Project Manager, Moderate Rehabilitation and Stabilization Loan Programs for the Division of Preservation Finance

Job Description

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.



Your Team:



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

- 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 including the Multifamily Housing Rehabilitation Loan Program (HRP), the Participation Loan Program (PLP), the Third Party Transfer Program (TPT), Multi-Family Preservation Loan Program (MPLP), Neighborhood Pillars Program (Pillars) the Housing Preservation Opportunities Program (HPO), The Capital Partnership for Affordable Renovations Program (CPAR), the Lead Hazard Reduction and Healthy Homes Program (PPP), HUD Multifamily Program (HUD MF), and the LIHTC Portfolio Preservation (Year 15) Program.


Your Impact:


The Division of Preservation Finance seeks a Project Manager for Moderate Rehabilitation and Stabilization Loan Programs. The unit develops plans, strategies, and tools for effective affordable housing preservation initiatives, as well as analyzes, negotiates, and executes on financial transactions to preserve the physical and operational integrity of existing affordable housing developments. The unit provides rehabilitation loans to multifamily affordable housing developments that cannot leverage private financing and only require financing for the replacement of major building systems to improve living conditions and preserve safe affordable housing for low- and moderate-income households in New York City.


Your Role:


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:


As Project Manager, you will perform duties including, but not limited to the following:


- 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 sponsor