Executive Director, Portfolio Management and Conversions

Benefits

Additional Information

About the Agency: The New York City Department of Housing Preservation (HPD) promotes quality and affordability in the city's housing, and diversity and strength in the city's neighborhoods because every New Yorker deserves a safe, affordable place to live in a neighborhood they love. - We maintain building and resident safety and health - We create opportunities for New Yorkers through housing affordability - We engage New Yorkers to build and sustain neighborhood strength and diversity. HPD is entrusted with fulfilling these objectives through the goals and strategies of Housing Our Neighbors: A Blueprint for Housing and Homelessness, Mayor Adams' comprehensive housing framework. To support this important work, the administration has committed $5 billion in new capital funding, bringing the 10-year planned investment in housing to $22 billion the largest in the city's history. This investment, coupled with a commitment to reduce administrative and regulatory barriers, is a multi-pronged strategy to tackle New York City's complex housing crisis, by addressing homelessness and housing instability, promoting economic stability and mobility, increasing homeownership opportunities, improving health and safety, and increasing opportunities for equitable growth. ________________________________________ Your Team: The Office of Development (OOD) leads the agency's effort to create and preserve affordable housing in collaboration with other HPD offices as well as other city, state and federal agencies. The OOD is comprised of eight divisions that administer a range of programs. These divisions include Portfolio Management & Conversions, New Construction Finance, Special Needs Housing, Building and Land Development Services (BLDS), Homeownership Opportunities and Preservation, Preservation Finance, Compliance and Enforcement, and Housing Incentives. The Division of Portfolio Management & Conversions (PMC) manages development projects after closing with an initial loan to manage rent restructuring and conversion to permanent financing, to deploy rental assistance to tenants prior to project stabilization, to ensure projects' adherence to program and accounting requirements, and to facilitate timely completion. As a relatively new division in the OOD, PMC administers multiple programs areas including Conversions & Rental Assistance, Requisitions, and Construction Monitoring & Completions. Program Areas within the Division: The Conversions team oversees the conversion of construction loans to permanent financing, a critical checkpoint for HPD to ensure that development teams have adhered to program requirements, and to set up these projects for long-term success for decades to come. The unit also oversees rent restructuring, a process through which HPD resets rents in a project in accordance with various laws, regulations, and program policies, and which is a critical tool to ensure housing affordability and long-term project stability. All of this involves managing due diligence requirements, managing multiple external stakeholders to overcome barriers to achieving these milestones, establishing new rent-stabilized rents, and close coordination with a broad array of HPD staff. The Rental Assistance team plays a key role in ensuring tenants in HPD-financed affordable housing are able to access rental assistance, and that projects reach rental achievement targets in a timely manner in order to convert to permanent financing. This work includes direct outreach and assistance to tenants, reviewing tenant income certifications for projects that provide preferential rent offers, and close coordination with the Division of Tenant and Owner Resources around the provision of rental assistance to eligible households. The Requisition unit is responsible for the financial administration, implementation, and close-out of HPD's construction loan for six (6) moderate rehabilitation loan programs within the Division of Preservation Finance; LIHTC-Yr.15, GHPP, MHRP, PPP, PLP and HUD. This team is responsible for processing construction requisition packages for payment, and processing construction change orders for projects whose construction is monitored by BLDS. Requisitions is the liaison between the loan programs, BLDS, partner lenders, construction loan servicers, HPD Fiscal Affairs, HPD Legal, owners/borrowers, and contractors for these matters throughout the construction period. The Construction Monitoring & Completions team is responsible for monitoring the portfolio of HPD-assisted affordable housing projects during construction to track and report out on construction progress, to identify, troubleshoot, and resolve significant construction and completion issues that could adversely impact project budgets and timelines, and to establish, track, and facilitate achievement of project completion targets. This growing unit coordinates closely with the Division of Building and Land Development Services (BLDS), OOD's Execu