On June 16, 2022, Governor Kathy Hochul signed the NYC Public Housing Preservation Trust Act, which authorized creation of the NYC Public Housing Preservation Trust (the Trust). The Trust is a public benefit corporation that will oversee the renovation and rehabilitation of the city’s public housing developments, owned by the New York City Housing Authority (NYCHA). NYCHA remains permanent owner of the land/buildings and enters into a long-term ground lease with the Trust to secure a Section 8 rental subsidy contract with significantly higher value than NYCHA’s current federal subsidy. Using the rental subsidy contract, the Trust will raise financing to fund comprehensive building renovations. The Trust Act provides the Trust with the ability to convert up to 25,000 units, subject to a vote by the residents of a potential redevelopment site. No NYCHA site can convert to the Trust without a positive vote of the site’s residents. To date, residents at four developments have opted into the Trust, resulting in over 1,700 units that will be financed and renovated over the next five years, impacting over 3,200 residents.

Our values are core to our work. The Trust has adopted the following values:

1) Resident Empowerment: Center your efforts on the voices, needs, and leadership of residents in all aspects of the Trust’s operations. Actively engage and empower residents to foster stable, safe, and thriving communities.
2) Action-Oriented Excellence: Commit to urgent and effective action while maintaining a dedication to high-quality outcomes. Drive impactful results with a focus on excellence.
3) Future-Forward Resilience: Prepare our communities and buildings for the challenges of climate change and the future. Focus on creating resilient and sustainable environments to ensure long-term safety and adaptability.
4) Informed Innovation: Integrate innovative ideas and best practices into our approach to public housing. Continuously improve and lead in the field by leveraging a network of global peers with similar missions and values.
5) Collaborative Strength: Embrace the power of partnerships between the Trust, NYCHA, and various stakeholders. Involve multiple agencies and partners in finance, design, engineering, social services, training, and community rebuilding to transform public housing communities.

Position Summary

The Development Associate reports to the Managing Director, Project Finance and Development (PFD), and will be a key member of the team responsible for all aspects of developing and implementing the financing plan for Section 8 conversion and comprehensive modernization of public housing developments in the Trust portfolio/pipeline. PFD is responsible for creating and maintaining detailed development pro formas, obtaining all financing sources for Trust projects (including as applicable senior debt, historic tax credits, sustainability loans or grants, and public subsidy), and ensuring close coordination with the Chief Project Officer, other Trust leadership and staff, NYCHA, other City agencies, consultants and key stakeholders to ensure alignment with resident commitments, design and construction objectives, and external timelines and requirements. The Trust is a new agency with a small staff, so team members participate in many cross-cutting activities including resident engagement, representation at industry events, and general interaction with a wide range of public and private entities.

Primary Responsibilities

- Update/maintain development pro formas for Trust projects, including detailed tracking of versions/changes.
- Draft financing solicitations, issue final solicitation packages and track responses.
- Coordinate stakeholder/financial partner meetings and draft presentation materials.
- Research sustainability and other alternative financing sources.
- Research additional revenue sources at developments.
- Compile and track all RFIs and all due diligence material for financial partners, HUD and other government agencies.
- Participate in organizing/tracking deal documentation and preparing exhibits/schedules with detailed project information for deal documents.
- Support impact analysis of construction cost estimates on development pro forma during modernization project planning and design.
- Coordinate among Trust and NYCHA stakeholders, and outside consultants, to prepare for property management and asset management transition, and provide ongoing support post-closing.
- Coordinate among Trust, NYCHA and redevelopment Design-Builder teams to ensure HUD, City and financial partner requirements and deadlines are met.
- Post-closing, track and report on leasing/revenue, expense and construction costs, status and milestones per financial partner and public agency requirements.

Additional Information

1. NYCHA employees applying for transfer, promotional, title or level change opportunities must have served a period of one year at current location and in current title and level (if applicable).
2. NYCHA residents are encouraged to apply.
3. NYCHA provides benefits that include a choice of medical coverage plans, deferred compensation plans and a defined pension benefit plan as a member of the New York City Employees’ Retirement System (NYCERS).

Please read this posting carefully to make certain you meet the minimum qualification requirements before applying to this position.

Transactions Manager (NYC PHPT - 94547

1. A baccalaureate degree from an accredited college or university and four years of full-time satisfactory professional experience in the development, appraisal, financing, negotiation, or disposition of real estate, or in real estate law, or in urban planning or analytical or coordination work related to housing programs; or

2. A satisfactory combination of education and/or experience which is equivalent to "1" or "2" above. Graduate study in the field of urban studies, city planning, business or public administration, finance, architecture, engineering, or other related fields may be substituted for up to one year of the required experience on the basis of 30 credits equaling one year of experience. Graduation from an accredited law school may be substituted for one year of the required experience. However, all candidates must have at least two years of experience as described above.

- Bachelor’s degree in a relevant field such as business administration, real estate, finance, urban planning, public policy, or a related discipline. - Master’s degree or higher in business administration, real estate, finance, public administration, urban planning or related discipline. - Two years' work experience in real estate or affordable housing development, acquisitions, housing finance including building and maintaining development pro formas or other role with exposure to development pro forma/cash flow modeling. - Basic understanding of residential operating statement. - Basic understanding of design and construction activities and contracts, including at multifamily rental buildings. - Basic knowledge of affordable housing. - Demonstrated quantitative abilities including strong Excel and analytical skills. - Demonstrated project management skills. - Demonstrated ability to work collaboratively. - Detail-oriented. - Interest in working for a mission-oriented organization. - Strong written and oral communication skills. - Willingness to pitch in and be a team player.

As a prospective employee of the City of New York, you may be eligible for federal loan forgiveness programs and state repayment assistance programs. For more information, please visit the U.S. Department of Education’s website at https://studentaid.gov/pslf/.

The Trust has no residency requirements.

The City of New York is an inclusive equal opportunity employer committed to recruiting and retaining a diverse workforce and providing a work environment that is free from discrimination and harassment based upon any legally protected status or protected characteristic, including but not limited to an individual's sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, veteran status, gender identity, or pregnancy.