Internship Distressed Asset Management Jobs (NOW HIRING)

Company Description
Job Description
About the Agency:
The Department of Housing Preservation and Development (HPD) oversees housing standards across all 3.7 million homes in New York City.
As the nation's largest municipal housing agency, HPD is responsible for building and preserving affordable housing, protecting tenants from harassment and displacement, and holding landlords accountable across the five boroughs. Under Commissioner Dina Levy and the Mamdani Administration, HPD is pursuing an ambitious housing agenda focused on the needs of New York's tenants. With a broad set of tools including standards enforcement, tenant resources, and the creation of new affordable housing, HPD is committed to making New York City a more affordable place for renters and homeowners alike.
Your Team:
The Office of Asset and Property Management (APM) leads the agency's effort to protect the City's investment in affordable housing and ensure that properties remain stable and affordable over the long-term. APM actively monitors the performance and regulatory compliance of projects sponsored, supervised, and owned by the City, and connects people 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 an Asset Manager within the Division of Asset Management, you will be responsible for monitoring a portfolio of over 10,000 units of affordable rental housing, working directly with property owners and other partners ensuring the properties remain affordable, and in good financial and physical condition. You will also play a key role in identifying properties that require either an enforcement intervention or additional assistance from the City.
Your Role:
Your role will be to work directly with property owners and internal and external partners to promote and ensure the responsible ownership of a portfolio of affordable rental housing projects.
Your Responsibilities:
Under general supervision, you will:
- Work with the unit's third-party data management system to collect and record requisite project documents
- Work with property owners to monitor and analyze financial statements, municipal arrears information, reports on building conditions, and other information to assess project financial and physical health
- Review regulatory agreements, mortgages and other legal documents to determine project compliance obligations
- Review periodic risk ratings reports and other available data to monitor and prioritize working with at-risk or distressed projects
- Work with property owners to manage the intake of inquiries from developers and property managers
- Review and facilitate capital and operating reserve withdrawal requests to ensure property owners are using their reserves effectively and appropriately to promote healthy, sustainable, and affordable properties
- Recommend and pursue corrective actions for properties with poor health or compliance issues;
- Work closely with internal and external partners to develop plans to correct comprehensive poor performance or compliance issues
- Assist and/or facilitate a variety of real estate transactions that may arise within your portfolio (e.g. mortgage confirmations, satisfactions, subordinations, and property sales and transfers)
- Work on special projects as needed
Preferred skills
- Must be curious, motivated, and work well independently
- Excellent written and verbal communication skills
- Strong analytical and research skills
- Experience with financial analysis
- Experience reading legal documents
- A background in affordable housing, asset / property management, or auditing / accounting skills preferred
- Experience with Excel
COMMUNITY COORDINATOR - 56058
Qualifications
1. A baccalaureate degree from an accredited college and two years of experience in community work or community centered activities in an area related to the duties described above; or
2. High school graduation or equivalent and six years of experience in community work or community centered activities in an area related to the duties as described above; or
3. Education and/or experience which is equivalent to "1" or "2" above. However, all candidates must have at least one year of experience as described in "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.