Senior Vice President of Project Finance & Development, NYC Housing Preservation Trust
Location: MANHATTAN
Department: NYC Pub Hsg Preservation Trust
Salary Range: $200,000.00 – $215,000.00
Job Description
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 Section 8 vouchers, a subsidy worth double NYCHA’s current federal subsidy. Similar to how other government entities raise revenue for capital improvements, the Trust will issue bonds that fund comprehensive building renovations. The Trust Act limits the Trust’s initial unit volume to 25,000 units. No NYCHA site can convert to the Trust without a positive vote of the site’s residents. Under the Act, NYCHA must develop and administer a voting process to provide residents with that choice.
Our values are core to our work. The Trust has adopted the following values:
- Resident Empowerment: Center your efforts on the voices, needs, and leadership of residents in all aspects of the Trust’s operations.
- Action-Oriented Excellence: Commit to urgent and effective action while maintaining a dedication to high-quality outcomes.
- Future-Forward Resilience: Prepare our communities and buildings for the challenges of climate change and the future.
- Informed Innovation: Integrate innovative ideas and best practices into our approach to public housing.
- Collaborative Strength: Embrace the power of partnerships between the Trust, NYCHA, and various stakeholders.
Position Summary: The Senior Vice President of Project Finance & Development will drive the successful execution of the Trust’s Modernization & Preservation Program. Under the Trust Modernization & Preservation Program, the Trust enters into a long-term ground lease from NYCHA for a development and finances a comprehensive renovation of the development through a conversion from Section 9 to project-based Section 8. Projects will be funded based on a variety of sources and may include tax credit equity, bonds, and different sources of subsidy.
The primary responsibilities of the Senior Vice President of Project Finance & Development include, but are not limited to:
- Lead the project management for the Trust’s Modernization & Preservation Program.
- Partner closely with the Trust and NYCHA stakeholders to prepare financing applications.
- Oversee the due diligence and closing process.
- Develop and maintain relationships with investors, lenders, and other stakeholders.
- Manage project budgets and timelines.
- Provide strategic guidance and support on transaction matters.
Minimum Qualifications:
- A baccalaureate degree from an accredited college and three years of full-time paid experience in an administrative, executive or consultative capacity in a large public housing agency; or
- Education and/or experience which is equivalent to “1
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