Associate, NYC Affordable Housing Development
Heritage Affordable Communities, New York, New York, us, 10261
Position:
Associate, NYC Affordable Housing Development Employment: Full-time Workplace: In-person Location: New York, NY (Midtown) Heritage Affordable Communities
is a real estate investment firm that specializes in acquiring, developing, and preserving affordable housing properties. The firm strategically works with city, state & federal authorities in preserving affordability and utilizing municipal financing through low-income housing tax credits and tax-exempt bonds for their affordable housing projects. Heritage Affordable Communities’ main mission is to solve the affordable housing shortage by acquiring, developing, and preserving quality affordable housing one community at a time. Key Responsibilities
Support Heritage Affordable Communities’
NYC affordable housing preservation platform , including acquisitions, recapitalizations, refinancings, and restructuring transactions involving regulated multifamily housing. Underwrite and evaluate opportunities utilizing NYC and NYS affordable housing programs across
HPD, HDC, and HCR , with a focus on understanding how regulatory agreements and subsidy layering impact cash flow, compliance requirements, and transaction feasibility. Build and maintain detailed financial models throughout the investment lifecycle, including scenario and sensitivity analysis tied to: regulated rent frameworks and
legal rent
limitations PBV
contract terms, renewals, and payment mechanics tax abatement structures ( Article XI, 420-c ) and long-term affordability constraints agency loan covenants, reserves, and operating restrictions Analyze and interpret affordable housing rent structures and documentation, including rent schedules, rent rolls, regulatory agreements, and subsidy contracts, ensuring underwriting aligns with program requirements. Evaluate and incorporate
Private Housing Finance Law Section 610
considerations into transaction analysis, including implications for voucher administration, rent compliance, and operational requirements. Review and assess
PBV contract structures
and how subsidy mechanics affect revenue, tenant rent contributions, and transaction risk. Underwrite and assess
subordinate / soft loan structures
from NYC agencies and public sources, including covenant constraints, repayment terms, and long-term refinancing implications. Conduct comprehensive due diligence, including review of T-12s, rent rolls, DHCR histories (as applicable), subsidy documentation, audits, loan agreements, and other transaction materials. Support transaction execution by coordinating with lenders, attorneys, consultants, agencies, and internal stakeholders to drive approvals, submissions, and closing deliverables. Prepare investment memoranda, executive summaries, and presentations for internal decision-makers and external partners. Qualifications
Bachelor’s Degree required (Real Estate, Public Policy, Urban Planning, Economics, or related field preferred). 3–5 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.
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Associate, NYC Affordable Housing Development Employment: Full-time Workplace: In-person Location: New York, NY (Midtown) Heritage Affordable Communities
is a real estate investment firm that specializes in acquiring, developing, and preserving affordable housing properties. The firm strategically works with city, state & federal authorities in preserving affordability and utilizing municipal financing through low-income housing tax credits and tax-exempt bonds for their affordable housing projects. Heritage Affordable Communities’ main mission is to solve the affordable housing shortage by acquiring, developing, and preserving quality affordable housing one community at a time. Key Responsibilities
Support Heritage Affordable Communities’
NYC affordable housing preservation platform , including acquisitions, recapitalizations, refinancings, and restructuring transactions involving regulated multifamily housing. Underwrite and evaluate opportunities utilizing NYC and NYS affordable housing programs across
HPD, HDC, and HCR , with a focus on understanding how regulatory agreements and subsidy layering impact cash flow, compliance requirements, and transaction feasibility. Build and maintain detailed financial models throughout the investment lifecycle, including scenario and sensitivity analysis tied to: regulated rent frameworks and
legal rent
limitations PBV
contract terms, renewals, and payment mechanics tax abatement structures ( Article XI, 420-c ) and long-term affordability constraints agency loan covenants, reserves, and operating restrictions Analyze and interpret affordable housing rent structures and documentation, including rent schedules, rent rolls, regulatory agreements, and subsidy contracts, ensuring underwriting aligns with program requirements. Evaluate and incorporate
Private Housing Finance Law Section 610
considerations into transaction analysis, including implications for voucher administration, rent compliance, and operational requirements. Review and assess
PBV contract structures
and how subsidy mechanics affect revenue, tenant rent contributions, and transaction risk. Underwrite and assess
subordinate / soft loan structures
from NYC agencies and public sources, including covenant constraints, repayment terms, and long-term refinancing implications. Conduct comprehensive due diligence, including review of T-12s, rent rolls, DHCR histories (as applicable), subsidy documentation, audits, loan agreements, and other transaction materials. Support transaction execution by coordinating with lenders, attorneys, consultants, agencies, and internal stakeholders to drive approvals, submissions, and closing deliverables. Prepare investment memoranda, executive summaries, and presentations for internal decision-makers and external partners. Qualifications
Bachelor’s Degree required (Real Estate, Public Policy, Urban Planning, Economics, or related field preferred). 3–5 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.
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