Finance

The Capital Markets group recommends and implements financing strategies for the Corporation, manages all bond cash flows and securitization strategies, and works closely with HDC’s Development, Legal, Cash Management and Accounting divisions during all phases of financing our affordable housing portfolio. The Debt Issuance team also establishes practices and procedures to adjust to new and ongoing regulations. They continually monitor the performance of the Corporation’s Open Resolution and its other bond resolutions to ensure they are properly leveraged and continue to generate surplus, which is then used to further HDC’s overall goal of creating and preserving affordable housing.

The Cash Management group oversees all incoming and outgoing cash transactions, balances and forecasts the Corporation’s cash position. They research, implement and monitor investments activities in compliance with the Corporation’s investment guidelines and Investment Committee. Cash Management also responsible for servicing and payment of debt on outstanding bonds.

The Construction Loan Servicing group is responsible for reviewing requisitions and preparing construction advances, managing monthly billings, and all mortgage loan information during the construction period, as well as maintaining relationships with Construction Letter of Credit (LOC) servicers and providers.

The Permanent Loan Servicing group is responsible for servicing the loans in HDC’s portfolio as well as a pool of loans for the City’s Department of Housing Preservation and Development (“HPD”), for which HDC acts as a servicer for HPD. The servicing functions include managing monthly billings, analyzing financial accounts, performing reconciliations, preparing remittances, and reporting on all of the above. The team administers escrows and reserves on behalf of a majority of projects in HDC’s portfolio. As part of their servicing functions, the group is also responsible for maintaining relationships with managing agents and other City agencies.

The Accounting & Budget teams work to ensure that accurate and timely financial information, including annual and quarterly financial statements, is provided to executive management, Board Members, and other city and state stakeholders, to ensure that the financial strength of the Corporation remains strong. The Accounting team reviews and analyzes all financial transactions, and works closely with HDC’s Loan Servicing, Cash Management, Capital Markets and Asset Management departments within the Corporation to provide accounting and business-related support. The Budget team works closely with all departments to prepare the Corporation’s annual operating budget, as well as its financial plan for projection of housing subsidy funding capacity each year in support of HDC’s overall goal of creating and preserving affordable housing. These budgetary functions are monitored and analyzed throughout the fiscal year.