Distressed Asset Management Jobs (NOW HIRING)

About the Agency:
The New York City Department of Housing Preservation Development (HPD) promotes quality and affordability in the city's housing, and diversity and strength in the city's neighborhoods because every New Yorker deserves a safe, affordable place to live in a neighborhood they love.
- We maintain building and resident safety and health
- We create opportunities for New Yorkers through housing affordability
- We engage New Yorkers to build and sustain neighborhood strength and diversity.
Your Team
The Office of Asset and Property Management (APM) leads the agency's efforts to protect the City's investment in affordable housing and ensure that properties remain stable, financially sound, and affordable over the long term. APM actively monitors the performance and regulatory compliance of projects sponsored, supervised, and owned by the city, while also connecting individuals and families to affordable housing opportunities.
APM is composed of three divisions: Asset Management, Property Management, and Housing Supervision.
The Division of Asset Management safeguards the longevity and affordability of HPD's housing portfolio by identifying at-risk buildings, stabilizing distressed assets, and ensuring compliance with regulatory agreements. The Division monitors both the physical and financial condition of properties, collaborates with owners and partners, and works closely with HPD's Office of Development to reposition projects through financial assistance, property management changes, restructuring, or ownership transfers. Its core programs are outlined below.
Your Impact
As the Assistant Commissioner (AC) for the Division of Asset Management, you will oversee a growing portfolio of more than 6,400 buildings comprising approximately 189,000 units. These properties received City financing at some point, and the Division's primary mission is to protect the City's investment by ensuring that they remain affordable and in strong financial and physical condition.
You will also play a critical role in identifying properties that require enforcement intervention or new financial assistance from the City, ensuring early risk detection and proactive portfolio stabilization.
Your Role
You will lead four critical units responsible for monitoring compliance across the Agency's rental and homeownership programs:
Asset Management Unit
This unit actively monitors project performance in accordance with City regulatory agreements. It collaborates with senior agency leadership to develop and implement policies and procedures that promote responsible stewardship of affordable housing assets. The unit identifies strategies to address troubled projects and advance long-term affordability within the City-financed portfolio.
Tenant Interim Lease (TIL) Program
This unit supports tenant associations in City-owned buildings as they transition to self-sufficient, low-income cooperatives. The TIL Program works in coordination with the Technical Services Program, which provides specialized expertise and operational support across APM divisions, and the Lead Unit, which ensures lead safety compliance in City-owned buildings. Together, these programs promote regulatory compliance, tenant capacity-building, and long-term housing preservation.
Homeowner Mortgage Servicing Unit
This unit monitors compliance with HPD mortgages and manages regulatory agreements for owner-occupied homeownership projects where debt repayment is required. The work involves analyzing complex legal and financial documents related to loans, subsidies, and regulatory obligations.
Tax Credit and HOME Compliance Unit
This unit ensures that the Agency meets its compliance monitoring responsibilities for properties financed through the Low-Income Housing Tax Credit (LIHTC) program and the federal HOME Investment Partnerships Program (HOME). Responsibilities include interpreting federal regulations and verifying compliance with Federal Housing Quality Standards (HQS).
Your Responsibilities
- Directly manage the Executive Director and four Directors overseeing the Division of Asset Management's units.
- Provide strategic leadership and guidance to shape both the day-to-day operations and long-term direction of the Division.
- Proactively identify opportunities for operational and process improvement across all units.
- Ensure the collection, analysis, and reporting of key data and performance metrics necessary to assess portfolio health and risk.
- Address complex portfolio challenges and develop corrective action plans, policies, and procedures.
- Coordinate with the Office of Development to determine necessary financial interventions, including workouts, restructuring, and refinancing solutions.
- Represent APM's Deputy Commissioner in meetings and interactions with City Hall, as well as internal and external stakeholders.
- Interface with internal and external partners, including the HPD Legal Department and the New York City Law Department, to revise and streamline legal documents that strengthen and clarify sponsor obligations.
- The duties described above are illustrative and are not intended to be exhaustive. The incumbent may be assigned additional related duties and responsibilities consistent with the title and level of work, as determined by management and operational needs.
Special Note / Additional Requirements:
- The incumbent may be required to work extended hours, including evenings, weekends, and holidays, as necessary to meet operational demands and respond to urgent or time-sensitive matters.
Preferred Skills
- At least five years of asset management experience and/or experience managing large, complex property portfolios or operations.
- Demonstrated ability to effectively manage large teams addressing diverse and complex issues.
- Strong project and interpersonal management skills, including strategic planning, communication, prioritization, delegation, and negotiation.
- Expertise in financial analysis, including assessment of financial and physical risk and development of short- and long-term mitigation strategies.
- Creative problem-solving skills supported by data analysis, process improvement, and organizational development.
- Knowledge of affordable housing programs, including Federal Low-Income Housing Tax Credits (LIHTC) and HOME program rules and regulations.
Authorization to work in the United States is required for this position. The NYC Department of Housing Preservation and Development does not provide sponsorship for international employees for visa applications, extensions, or status changes, including H-1B visas. Applicants are responsible for ensuring that they meet all qualifying requirements for this position at the time of application.
EXECUTIVE PROGRAM SPECIALIST ( - 13378

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.