RI's top housing official is leaving for a new job. Here's what that means.

PROVIDENCE - Rhode Island's Housing Secretary Stefan Pryor is leaving the McKee administration in "about two weeks" for a job in the private investment world.

"There's never a perfect time to leave," Pryor told The Journal on Thursday.

But after close to a decade leading Rhode Island's economic development efforts as its first commerce secretary and, for the last year-and-a-half as head of its Department of Housing, Pryor said: "This seems a nearly optimal time to transition, given the opportunity that's been presented to me which will enable me to continue contributing in some of the fields that are so crucially important."

"These have been some of the best years of my life," he said.

Where is he going?

Pryor, 52, would not disclose the name of the out-of-state firm he is joining as a managing partner.

But he described it as an "impact investment'' firm that invests in what he described as "mission-driven companies" involved, for example, in "American manufacturing. housing and education." And he said the job will allow him to continue to live and work in Rhode Island.

"There will be more details from the company in the future," he said.

Background on Stefan Pryor in Rhode Island

Former Gov. Gina Raimondo brought Pryor to Rhode Island early in her first term to bring the fresh perspective of an outsider to the state's lackluster economic development efforts.

Before landing in Rhode Island, Pryor helped lead New York City's post-9/11 recovery efforts. He co-founded and was first board president of Amistad Academy, a public charter school in New Haven that became the flagship in a network of Achievement First schools. He subsequently served as Connecticut’s education commissioner.

The Raimondo-Pryor connection: Pryor earned his undergraduate and law degrees from Yale University, where he was a Law School student with Raimondo, the current U.S. Commerce secretary, and Raimondo's husband, Andy Moffit.

One of his first observations on his arrival here: “Rhode Island isn’t [even] at the table when discussions with businesses are occurring,” he told The Journal. “I hear it with great frequency."

After stepping down as state commerce secretary to mount an unsuccessful bid for state treasurer in 2022, Pryor was hired by Gov. Dan McKee to lead the state's Department of Housing after a rocky first year addressing the state's housing affordability and availability crisis.

Pryor keeps focus on the progress Rhode Island has made in housing

And this is what Pryor wanted to say Thursday: The gains so far and the future prospects if Rhode Island keeps up "the pace," reflected in a recent Census Bureau report on building permits showing "515 new units of housing permitted in Rhode Island" through April – up 30% over the same point a year ago and 42% over 2022.

The state also earmarked $300 million in recent years for housing. What has Rhode Island gotten out of it? And the additional $120 million in a bond that will go before voters in November?

Pryor's answer: "We've financed over 2,600 homes, including ,2000 that are 'affordable' and over 250 that are middle income homes ... via three rounds of financing at Rhode Island Housing."

The number currently under construction or completed was not immediately available, but he pegged that number at 407 in April.

Another point of pride: "We increased the number of beds [for people experiencing homelessness] by 32%, bringing our bed total to 1,390."

What he thinks needs to happen: "Efforts need to continue on multiple fronts: financing new housing; working with cities and towns to support the projects that they are advancing; ensuring that permitting occurs; breaking down barriers to housing. By no means can the Housing Department or anyone involved rest on their laurels, but we are starting to see signs of progress," he said.

What he told McKee

Pryor said he told McKee when he approached him to run the new Department of Housing that he would prefer to "serve in an acting or interim capacity in order to help'' set it up and "ensure that we secured necessary financial resources and got some momentum going.

"The governor thought, wisely, that serving in an acting or interim capacity would immediately lame-duck our team,'' so he was nominated and confirmed by the Senate with the understanding "I would serve during the critical period" and most likely leave in about a year.

As of Thursday, he and McKee were still working out his departure date in July. "An interim secretary will be named by Secretary Pryor’s last day,'' according to the governor's office, which also issued this statement.

"We thank Stefan for his work over the last year and a half standing up our new Housing Department, overseeing Rhode Island’s historic investment in housing, and serving the State of Rhode Island in his different capacities. The governor looks forward to continuing this important work with the General Assembly and our community partners to increase housing production and affordability across Rhode Island."

House Speaker K. Joseph Shekarchi, who has made housing his signature issue, also thanked Pryor, saying:

“Stefan Pryor hit the ground running as the state’s first secretary of the Department of Housing and he shared my passion for addressing all aspects of Rhode Island’s housing crisis. He has a tireless work ethic and he produced immediate results in a very challenging housing climate. I wish him well in his future endeavors."

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This article originally appeared on The Providence Journal: RI's Housing Secretary Stefan Pryor is leaving for a private investment firm