Deputy Director, Rental Preservation Team for the Division of Preservation Finance

City of New York•New York City, NY

2d•Onsite

About The Position

The Department of Housing Preservation and Development (HPD) oversees housing standards across all 3.7 million homes in New York City. As the nation’s largest municipal housing agency, HPD is responsible for building and preserving affordable housing, protecting tenants from harassment and displacement, and holding landlords accountable across the five boroughs. Under Commissioner Dina Levy and the Mamdani Administration, HPD is pursuing an ambitious housing agenda focused on the needs of New York’s tenants. With a broad set of tools including standards enforcement, tenant resources, and the creation of new affordable housing, HPD is committed to making New York City a more affordable place for renters and homeowners alike. 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, and 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. As the Deputy Director for the Rental Preservation Team (RPT) for the Division of Preservation Finance, under the supervision of the Directors you will assist in overseeing multiple financing programs including Multifamily Preservation Loan Programs (MPLP), Housing Preservation Opportunities Program (HPO), Participation Loan Programs (PLP), Third Party Transfer (TPT), Neighborhood Pillars (Pillars), and Capital Partnership Affordable Renovation Loan Program (CPAR) which include a range of financing solutions and programs that pair tax exemptions or tax exemptions and public subsidy with private funding to meet project needs and preserve affordability. Your role will be to assist in the administration of the Program under the supervision of the Directors for the Rental Preservation Team. The position affords an excellent opportunity for you to gain management experience as well as hone underwriting and thoughtful problem solving skills. Program provides financing in the form of City capital to leverage other financing sources, including Low Income Housing Tax Credits, tax-exempt bonds, and private debt and equity.

Requirements

A baccalaureate degree from an accredited college or university and three years of full-time satisfactory professional experience in the development, appraisal, financing, negotiation, or disposition of real estate, or in real estate law, or in urban planning or analytical or coordination work related to housing programs
A four year high school diploma or its educational equivalent approved by a State's Department of Education or a recognized accrediting organization and seven years of full-time satisfactory experience as described in '1' above
A satisfactory combination of education and/or experience which is equivalent to '1' or '2' above
Graduate study in the field of urban studies, city planning, business or public administration, finance, architecture, engineering or other related fields may be substituted for up to one year of the required experience on the basis of 30 credits equaling one year of experience
Graduation from an accredited law school may be substituted for one year of the required experience
All candidates must have at least two years of experience as described above
Finalist for this position must have filed for the Open Competitive Associate Housing Development Specialist exam #4122 or promotional exam #4570
The position is open to applicants who are already permanent in the Associate Housing Development Specialist title, or permanent in another comparable civil service title
Candidates must indicate permanent civil service title on resume

Nice To Haves

Strong financial analysis skills including financial modeling and financial statement analysis
Meticulous, organized, detailed-oriented, and self-motivated
Able to manage multiple projects and meet competing deadlines
Strong verbal and written communication skills
A strong financial background (including underwriting experience)
Knowledge of affordable housing development/lending
Knowledge of HPD development programs
Demonstrated analytical skills
Ability to work effectively with others to obtain results promptly
Strong facility with Excel and Word
Masters in Urban Planning, Real Estate Finance, Business/Public Administration or related fields are strongly preferred

Responsibilities

Track progress on an annual pipeline of preservation projects
Coordinate with internal and external loan servicers on construction and permanent loan servicing terms
Review and analyze existing mortgage notes, regulatory agreements and other related documents to help determine preservation strategy
Participate in all meetings with development teams and any other meetings, presentations, and conferences that pertain to the Program
Perform general project management duties, as needed
Assist the Directors with the development and implementation of plans, strategies and tools to effectively manage programs while identifying solutions
Work with the Directors to supervise and provide technical and procedural assistance to staff
Oversee the timely input of information by staff into the agency databases
In conjunction with the Directors, establish appropriate productivity measures for staff and goals and targets for the unit and work effectively with staff to achieve them
Identify property clusters for development and match with qualified owner/developers
In conjunction with the Directors and project management staff, oversee preparation and review of development budgets, affordability analyses, design review and approval, tenant relocation and other pre-development issues to ensure timely construction loan closings to meet targets
Supervise and review the underwriting of deals and the preparation of packages for credit committee, as well as the production of commitment letters
Prepare reports, memoranda and written correspondence regarding Program’s performance and issues
Lead communication with other City agencies, tenants, developers, lenders, community groups and other stakeholders as necessary, including presenting program materials at interagency meetings, meetings with elected officials and tenant meetings
Troubleshoot projects in construction, facilitate project completion and prepare recommendations for work-outs prior to permanent loan conversion
Assist the Directors in overseeing the prequalification process for entities eligible for designation as new owners of City-owned and recently foreclosed TPT properties; including drafting and issuing RFQs and evaluating applicants' experience and qualifications
Prepare reports, memoranda and written correspondence regarding both programs' performance and issues
Coordinate special projects, conduct policy analyses, initiate research and make recommendations that relate to the management and operations of program
Special projects as requested by the Program Director or Assistant Commissioner for the Division of Preservation Finance