Mathew M. Wambua
Board of Advisors
Mr. Wambua joined The Richman Group of Companies as President of RHR Funding LLC in October 2013. In his new role, Mr. Wambua is charged with establishing and expanding Richman’s mortgage lending platform, nationally and within the New York market. Presently, The Richman Group comprises one of the largest equity investors in affordable housing and one of the nation’s largest residential property owners and developers.
In March 2011, Mr. Wambua was appointed Commissioner of the New York City Department of Housing Preservation and Development (HPD), the nation’s largest municipal housing agency, with a workforce of more than 2,000 employees and an annual budget of approximately $1.2 billion. HPD served as the primary steward of Mayor Bloomberg’s New Housing Marketplace Plan (NHMP), which called for the creation or preservation of 165,000 units of affordable housing. During his tenure, Mr. Wambua oversaw the financing of approximately 47,000 housing units, representing a $6 billion investment. HPD exceeded annual production targets despite an adverse fiscal climate in which the annual budget was cut by over $90MM per year.
From 2008 through 2011, Mr. Wambua served as Executive Vice President of the New York City Housing Development Corporation (HDC), the most prolific multifamily bond issuing entity in the nation. HDC ranks as the third largest affordable housing lender nationally, and over the course of the last decade, has issued more than $11 billion in tax-exempt and taxable bonds to finance the NHMP, as well as provided more than $1 billion in direct capital subsidies to increase long-term affordability.
From 2004 through 2008, Mr. Wambua was Senior Policy Advisor for the New York City Deputy Mayor for Economic Development, Daniel Doctoroff, where he coordinated and oversaw a citywide portfolio of economic development agencies, boards and commissions, as well as oversaw all economic development initiatives within the Bronx and Upper Manhattan.
Previously, Mr. Wambua held positions as the Vice President for Special Projects at the New York City Economic Development Corporation (EDC), and as a Senior Investment Officer for General Electric Capital Commercial Real Estate.