Restructuring and Due Diligence Associate

New York State Homes and Community Renewal (HCR) fosters the creation and preservation of high-quality affordable housing, while working strategically to revitalize neighborhoods and communities throughout the Empire State. Under the leadership of Governor Kathy Hochul and Commissioner RuthAnne Visnauskas, HCR is a vibrant, innovative agency that integrates and leverages New York State’s housing resources. We have offices in New York City, Albany, Buffalo and Syracuse, and employ a diverse workforce of professionals who are hard-working and committed to serving low- and moderate-income families. Our mission is far reaching, encompassing single and multifamily housing finance, home improvement, rent regulation, housing subsidies, and community development. We partner regularly with a variety of public and private stakeholders. 

Achieving this mission requires a wide range of skills and backgrounds in public policy, administration, real estate, architecture, finance, law, and many other areas of expertise. We seek to provide a workplace environment that is productive, flexible, accountable, ethical, and caring. Our employees are empowered to make a difference where they live and work. We offer competitive pay and a comprehensive benefits package, including paid leave, health, dental, vision, retirement, and family-friendly policies. 

The Office of Housing Preservation manages HCR programs that maintain and enhance the state’s portfolio of existing affordable housing. We enforce the Rent Laws in New York City for over 900,000 housing units, while providing federal and state rental assistance to assist more than 100,000 families across the state. We also monitor 170,000 low income housing units financed with federal and state resources and provide grant funding to help homeowners and tenants save energy. 

The Statewide Asset Management Unit is responsible for the asset management and compliance monitoring of the Agency’s existing affordable housing portfolio. This portfolio has been financed under various Federal and State housing programs including the Low Income Housing Tax Credit; Housing Trust Fund; HOME.

JOB SUMMARY: Oversee the G.P./L.P. transfers in LIHTC properties (4% and 9%) as well as HTFC Capital financed properties in HCR’s portfolio with an eye towards long term financial health of the property and GP/LP commitment to preservation. This position will work with all stakeholders, including HCR (Legal, Finance and Development, Financial Operations, and others) and other government agencies and entities, lenders, owners, and investors.

• Understand all aspects of the deals as they currently exist
• Interact with investors, owners, and other stakeholders to understand the rationale behind the proposed transactions (Year 15, etc.)
• Assess whether the proposed transactions align with HCR preservation goals and regulatory requirements
• Capacity to review and analyze mortgage loan documents and regulatory agreements associated with transactions. 
• Map out a timeline and strategy for implementing the proposed transactions. 
• Lead and coordinate all calls, meetings, and discussions in connection with the proposed transactions
• Provide regular progress reports on these transactions to HCR’s VP overseeing these activities
• Analyze and understand the ownership structures that will be affected by these transactions, along with the proposed new ones
• Monitor and facilitate the timely agency due diligence in connection with these transactions e.g., Design Services, Statewide Asset Management (SAMU) Financial Operations team; HTFC/HFA loan servicing; SAMU compliance; Office of Legal Affairs
• Analyze and understand the impact, if any, of these proposed transactions on the financial status of the housing companies involved in the transaction, including reviewing spreadsheets, sources and uses, and proposed financial waterfalls
• Maintain a “master” spreadsheet in the SAMU Team SharePoint site tracking the progress of all restructuring/buyout transactions being proposed and undertaken within the portfolio
• Track the progress of deliverables in connection with the proposed transactions utilizing SharePoint 
• Prepare written materials to secure internal approvals, Board approvals (if needed). 
• Some travel required.
• Assist in other functions/duties of Office of Housing Preservation as assigned.

QUALIFICATIONS:

• Bachelor’s Degree in related field
• Advanced Degree (desirable but not required)
• 5 years of professional experience in real estate development, affordable housing, law, transactional business, or contract activities 
• LIHTC experience highly preferred
• Legal background (lawyer, paralegal) a plus, but not necessary
• Reasonable quantitative, financial analysis and modeling (excel) skills.
• Proficiency in Microsoft Office applications.
• Exceptional written and verbal communication skills.
• Exceptional research abilities.
• Strong project management skills and follow-through.
• Ability to take charge, multi-task and prioritize appropriately in a constantly changing environment and act with a sense of urgency and accountability.
• Highly driven and values entrepreneurialism; works well within ambiguity.
• Exceptional attention to detail.
• Sound judgment.

 This job description is not intended to be all inclusive and employee will be expected to perform other reasonably related duties as assigned.