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Job Title : Loan Conversion Manager (NYS Homes and Community Renewal)
Date Posted : April 22, 2020
Type :

Description :

Loan Conversion Manager

Department: Office of Finance and Development

Salary/Band: VII - $95,000

Location: New York, NY

New York State Homes and Community Renewal (HCR) fosters the creation and preservation of high- quality affordable housing while working strategically to revitalize neighborhoods and communities throughout the Empire State. Under the leadership of Governor Andrew M. Cuomo and Commissioner RuthAnne Visnauskas, HCR is a vibrant, innovative agency that integrates and leverages New York State’s housing resources. We have offices in New York City, Albany, Buffalo and Syracuse, and employ a diverse workforce of professionals who are hard-working and committed to serving low- and moderate-income families. Our mission is far reaching, encompassing single and multifamily housing finance, home improvement, rent regulation, housing subsidies, and community development. We partner regularly with a variety of public and private stakeholders.

Achieving this mission requires a wide range of skills and backgrounds in public policy, administration, real estate, architecture, finance, law and many other areas of expertise. We seek to provide a workplace environment that is productive, flexible, accountable, ethical and caring. Our employees are empowered to make a difference where they live and work. We offer competitive pay and a comprehensive benefits package, including paid leave, health, dental, vision, retirement and family- friendly policies.

The Office of Multifamily Finance & Development actively engages with a range of partners including for-profit and not for profit borrowers, municipalities, lenders, investors and other funding entities to leverage Low Income Housing Tax Credits, tax-exempt bonds, and a multitude of State funded programs. Our resources have helped finance tens of thousands affordable apartments and affordable homes since 2011. Finance & Development has primary responsibility for implementing many of the initiatives under the Governor’s new House NY 2020 plan, an unprecedented $20 billion investment over five years.

HCR’s Loan Servicing Unit is responsible for Agency-funded multifamily housing projects during the construction period through permanent loan conversion, managing approximately 150 projects at any given time, representing over $4 billion of HCR investment. Responsibilities include monthly disbursement of various Agency funds (bonds and/or subsidy) and troubleshooting issues that may arise during the construction period. Once construction or rehabilitation is completed, the unit facilitates the permanent loan closings and bond redemptions. As such, the unit plays a crucial role in facilitating and monitoring the progress of thousands of HCR-financed units under construction.


The candidate will be responsible for the following activities:

1. Work on permanent mortgage loan closings and bond redemptions. This involves communicating with Project sponsors regarding the Agency’s requirements and timing. Review various due diligence documentation and confirm project meets income to expense ratio, as applicable. Analyze final sources & uses to determine if it meets the Agency’s policies. Coordinate with various internal departments for their final sign-offs prior to closing. Facilitate conference calls with internal (attorneys) and external parties (sponsors, attorneys, credit enhancers, syndicators).

2. Assist the Senior Loan Servicer, as needed, with managing the Unit’s loan administration functions. This includes processing monthly requisitions for Agency’s bond and subsidy funds as well as assisting with permanent loan closings.

3. Trouble shooting and problem solving as the need arises.


  • Knowledge of basic underwriting and/or other quantitative analysis;
  • Experience with government assisted housing finance;
  • Familiarity with construction financing and disbursement requirements;
  • Working knowledge of Excel, Word, and Microsoft Office Outlook;
  • Good oral and written communication skills are needed to coordinate and work with a variety of people both internally and externally;
  • Good client management skills;
  • Organizational skills a plus; and
  • Must be a team player.

This job description is not intended to be all inclusive and the employee will also perform other reasonably related duties as assigned.


• Extensive benefits package including paid leave, excellent health, dental, vision and retirement benefits;

• Promotional opportunities for dedicated professionals.

TO APPLY, please send resume and cover letter to: All internal SHA employees (only) are directed to apply via

New York State is an Equal Opportunity Employer (EOE)

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