The city announced today that Mathew Wambua has been named commissioner of the city's Department of Housing Preservation and Development replacing Rafael Cestero, who will be leaving the post at the end of this month, according to an article today by Amanda Fung at crainsnewyork.com.
Mr. Wambua has been executive vice president of real estate and external relations at the city's Housing Development Corp., the larger department's finance arm - one of the nation's largest issuers of multi-family affordable housing bonds - since 2008. In that role, he oversaw underwriting and financing of more than 36,000 affordable housing units. Mr. Wambua also led the restructuring and streamlining of the Housing Development Corp.'s asset-management division, the article said.
In January, Mr. Cestero announced that he would be leaving his post to join L+M Development Partners, an affordable housing developer, as a managing director effective May 1.
"We're two-thirds of the way through completing the most ambitious affordable housing plan underway anywhere in the nation, and Mat's leadership, intelligence and financial acumen will help us meet our goals," said Mayor Michael Bloomberg, in a statement. "Throughout the country, difficult economic conditions and strained budgets forced cities to slash plans for affordable housing developments, but in New York City we've stayed on track - and even increased our total investments - thanks to smart and innovative financial planning."
Mr. Wambua has worked in the Bloomberg administration for nine years. Prior to joining Housing Development, he was a senior policy advisor overseeing agencies including Housing Preservation, Housing Development and the city's Economic Development Corp. He reported to Daniel Doctoroff, the deputy mayor for economic development and rebuilding, the article said.
Housing Preservation has been charged with implementing the $8.4 billion new housing marketplace plan, which aims to create and preserve more than 165,000 homes across the city. Over the last seven years, with help from private and nonprofit partners, Housing Preservation has begun construction or renovation of 112,000 affordable housing units.
Mr. Wambua has been executive vice president of real estate and external relations at the city's Housing Development Corp., the larger department's finance arm - one of the nation's largest issuers of multi-family affordable housing bonds - since 2008. In that role, he oversaw underwriting and financing of more than 36,000 affordable housing units. Mr. Wambua also led the restructuring and streamlining of the Housing Development Corp.'s asset-management division, the article said.
In January, Mr. Cestero announced that he would be leaving his post to join L+M Development Partners, an affordable housing developer, as a managing director effective May 1.
"We're two-thirds of the way through completing the most ambitious affordable housing plan underway anywhere in the nation, and Mat's leadership, intelligence and financial acumen will help us meet our goals," said Mayor Michael Bloomberg, in a statement. "Throughout the country, difficult economic conditions and strained budgets forced cities to slash plans for affordable housing developments, but in New York City we've stayed on track - and even increased our total investments - thanks to smart and innovative financial planning."
Mr. Wambua has worked in the Bloomberg administration for nine years. Prior to joining Housing Development, he was a senior policy advisor overseeing agencies including Housing Preservation, Housing Development and the city's Economic Development Corp. He reported to Daniel Doctoroff, the deputy mayor for economic development and rebuilding, the article said.
Housing Preservation has been charged with implementing the $8.4 billion new housing marketplace plan, which aims to create and preserve more than 165,000 homes across the city. Over the last seven years, with help from private and nonprofit partners, Housing Preservation has begun construction or renovation of 112,000 affordable housing units.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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