Richard M. Froehlich is First Executive Vice President and Chief Operating Officer of the New York City Housing Development Corporation (HDC). After joining HDC as its General Counsel in 2003, Richard has been promoted several times to his current position. He directs the Corporation’s bond finance and operating activities. Richard is also an adjunct associate professor at Columbia University Graduate School of Architecture, Planning and Preservation and teaches two courses on affordable housing finance and public finance, respectively.
Richard has been a primary coordinator of HDC’s award-winning preservation efforts that have led to the continued affordability of over 125,000 units of low and middle income housing in New York City. He has also been a leader in designing and implementing HDC’s participation in Mayor Bill De Blasio’s Housing New York plan to build and preserve 300,000 units of affordable housing in New York City. Elected as a member of the Municipal Securities Rulemaking Board for a four-year term beginning October 1, 2014, Richard served on the MSRB, a self-regulatory organization created under the Federal Securities Act Amendments of 1975 to regulate the municipal finance industry. Richard was also elected to the board of the National Association of Local Housing Finance Agencies in 2014 and currently serves as its President.
Prior to joining HDC, Richard was a Counsel at the law offices of O’Melveny & Meyers LLP where he was involved in numerous multi-family housing transactions representing equity investors, lenders, credit enhancers and issuers in bond-financed transactions. He is a 1988 graduate of Columbia University School of Law and a 1985 graduate of Columbia University’s Columbia College.