NEW YORK CITY-As Mayor Michael Bloomberg's admisistration enters its twilight phase, yet another high ranking official has left office and taken a position in the private sector.

Matthew Wambua, commissioner of the Department of Housing Preservation and Development, is leaving civil service and—as of October—he will become president of RHR Funding LLC, part of the Richman Group's mortgage lending business that includes RICHMAC Funding LLC. RuthAnne Visnauskas, currently the HPD's deputy commissioner for development, will take the helm of the organization in early September.

At RHR, Wambua will be charged with growing and expanding the firm's new mortgage lending platform nationally and within the New York market. He was unavailable for comment at press time.

Says Bill Traylor, president of Richman Housing Resources LLC, “Mat Wambua brings a breadth of relationships, a unique set of skills and the energy that will enable Richman to penetrate and reach these markets.”

“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 adds. “I fully expect that Mat will substantially grow Richman's mortgage lending business.”

At HPD, Wambua oversaw the financing of approximately 47,000 housing units—representing a $6 billion investment—since being appointed in early 2011. Previously, he served for three years as HDC's EVP of real estate and external affairs.

Visnauskas currently is responsible for overseeing the annual housing production goals that are part of Mayor Bloomberg's new housing marketplace plan to finance the creation and preservation of 165,000 units of affordable housing by the end of fiscal year 2014. She began working at HPD in 2006, initially serving as executive director of large scale planning before being promoted in 2008 to assistant commissioner for new construction finance. In that role she led several agency initiatives, including programs to develop middle-income housing. Prior to her appointment as deputy commissioner she served as associate commissioner for preservation.

Says deputy mayor Robert Steel, “During Mathew's time as commissioner he delivered on Mayor Bloomberg's NHMP by exceeding HPD's annual targets and financing nearly 47,000 units of affordable housing. We also owe Mathew a debt of thanks for his tireless work following Hurricane Sandy to shelter those who were displaced and to put programs in place that will rebuild the homes that were lost. I wish him continued success as he moves on to the private sector.

Meanwhile, he continued, "I am pleased that RuthAnne Visnauskas will be bringing her considerable experience as she takes on the leadership at HPD as we continue to implement the Mayor's affordable housing agenda.” A request for comment from Visnauskas did not receive a response by press time.

Instant Insights /

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