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.

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.

YOUR ROLE:

A Project Manager in this position will work across multiple programs in one of the three units within the Division of Preservation Finance: Leveraged Preservation Programs, Moderate Rehabilitation and Stabilization Loan Programs, or Federally Assisted Loan Programs. You will reporting primarily to the Director of that unit but will be under the supervision of the Executive Directors, Directors and Deputy Directors on projects in the respective programs as necessary.
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:

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