CBC Mortgage Agency (CBCMA), a nationally chartered housing finance agency and a leading source of down payment assistance for first-time homebuyers, has promoted Miki Adams to president, the company announced

Adams will lead a team of more than 70 employees in the effort to increase homeownership for low- and moderate-income families who might otherwise be unable to save for a down payment, the company announced.

Adams is taking over the role from Richard Ferguson, who will work on developing new affordable housing initiatives.

“I’m excited to hand the reins to Miki,” Ferguson said in a release. “Her comprehensive experience in the residential mortgage business combined with her commitment to closing the homeownership gap in America has been instrumental in enabling CBCMA to fulfill its mission.”

Adams, who previously served as executive vice president of CBCMA, has 30 years of mortgage lending experience and has managed companies through calm and tumultuous markets. Her background includes credit and collateral underwriting, secondary marketing and portfolio asset management, regulatory compliance, and regulatory audit and examination management.

“Homeownership is a cornerstone of the American dream and critical to building intergenerational wealth,” Adams said. “It’s a passion and privilege to continue working on behalf of this value for underserved in our nation.”

Adams’ promotion coincides with CBCMA’s partnership with the National Urban Indian Family Coalition to launch the Kani Urban Indian Housing Initiative. The initiative is working to increase homeownership within the urban Indian community, the company said.

“I’m excited about this new partnership and to continue to work with Richard in his new role as our company’s visionary,” Adams said, “Richard’s dedication to reducing racial wealth disparity by creating new opportunities for homeownership through down payment assistance has been inspirational. He exemplifies how idealism and practicality can work hand in hand.”