DOWNTOWN — The Community Corporation of Santa Monica, the city’s largest affordable housing developer, will welcome its new executive director next Friday.
CCSM executive committee chose Sarah Letts from a pool of six candidates interviewed in recent months for her expertise in property development, finance and extensive experience with affordable housing in California, said Patricia Hoffman, chair of the CCSM board.
Letts distinguished herself not only with her resume, which includes directing housing development for other nonprofit organizations in Los Angeles, but also her inclusiveness and charisma, Hoffman said.
“When you have a super-competent person and you add that positive aura, you’ve really got a find there,” Hoffman said.
Letts began her career in the nonprofit sector, creating affordable housing projects in Los Angeles and Chicago, and for the last 11 years she worked for Fannie Mae as an account executive, multifamily manager and, finally, as director.
Even at Fannie Mae, a public-private home lender, Letts stayed connected to the affordable housing community by investing in taxpayer deals and providing debt financing on multifamily homes.
Letts’ first introduction to CCSM came when she was working at Fannie Mae. She was checking out the organization as a possible investment for the large lender.
“There were so many things I loved about CCSM and Santa Monica, I decided this was the place I wanted to be,” Letts said.
The move made sense career-wise as well. When she interviewed, Letts explained to the board that she had a clear vision of taking over as executive director at a nonprofit organization by the time she was 40.
“Life gets in the way, and you lose sight of your dreams and desires,” Letts said. “The practical reality of getting kids through school and paying the mortgage distracts you for a while. When this opportunity came along, it was perfect.”
Letts will join CCSM when the organization is in a state of flux and uncertainty.
Threats from the state level to redevelopment agencies would hurt efforts to develop new affordable housing. Twenty percent of redevelopment agency funding goes to affordable housing efforts.
“If the redevelopment agencies are defunded after Jerry Brown’s proposal, it will be a challenge to acquire property and move forward with new development,” Hoffman said.
The property management arm of the corporation — which takes in rent and manages 80 properties, 1,500 units and nearly 4,000 residents — isn’t affected by redevelopment.
Letts isn’t willing to project on the future needs of CCSM at this point, instead waiting until she can get on the ground to draw her own conclusions about where the organization needs to go.
“I have a lot of respect for where the organization is, and how committed to affordable housing the city of Santa Monica is,” Letts said. “I feel like I need to invest time and energy from day one to figure out where we need to add value.”
Letts will replace outgoing Executive Director Joan Ling, who has been with CCSM for 20 years.
In recent years, the corporation sewed up five major projects, including an award-winning project at 26th Street and Santa Monica Boulevard.
“I want to step aside and let someone else do it,” Ling said. “Every organization needs fresh blood.”
The organization has three years’ worth of projects lined up, Ling said, making it a great time to make the transition to a new executive director.
“Sarah has an incredible amount of experience and knowledge,” Ling said. “I have a high level of confidence that she will lead CCSM into a great place.”
Ling may be retiring, but she won’t be sitting still. She’s made plans to traverse the western national parks this summer, and plans to teach part time during the academic year.
“I’m in my mid-50s, I’m not going to go home and sit on the couch,” Ling said. “I do want to shift gears, and this afforded me a great opportunity to shift gears with a talented person on board, so I feel I can leave now without any concerns.”
Letts officially takes over the reins at CCSM April 1.
ashley@www.smdp.com