Director, Low Income Housing Tax Credit Portfolio Preservation

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New York City Department of Housing Preservation & Development (

Director, Low Income Housing Tax Credit Portfolio Preservation Program (Year 15)

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.

The Division of Preservation Finance seeks an experienced professional with strong leadership and management abilities to be the Director of HPD’s Low Income Housing Tax Credit Preservation Program (Year 15) 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 Primary Prevention Program (PPP), the Lower Manhattan Acquisition Program, the Community Restoration Fund Program (CRF), 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 200,000 housing units.

Under the supervision of the Assistant Commissioner, the Director will oversee the one of the highest volume production units within the agency which focuses to the preservation and extension of affordability on low income housing (LIHTC) portfolios reaching the end of their initial tax credit compliance period (Year 15). These portfolio require project assessment, debt repositioning, LIHTC re-syndication and/or the leveraging of additional conventional sources of funding for capital repairs. He/she will lead a highly competant staff on this initiative and will work with developers, syndicators, lenders and other key entities to evaluate and approve proposed preservation strategies, evaluate project repositioning proposals, determine rehablitation work, and assess acquisition proposals as part of the year 15 exit. The Director has primary responsibility for continuing program development and for ensuring that Year 15 transactions are completed on a timely basis.. The Director will represent the Division at relevant meetings to convey the department’s position on portfolio preservation strategies and other related issues and will perform other duties necessary for the success of the program.

• In collaboration with the program staff, conducting and/or reviewing advanced financial modeling and underwriting with an emphasis on affordability analysis, loan sizing, real estate tax benefit analysis, and cash flow projections, and for projects utilizing a range of private and public financing such as 4% and 9% LIHTC, private debt;
• In collaboration with program staff, supervising the review and analysis of underwriting and preservation proposals submitted by project sponsors, determining reasonableness of proposals, and making recommendations to the Assistant Commissioner about project feasibility.
• Manage the development pipeline for the Year 15 program and ensure timely, high-quality closings, completions, and conversions of projects. Assist staff to proactively manage projects, troubleshoot, make appropriate recommendations, and ensure all necessary approvals.
• Managing and directing staff, including establishing appropriate productivity measures; supporting staff in achieving programmatic and agency goals, promoting collaboration among staff, promoting a high achievement, overseeing staff in their performance of their responsibilities, and evaluating staff.
• Managing administrative functions such as budget forecasting, setting productivity goals, tracking/reporting and compliance.
• Responding in a timely manner to requests for information and overseeing the production of detailed reports, memoranda, presentations, and written correspondence regarding projects, programs, new initiatives, or other special projects, as needed.
• Evaluating program requirements and procedures to ensure efficient use of resources and accomplishment of City and agency goals.
• Managing special projects, including development and implementation of preservation initiatives and strategies.
• Representing the Assistant Commissioner on behalf of the agency or agency at internal and external meetings.
• Acting as a liaison with developers, financial institutions, tenant or community groups, and other governmental agencies to preserve affordable housing.
• Collaborate with other HPD divisions to achieve agency goals, as well as to identify, monitor and/or resolve project, program, and policy issues.

Preferred Skills
Candidates should have strong managerial experience, a record of achieving results in a fast-paced environment, experience managing programs as well as seeking ways to improve programs and procedures, strong financial analysis skills including financial modeling and financial statement analysis, and be detailed-oriented, self-motivated, and able to manage multiple projects and meet deadlines. Candidates should also demonstrate strong verbal and written communication skills. Preference will be given to candidates with: strong management experience, a proven track-record of closing transactions, a strong financial background (including underwriting experience), knowledge of real estate development, affordable housing finance, housing development/lending, and knowledge of HPD development programs, demonstrated analytical skills, and ability to work effectively with others to obtain results promptly. Candidates with Masters in Real Estate Finance, Business Administration, Public Administration or Planning and related fields are strongly preferred. Strong facility with Excel and Word required. Knowledge of Access and PowerPoint preferred.

How to Apply:
Please go online and apply at www.nyc.gov/careers . Search for JOB ID# 290498
City Employees: Apply through the Employee Self Service portal (ESS) at www.nyc.gov/ess. Search for JOB ID# 290498

Salary range for this position is: $95,000 – $105,000

NOTE: Only those candidates under consideration will be contacted.

NYC residency required

The Department of Housing Preservation & Development and the City of New York is an equal opportunity employer.

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