Heritage Affordable Communities · 1 day ago
Vice President, NYC Affordable Housing Development & Preservation
NYC Metro Area
Full-time
Onsite
Senior Level, Lead/Staff
$180K/yr - $200K/yr
8+ years expHeritage Affordable Communities is a real estate investment firm specializing in affordable housing. The Vice President will lead and execute transactions for affordable housing preservation and development across NYC, focusing on structuring financing and navigating regulatory environments.
Property DevelopmentReal EstateReal Estate Investment
Responsibilities
Lead NYC affordable housing preservation transactions involving HPD, HDC, and HCR, from early feasibility analysis through closing
Work directly with agency staff to structure transactions utilizing: HPD and HDC preservation loan programs, HCR-administered subsidies and regulatory frameworks, Tax-exempt bonds, LIHTC equity, and layered public financing
Manage and execute IPNA (Initial Project/Property Notification Approval) submissions as part of the preservation process, including: Preparing and reviewing IPNA materials, Coordinating with agencies, consultants, and legal counsel, Addressing agency comments and securing approvals
Personally build, review, and refine detailed financial models for preservation transactions including: Regulated rent frameworks and legal rent limitations, PBV contracts, renewals, and subsidy mechanics, Tax abatements (Article XI, 420-c), Agency loan covenants, reserves, and operating constraints
Structure complex, layered capital stacks including senior debt and subordinate / soft public loans
Evaluate feasibility and risk of preservation subsidy structures, including long-term affordability requirements and compliance obligations
Work directly with HPD, HDC, and HCR on transaction structuring, approvals, and compliance
Interpret and negotiate regulatory agreements, subsidy contracts, and financing documents with long-term ownership and operational strategy in mind
Apply Private Housing Finance Law Section 610 considerations to underwriting and transaction structuring
Evaluate PBV and voucher structures and their impact on revenue stability, compliance risk, and operations
Personally lead due diligence efforts, including review of: T-12 operating statements and rent rolls, Regulatory agreements and subsidy documentation, DHCR histories (as applicable), Audits, loan documents, and compliance materials
Identify key risks early and develop practical mitigation strategies
Prepare and present investment memoranda and preservation strategies to firm leadership
Own transactions end-to-end with limited internal infrastructure, requiring strong judgment, organization, and follow-through
Support the development of internal underwriting standards and preservation playbooks as the platform scales
Qualification
Required
8–10 years of relevant experience in affordable housing finance, preservation, acquisitions, development, or asset management, with direct exposure to NYC regulated multifamily housing
Strong working knowledge of NYC affordable housing programs and subsidy structures across HPD, HDC, and HCR, including the role of regulatory agreements in governing affordability and operating requirements
Demonstrated understanding of NYC tax abatements, including Article XI and 420-c, and how abatements impact operating economics, underwriting assumptions, and long-term strategy
Strong familiarity with legal rent concepts and regulated rent frameworks in NYC affordable housing environments
Working knowledge of Private Housing Finance Law Section 610 and its practical compliance implications
Experience with or strong understanding of PBV contracts and voucher rent/payment mechanics
Experience evaluating subordinate loans / soft debt from public agencies, including impacts on sources & uses, covenants, and refinancing constraints
Advanced proficiency in Microsoft Excel required (detailed modeling, sources & uses, sensitivity analysis)
Strong written and verbal communication skills, including the ability to synthesize complex regulatory and subsidy structures into clear, decision-ready materials
Exceptional organization and attention to detail, with the ability to manage multiple priorities and transaction deadlines simultaneously
Preferred
Bachelor's Degree required (Real Estate, Public Policy, Urban Planning, Economics, or related field preferred)
Company
Heritage Affordable Communities
Heritage Affordable Communities is a real estate investment firm that specializes in acquiring and developing multifamily properties.
11-50 employees
Funding
Current Stage
Early StageCompany data provided by crunchbase