HARRIS RAND LUSK

Joint Ownership Entity New York City (JOE NYC)

Executive Director

To Apply

JOE NYC  has retained the services of Harris Rand Lusk to conduct this search. Inquiries, nominations and applications may be directed in confidence to:

Anne McCarthy,
Chief Operating Officer
Harris Rand Lusk
260 Madison Avenue, 15th Floor
New York, NY  10016

Email cover letter and resume to: amccarthy@harrisrand.com

Please put “JOE NYC ED” in the subject line of your e-mailed application.

JOE NYC is a ground-breaking collaboration of New York City’s Community Development Corporations (CDCs) founded in 2015 in response to a set of challenges confronting New York City’s affordable housing stock, low and moderate income communities, and the not-for-profit CDC sector as a whole.  JOE NYC is a 501(c)(3) not-for-profit corporation and its board is made up of the leadership of its eleven member organizations. It also owns and asset manages affordable multifamily rental properties in collaboration with its member-CDCs.  JOE achieves economic benefits for member-CDCs by creating a citywide portfolio that can achieve efficiencies in purchasing, financing, and property management.  In exchange for assigning their ownership interests in projects to JOE, member organizations receive a pro rata portion of JOE’s net cash flow.

JOE will ensure the long-term preservation of thousands of units of affordable housing in New York City, and supports CDCs in pursuing new development opportunities – both the repositioning of existing portfolios and the acquisition of new projects. Under JOE’s innovative business model, CDCs continue to serve as or oversee property managers and are the face of the projects to tenants, maintaining the on-the-ground presence that make CDCs such vital neighborhood anchors.

As of summer 2021, JOE owns 2,200 apartments in twenty projects across the city. Eleven CDCs have committed projects to be transferred into JOE representing a future portfolio of over 3,400 apartments in 52 projects. It is also engaged in an ambitious solar project installing solar panels on the roofs of many of its member organization’s buildings. JOE will continue to grow the portfolio with the goal of acquiring 5,000 units within 5 years, making it one of the largest affordable multifamily owners in New York City.   As of 2019, the organization had over $267 million in assets on its balance sheet.

THE POSITION:

The Executive Director of JOE NYC will be a a dynamic individual with superior organizational and leadership skills as well as fluency in the world of affordable housing and asset management to assume the reins of this unique collaborative enterprise.  They will be a recognized leader in the affordable housing community, and who can instill confidence with both internal and external constituents.  They will most likely have substantial experience in the nonprofit affordable housing, government, asset management, real estate and/or microfinance and housing finance arenas and must demonstrate significant accomplishments and past successes.  In addition, he or she must be a hands-on manager, a strategic thinker and planner, a problem solver and be able to respond to crises and changing conditions quickly and effectively.

Excellent negotiation and communication skills are critically important, as well as are superior diplomatic skills.  They must be equally comfortable in making presentations before members of the community, corporate executives, elected officials, public agency administrators, and other stakeholders. The successful candidate must be capable of integrating smoothly into the organization’s culture.  They must be able to work closely with the leadership and staff to promote an open, inclusive environment that emphasizes cooperation and teamwork with a minimum of ego.  In addition, they will be sharp, tactful, analytical, of the highest integrity, and possess sound judgment as well as a sense of humor.

The roles and responsibilities of the Executive Director cut across several main leadership functions that include:

Executive Leadership and Management:

  • Assist the Board in charting JOE NYC’s strategic direction as well as refreshing and implementing its policies and procedures.
  • Oversee the long-term strategic planning process, and management of all budgetary and financial aspects of the organization.
  • Bring material decisions to the Board for their review and approval, such as decisions relating to acquisitions of new buildings and portfolios; significant uses of project-based and organizational reserves; provision of guarantees to projects undertaken by CDCs; initiation of new undertakings or the assumption of any commitments, obligations, or liabilities other than in the normal course of business.

Asset Management, Real Estate Recapitalization and Acquisition:

  • Implement and maintain a system of asset management metrics that allows for fine-grained portfolio asset management analyses and clearly defined asset management goals and objectives for individual projects and the portfolio as a whole.
  • Working with Director of Asset Management, structure and implement asset management plans, with the approval of the Board or designated Board committee, to strengthen individual properties and portfolios, and the JOE NYC portfolio as a whole.
  • In concert with CDC members, collaborate with property management staff, including third party property managers, to ensure that JOE NYC properties are fiscally sound, physically well maintained, and provide secure living environments for residents.
  • Acquire additional properties from both for-profit and nonprofit owners. Underwrite and structure acquisitions; negotiate the terms and conditions of the acquisitions with private sellers, financial institutions, and public agencies.
  • Underwrite and implement portfolio-wide upgrades (e.g, solar, broadband, etc.)

Organizational Management:

  • Responsible for the day-to-day operations of JOE NYC and its affiliated entities, including annual planning and budgeting, financial management, and work with JOE members on property acquisitions, divestitures.
  • Responsibile for the oversight and operations of all employment, compensation, and benefits plans, prepare and update job descriptions and perform staff evaluations, provide for staff and leadership training and development.
  • Selection of and management of core consulting contracts for development, legal, accounting and Human Resources services.

External Relations:

  • Establish and maintain close relationships with public agencies (HPD, HCR, HDC, HUD, among others) to develop, refine, and implement asset management strategies designed to enhance the performance of government regulated properties in the JOE NYC portfolio and ensure their long-term affordability.
  • Lead quarterly meetings with HPD required by the JOE-HPD omnibus agreement.
  • In concert with JOE NYC members and public agencies, establish a multi-year pipeline of projects that will be refinanced and recapitalized.
  • Collaborate with lenders and investors to ensure that the financial performance of their JOE NYC projects meet their expectations.
  • Cultivate strong relationships with philanthropic institutions and affordable housing trade associations who fund or are candidates for solicitation of funding for JOE NYC.
  • Represent JOE NYC at conferences and public meetings, with the media, and at other external meetings in a manner consistent with the organizations goals and interests.

SKILLS AND EXPERIENCE:

Candidates for the position should possess the following skill set and base of experience:

  • Broad knowledge and experience in housing finance and community development.
  • A background which exhibits a demonstrated commitment to affordable housing and not-for-profit community development organizations.
  • An understanding of City of New York, State of New York, Federal LIHTC, and HUD affordable housing programs, finance opportunities, laws and regulations.
  • Knowledge of affordable housing management and development operations.
  • Understanding of regulations and procedures for New York City rental housing.
  • A strong and demonstrable capacity for preparing, analyzing, and working with pro formas; budgets; and analyzing management reports, audits, financial reports.
  • Strong financial, team-building, management and interpersonal skills.
  • The ability to work with people of diverse economic, social and ethnic backgrounds.
  • Excellent problem-solving skills.

MINIMUM QUALIFICATIONS:

  • Ten (10) years of experience in community development and affordable housing.
  • Five (5) years supervisory experience in substantive positions requiring the ability to formulate and implement policy, and work with diverse partners.
  • Bachelor’s Degree or equivalent experience preferred.
  • Experience and knowledge of government housing programs, affordable housing regulatory agreements, particularly as these relate to New York City.
  • Experience with Pro Forma, Physical Needs Assessments, Capital Planning, Portfolio Financial Planning, Refinancing, Recapitalization, and Development of Residential and Mixed-use real estate.

COMPENSATION:

The salary range is $150,000 – $175,000 plus benefits.

All positions at JOE NYC are filled without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity or expression, disability, HIV/AIDS status, veteran status or any other characteristic protected by law.  All are encouraged to apply.

122 East 42nd Street, Suite 3605, New York, NY 10168