Project Manager, Leveraged 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. HPD is entrusted with fulfilling these objectives through the goals and strategies of "Housing Our Neighbors : A Blueprint for Housing and Homelessness," Mayor Adams' comprehensive housing framework. To support this important work, the administration has committed $5 billion in new capital funding, bringing the 10-year planned investment in housing to $22 billion the largest in the city's history. This investment, coupled with a commitment to reduce administrative and regulatory barriers, is a multi-pronged strategy to tackle New York City's complex housing crisis, by addressing homelessness and housing instability, promoting economic stability and mobility, increasing homeownership opportunities, improving health and safety, and increasing opportunities for equitable growth.

Your Team

The Office of Development (OOD) leads the agency's effort to create and preserve affordable housing as a critical part of Housing Our Neighbors : A Blueprint for Housing and Homelessness in collaboration with other HPD offices as well as other city, state and federal agencies. The OOD is comprised of seven divisions that administer a range of programs. These divisions include New Construction Finance, Special Needs Housing, Building and Land Development Services (BLDS), Homeownership Opportunities and Preservation, Preservation Finance, Compliance and Enforcement and Housing Incentives. The Division of Preservation Finance administers multiple financing programs including the Multifamily Housing Rehabilitation Loan Program (HRP), the Participation Loan Program (PLP), the Housing Preservation Opportunities Program (HPO), The Capital Partnership for Affordable Renovations Program (CPAR), the Lead Hazard Reduction and Healthy Homes HUD Multifamily Program (HUD MF), the Third Party Transfer Program (TPT), Multi-Family Preservation Loan Program (MPLP), Neighborhood Pillars Program ("Pillars") and the LIHTC Portfolio Preservation (Year 15) Program. These programs facilitate the financial and physical viability, as well as affordability of privately-owned multi-family and single-family buildings throughout New York City.

Your Impact

The Division of Preservation Finance seeks a Project Manager for the Leveraged Preservation Programs. The Leveraged Preservation Programs unit develops plans, strategies, and tools for effective affordable housing preservation initiatives, as well as analyzes, negotiates, and executes preservation projects. Gap financing and / or tax exemptions are provided to projects with the goal of ensuring financial and physical viability in addition to long term affordability. The unit also seeks to identify properties showing signs of financial and / or physical distress for outreach and pipeline development, including residential properties that are in foreclosure or mortgage default where there is an opportunity for a new qualified purchaser to purchase the debt and / or the deed. The Project Manager will have a specific focus on the Leveraged Preservation Programs including the Participation Loan Program (PLP), Housing Preservation Opportunities Program (HPO), the Third Party Transfer Program (TPT), the Multi-Family Preservation Loan Program (MPLP), and Neighborhood Pillars Program (Pillars).

Your Role

As Project Manager, you will be responsible for managing capitally funded projects across a variety of building types including rentals, Mitchell-Lama developments, and HDFC co-ops financed with Low Income Housing Tax Credits, City subsidized loans, Federal and State subsidized loans, conventional bank loans, mezzanine loans, tax exempt bonds and other tools. You will also have frequent interactions with external partners including : for-profit and non-profit developers, tax credit syndicators, banks, NYC Housing Development Corporation, property managers, attorneys, architects, and general contractors. As Project Manager, you will also manage 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 further assist in monitoring construction progress through completion, and converting the loan from construction to permanent debt.

Your Responsibilities

A Project Manager's 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 complex regulations;
• Advanced financial modeling with an emphasis on affordability analysis, real estate tax benefit analysis, and cash flow projections;
• Reviewing legal documents for accuracy in regards to program policy and negotiated deal terms 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;
• Acting as a liaison with developers, financial institutions, community groups, and other governmental agencies to preserve affordable housing

Preferred Skills

Candidates must have strong financial analysis skills including financial modeling and financial statement analysis, be detailed-oriented, self-motivated and be able to manage multiple projects and meet deadlines. Candidates must also demonstrate strong verbal and written communication skills. Preference will be given to candidates with : a strong financial background (including underwriting experience), knowledge of housing development / lending and knowledge of HPD development programs specifically, demonstrated analytical skills, and ability to work effectively with others to obtain results promptly. Strong proficiency with Excel and Word is required. Candidates with education or experience in Urban Planning, Real Estate Finance, Business Administration or related fields are strongly preferred.

Minimum 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.

Public Service Loan Forgiveness

As a prospective employee of the City of New York, you may be eligible for federal loan forgiveness programs and state repayment assistance programs. For more information, please visit the U.S. Department of Education's website at .

Residency Requirement

New York City residency is generally required within 90 days of appointment. However, City Employees in certain titles who have worked for the City for 2 continuous years may also be eligible to reside in Nassau, Suffolk, Putnam, Westchester, Rockland, or Orange County. To determine if the residency requirement applies to you, please discuss with the agency representative at the time of interview.

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.