The announcement coincides with his resignation as president and COO of Univision Communications, a Spanish language television network based in Los Angeles.The development firm, American City Vista, is a joint venture with Kaufman & Broad Corp., a home builder specializing in entry-level homes. Kaufman & Broad also has named Cisneros to its board of directors.
Cisneros will be the majority owner of American CityVista, which will begin operations in September. Texas cities where the firm will seek development land includes Austin, Dallas, Houston, San Antonio, Laredo, Brownsville, McAllen, Harlingen and Edinburg. The firm also will operate in California, Arizona, Nevada and Colorado.
Cisneros, a former San Antonio mayor, was the HUD secretary in the Clinton administration before resigning in 1996. Cisneros pleaded guilty and paid a $10,000 fine last year in connection with charges that he lied during an FBI background check. Cisneros was accused of lying about making payments to former fund-raiser, Linda Jones, after a romantic involvement.
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