Efficient Execution. Competitively Priced.
St. Paul, MN (PRWEB) October 28, 2013
Mathew Wambua, former Commissioner of Housing Preservation and Development (HPD) for New York City, has joined The Richman Group as President of RHR Funding LLC. RHR Funding LLC is part of The Richman Group’s mortgage lending business, which includes RICHMAC Funding LLC.
Headquartered in Greenwich, Conn., The Richman Group (Richman) is a leading national real estate development and investment company. Wambua began working out of the firm’s New York City offices in early October.
“We see many niche markets in New York where Richman’s expertise and resources will add value, even in a market as tight as New York City; Mat brings a breadth of relationships, a unique set of skills and the energy that will enable Richman to penetrate and reach these markets,” said Bill Traylor, president of Richman Housing Resources LLC in New York City.
The Richman Group is already one of the largest equity investors in affordable housing and one of the nation’s largest residential property owners and developers. Wambua will be charged with growing and expanding the firm’s new mortgage lending platform, RICHMAC Funding, nationally and within the New York market.
“Outside of New York the need for mortgage capital is much greater and Mat will have the full suite of Richman products to bring to this segment of the market including Fannie Mae and FHA products as well as institutional mortgage funds,” Traylor added. “I fully expect that Mat will not only substantially grow Richman’s mortgage lending business but he will enable the firm to have an enormously positive impact on the mortgage and real estate markets nationally.”
Wambua brings a wealth of significant accomplishments to Richman. He was appointed commissioner of HPD in early 2011. During his tenure, he 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.
Wambua led key agency and Administration initiatives including:
- Over a course of three months refinancing the preservation of the City's largest multifamily affordable housing development (Coop City), as well as financed the construction of Phase 1 of Hunter's Point--the largest new affordable housing development since Coop City.
- Micro-unit pilot program. A development team was chosen through a competitive Request for Proposals to design, construct and operate the City’s first micro-unit apartment building on a City-owned site in Manhattan. The development team’s ‘My Micro NY’ project will create 55 new micro-units that are designed to optimize space and maximize the sense of openness.
- Doubling the production of supportive housing. The number of supportive housing units financed climbed from approximately 500 units a year to 1,000 units. The partnership between the State and City brought together new tools and resources aimed at driving down Medicaid expenditures and creating appropriate housing for New York City's special-needs population. Supportive housing is geared to low-income households.
HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by the end of fiscal year 2014. Since the plan’s inception, more than 157,300 affordable homes have been created or preserved.
As HPD Commissioner, Wambua also served as chairman of the board for the NYC Housing Development Corporation (HDC). Prior to his appointment as HPD Commissioner he served for three years as HDC’s executive vice president of real estate and external affairs.
HDC comprises the nation's largest issuer of multi-family affordable housing bonds. With over $1.8BB in lending activity during 2012 alone, HDC ranked as the nation's 3rd largest affordable housing lender, trailing only Citigroup and Wells Fargo according to Affordable Housing Finance Magazine. In conjunction with HPD, HDC creates and preserves multi-family affordable housing, through the provision of construction and permanent financing. Financing programs include senior tax-exempt and taxable mortgages, mezzanine subsidy loans, as well as 4 percent tax credit equity.
Wambua has also held positions as senior policy advisor for New York City Deputy Mayor for Economic Development Daniel Doctoroff, vice president for special projects at the New York City Economic Development Corporation, and senior investment officer for General Electric Capital Commercial Real Estate.
In 2011 Wambua was recognized by the New York Observer as among the 100 most influential people in New York real estate.
ABOUT RICHMAC FUNDING LLC
RICHMAC Funding LLC is a mortgage lender with a deep bench of talent and resources to underwrite and place loans for market rate and affordable multifamily properties and healthcare facilities. RICHMAC Funding LLC is a designated Fannie Mae Affordable Lender, an approved FHA MAP and LEAN lender, a Ginnie Mae seller/servicer, and, together with RICHMAC LIHTC Funds, has access to a suite of agency loan products and institutional capital. It is a member of The Richman Group of Companies, a major national participant in the multifamily housing industry for over 30 years.