HPD’s LIHTC Preservation (“Year 15”) Program is an affordable housing loan program within the Division of Preservation Finance in the Office of Development. The Program focuses on the preservation of Low Income Housing Tax Credit (“LIHTC”) properties that are reaching the end of the initial 15 year tax credit compliance period. Since Program inception in 2007, the Program has repositioned and extended the affordability of 185 LIHTC projects totaling over 17,280 units.
The LIHTC Preservation Project Manager (“PM”) will work with a portfolio of tax credit properties that are past or reaching the end of their initial tax credit compliance period (Year 15). The PM will work with the Program Director and Deputy Director to assess a project’s physical and financial needs to help shape a preservation strategy to extend affordability. Financing tools include: leveraging new sources of debt (including conventional debt or LIHTC resyndication using a combination of as of right 4% tax credits and tax exempt bonds), low interest city capital loans, and property tax exemptions (420c and Article XI). The PM will also have frequent interactions with external partners including: NYC Housing Development Corporation, for-profit and non-profit developers, tax credit syndicators, banks, property managers, attorneys, architects, and general contractors. The PM will be responsible for working with these partners to evaluate options to extend affordability.
Primary duties include preparing underwriting and pro formas for financial analysis, reviewing green physical needs assessments, analyzing project financial statements and outlining all existing regulatory restrictions, debt, and/or tax exemptions associated with a project.
Other responsibilities may include, but will not be limited to:
• Managing project timelines and budgets;
• Leading development team in project calls;
• Drafting credit reports and budget requests for proper approvals as well as conducting feasibility studies as needed;
• Evaluating and implementing ownership transfer strategies with tax credit syndicators on partnership exits;
• Coordinating transaction closings with investors, syndicators, banks and other financial entities, governmental agencies, attorneys, title companies, architects, and contractors;
• Assisting with compliance as it relates to City Agency regulations and Local Laws;
• Negotiating and reviewing closing legal documents;
• Any other requirements associated with the financial closing;
• Preparing statistical tracking reports as needed;
• Assisting with the conversion from construction financing to permanent financing as needed;
• Engaging in programmatic policy discussions as they arise
Candidates must have strong financial analysis skills including financial modeling and financial statement analysis, be detailed-oriented, self-motivated, be able to manage multiple projects and meet competing 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 affordable housing development/lending and knowledge of HPD development programs and specifically, demonstrated analytical skills, and ability to work effectively with others to obtain results promptly. Strong facility with Excel and Word required. Candidates with Masters in Urban Planning, Real Estate Finance, Business/Public Administration or related fields are strongly preferred.
How to Apply:
Please go online and apply at www.nyc.gov/careers . Search for JOB ID# 310069
City Employees: Apply through the Employee Self Service portal (ESS) at www.nyc.gov/ess. Search for JOB ID# 310069
Salary range for this position is: $55,000-$65,000
NOTE: Only those candidates under consideration will be contacted.
NYC residency required