Leon Hovsepian

Adjunct Assistant Professor of Urban Planning

Leon Hovsepian is an Adjunct Professor teaching real estate finance in the Urban Planning program. He is also the Executive Director of Credit & Special Underwriting at New York City’s Department of Housing Preservation & Development (HPD), within the Office of Development, and chairs HPD’s Credit Committee. HPD is the nation’s largest municipal housing agency of its kind, and is an innovator in affordable housing finance and policy. Leon’s work is focused on holistic reviews of affordable housing investments, assessing costs along with public benefits, and informing housing policy through creative financial analysis.

Previous to joining Development, Leon worked in HPD’s Office of Asset and Property Management as the Director of Finance, where he reviewed the performance of the existing affordable housing portfolio. Prior to HPD, Leon worked in real estate acquisitions looking at market rate properties across the country. And in a previous career, he worked for JPMorgan Chase trading US$ and JPY interest rate books of swaps, forwards, futures, and bonds.

Leon holds a Master of Science in Real Estate (MSRE) from NYU Schack; a Master of Business Administration (MBA) from Columbia University, through their Executive program; and a Bachelor of Science (BS) degree in Mechanical Engineering from Yale University.

The course introduces students to the basic tools of real estate analysis and finance. The development and redevelopment of urban real estate, especially housing, is examined from a public policy perspective. Students will learn the acquisition and development process and master the basics of project-level real estate economics. Emphasis is on the financial structure of real estate projects, including tax implications, and how a variety of public policies can influence private development activity.The course will provide substantial foundation and background for broader study in real estate finance. Through lectures, case studies, financial modeling, and presentations by practitioners, students will receive a practical understanding of housing policy, housing finance, affordable housing finance, and development fundamentals. 

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