Local Multifamily Developer and Affordable Housing Advocate, Richard J. Crossed Announces Retirement

Effective August 1, 2015, Richard J. Crossed has retired from his position as Chairman of Conifer Realty, however, Mr. Crossed will continue to provide consulting services on a limited basis.

Richard J. Crossed was a founding member of Conifer Development in 1975. During the ensuing 20 years, the Company grew to nearly 6,000 units. In 1995, Conifer Development merged with Home Properties (HME), a public REIT, where Mr. Crossed led the real estate development division and served as a Board Member.

In 2000, Mr. Crossed participated in a management lead buyout of the Conifer Realty affordable housing division of Home Properties. He served as President and CEO of the Company through 2005, and as Chairman thereafter. Today, Conifer and its affiliates have become one of the largest developers, owners and managers of affordable housing in the country.

Timothy D. Fournier, who has served as President and CEO since 2006, will become Chairman and CEO. Mr. Fournier joined the Conifer organization in 1986, he and Mr. Crossed has worked together for nearly 35 years.