JOE NYC was founded by 12 New York City Community Development Corporations (“CDCs”) in response to a set of challenges confronting New York City’s affordable housing stock, low and income communities, and the not-for-profit CDC sector as a whole. JOE NYC is a 501(c)(3) not-for-profit corporation, which also has a for-profit affiliate.
JOE NYC is designed to be an institution that can strengthen the asset and property management capacity and outcomes of participating CDCs and the industry as a whole; bolster the cash flow and balance sheets of participating CDCs; enhance the ability of CDCs to secure financing for development projects; help ensure the long-term affordability of CDC properties and the stability of communities in which they are located.
JOE’s initial funding and ongoing support and capitalization has been provided by a set of foundations, banks, and intermediaries, including Deutsche Bank, The Revson Foundation, The New York Community Trust, The Richman Group, LISC, Enterprise Community Partners, as well as by members of the founding CDCs.
JOE NYC’s success will be predicated on the active involvement of its committed CDC members and upon the scale of its portfolio, initially comprised (as of December, 2015 based upon local CDC board approvals and written commitments) ten (10) groups transferring scores of projects comprising nearly 3,000 units of housing.
The Executive Director/CEO will be responsible for leading the strategic direction and organizational work of JOE NYC and for the execution of directives and policies set by the Board of Directors (the “Board”). The roles and responsibilities of the CEO will include, among other things:
Executive Leadership and Management:
- Assist the Board in the establishment of JOE NYC’s strategic direction as well as it policies and procedures, and overseeing the implementation of the organization’s policies and procedures.
- Provide staff support to Committees of the Board, including but not limited to Asset Management, Risk, Finance, Acquisition, Audit, and Personnel.
- Maintain a strong working relationship with Board members as well as the relevant staff of their organizations, including development and property management staff.
- Work closely with the Board of Directors and its Committees to ensure strategic goals are accomplished.
- Report to the Board on the implementation of its strategic plan and ongoing efforts, ensuring that the Board is kept appropriately informed of the overall business operations of the JOE NYC and major issues facing JOE NYC and its member organizations.
- 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.
Strategic Planning and Real Estate Recapitalization and Acquisition:
- Oversee long-term strategic planning process, the establishment of annual business plans, and management of all budget and financial aspects of the organization.
- Implement and maintain a system of asset management metrics that allows for the fine-grained portfolio asset management analyses and clearly defined asset management goals and objectives.
- 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.
- Be responsible for the day-to-day operations of JOE NYC and its affiliated entities, including annual planning and budgeting, financial and capital management, acquisitions, divestitures, etc., all of which must be accomplished within the strategic framework of the JOE NYC, as determined by the Board.
- Have responsibility 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.
- Supervise staff in the execution of work; determine and recommend levels of compensation, including benefits, for inclusion in Board annual budget adoptions and periodic modifications; ensure that personnel policies are adhered to and implemented.
- 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 providing secure living environments for residents.
- 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.
- Work with JOE NYC members to help ensure that JOE NYC members are afforded fair and equitable opportunity to compete for development opportunities.
- 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.
- As a co-guarantor on projects, partner with the JOE NYC members on new construction and preservation of affordable housing projects in New York City.
- Cultivate strong relationships with philanthropic institutions who fund or are candidates for solicitation of funding for JOE NYC.
- Develop and maintain strong relationships with affordable housing trade associations.
- Represent JOE NYC at conferences and public meetings, with the media, and at other external meetings in a manner consistent with the organization’s goals and interests.
Knowledge, Skills and Experience:
- Broad knowledge and experience in housing finance and community development.
- Understanding and having a background showing a demonstrated commitment to affordable housing, and not-for-profit community development organizations.
- Understanding the 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 fair housing, landlord/tenant laws and regulations and procedures for New York City rental housing.
- Strong and demonstrable capacity for preparing, analyzing, and working with budgets, management reports, audits, financial reports.
- Strong financial, team-building, management and interpersonal skills.
- Ability to work with people of diverse economic, social and ethnic backgrounds.
- Excellent problem-solving skills.
- 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.
- 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, Portffolio Financial Planning, Refinancing, Recapitalization, and Development of Residential and Mixed-use real estate.
JOE NYC Founding Members (as of December 2015 – List in Formation):
- Banana Kelly Community Improvement Association, Inc.
- Bedford Stuyvesant Restoration Corporation
- Community Assisted Tenant Controlled Housing, Inc.
- Ecumenical Community Development Organization
- Fifth Avenue Committee
- Mutual Housing Association of New York
- St. Nick’s Alliance
- Project Find
- Ridgewood Bushwick Senior Citizen Council
- West Harlem Group Assistance