Project Manager, Leveraged Preservation Programs for the Division of Preservation Finance

City of New York • New York City, NY

19h

About The Position

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. 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. The Office of Development (OOD) leads the agency’s effort to create and preserve affordable housing. 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. The Division plays a key role in implementing the overall preservation strategy for HPD’s Office of Development in support of the Mayor’s Blueprint. 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).

Requirements

• Strong financial analysis skills including financial modeling and financial statement analysis.
• Detailed-oriented.
• Self-motivated.
• Able to manage multiple projects and meet deadlines.
• Strong verbal and written communication skills.
• Strong proficiency with Excel and Word is required.
• 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 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 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.

Nice To Haves

• A strong financial background (including underwriting experience).
• Knowledge of housing development/lending.
• Knowledge of HPD development programs specifically.
• Demonstrated analytical skills.
• Ability to work effectively with others to obtain results promptly.
• Education or experience in Urban Planning, Real Estate Finance, Business Administration or related fields are strongly preferred.

Responsibilities

• 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.

What This Job Offers

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