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 a Section 8 rental subsidy contract with significantly higher value than NYCHA’s current federal subsidy. Using the rental subsidy contract, the Trust will raise financing to fund comprehensive building renovations. The Trust Act provides the Trust with the ability to convert up to 25,000 units, subject to a vote by the residents of a potential redevelopment site. No NYCHA site can convert to the Trust without a positive vote of the site’s residents. To date, residents at four developments have opted into the Trust, resulting in over 1,700 units that will be financed and renovated over the next five years, impacting over 3,200 residents. This is a rare opportunity to help build and finance one of the largest public housing preservation efforts in the country.
Our values are core to our work. The Trust has adopted the following values:
1) Resident Empowerment: Our efforts are centered on the voices, needs, and leadership of residents in all aspects of the Trust’s operations.
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 Chief Financial Officer (CFO) will play a pivotal role as a member of the executive leadership team of the Public Housing Preservation Trust reporting directly to the Trust President. This role blends strategic finance with hands-on execution and is ideal for a finance leader with deep experience in multifamily residential housing and thrives on building systems and developing processes. This role will lead the development of the Trust organization’s financial strategy, balance sheet, and capital structure to support a growing portfolio of complex, large-scale modernization projects.
The CFO will be responsible for managing and scaling financial operations across the Trust’s growing portfolio. The CFO will oversee and direct financial operations executed through NYCHA under a Shared Services Agreement, ensuring alignment with the Trust’s strategic and operational priorities. On behalf of the Trust as an organization, NYCHA manages Accounts Payable, Accounts Receivable, Treasury, and Financial Reporting. The Trust has a separate contract with a Financial Administrator, FTI Consulting, Inc. to prepare required reporting for the Trust’s special purpose entities, manage bank accounts, and file tax returns, as required.
The ideal candidate is a strategic, mission-driven leader who can operate at both executive and operational levels in a fast-growing organization.
Primary Responsibilities
- Lead capital planning and serve as key team member in developing financing strategies across the Trust’s portfolio.
- Support structuring and closing of complex real estate transactions.
- Develop long-term financial plans to support portfolio growth and sustainability.
- Manage and continuously refine budgets, forecasts, and cash flow models at the property and portfolio level in partnership with the Project Finance & Development and the Asset Management teams.
- Oversee property accounting, monthly closes, and consolidated financials with a focus on accuracy and speed.
- Work closely with Asset Management to track NOI, operating expenses, CapEx, and lease-up performance.
- Produce clear, concise investor reporting quarterly financials, variance explanations, and performance summaries.
- Prepare materials for Board meetings and investor updates.
- Serve as a trusted financial voice with investors, lenders, and external partners in partnership with the Project Finance & Development team.
- Oversee the financial operations of the Trust, including the services provided to the Trust by NYCHA under the Shared Services Agreement.
- Monitor and manage the Trust’s organizational budget and the operating budgets of each of the Trust’s properties in partnership with the Trust’s Asset Management Department and the Finance Administrator.
- Ensure compliance with GASB, partnership agreements, and debt requirements.
- Oversee audits and tax coordination.
- Identify financial risks early and proactively address them.
Additional Information
1. 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).
2. NYCHA residents are encouraged to apply.
3. NYCHA provides benefits that include a choice of medical coverage plans, deferred compensation plans and a defined pension benefit plan as a member of the New York City Employees’ Retirement System (NYCERS).
Please read this posting carefully to make certain you meet the minimum qualification requirements before applying for this position.
EXECUTIVE VICE PRESIDENT (NYC - 94542
As a prospective employee of the City of New York, you may be eligible for federal loan forgiveness programs and state repayment assistance programs. For more information, please visit the U.S. Department of Education’s website at https://studentaid.gov/pslf/.
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.
