Stacy Spann, head of the Housing Opportunities Commission of Montgomery County, has received a waiver from the county’s ethics commission allowing him to become CEO of local development company MidCity.
The Montgomery County Ethics Commission granted Spann the waiver Friday with a series of conditions aimed at avoiding conflicts of interest.
Granting the waiver was necessary because while Spann led HOC, a large number of its properties are managed by MidCity’s sister companies, Edgewood Management and Vantage Management. A Bisnow review of public records last month found that a majority of HOC’s third-party management contracts are held by Edgewood, and it renewed 12 contracts with Edgewood totaling over $800K in annual payments since October.
Ethics Commission Chair Susan Beard, in a letter granting the waiver, wrote that the commission determined the county’s one-year prohibition on government employees taking a job with a business with which they participated during the previous three years does apply in Spann’s case.