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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. HCR is a vibrant, innovative agency that integrates and leverages New York State’s housing and housing finance 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.

Internship and Fellowship Opportunities

New York State Homes and Community Renewal (HCR) consists of all the State’s major housing and community renewal agencies, including, The Affordable Housing Corporation, The Division of Housing and Community Renewal, Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others.

Organizing these agencies under a single leadership and management structure has created new efficiencies and allowed for better coordination of the state’s resources.  Similar and complimentary programs are now aligned and working together, reducing costs, red tape and duplicative efforts while increasing the effectiveness of the state’s housing and community renewal programs.

HCR organizes programs in a logical manner into four groups – Finance and Development, Housing Preservation, Community Renewal and Professional Services.

Finance and Development – aligns all programs that fund the development of affordable housing, including Low Income Housing Tax Credit programs, tax exempt and taxable bond finance programs, single family loan and Capital awards programs.

Housing Preservation – includes all the programs that maintain and enhance the state’s portfolio of existing affordable housing. This includes the Office of Rent Administration, the Section 8 program, Asset Management and the Weatherization Assistance Program.

Community Renewal – includes all the programs geared toward community and economic development, job creation and downtown revitalization, including the NYS Community Development Block Grant Program, NY Main Street program, Affordable Housing Corporation, Neighborhood Stabilization Program and the Neighborhood and Rural Preservation programs.

Additionally, the office of Professional Services includes all administrative and support services, including Communications, Legal affairs, Administration, Fair Housing, Policy Development, and Accounting and Treasury.

Graduate Student Intern Program

HCR offers internships to graduate level students desiring experience in the development and preservation of affordable housing across New York State.  Each internship is unique and highly dependent upon HCR’s needs at the time.  HCR is also committed to aligning students’ work assignments to their academic and career goals.  Students will observe, participate in, and/or acquire experience with State and federal government procedures, as well as working collaboratively with partner State agencies.

The program will provide talented and ambitious students with firsthand experience of New York State government at the agency level.  The internship will foster an understanding of the opportunities and challenges inherent in the development and preservation of affordable housing.  Students can expect to gain perspective on these issues from the Federal, State and municipal level, as well as an understanding of the interagency collaborations and public/private sector relationship.


Candidates must be currently enrolled in, or a recent graduate of, a Master’s degree program.  All disciplines are welcome to apply; preference may be given to students enrolled in programs with a focus on community/urban or environmental planning, economics, public policy, architecture, public administration.


Students will work directly with program management staff.  Assignments may vary based on the needs of HCR.  Positions are located primarily in Albany and New York City; opportunities are also available in Buffalo and Syracuse.

Application Process

Students must submit the following documents to the Director of Human Resources Management:

  • Cover letter explaining why you are seeking an HCR Internship;
  • Resume;
  • Unofficial transcript for every college/university you have attended; and
  • Two letters of recommendation.

Email all required documents to: [email protected]

Municipal Finance Fellowship Program

New York State Homes and Community Renewal (HCR) established the Municipal Finance Fellowship program in 1990. The Fellowship offers a year-long, full-time opportunity to gain real-world experience in the public finance investment banking industry. Beginning in July of each year, HCR offers up to 4 Fellowships annually to students with interest in pursuing careers in finance and the public sector. The program strives to create a more inclusive and diverse workforce in the financial services industry.

Program Description

Fellows will participate in a one-year public finance rotational program, where they will spend six months with HCR and six months with a partnering investment banking firm. Current investment banking partners include Barclays, Morgan Stanley, Samuel A. Ramirez & Co., and Wells Fargo.

At HCR, Fellows will be deeply involved with single-family and multi-family bond financings, real estate finance, and mortgage insurance. At the investment banking firms, Fellows will be immersed in the public-finance investment banking arena. Fellows will receive a compensation package with benefits.

Responsibilities may include:


  • Reviewing cash flows for new money issues and refundings
  • Preparing presentations to rating agencies and Board Members
  • Participating in bond pricing calls
  • Analyzing retail & institutional orders and allocations
  • Evaluating developer proposals for affordable housing developments

Investment Bank

  • Participating in the analyst training program
  • Preparing RFP responses, presentations, and pitch-books for potential clients
  • Gathering market data to analyze trends, value, and price transactions
  • Attending bond pricing calls and sales meetings
  • Creating debt structures for bond issuers


  • Interest in finance, familiarity with governmental institutions, and a willingness to work hard in the pursuit of an exciting and rewarding career.
  • Quantitative ability, as demonstrated through courses or work experience, relating to economics, business administration, or mathematics is important, but it is not necessary to have majored in one of these areas.


  • The program is open to undergraduate students receiving a Bachelor’s degree in May/June of the applying year/Winter graduates of the prior year with a Bachelor’s degree.
  • Applicant must be a resident of New York State and a permanent resident of the United States.
  • The program is designed for students who are members of historically under-represented groups in the financial services industry.

Application Materials and Deadline

  • The application deadline is April 21, 2024
  • Cover letter – include a narrative on your ethnic, racial, cultural, familial, economic and/or other biographical factors as they have impacted your life and accomplishments
  • Resume
  • List three references with contact information
  • Unofficial college transcript
  • Send all materials and questions to [email protected].

Municipal Finance Fellowship Brochure

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