Project Manager, Conversions Division of Portfolio Management & Conversions

The Department of Housing Preservation and Development (HPD) oversees housing standards across all 3.7 million homes in New York City. As the nation’s largest municipal housing agency, HPD is responsible for building and preserving affordable housing, protecting tenants from harassment and displacement, and holding landlords accountable across the five boroughs. Under Commissioner Dina Levy and the Mamdani Administration, HPD is pursuing an ambitious housing agenda focused on the needs of New York’s tenants.

With a broad set of tools including standards enforcement, tenant resources, and the creation of new affordable housing, HPD is committed to making New York City a more affordable place for renters and homeowners alike.

The Office of Development (OOD) leads the agency’s effort to create and preserve housing in collaboration with other HPD offices as well as other city, state and federal agencies.

The Office of Development is composed of eight divisions that administer a range of programs:

• New Construction Finance
• Special Needs Housing
• Building and Land Development Services (BLDS)
• Home ownership Opportunities and Preservation
• Preservation Finance
• Portfolio Management and Conversions
• Housing Incentives
• Compliance and Enforcement

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, Requisition s, 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.

As a Project Manager, Conversions, you will have the opportunity to 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. The Project Manager will be responsible for learning and understanding different HPD program requirements and ensuring projects are compliant with requirements upon conversion.

You will also play a critical role in implementing rent restructuring for projects that require it, which ensures rental achievement for projects preparing for permanent financing, continued housing affordability for residents, and the long-term stability and success of residential buildings housing predominately rent-stabilized tenants. The Project Manager will also have the opportunity to recommend policy, process, and engagement improvements towards greater program efficiency.

These efforts will help drive the Agency’s housing production…