Director, NYCHA PACT and Trust Portfolio for the Division of Preservation Finance

City of New York • New York City, NY

1d • Hybrid

About The Position

The Division of Preservation Finance plays an important role in managing City subsidy transactions for the NYCHA recapitalization projects, contributing to the largest public housing recapitalization in the country. As Director, NYCHA PACT and Trust Portfolio, you will work to oversee the pipeline of NYCHA Permanent Affordability Commitment Together (“PACT”) and the newly established NYC Public Housing Preservation Trust (“Trust”) portfolio at HPD, working closely with agency partners at NYCHA and the New York City Housing Development Corporation (“HDC”). As Director you will provide and administer the program; develop and refine internal guidance and procedures to effectively manage and coordinate the program within the agency’s relevant divisions and data systems; and provide higher-level policy input to PACT and Trust program requirements, underwriting standards for subsidy sizing, and other areas, as needed. In your role, you will lead a team that will initially consist of one Senior Project Manager working on NYCHA PACT and Trust transactions. In partnership with NYCHA and HDC, you will review and underwrite subsidy transactions, assist and/or lead efforts to create policies and procedures specific to the NYCHA PACT and Trust portfolios and a preservation program targeted to that portfolio, developing underwriting standards for NYCHA PACT and Trust projects and various rental subsidy scenarios, working with other HPD divisions to determine and vet any needed changes to review and approval processes and requirements for these portfolios, including underwriting standards, and coordinating with internal HPD divisions, NYCHA, and HDC to facilitate program development and meet production goals. You will track this pipeline of transactions in an efficient and timely manner to hit annual housing plan goals and target closing timelines. This tracking includes managing and successfully deploying a budget of city funding, executing loan or tax exemption closings, completions, and conversions. As Director, you will be responsible for handling administrative functions such as budget forecasting, reporting and compliance requirements. You will work on program improvements and new policy and procedure development, as well as the development and implementation of staff trainings and other tools and resources. You will play a large role in hiring new team members, training and mentoring, providing constructive feedback (including regular performance appraisals), and resolving human resources related questions and concerns. Please note that you are not expected to engage with external partners, but will be expected to work closely with NYCHA and HDC in reviewing underwriting models on each and every recapitalization transaction.

Requirements

• A baccalaureate degree from an accredited college and four years of experience in one or more of the following areas: community organization, social work, urban development projects, real estate, public administration, or a related field, of which two years must have been in a field directly related to neighborhood improvement such as housing, community organization, urban renewal or planning, or real estate.
• A Law Degree or graduate work in an appropriate field may be substituted for up to two years of the general experience required
• Education and/or experience equivalent to "1", including part-time and/or volunteer experience.
• Authorization to work in the United States is required for this position.
• Finalists for this position must have filed for the Open Competitive Associate Housing Development Specialist exam #4122 or promotional exam #4570.
• Candidates must indicate permanent civil service title on resume.

Nice To Haves

• Strong managerial experience
• A record of achieving results in a fast-paced environment
• Experience managing programs as well as seeking ways to improve programs and procedures
• Strong real estate financial analysis skills including financial modeling and financial statement analysis
• Detailed-oriented, self-motivated, able to manage multiple projects simultaneously, and regularly meet deadlines.
• Strong verbal and written communication skills and ability to read, absorb, and provide analysis or feedback on legal or other project documents.
• Strong financial background (including underwriting experience)
• Knowledge of housing development/lending and knowledge of affordable housing development programs
• Strong management experience
• Background in and strong knowledge of U.S. Department of Housing and Urban Development (HUD) policies and regulations relating to public housing and its Rental Assistance Demonstration (RAD)
• A proven track-record of closing complicated transactions
• A strong financial background (including experience underwriting real estate transactions)
• Knowledge of real estate development, Federal, New York State and New York City affordable housing finance, housing development/lending
• Knowledge of HPD development programs
• Demonstrated analytical skills
• Ability to work effectively with others to obtain results promptly.
• Excel and Word proficiency

Responsibilities

• Underwrite and oversee staff underwriting subsidy ask for NYCHA PACT and Trust transactions, and help establish underwriting standards for subsidy ask
• Advanced financial modeling with an emphasis on loan sizing, subsidy sizing, and cash flow projections
• Reviewing, analyzing, and commenting on underwriting proposals from NYCHA and making recommendations to divisional leadership about feasibility, and facilitating approvals necessary for credit approval
• Engage in programmatic policy discussions to provide recommendations to the Executive Director for Federally Assisted Portfolio Preservation Programs and other divisional leadership
• Review and analyze mortgage notes, regulatory agreements, and other related documents
• In collaboration with the Executive Director for Federally Assisted Portfolio Preservation Programs, develop and implement plans, strategies and tools for effective program management; propose and implement policies and procedures to address NYCHA PACT and Trust housing-specific issues (including for and in collaboration with agency partners like NYCHA and HDC); and propose updates to or versions of template or form legal documents
• Supervise and provide technical and procedural assistance to a project management staff of initially at least one senior project manager
• Continually identify opportunities for improved processes and procedures for the program, and implement new agency policies and initiatives into the programs and projects. Provide policy and process feedback on initiatives or propsoals within the division, partner divisions within the agency, and external partners
• In conjunction with the Executive Director, establish appropriate productivity measures for staff and goals, targets for the unit and work effectively with staff to achieve them, and priorities for the team and the pipeline
• Establish effective systems for monitoring and tracking the unit’s work
• Work closely with external partners including the HDC and the NYCHA real estate division to execute on financing for a pipeline of projects.
• Act as a liaison with developers, financial institutions, not for profit organizations and governmental agencies to advance Federally Assisted Portfolio Preservation Program development projects to preserve long-term affordability, financial viability, and physical quality
• Provide guidance on the transaction structures and underwriting of PACT and Trust housing transactions as impacted by rental assistance contracts and requirements, tax credits, regulatory and rent-setting structures, legal document structures, and other issues specific to the portfolio; in conjunction with project management staff and development teams prepare, review and analyze development budgets, pro formas, and affordability analyses
• Perform general project management duties as needed, including construction loan closings, troubleshoot projects in construction, and other duties as assigned
• Participate in meetings with development teams and any other meetings, presentations and conferences that pertain to the programs
• As needed, collaborate with other HPD divisions and agency partners like NYCHA and HDC to identify, monitor and/or resolve site, design, environmental and construction monitoring issues
• Represent the agency at community meetings, interagency working groups and conferences, as necessary
• Prepare reports, memoranda and written correspondence regarding program’s performance and issues
• Coordinate special projects, conduct policy analyses, initiate research and make recommendations that relate to the management and operations of program, issues facing the NYCHA PACT and Trust housing portfolio specifically, and other issues more generally as requested by the Executive Director and the Assistant Commissioner for the Division of Preservation Finance

Benefits

• 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.

What This Job Offers

• Job Type: Full-time
• Career Level: Director