Project Manager, LIHTC Preservation Program

Website NYC Dept. of Housing Preservation and Development

Apply by January 23

Job Description

The New York City Department of Housing Preservation and 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 Mayor de Blasio’s Housing New York Plan which was recently expanded and accelerated through Housing New York 2.0 to complete the initial goal of 200,000 homes two years ahead of schedule by 2022, and achieve an additional 100,000 homes over the following four years, for a total of 300,000 homes by 2026.

Your Team:

The Office of Development leads the agency’s effort to implement the Housing New York 2.0 Plan. The Division of Preservation Finance administers multiple financing programs including the Multifamily Housing Rehabilitation Loan Program (HRP), the Participation Loan Program (PLP), the Housing Preservation Opportunities Program (HPOP), the Green Housing Preservation Program (GHPP), the Lead Hazard Reduction and Healthy Homes, the HUD Multifamily Program (HUD MF), and the LIHTC Portfolio Preservation (Year 15) Program. These programs facilitate the financial and physical viability, as well as affordability of privately-owned multi-family and single-family 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 300,000 housing units.

Your Impact:

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.

Your Role:

In your role as an LIHTC Preservation Project Manager (“PM”), you 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). As PM, you 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). You 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. As PM, you will be responsible for working with these partners to evaluate options to extend affordability.

Your Responsibilities:

Your primary duties will 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

Minimum Qual Requirements

One year of full-time satisfactory experience in supervising employees performing project management work, such as planning, administering, managing, coordinating, or expediting, on engineering and/or architectural and/or landscape architectural projects, or supervising a construction project with a value of $1,000,000 or more, and either:
1. A baccalaureate degree from an accredited college in engineering, engineering technology, architecture, architectural technology, landscape architecture, business administration, or public administration, and one year of full-time satisfactory experience in project management work, such as planning, administering, managing, coordinating, or expediting, for engineering and/or architectural and/or landscape architectural projects; or
2. A four-year high school diploma or its educational equivalent approved by a State’s Department of Education or a recognized accrediting organization and five years of experience as described in “1” above; or
3. A four-year high school diploma or its educational equivalent approved by a State’s Department of Education or a recognized accrediting organization plus any combination of college education and/or experience described in “1” above to make up the equivalent of five years of education and experience. One year of experience credit will be given for (a) each 30 semester credits of college education leading to a bachelor’s degree from an accredited college in engineering, engineering technology, architecture, architectural technology, landscape architecture, business administration or public administration; (b)
a Masters degree from an accredited university in one of the disciplines described in “1” above; or (c) a valid New York State license as a Professional Engineer, Registered Architect, or Registered Landscape Architect.
Experience which is primarily of a design nature is not acceptable towards meeting the qualification requirements.

For placement into Assignment Level II, in addition to meeting the qualification requirements for Assignment Level I, candidates must have at least one additional year of experience as described in “1” above in a supervisory capacity or have served for at least one year as a project manager for a large and/or complex construction project.

For placement into Assignment Level III, in addition to meeting the qualification requirements for Assignment Level I, candidates must have at least two additional years of experience as described in “1” above in a supervisory capacity or have served for at least two additional years as a project manager for a large and/or complex construction project

Preferred Skills

You should 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. As a successful candidate, you should 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.

Additional Information

Please note: If you are new to the city, the salary offered will be $67,757. After 2 continuous years working in the city, your salary will be increased to $77,921.

To Apply
Apply Online.
Work Location
100 Gold Street
Residency Requirement
New York City Residency is not required for this position

POSTING DATE:
12/24/2019
POST UNTIL:
01/23/2020

To apply for this job please visit a127-jobs.nyc.gov.