The head of MassHousing is stepping down to join UBS, a global financial services firm.

Tim Sullivan informed staff on Thursday of his plans to resign, effective Nov. 14.

The MassHousing Board plans to meet Nov. 14 to take steps to appoint an interim executive director and begin a search process to find a permanent director.

The job is one of the higher-paying in state government; Sullivan’s annual rate of pay this year is just under $264,000, according to state payroll data.

Created in 1966, MassHousing’s mission is to provide financing for affordable housing in Massachusetts.

The quasi-public agency estimates that it has provided more than $20 billion in financing during its 51-year existence. The agency issues bonds and lends proceeds to low- and moderate-income homebuyers and homeowners and developers who build or preserve affordable or mixed-income rental housing.

“Tim Sullivan has led MassHousing with energy and integrity. Under Tim’s leadership, MassHousing has grown its affordable housing lending, launched innovative new programs to accelerate housing construction, and strengthened Agency finances,” MassHousing Board Chair Michael Dirrane said in a statement. “We thank him for his decades of service to the commonwealth, and wish him the best in his new venture.”

Sullivan has worked at MassHousing since 2002, and as executive director since January 2016.