Norris Lozano, the controversial chief executive and founder of the Portland Family of Funds
, is no longer with the firm.
"He's going to move on and do other things," says Portland Family of Funds board chairman Carl Talton, who has replaced Lozano as CEO.
Talton declined to discuss any aspect of Lozano's departure, which occured last Wednesday.
"We don't comment on personnel matters except to say Norris elected to go and we wish him the best," Talton says.
Prior to founding PFF, Lozano, 57, held a senior position
at the Portland Development Commission.
He originally came to Portland in the mid-1990s as an investor in the Hanna car wash company, a project that fizzled.
Lozano's role at the PDC was to find creative new ways to finance public projects. Initially, Portland Family of Funds was created in 2002 as an affiliate of the PDC.
In his first major transaction, Lozano latched onto New Market Tax Credits, a federal program for financing the rehabilitation of blighted areas. Lozano first used the credits in the renovation of the former National Guard Armory in the Pearl District, now the home of Portland Center Stage
In 2004, Portland Family of Funds became fully independent of the PDC because of federal rules regarding the use of New Market Tax Credits. Since becoming independent, the firm has been involved in high-profile deals using New Market Tax Credits, including the ongoing construction of a hotel inside the Meier & Frank block; the Civic condos near PGE Park; the renovation of the White Stag building for the University of Oregon and construction of the new home of the Oregon Clinic.
Lozano could not immediately be reached for comment.