Project Manager, Federally Assisted Portfolio Preservation Programs

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. HPD maintains building and resident safety and health, creates opportunities for New Yorkers through housing affordability, and engages 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. 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, including 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), the Multi-Family Preservation Loan Program (MPLP), the 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.

Your Impact

The Division of Preservation Finance seeks a Project Manager for its Federally Assisted Portfolio Preservation Programs. These programs include Preservation Finance’s HUD Multifamily and Low-Income Housing Tax Credit Preservation (Year 15) Programs, which account for 19% of the annual MMR in Preservation and have closed an average of more than 3,800 units per fiscal year for Housing New York 2.0. Both programs focus on portfolios of projects that have previously received federal assistance via LIHTC (4% and 9%s) and/or where a majority of the units are covered by a form of project-based rental assistance in the five boroughs.

Responsibilities

• Perform general project management duties for a range of capitally funded preservation transactions, including acquisitions, construction loan closings, troubleshooting projects in construction, facilitating project closings, project completion and loan conversions, and preparing recommendations for work-outs.
• Review and analyze mortgage notes, regulatory agreements, and other related documents requiring understanding and application of regulations.
• Conduct financial modeling with an emphasis on affordability analysis, real estate tax benefit analysis, and cash flow projections, including creating pro formas in Excel.
• Review legal documents and coordinate loan closings with other HPD divisions and programs.
• Ensure timely completion of transactions.
• Review, analyze, and comment on underwriting and preservation proposals submitted by project sponsors and make recommendations to senior staff about feasibility, facilitating approvals necessary for closings, including credit approval.
• Produce detailed reports, memoranda, presentations, and written correspondence regarding projects, programs, new initiatives, or other special projects, as needed.
• Engage in programmatic policy discussions to provide recommendations to the Director/Deputy Director.
• Act as a liaison with developers, financial institutions, community groups, and other governmental agencies to preserve affordable housing.

Qualifications

• 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 equivalent to the above. However, all candidates must have at least one year of experience as described in the first qualification.

Skills

You should have strong financial analysis skills, including financial modeling in Excel and financial statement analysis. You must be detail-oriented, self-motivated, and able to manage multiple projects while meeting competing deadlines. Strong verbal and written communication skills are essential. Preference will be given to candidates with:

• A strong financial background (including underwriting experience).
• Knowledge of affordable housing development/lending.
• Knowledge of HPD development programs.
• Demonstrated analytical skills and the ability to work effectively with others to obtain results promptly.

Strong facility with Excel and Word is required.

Additional Information

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, visit the U.S. Department of Education’s website.

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.