Full Job Description
In December 2018, Mayor de Blasio and New York City Housing Authority (NYCHA) released NYCHA 2.0, a comprehensive plan to fix and preserve public housing. NYCHA’s Real Estate Development Department (REDD) is charged with leading and structuring real estate transactions that will address over $15 billion in capital needs. REDD will utilize the following three tools to generate the necessary revenue:
1) Permanent Affordability Commitment Together (PACT) – PACT will use U.S. Department of Housing and Urban Development (HUD) Section 8 programs to fund renovations and convert public housing (Section 9) apartments to permanently affordable housing. NYCHA plans to convert 62,000 apartments over 10 years, which will address $12.8 billion of capital needs.
2) Build to Preserve (BTP) – New mixed-income buildings will be constructed on some underutilized spaces across the NYCHA portfolio. NYCHA expects to address $2 billion in capital need across approximately 10,000 apartments.
3) Transfer to Preserve (TTP) – NYCHA will sell a portion of its estimated 80 million square feet of unused development rights (“air rights”) to adjacent privately-owned sites. TTP will generate $1 billion for capital repairs at adjacent developments.
Under the direction of the Vice President for Transactions, the Managing Director will help lead projects from inception to closing by providing legal analysis of a project’s feasibility, managing negotiations on land leases, PACT conversions, and air rights with developers, overseeing project management and progress, establishing and maintaining relationships with residents, community groups and elected officials. The ideal candidate has legal experience within the real estate industry. Candidates having experience with New York City development projects and affordable housing finance are preferred.
The key responsibilities for this position include, but are not limited to:
o Help to structure any municipal financing instruments intended to raise capital for NYCHA.
o Advise on legal aspects with respect to RAD transactions and transactions involving underutilized land and/or development rights.
o Coordinate in-house and outside counsel on legal analyses and structuring with respect to RAD implementation.
o Contribute to RFP drafting.
o Contribute to RFP response analysis.
o Contribute to negotiations with development teams to push for optimal financial outcomes for NYCHA residents and the City.
o Coordinate NYCHA response to other city and federal agencies.
Please read this posting carefully to make certain you meet the qualification requirements before applying to this position.
Minimum Qual Requirements
Admission to the New York State Bar; and four years of recent full-time responsible, relevant, satisfactory legal experience subsequent to admission to any bar, eighteen months of which must have been in the supervision of other attorneys, in an administrative, managerial or executive capacity, or performing highly complex and significant legal work.
Incumbents must remain Members of the New York State Bar in good standing for the duration of this employment.
1. An undergraduate or graduate degree from an accredited university with course work related to business, real estate, housing finance, public policy, urban planning or law, and three (3) to seven (7) years of full-time experience in real estate law, development, lending or related public service.
2. Technical knowledge related to law, finance, real estate, public administration, and other related professional fields to ensure accurate interpretation of policies, legislation, regulations and standards applied to problems involving land use, zoning, infrastructure, finance and other planning issues.
3. Proven strength in the use of spreadsheets, database and presentation applications, including Excel and PowerPoint.
4. Knowledge of New York City, New York State, and Federal affordable housing programs and the housing development process.
5. Strong interpersonal, written, verbal, and analytical skills.
6. Experience in Microsoft Office (Word, Excel, Access, Project and PowerPoint).
1. NYCHA employees applying for promotional, title or level change opportunities must have served a period of one year in their current title and level (if applicable).
2. NYCHA residents are encouraged to apply.
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NYCHA has no residency requirements.