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About the Role

The Project Manager, Conversions, will manage the intake, assessment, legal files, and conversion to permanent financing of New Construction and/or Preservation projects with HPD financing, followed by a successful transfer to Asset Management. This role is critical for ensuring projects are compliant with requirements upon conversion, implementing rent restructuring to ensure housing affordability, and contributing to the Agency’s goal of providing 300,000 units by 2026.

Responsibilities

Perform general project management duties for capitally funded transactions, including troubleshooting projects in construction, facilitating project completion, managing loan conversions, and preparing workout recommendations.
Review and analyze project documents and sponsor submissions, implement corrections, and produce tenant communications and rent orders.
Ensure compliance and consistency in the implementation of rent restructuring within federal, local, and regulatory guidelines.
Proactively highlight challenges, missing information, delays, or problems affecting conversion or rent restructuring and coordinate resolutions.
Track project progression through rent restructuring steps, documentation received, and correspondence with partners and residents.
Liaise between tenants, developers, HPD colleagues, and community stakeholders for smooth coordination of conversions and rent restructuring.
Review and analyze mortgage notes, regulatory agreements, and related documents, applying complex regulations and requirements.
Perform financial modeling using Excel, focusing on preserving affordability, real estate tax benefit analysis, and cash flow projections.
Provide programmatic and technical guidance to external partners and HPD colleagues for successful conversions and rent restructuring.
Maintain conversions checklists and coordinate with stakeholders to meet compliance.
Monitor and encourage the removal of building code violations.
Build and prepare legal files for closing or rent restructuring, ensuring accuracy, completeness, organization, and timeliness.
Work with HPD’s legal department to collect and prepare loan closing documentation and implement updates to rent restructuring processes.
Maintain accurate records of updates, calculations, and key project and process documentation.
Manage multiple projects and processes in a timely manner, demonstrating an understanding of time sensitivity and ability to meet deadlines.
Work on special projects as needed.
Track workflow and assist with team projects.
Handle financial modeling, internal collaboration, and external client relationships.

Requirements

A baccalaureate degree from an accredited college and two years of experience in community work or community-centered activities in an area related to the duties described above; or
High school graduation or equivalent and six years of experience in community work or community-centered activities in an area related to the duties as described above; or
Education and/or experience which is equivalent to '1' or '2' above.
At least one year of experience as described in '1' above.

Skills

Excellent verbal and written communication skills.
Research and analytical skills.
Keen attention to detail and organizational skills.
Strong facility with Microsoft Office Suite (Word, Excel, Outlook, PowerPoint).
Proven interest in community development, urban planning, affordable housing or real estate finance.
Knowledge of New York City affordable housing and private lending programs.
Ability to read and understand loan documents.
Experience with budgeting and project scheduling.
Demonstrated capacity for performing and prioritizing multiple tasks.
Ability to use independent judgment.
Ability to conduct difficult negotiations while maintaining professional decorum.

Location

New York City

Work Type

Full-time

Experience Level

1+ year of experience

Education Level

Baccalaureate degree
High school graduation or equivalent

Salary/Compensations

$70,000 to $80,000
USD 62868 - USD 77500

About the Company

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.
HPD maintains building and resident safety and health.
HPD creates opportunities for New Yorkers through housing affordability.
HPD engages New Yorkers to build and sustain neighborhood strength and diversity.
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.
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.

Equal Opportunity

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.