HPD’s Division of Preservation Finance seeks an Assistant Project Manager to support the Director and Deputy Director of the LIHTC Preservation (Year 15) Program. The Division of Preservation Finance administers multiple programs including the Multifamily Housing Rehabilitation Loan Program (HRP), the Participation Loan Program (PLP), the HUD Multifamily Program, the LIHTC Preservation (Year 15) Program, the Green Housing Preservation Program and the soon to be launched, Small Buildings Loan Program. These programs facilitate the stabilization and rehabilitation of privately-owned multifamily 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 Housing Plan to create and preserve 200,000 housing units.
The Year 15 Program works with owners of Low Income Housing Tax Credit (LIHTC) properties to ensure their future financial and physical viability as affordable housing properties. Year 15 staff evaluate the needs of each LIHTC project to develop a repositioning strategy for that particular project's financial and capital needs to ensure long-term affordability is preserved. Repositioning strategies may include debt extensions or modifications of existing mortgages, securing additional subsidy, tax exemptions, subordinating to leverage private debt, and/or resyndication. Since inception in 2007, the Program has utilized these tools to reposition and preserve the affordability of more than 179 LIHTC projects totaling over 16,053 units.
This position will report to the Director and Deputy Director of the Year 15 Program. The Assistant Project Manager will be responsible for assisting in the assessment and underwriting of projects applying for financing and/or tax benefits, assisting the Director and Deputy Director in program operations and logistics, and working on special projects as needed by senior staff. The Assistant Project Manager will also play a key role in monitoring construction progress through completion and converting loans from construction to permanent debt. The position offers the opportunity to learn about affordable housing finance and community development while acquiring professional skills in a dynamic and collaborative office environment.
Other responsibilities will include, but will not be limited to:
-With the guidance of senior staff, perform general project management duties for a range of 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.
-With the guidance of senior staff, prepare financial modeling with an emphasis on affordability analysis, real estate tax benefit analysis, and cash flow projections.
-Produce detailed reports, memoranda, presentations, and written correspondence regarding projects, programs, new initiatives, or other special projects as needed.
-Provide support to project management staff, including facilitating approvals necessary for project completion.
-Review, analyze, and comment on project proposals and make recommendations to senior staff about feasibility.
-Conduct research as directed by the Directors on housing and community development issues.
-Assist the Directors with program development and operations, including support tracking program pipeline and funding projections.
-Support Directors and senior staff with program administration, including scheduling, correspondence, and data analysis.
-Attend meetings, develop agendas, and maintain minutes for various projects and internal and external meetings.
The ideal candidate will have experience collaborating with staff and supervisors, possess strong organization and communication skills, be detail-oriented, and be proficient in Microsoft Office Suite.
Preferred Skills
•Interest in community development, urban planning, affordable housing or real estate finance.
•Strong organizational skills; efficient and detail-oriented; experienced and strong skills in oral communication.
•Advanced computer skills including competency in full Microsoft Office suite, especially Excel.
•Capacity to simultaneously work on multiple tasks and set priorities for a challenging workload.
•Strong interpersonal and communication skills. Excellent writing and editing skills.
•1-2 years of applicable experience working in a fast-paced and dynamic environment preferred.
How to Apply:
Please go online and apply at www.nyc.gov/careers . Search for JOB ID# 309749
City Employees: Apply through the Employee Self Service portal (ESS) at www.nyc.gov/ess. Search for JOB ID# 309749
Salary range for this position is: $50,000 - $60,000
NOTE: Only those candidates under consideration will be contacted.
NYC residency required
Agency Description:
The New York City Department of Housing Preservation & Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling the Mayor’s Housing New York: A Five-Borough Ten-Year Plan to create and preserve 200,000 affordable units for New Yorkers at the very lowest incomes to those in the middle class.