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:

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 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 Senior Vice President will work closely with other Trust and NYCHA employees to underwrite the projects, source debt and tax credit equity for each project, negotiate project documents, and ensure that all other workstreams necessary for the closing are completed.

The Senior Vice President of Project Finance & Development must work cross-functionally with the Trust’s Chief Project Officer, General Counsel, Head of Resident Partnerships & Operations, and other NYCHA partners and stakeholders.

The primary responsibilities of the Senior Vice President of Project Finance & Development include, but are not limited to:

1. In close partnership with the Trust’s Chief Project Officer, lead the project management for the Trust’s Modernization & Preservation Program to ensure each project is successful.

2. Partner closely with the Trust and NYCHA stakeholders to prepare financing applications, underwriting scenarios, and materials for lenders and other partners to successfully secure funding

   for the Trust’s projects.

3. Oversee the due diligence and closing process, including coordinating legal and financial assessments, and ensure that the Design & Construction deliverables are on track.

4. Develop and maintain relationships with investors, lenders, and other stakeholders to facilitate project financing and partnership opportunities.

5. Manage project budgets and timelines to ensure successful execution of transactions.

6. Provide strategic guidance and support on matters related to each transaction.

Additional Information

1. Bachelor's degree in finance, business, accounting, public administration, urban planning, or a related field, or equivalent experience.

2. Minimum of 10+ years of relevant experience in real estate finance or development, with a preference for experience in affordable housing finance or development, and a proven track record

   of successfully executing transactions and sourcing capital.

3. 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).

4. NYCHA residents encouraged to apply.

NOTE: This position offers a competitive salary and benefits package commensurate with qualifications and experience.

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

Qualifications

1. 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

2. Education and/or experience which is equivalent to “1" above.

Additional Information

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.