On June 16, , Governor Kathy Hochul signed the NYC Public Housing Preservation Trust Act, which authorized creation of the NYC Public Housing Preservation Trust (the Trust).
The Trust is a public benefit corporation that will oversee the renovation and rehabilitation of the city’s public housing developments, owned by the New York City Housing Authority (NYCHA).
NYCHA remains permanent owner of the land / buildings and enters into a long-term ground lease with the Trust to secure Section 8 vouchers, a subsidy worth double NYCHA’s current federal subsidy.
Similar to how other government entities raise revenue for capital improvements, the Trust will issue bonds that fund comprehensive building renovations.
The Trust Act limits the Trust’s initial unit volume to 25, units. No NYCHA site can convert to the Trust without a positive vote of the site’s residents.
Under the Act, NYCHA must develop and administer a voting process to provide residents with that choice.
The Trust Act took effect on August 15, and the Trust is being structured and operated by its executive staff who reports to a currently seven-member board.
As the Trust assumes a full workload in including leasehold contracts with NYCHA, Section 8 conversions with the Department of Housing and Urban Development (HUD), and the procurement of design-build partners to perform construction work the Trust will continue to add staff to fulfill critical functions.
Position Summary
The Assistant General Counsel and Compliance Officer reports directly to the General Counsel and is a key member of the Trust’s legal and compliance department.
The Assistant General Counsel and Compliance Officer will assist in managing the Trust’s legal matters, focusing on compliance, ethics, contracts, procurement, and regulatory affairs, among other matters.
This role involves providing legal advice, overseeing compliance programs and compliance reporting, and ensuring the organization adheres to all applicable laws and regulations.
Primary Responsibilities
The primary responsibilities of the Assistant General Counsel and Compliance Officer include, but are not limited to the following :
1.Legal and Compliance Support : Assist in overseeing legal matters, provide legal advice, and ensure compliance with laws and regulations.
2.Regulatory Affairs : Monitor regulatory changes, advise on compliance, and liaise with regulatory bodies, including the United States Department of Housing & Urban Development (HUD.
3.Ethics and Compliance Programs : Develop, implement, and oversee ethics and compliance programs and the requisite reporting.
4.Risk Management : Identify, evaluate, and mitigate legal and compliance risks.
5.Training and Education : Develop and provide legal and compliance training to staff.
6.Procurement and Contracts : Support procurement and contracting efforts and related background checks.
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