Job Information
City of New York Senior Director of Finance in New York, New York
Job Description
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 Section 8 vouchers, a subsidy worth double NYCHA’s current federal subsidy. Similar to how other government entities raise revenue for capital improvements, the Trust will issue bonds that fund comprehensive building renovations. The Trust Act limits the Trust’s initial unit volume to 25,000 units. No NYCHA site can convert to the Trust without a positive vote of the site’s residents. Under the Act, NYCHA must develop and administer a voting process to provide residents with that choice.
The Trust Act took effect on August 15, 2022, and the Trust will be built by its initial seven-member board and a small staff. As the Trust assumes a full workload in 2024 – including leasehold contracts with NYCHA, Section 8 conversions with the Department of Housing and Urban Development (HUD), and the procurement of design-build partners to perform construction work – the Trust will continue to add staff to fulfill critical functions.
Position Summary
The Senior Director of Finance will play a pivotal role in the Public Housing Preservation Trust by overseeing and implementing a financial strategy for the Trust, establishing and executing financial operations, leading budgeting and financial planning initiatives, completing and overseeing required financial reporting, managing payments and executing cash optimization strategies and investments, and collaborating with the Trust’s capital team and asset management team to set capital and operating plans for the developments the Trust oversees through a long-term ground lease with NYCHA.
Primary Responsibilities
The primary responsibilities of the Senior Director of Finance include, but are not limited to:
Develop an enduring, long-term financial strategy for the Trust that establishes a stable foundation for the execution of our mission to safeguard public housing.
Build a financial operations team, systems, and processes that can enable the Trust to scale, including payments, accounting, reporting, treasury, and FP&A functions.
Establish accounting and reporting requirements for NYCHA on the properties it manages on behalf of the Trust and to satisfy reporting to lenders, public officials, and others.
Collaborate with the Trust’s legal, asset management and capital teams on systems and processes to monitor the overall financial and operational health of each development the Trust oversees, including individualized property M&O budgets and capital plans.
Evaluate the development of pro formas and operating plans for planned modernizations and financing and work with lenders and other funding sources to source project funding.
Additional Information
NYCHA employees applying for 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).
NYCHA residents are encouraged to apply.
Please read this posting carefully to make certain you meet the minimum qualification requirements before applying to this position.
Qualifications
A baccalaureate degree from an accredited college and three years of full-time paid experience in an administrative, executive or consultative capacity in a large public housing agency; or
Education and/or experience which is equivalent to "1" above.
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 individual's sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, veteran status, gender identity, or pregnancy.