Director, Asset Management & Strategy, Affordable Housing

IFF (CDFI)•Chicago, IL

30d•$110,000 - $139,000•Hybrid

About The Position

The Affordable Housing Loan Program provides short- and long-term financing for regulated affordable rental housing across the Midwest. The Director of Asset Management & Strategy, Affordable Housing, will use sector knowledge, portfolio data, and updated state and national policy trends to help inform IFF Affordable Housing Lending and Asset Management strategy. This dual-purpose role oversees IFF’s loan portfolio, manages customer relationships, solves problems, and works closely with Lenders, Closers, Construction Administration, Finance, and Compliance while leveraging deep sector knowledge to optimize and de-risk new lending decisions. IFF is looking for candidates with a commitment to the work we do who can demonstrate their creativity, diligence, enthusiasm, growth-mindset, thoughtfulness, and passion to make meaningful change in the areas of economic and racial justice.

Requirements

Four-year degree in a relevant field or equivalent work experience
Ten plus years of experience in real estate finance or a related field
Five years of experience in regulated affordable housing
Expertise in multifamily asset management and commercial real estate principles, including underwriting, debt structures, interpreting market data, and valuation.
Expert understanding of Low-Income Housing Tax Credits, Tax Exempt Bond Programs, HUD affordable housing programs, and Midwest real estate markets.
Expert knowledge of multifamily real estate operations, including property management, marketing and leasing, budgeting, capital needs planning, financial reporting, and compliance with financing covenants or regulatory agreements preferred.
Excellent research, project management, organizational, analytical, and quantitative skills, including comprehensive Excel skills and the ability to prepare and analyze meaningful proformas.
Strong client-facing skills, including the ability to communicate complex business issues to various audiences in a clear and concise manner, verbally and in writing.
Regular travel throughout the Midwest, with occasional early mornings, extended hours, and evening or weekend work.

Nice To Haves

Expert knowledge of multifamily real estate operations, including property management, marketing and leasing, budgeting, capital needs planning, financial reporting, and compliance with financing covenants or regulatory agreements

Responsibilities

Serve as the main relationship contact for existing borrowers, developers, and property managers.
Work collaboratively with Managing Director of Partnership Management, Asset Manager, Affordable Housing, and Senior Asset Manager, Affordable Housing, to evaluate process and procedure to ensure excellent IFF Asset Management, portfolio health, and customer service.
Provide Data for Compliance and Data teams for specific IFF funding sources (public and private)
Attend affordable housing conferences across IFF footprint and nationally to support IFF visibility in the sector and understand State & Local strategic priorities to inform IFF Affordable Housing Lending program, products, and policy.
Develop and oversee resource database of housing authority certified third-party property management companies in each of the states IFF provides affordable housing loans.
Track and share Asset Management trends across IFF footprint with Affordable Housing Lending team in support of maintaining excellent underwriting practices.
Aggregate sector specific best practices to inform and de-risk new lending decisions as IFF continues to refine our scope and position in the affordable housing ecosystem.
Review loan summaries and ensure that monitoring checklists are prepared for each new loan based on review of limited partnership agreements, regulatory agreements, financing documents and other sources.
Maintain accurate documentation in loan files and database with current risk ratings and project status.
Work closely with the Construction Loan Administrator on monitoring the progress of properties through construction and lease up through stabilization, including financial analysis for stabilization tests.
Lead conversion process for construction to permanent loans, including review of final title policies and compliance with documentation requirements.
Analyze financial reports and evaluate variances between project budgets and actual performance, communicate emerging operating issues and identified solutions, and ensure compliance with loan documents.
Identify risk as part of the annual loan portfolio risk rating process. Create a mitigation plan for at-risk properties and present solution(s) to management as needed.
Update Lenders and Managing Director of Partnership Management of any relevant new borrower information acquired from reviews of financials and monitoring reports.
Share new lending opportunities for existing and new developers with Affordable Housing Lending team.
Perform periodic site inspections according to risk classification.
Evaluate requests for modifications to outstanding loans and prepare modification memos for approval.
Authorize draws from reserves in accordance with loan documents and monitor adequacy of reserve balances.
Analyze exit/disposition at end of compliance period to mitigate portfolio risk after investor exit, communicating with borrowers about recapitalization strategies in the years leading up to maturity.
Demonstrates a commitment to equity, diversity, and inclusion. Promotes an environment of empathy and respect, ensures the inclusion of all team members, and will actively engage in EDI events and learning opportunities.