New HPD Commissioner Mathew Wambua Joins Board of Directors at Center for New York City Neighborhoods
FOR IMMEDIATE RELEASE
May 3, 2011
NEW YORK-The new Commissioner of the Department of Housing Preservation and Development Mathew Wambua has joined the CNYCN Board. Wambua replaces Rafael Cestero, who served as the HPD Commissioner for the past two years.
Wambua was welcomed by the CNYCN Board Chair Herb Sturz and other Board members at April 26 Board meeting.
At the Board meeting, Wambua said that he was impressed with the outreach that CNYCN has conducted since it inception, reaching more than 13,000 homeowners in providing free housing counseling and legal services, many of whom have received tangible financial solutions from their lenders as result, giving them the ability to stay in their homes.
Wambua’s appointment comes at a critical time as the City Council decides on its budget and what portion of it will be dedicated towards foreclosure prevention for CNYCN and the nonprofits in its Network.
Before his appointment as the HPD Commissioner, Wambua served as Executive Vice President of Real Estate and External Relations of the New York City Housing Development Corporation since 2008, one of the nation’s largest issuers of multi-family affordable housing bonds and the finance arm of HPD. From 2004 through 2008, Wambua held a position of Senior Policy Advisor for the New York City Deputy Mayor Economic Development.
Mayor Bloomberg said in his announcement of Wambua’s hire: “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.”
Wambua’s predecessor Rafael Cestero left behind a strong record of helping the NYC affordable and sustainable housing market despite the economic downturn and soft local real estate market. While Commissioner Cestero held the post New York City saw a strengthening of neighborhoods, as with his leadership, HPD put in place a new Proactive Preservation Program aimed at protecting New York City’s multifamily housing through a comprehensive enforcement strategy that identifies and addresses problems before they reach a state that endangers the health and safety of residents and brings down the quality of the surrounding neighborhoods. Under Cestero, New York City also expanded its supply of affordable and sustainable housing, creating or preserving 112,000 units, with a goal of 165,000 units.