Project Manager, Federally Assisted Portfolio Preservation Programs for the Division of Preservation Finance

Job Description

About the Agency:

The New York City Department of Housing Preservation Development (HPD) promotes quality and affordability in the city's housing, and diversity and strength in the city’s neighborhoods because every New Yorker deserves a safe, affordable place to live in a neighborhood they love.

- We maintain building and resident safety and health
- We create opportunities for New Yorkers through housing affordability
- We engage New Yorkers to build and sustain neighborhood strength and diversity.

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Your Team:


The Office of Development (OOD) leads the agency’s effort to create and preserve housing in collaboration with other HPD offices as well as other city, state and federal agencies.

The Office of Development is composed of eight divisions that administer a range of programs:

- New Construction Finance
- Special Needs Housing
- Building and Land Development Services (BLDS)
- Homeownership Opportunities and Preservation
- Preservation Finance
- Portfolio Management and Conversions
- Housing Incentives
- Compliance and Enforcement

The Division of Preservation Finance administers multiple financing programs to improve financial and physical conditions and preserve or create affordability within privately-owned multi-family and single-family buildings. The division oversees programs utilizing low-cost loans and property tax benefits among other public incentives including the Multifamily Housing Rehabilitation Loan Program (HRP), the Participation Loan Program (PLP), the Third Party Transfer Program (TPT), Multi-Family Preservation Loan Program (MPLP), Neighborhood Pillars Program (Pillars) the Housing Preservation Opportunities Program (HPO), The Capital Partnership for Affordable Renovations Program (CPAR), the Lead Hazard Reduction and Healthy Homes Program (PPP), HUD Multifamily Program (HUD MF), Supportive Housing Preservation (SPP), and the LIHTC Portfolio Preservation (Year 15) Program.

Your Impact:

The Division of Preservation Finance seeks a Project Manager for our Federally Assisted Portfolio Preservation Programs. The Federally Assisted Programs include Preservation Finance’s HUD Multifamily and Low Income Housing Tax Credit Preservation (Year 15) Programs. These two programs account for 19% of the annual MMR in Preservation and combined have closed an average of more than 3,800 units per fiscal year for Housing New York 2.0. Both programs focus on portfolios of projects that have previously received federal assistance via LIHTC (4% and 9%s) and/or where a majority of the units are covered by a form of project-based rental assistance in the five boroughs.

Your Role:

As Project Manager, working closely with and reporting to the Director and Deputy Directors of the Federally Assisted Portfolio Preservation Programs, you will be responsible for managing the intake, assessment, and underwriting of capitally funded projects applying for financing and/or tax benefits, as well as managing projects through closing. You will have direct and frequent interaction with HUD, NYC Housing Development Corporation, developers and sponsors, lenders and numerous internal and external stakeholders in order to bring the project from its initial phase to the closing of either a loan or tax exemption. You will further assist in monitoring construction progress through completion and converting the loan from construction to permanent debt.

Your Responsibilities:

Your primary responsibilities will include but will not be limited to:
- Performing general project management duties for a range of capitally funded preservation transactions, as needed, including acquisitions, construction loan closings, troubleshooting projects in construction, facilitating project closings, project completion and loan conversions, and preparing recommendations for work-outs.
- Reviewing and analyzing mortgage notes, regulatory agreements and other related documents requiring understanding and applying of regulations;
- Financial modeling with an emphasis on affordability analysis, real estate tax benefit analysis, and cash flow projections including creating pro formas in Excel
- Reviewing legal documents and coordinating loan closings with other HPD divisions and programs;
- Ensuring timely completion of transactions;
- Reviewing, analyzing, and commenting on underwriting and preservation proposals submitted by project sponsors and making recommendations to senior staff about feasibility, and facilitating approvals necessary for closings, including credit approval;
- Producing detailed reports, memoranda, presentations, and written correspondence regarding projects, programs, new initiatives, or other special projects, as needed;
- Engaging in programmatic policy discussions to provide recommendations to Director/Deputy Director;
- Acting as a liaison with developers, financial institutions, community groups, and other governmental agencies to preserve affordable housing; a proven track record facilitating diverse groups of stake holders and strong communication skills are required

Preferred skills

You should have strong financial analysis skills including financial modeling in Excel and financial statement analysis, be detailed-oriented, self-motivated, be able to manage multiple projects and meet competing deadlines. As a successful candidate, you should also demonstrate strong verbal and written communication skills. Preference will be given to candidates with: a strong financial background (including underwriting experience), knowledge of affordable housing development/lending and knowledge of HPD development programs and specifically, demonstrated analytical skills, and ability to work effectively with others to obtain results promptly. Strong facility with Excel and Word required.

Authorization to work in the United States is required for this position. The NYC Department of Housing Preservation and Development does not provide sponsorship for international employees for visa applications, extensions, or status changes, including H-1B visas. Applicants are responsible for ensuring that they meet all qualifying requirements for this position at the time of application.

COMMUNITY COORDINATOR - 56058

Qualifications

1. A baccalaureate degree from an accredited college and two years of experience in community work or community centered activities in an area related to the duties described above; or
2. High school graduation or equivalent and six years of experience in community work or community centered activities in an area related to the duties as described above; or
3. Education and/or experience which is equivalent to "1" or "2" above. However, all candidates must have at least one year of experience as described in "1" above.

Additional Information

The City of New York is an inclusive equal opportunity employer committed to recruiting and retaining a diverse workforce and providing a work environment that is free from discrimination and harassment based upon any legally protected status or protected characteristic, including but not limited to an individual's sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, veteran status, gender identity, or pregnancy.