focus to management issues and to the needs of communities and residents affected by FHA. From 1990 to 1997, he served as the Executive Director of the Indiana Housing Finance Authority and the senior advisor on housing issues to Governors Evan Bayh and Frank O'Bannon. Mr. Peppercorn has also been a vice-president for Business Development at GE Capital (1997-1998), where he was responsible for strategic initiatives in the commercial real estate area. From 1989 to 1991, Mr. Peppercorn served as the Director of Financial Services at the Indiana Department of Commerce and Secretary-Manager for the Indiana Development Finance Authority where he managed the state's industrial finance programs. From 1985 to 1988, he served as Vice President of Miller Venture Partners at the Irwin Management Company of Columbus, Indiana. He has served as a Director of the National Council of State Housing Agencies, on the advisory board of the Federal Home Loan Bank of Indianapolis, and on many other charitable and community organizations.

Mr. Peppercorn received his B.A., magna cum laude, from the University of Massachusetts at Amherst and a Masters in management from Yale University.

The Director of the Office of Multifamily Housing Assistance Restructuring is a newly-created position established under the Multifamily Assisted Housing and Reform Affordability Act of 1997. The Director shall oversee the implementation of the Act, which establishes authority for reducing above-market Section 8 subsidies to certain multifamily rental housing projects and restructuring the debt, insured by the Federal Housing Administration.

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