Sessions
LIHTC @ 40: How History Shaped Affordable Housing
12:00 PM - 1:15 PM Thu
Derrick Lovett's career is defined by his dedication to service and transformative leadership in community development and finance. From his early roots in banking, to his pivotal role as CEO of MBD Community Housing Corp (“MBD”), Derrick's journey results from the hard work, discipline, and commitment to excellence he brings to his personal and professional endeavors. He received his BA from Fordham University and has a certificate in real estate from New York University, as well as several additional credentials.
After high school, service took on a new dimension for Derrick, when he enlisted in the United States Marine Corps. His military tour imbued him with discipline and deepened his commitment to serving others, laying a foundation of steadfast dedication that would underscore his future endeavors.
Transitioning from military life, Derrick entered the banking sector, where he worked for over 25 years, and climbed the ranks from bank teller to Vice President because of his work ethic and intelligence. As Vice President at both J.P. Morgan Chase and Citigroup, he was responsible for the origination, underwriting, and portfolio management of multiple commercial real estate loan products (pre-development, acquisition, construction, permanent, and syndications).
In 2009, Derrick joined MBD during a downturn in its business cycle. By leveraging his financial expertise and disciplined approach to leadership, he quickly revived the struggling organization. Under his stewardship, MBD has provided Bronx residents with quality affordable housing, amenities, and best-in-class service, by refinancing over $900MM in construction/rehabilitation loans, impacting over 5,000 affordable housing residential units and over 9,500 individuals, including children and seniors, the most vulnerable housing insecure population.
Derrick’s legendary networking ability allowed MBD to regain its position as a community leader by collaborating with numerous industry partners. One such partnership led to the development of the largest passive housing building in North America, 425 Grand Concourse, which has received local, and national recognition.
Derrick’s many accolades include the 2023 Hector Figueroa Leadership Award (Urban Green Council), 2023 Community Organization Award (Bronx Chamber of Commerce), 2018 Nonprofit of the Year Award (New York Housing Conference), 2017 Housing and Economic Development Award (New York State Association of Black and Puerto Rican Legislators), and the 2016 Community Service Award (Bronx Branch NAACP). These acknowledgments affirm his lifetime of service and reflect his impactful work in finance, housing and community development.