Chief Financial Officer

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 citys 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 NYCHAs 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 25000 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 sites residents. To date residents at four developments have opted into the Trust resulting in over 1700 units that will be financed and renovated over the next five years impacting over 3200 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 Trusts 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 organizations 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 Trusts growing portfolio. The CFO will oversee and direct financial operations executed through NYCHA under a Shared Services Agreement ensuring alignment with the Trusts 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 Trusts 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 Trusts 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 Trusts organizational budget and the operating budgets of each of the Trusts properties in partnership with the Trusts 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

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).
residents are encouraged to apply.
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

Qualifications :

-Bachelors degree in a relevant field such as finance accounting business or a related discipline with an advanced degree preferred
-15 years work experience in affordable housing real estate or project finance leading the finance function with detailed knowledge of lender requirements
-Knowledge of real estate transaction structures
-Experienced user of Microsoft Office programs including Powerpoint Excel Word and Outlook
-Demonstrated ability to work collaboratively
-Demonstrated ability to lead in a collaborative cross-functional environment
-Detail-oriented

Preferred Qualifications
-Experience with public benefit corporations or quasi-government entities
-Experience with bond financing financing issued by the New York City Housing Development Corporation and Section 8 conversions
-CPA or MBA
-Direct experience working in the finance function for a developer
-Knowledge of New York City government

Additional Information :

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 individuals sex race color ethnicity national origin age religion disability sexual orientation veteran status gender identity or pregnancy.

Remote Work :

No

Employment Type :

Full-time