Project Manager, Conversions for the Division of Portfolio Management & Conversions

Responsibilities

• Your Role:
• Your responsibilities will include, but not be limited to:
• Performing general project management duties for a range of capitally funded transactions, such as troubleshooting projects in construction, facilitating project completion, managing loan conversions,

Benefits

Additional Information

About the Agency: The New York City Department of Housing Preservation & Development (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 Your Team: The Office of Development (OOD) leads the agency's effort to create and preserve affordable housing as a critical part of Housing Our Neighbors: A Blueprint for Housing and Homelessness 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 manages development projects after closing with an initial loan to ensure adherence to program and accounting requirements, conversion of construction loans to permanent financing, deployment of rental assistance to tenants prior to project stabilization, and timely completion of these HPD-assisted projects. The division administers multiple programs including Conversions & Rental Assistance, Requisitions, and Construction Monitoring & Completions. These programs facilitate the financial and physical viability, as well as affordability of privately-owned residential buildings throughout New York City. The Division plays a key role in implementation and successful completion housing projects originating from loan programs throughout HPD's Office of Development. The Conversions unit within the Division 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, and which is a critical tool to ensure housing affordability and long-term project stability. This involves managing due diligence requirements, managing multiple stakeholders to overcome barriers to achieving these milestones, establishing new rent stabilized rents, and other tasks.

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