Project Manager, Development

Area of Talent: Development/Affordable Housing

Position Type: Full Time/Exempt

Location: NYC/Wall Street Area

The New York City Housing Development Corporation (HDC) is a public benefit corporation and the nation’s largest municipal Housing Finance Agency.  HDC’s programs support the construction and preservation of multi-family affordable housing in New York City. HDC is an equal employment opportunity employer.

Position Summary:
The Project Manager, Development reports to the Senior Vice President, Development and is responsible for originating and underwriting mortgage loans using funds raised through bond issuances and/or allocations of corporate reserves.

Job Responsibilities:

• Underwrite mortgage loans (analyze loan proposals; review due diligence materials; prepare spreadsheets outlining each proposal; prepare credit memos; present loans to Credit Committee for approval).
• Coordinate mortgage loan closings with internal and external parties, including developers, other City agencies, bankers, bond underwriters and tax credit syndicators.
• Manage relationships with current and prospective developers/borrowers.
• Prepare management reports and loan tracking information.
• Assist in evaluating and/or formulating affordable housing program and policy initiatives.
  
  

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Community Lending and Investment – Tax Credit Asset Manager 2 or 3

Job ID # 5414412(AM2) or # 5414418 (AM3)

At Wells Fargo, we want to satisfy our customers’ financial needs and help them succeed financially. We’re looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you’ll feel valued and inspired to contribute your unique skills and experience.

Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you. 

Wholesale Banking provides financial solutions to businesses across the United States and globally.  Our nine major business lines include Business Banking, Middle Market Banking, Government and Institutional Banking, Corporate Banking, Commercial Real Estate, Financial Institutions Group, Wells Fargo Commercial Capital, Wells Fargo Securities, and the Investment Portfolio. We also have groups in credit risk, group risk, finance, marketing, human relations, and the Wholesale Chief Operating Office that support our businesses.

Wholesale Commercial Real Estate (WCRE) operates throughout the United States, as well as Canada and the United Kingdom, to deliver a comprehensive platform of financing and banking products for experienced commercial real estate companies including balance sheet lending, CMBS origination and distribution, loan servicing, agency financing for multifamily properties, and debt and equity capital for affordable housing.

Community Lending and Investment (CLI) is responsible for investing debt and equity capital for economic development, job creation and affordable housing in areas of need nationwide.  The vertically integrated group offers a suite of debt and equity products, including Low Income Housing Tax Credits, New Market Tax Credits, construction finance and permanent finance for affordable housing, and Charter School Finance, serving for-profit and non-profit developers and other organizations.

Community Lending & Investment specializes in helping developers and investors take advantage of tax credit opportunities by investing in Low Income Housing Tax Credits (LIHTC) for multifamily apartments and Historic Tax Credit properties. For more than 20 years, Wells Fargo has been investing in tax credits and is one of the few banks active in both direct and fund equity investments, increasing our opportunity to provide developers with needed capital.

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HPD’s Inclusionary Housing program seeks a Project Manager to join our dynamic team. The Inclusionary Housing division is part of HPD's Office of Development, which plays a key role in the implementation of the Mayor’s Housing New York 2.0 plan. The Inclusionary Housing division reviews and approves Inclusionary Housing (IH) projects containing permanently affordable housing, as well as Cure projects. (In certain areas where harassment of tenants has occurred, owners are required to cure the harassment by providing low-income units as a percentage of the residential or hotel floor area.)

Under the direction of the program’s Executive Director and Deputy Director, the Project Manager manages a portfolio of affordable housing projects from pre-development through completion of construction. The primary role of the Project Manager is to facilitate the development of permanently affordable housing that is financially feasible and compliant with the New York City Zoning Resolution. To do so, she or he will interact with a variety of public and private partners on complex multi-family real estate transactions in both the Voluntary IH and Mandatory IH programs.  All Project Managers in Inclusionary Housing are expected to perform similar duties and responsibilities to ensure a flexible and multi-disciplined team. In closing on IH transactions, Project Managers collaborate with other NYC agencies, including the Department of City Planning, as well as with state agencies, for- and non-profit housing and community developers, Community Boards and local organizations, and public officials.

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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 300,000 affordable units for New Yorkers at the very lowest incomes to those in the middle class.

Job Description:
The Division of Inclusionary Housing is part of HPD's Office of Development, which plays a key role in the implementation of the Mayor’s Housing New York plan. The Inclusionary Housing unit reviews and approves Inclusionary Housing (IH) projects containing permanently affordable housing, as well as Cure projects. In certain areas where harassment of tenants has occurred, owners are required to cure the harassment by providing low-income units as a percentage of the residential or hotel floor area.

HPD's Inclusionary Housing unit is seeking an experienced Executive Director of Inclusionary Housing to help manage our growing team and pipeline, under the direction of the Associate Commissioner of Housing Incentives. The Executive Director of Inclusionary Housing will be an individual with specialized planning, zoning, policy, analytical, underwriting and negotiating skills, essential to supporting the Associate Commissioner in addressing the increased volume of requests to perform complex financial analyses on private re-zonings and special projects that are seeking City subsidy. The IH program deals with complex policy and financial issues at a rapid pace. This fast-paced program requires an individual that can handle all aspects of the program effectively while assisting in training new staff and implementing new ideas in order to facilitate the development of permanently affordable housing that is financially feasible and compliant with the New York City Zoning Resolution.

The Executive Director will guide and oversee all Inclusionary Housing transaction activities, interact with a variety of public and private partners on complex multifamily real estate transactions, and provide key support to the program during a time of growth. A successful candidate will demonstrate experience managing program growth and expansion.

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The position of Real Estate Finance Associate is integral to supporting the Real Estate Development Department of Selfhelp Community Services and will assist in the development, reporting, compliance, sourcing and financial structuring related to the current real estate portfolio and future development projects for Selfhelp. The position will report directly to the Vice President of Real Estate Development.

The Finance Associate analyzes potential projects, completes applications for funding, and takes on other projects as needed. The Associate will seek out new opportunities for funding and coordinate the responses to Request for Proposals and Requests for Qualifications. In addition, he/she will keep track of construction progress and cost to ensure timely project completion in coordination with the Directors of Affordable Housing Development. Finally, he/she will be required to monitor and track all components of the development process including: financial modeling, design approval, financing applications to local, state and federal funding agencies (HPD, HCR, HFA, ESSHI, etc.), coordinate meetings with public agencies and elected officials, due diligence submissions to government agencies, lenders and investors in advance of construction closing, submission to and tracking of required city/state signoffs as required (Enterprise Green Communities, NYSERDA, DOB, SHP, ULURP), and other duties as assigned.

The New York City Housing Authority (NYCHA) Real Estate Development Department is responsible for new construction and preservation real estate development initiatives for the Authority. Under direction of the Deputy Director, the Architectural Designer will be responsible for the planning and analysis of housing development projects on property owned by NYCHA, preservation projects to rehabilitate and preserve NYCHA-owned public housing, and other NYCHA Real Estate Development activities.  Below are descriptions of three key real estate development programs under NextGeneration NYCHA, the Authority’s 10-year strategic plan.

The New York City Housing Authority (NYCHA) Real Estate Development Department is responsible for new construction and preservation real estate development initiatives for the Authority. Under direction of the Deputy Director for Finance and Asset Management, the Senior Project Manager will be responsible for the financial modeling and analysis of housing development projects on property owned by NYCHA, preservation projects to rehabilitate and preserve NYCHA-owned public housing, and other NYCHA Real Estate Development activities.  Below are descriptions of three key real estate development programs under NextGeneration NYCHA, the Authority’s 10-year strategic plan.

L+M Development Partners Inc. ("L+M" or the "Company"), an established residential developer/builder, has an excellent opportunity for an Acquisitions Analyst to join the growing Fund Management team at L+M. This position provides support to source, evaluate, execute, and asset manage multifamily acquisitions in the New York Metro area.

Since its inception in 1984, L+M has been an innovator in developing quality affordable, mixed-income and market rate housing, while improving the neighborhoods in which it works. L+M is a double bottom line company, where its success is measured not only in financial returns but also by the positive impact it makes. L+M takes pride in its long-standing dedication to the communities it serves, demonstrated through an annual scholarship fund, job training programs, after-school programs, and substantial support for local non-profits.

A full-service firm, L+M works from conception to completion, handling development, investment, construction and management with creativity that leads the industry. L+M is responsible for more than $7 billion in development, construction and investment, and has created or preserved more than 22,000 high-quality residential units in New York’s tristate area, the West Coast and Gulf Coast regions. Community leaders, government officials and institutional investor organizations turn to L+M because of its consistent track record of excellence.

L+M brings a superior level of commitment to its investments in developments, and equally important, to its investment in people. For more information, please visit: http://lmdevpartners.com.

Foxy Management is a mid-sized property management firm based in the South
Bronx, with a specialized focus on affordable “low income” housing, supportive
housing, and other types of subsidized, income-restricted, and regulated multi-family
housing. The company manages its own portfolio of owned and developed
properties in addition to third party owned properties.
Basic Job Description:

The Leasing role is primarily responsible for assisting the Leasing Manager with the
review and evaluation of applicant files for initial leasing, as well as the ongoing
monitoring of leasing matters (including lease renewals), in all cases ensuring
compliance with City, State and Federal guidelines and compliance. The Property
Manager role is to support existing property management functions including
assistance with tenant communication; rent collection; vacancy preparation; asset
management; legal compliance; etc.

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About Habitat for Humanity New York City:
Founded in 1984 as an independent affiliate of Habitat for Humanity International, Habitat NYC constructs new or renovates existing homes in the five boroughs of New York City for affordable homeownership by families in need. Our mission is to transform lives by building quality homes with families in need and by uniting all New Yorkers around the cause of affordable housing.

Job Overview
The Senior Project Manager leads all phases of development for Habitat NYC’s affordable development projects from inception through occupancy, including acquisition, construction and disposition. The Senior Project Manager is also responsible for predicting and addressing issues to ensure that all assigned projects are delivered on time and on budget.   This position reports to the Director of Real Estate.  

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The Community Lending and Investment Group (CLI) is a Division within the Commercial Real Estate Group that provides financial products and services to leading affordable housing developers throughout the United States. CLIG team members focus exclusively on the affordable housing industry. The New York Team focuses on clients located in the northeast. Target customers include experienced for profit and not for profit affordable housing developers whose focus is on delivering quality affordable single and multifamily housing. Underwriting analyzes People, Credit, and Real Estate in that order. Lending activities today emphasize construction/interim financing of both ground-up development and the acquisition & rehabilitation of existing properties. The majority of the financing is structured around federal, state, and local housing subsidies and includes bond financing and the use of the state and federal Low Income Housing Tax Credit programs. This position will primarily be responsible for managing an existing portfolio of clients as well as building new lending relationships in New York, Connecticut, and the greater northeast region.

Fifth Avenue Committee, Inc. (FAC) is a 40 year old South Brooklyn based non-profit comprehensive community development corporation whose mission is to advance economic and social justice. FAC develops and manages affordable housing and community facilities, creates economic opportunities and ensures access to economic stability, organizes residents and workers, offers student-centered adult education, and combats displacement caused by gentrification. FAC works to transform the lives of over 5,500 low and moderate income New Yorkers annually so that we can all live and work with dignity and respect while making our community more equitable, sustainable, inclusive and just.

The Housing Development Unit develops and preserves safe, affordable housing for residents in South Brooklyn. The pipeline currently contains 8 active projects comprising over 1,200 units and includes a diversity of new construction and renovations, senior and family housing, and mixed income and mixed-use projects in Brooklyn and Queens. FAC places a strong emphasis on sustainable development as well as innovative deal structures and financing mechanisms to achieve our mission and meet community need.

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Settlement Housing Fund, Inc. (SHF) is seeking an experienced Senior Housing Development Project Manager to join its growing development team. The ideal candidate will be ready to take the lead on various aspects of the housing development process, including acquisitions, predevelopment and loan closings, and asset management. This position reports to SHF’s Director of Housing Development.  SHF is a nonprofit organization which creates and sustains high quality affordable housing and programs, building strong and economically diverse neighborhoods throughout New York City. SHF works closely with community partners to provide low- and moderate-income New Yorkers with pathways to longterm affordable housing, education, employment, and wellness. SHF currently owns approximately 1,800 units of affordable housing in 30 buildings, located in the Bronx, Manhattan, and Brooklyn.

Founded in 1969, Project FIND's mission is to provide low- and moderate-income and homeless elders on Manhattan's west side with the support they need to enrich their lives and live independently for as long as possible. Project FIND operates three supportive housing residences that are home to nearly 600 elders and four senior centers with 2,500 members. For all of our residents and center members, Project FIND is a true lifeline, providing housing, meals, and programs that help seniors be independent and enlivened.

The professionals at Greenwich Street Community Capital (“GSCC”), a dedicated subsidiary of Situs Group, underwrite and close construction and permanent loans that are used to finance the new construction and preservation of affordable and workforce rental housing for Citi Community Capital (“CCC”). CCC is the community lending and investing arm of Citigroup, housed in the Municipal Securities Division of Citi’s Institutional Clients Group. Unique among its peers, CCC provides a comprehensive array of financial products from investment banking to lending and equity investment designed to create strong communities and contribute toward Citigroup’s Community Reinvestment Act performance. Employees of GSCC are fully integrated with Citi employees at Citi locations.

CCC works with for-profit and non-profit developers, as well as state and local government agencies on both straightforward and highly structured transactions that may use a combination of taxable and tax-exempt loans or bonds, Low Income Housing Tax Credit equity, and governmental and private subsidies. The projects we finance serve the homeless, seniors, those with disabilities, as well as low income families and individuals. They may also include workforce housing or market rate units and other commercial uses. We are among the largest Fannie Mae and Freddie Mac mortgage bankers in this sector in addition to being a balance sheet lender.

We work throughout the country from 13 offices and, according to Affordable Housing Finance Magazine, have been the #1 affordable housing lender in the United States in each of the past seven years. That success is due in large part to having the strongest, most innovative team of professionals in the country. With Citi’s capital committing capability and team of experienced professionals, we are able to provide creative financing solutions that are specifically designed to meet each client’s needs