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.
The NextGen Neighborhoods Program involves development of NYCHA-owned sites as locations for mixed-income residential buildings (50% affordable housing and 50% market-rate). The Program aims to generate a significant financial return to NYCHA to address much needed capital repairs to the existing public housing, contribute affordable housing to the Housing New York 2.0 plan, foster inclusive and equitable communities, and improve the quality of life for NYCHA residents by providing additional neighborhood amenities. The 100% Affordable Housing Program aims to build 10,000 units of affordable housing on underused NYCHA-owned land. Finally, Permanent Affordability Commitment Together (PACT) is New York City’s implementation of the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. RAD allows NYCHA to generate revenue to reinvest back into our developments using the Section 8 program. Through its participation in PACT, NYCHA will be able to safeguard long-term housing affordability, improve and modernize apartments, and stabilize developments by placing them on solid financial footing. The Senior Project Manager will be responsible for projects associated with these three key programs as well as other departmental initiatives; work on a team with technical knowledge related to real estate development, public housing, architecture, planning, and urban design; work on multiple projects simultaneously.
The key responsibilities for this position include, but are not limited to the following:
• Perform financial analysis and modeling for new construction and preservation projects;
• Review and evaluate due diligence materials as relates to project financing, including ground leases, loan documents and appraisals;
• Underwrite mortgage or sponsor loans for new construction and preservation projects;
• Assist NYCHA legal department in preparing contract and closing documents;
• Coordinate financial closings with internal and external parties, including developers, City and State agencies, lenders, and bond underwriters;
• Identify and analyze potential funding sources;
• Engage in strategic planning for NYCHA real estate as relates to housing development and the preservation of public housing;
• Establish project timelines and assure projects are completed on schedule;
• Report on project and portfolio milestones;
• Work closely with colleagues from NYC, NY State, and Federal agencies involved in the development of affordable housing;
• Make presentation to residents, elected officials and community members;
• Perform other tasks related to housing development finance.