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The New York City Housing Development Corporation (HDC) is the nation’s number one issuer of bonds for multi-family affordable housing. Established as a public benefit corporation by the State of New York in 1971, HDC is responsible for financing the creation and preservation of affordable housing within the five boroughs of New York City. The financing provided by HDC is in the form of low-cost mortgages made through the sale of tax-exempt and taxable bonds. Our programs are designed for multi-family rental housing and cooperative developments and serve a wide range of income segments from very-low to middle-income tenants. 

HDC is an equal opportunity employer. Please email your resume to jobs@nychdc.com or fax your cover letter and resume to (212) 227-6893.

Available Positions

Project Manager

Reports to: Sr. Vice President

Department:  Development

The Development Department is responsible for bringing new and viable projects into HDC by researching proposals, performing underwriting, guiding projects through HDC’s Credit Committee and Board approval process, creating sound financial programs and structures that leverage the Corporation’s assets while encouraging private investment.

Position Summary: This position originates and underwrites mortgage loans using funds raised through bond issuances and/or allocations of corporate reserves.

 Responsibilities:

  • Underwrite mortgage loans (analyze loan proposals; review due diligence materials; prepare spreadsheets outlining each proposal; prepare credit memos; present loans to credit committee for approval)
  • Coordinate mortgage loan closings with internal and external parties, including developers, other City agencies, bankers, bond underwriters and tax credit syndicators
  • Manage relationships with current and prospective developers/borrowers
  • Prepare management reports and loan tracking information

Requirements:

  • Proficiency in creating mortgage loan models
  • Understanding of financial concepts
  • Excellent communication skills (oral/written)
  • Advanced degree in a related field
  • Comparable experience (min. 2 years) 

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 Residential Mortgage Insurance Corporation (“REMIC”) Project Manager

 Department:REMIC

 Supervisor: Executive Vice President, REMIC

 Summary:

The New York City Residential Mortgage Insurance Corporation (“REMIC”) is a public benefit corporation created to promote the production and rehabilitation of affordable housing in New York City through the issuance of mortgage insurance.  REMIC plays an integral role in New York City’s efforts to stabilize and revitalize the City’s diverse neighborhoods.

The REMIC Project Manager is responsible for the management of projects within the REMIC portfolio.  This entails researching and analyzing each new project with the goal of prudently underwriting the mortgage within REMIC credit parameters and statutory requirements.  In addition, the REMIC Project Manager will coordinate all aspects of the underwriting process from beginning (initial proposal) to end (issuance of a Certificate of Insurance).

Primary Responsibilities:

  • Work with lenders (internal and external) to obtain all necessary information and documentation to underwrite loans with the goal of issuing Commitments to Insure and Certificates of Insurance
  • Prepare mortgage insurance offering memos detailing each credit proposal, and present to internal Credit Committee and REMIC Board for review and approval
  • Work with Legal Department to ensure all documentation is on order
  • Prepare Commitments to Insure and Certificates of Insurance
  • Prepare monthly/annual portfolio reports
  • Update internal REMIC database and systems
  • Prepare revenue and reserve projection reports
  • Assist in the operations of the REMIC subsidiary, including back-up assistance with billing and collections
  • Underwrite, when necessary, proposed New York City Housing Development Corporation (“HDC”) financed developments

Position Requirements:

  • Minimum two years of experience in non-profit/governmental housing finance
  • Bachelors degree in finance or related field; Masters degree would be a plus
  • Demonstrated quantitative and analytical skills
  • Excellent written and oral communication skills
  • Ability to handle multiple projects simultaneously
  • Ability to work as a team member
  • Attention to detail
  • Microsoft Office (Excel, Word, PowerPoint); Oracle