July 13, 2015: Cornerstones CEO Kerrie Wilson announced today that Michael J. Scheurer will join the agency as Vice President, Housing & Community Development, starting July 20, 2015. Scheurer will be responsible for real estate acquisition, development, and advocacy activities supporting the preservation and development of affordable housing that have been at the core of the agency’s mission since its founding. Scheurer will manage the Cornerstones Housing Corporation (CHC), the subsidiary organization that oversees Cornerstones’ existing housing portfolio, and identify new opportunities to broaden our work in this area.
“Mike understands the struggles faced by low-income and working families in our region and brings new ideas and capacity to help us change that picture for the people we serve in the greater Reston-Herndon community.” His achievements in housing finance and development, as well as his knowledge and network of government, private and nonprofit resources, make him the perfect candidate to expand Cornerstones’ work in housing,” said CEO Kerrie Wilson.
Cornerstones addresses the critical need for affordable, safe and accessible housing through the efforts of its subsidiary housing corporation, by acquiring, preserving, rehabilitating, constructing and managing housing for formerly homeless and at risk individuals and families living in the Dulles corridor.
In 2014, after a long journey guided by the Cornerstones Board, and aided by supporters and partners like Bozzuto, Fairfax County, Virginia Housing Development Authority, Freddie Mac, NII, and Wells Fargo, Cornerstones Housing Corporation assumed ownership of the Apartments at North Point in Reston, providing permanent, affordable housing for individuals and working families who cannot afford the high rents in Fairfax County. Scheurer played a critical role in that acquisition as chairman of the housing corporation. This acquisition brings to 101 the number of homes owned and managed by the agency.
Scheurer most recently worked for the Virginia Housing Development Authority (VHDA). VHDA is a not-for-profit organization created by the Commonwealth of Virginia in 1972 to help Virginians attain quality, affordable housing. At VHDA, Scheurer was responsible for community lending and relationship initiatives as well as developing strategies to finance affordable housing for homeownership and rental. Prior to VHDA, Scheurer was Senior Deputy Director of the Fannie Mae Washington Metropolitan Community Business Center, and Director, Multifamily Finance for the National Association of Home Builders (NAHB). He served as Director of Development and Real Estate Finance for the Department of Housing and Community Development for Fairfax County where he administered and directed the planning, development and preservation of over 4,000 units of housing. He is immediate past Chairman of HAND—the Housing Association of Nonprofit Developers, past chairman of HomeAid of Northern Virginia and serves on the Fairfax County Affordable Housing Advisory Committee.
“Reston and Cornerstones are entering a new and exciting period of possibilities over the next 2-5 years. There are opportunities being created with the arrival of the Silver Line and the resulting redevelopment that will be occurring throughout the Reston/Herndon area. I am very excited to be able to bring a career and experience in all phases of affordable housing to Cornerstones and especially in the community where I have resided for over 30 years,” said Scheurer.
“Mike has such an impressive background, and has been a champion of Cornerstones mission for years, including serving as chairman of our Housing Corporation. We are thrilled to have someone with his expertise in housing join the Cornerstones team,” said Jill Norcross, Cornerstones’ Board Chair. “His vision for the future of our organization is exactly what we need during this time of growth and change in our community.”
Scheurer’s position was most recently held by Tim McMahon, who retired in May after 20 years of service. McMahon, along with a veteran housing team, oversaw the acquisition and management of Cornerstones’ award-winning townhome rental program, currently comprised of 53 scattered site units that are home to formerly homeless and low-income individuals and families. Scheurer joins a team anchored by Nicole DeLima Morris, Property and Asset Manager and a 2015 Virginia Housing Coalition “Top 40 Under 40” Fellow.