Senior Housing Finance Officer

Position Announcement
Out Posting
Senior Housing Finance Officer
$7,487 - $9,122 Monthly

THE POSITION

This position will initiate, identify, evaluate, underwrite and expedite housing developments within and outside redevelopment project areas; negotiate and recommend terms of complex housing transactions; monitor and implement contracts and property disposition; participate in negotiations with investors, lenders, joint ventures, and other potential partnerships to arrange financing of these developments, including the administration of Agency sponsored assistance; and promote the achievement of the Agency's housing production goals, including increasing the City's low and moderate income housing inventory. This recruitment is being conducted for the East Valley Region as well as anticipated future vacancies.

THE FOLLOWING ARE EXAMPLES OF DUTIES AND QUALIFICATIONS. A MORE COMPLETE LISTING IS AVAILABLE FROM HUMAN RESOURCES.

Typical duties include:

• Prepare and present loan recommendations for approval of transactions for both single-family and multi-family deals, which may include new construction, rehabilitation, at-risk housing, and/or land acquisition activities

• Coordinate interdepartmental communications on housing projects under development to ensure most efficient and highest quality project and smooth transition to operation

• Establish and maintain communications with outside organizations and individuals to encourage and facilitate housing development, including new construction, mixed use, residential and commercial rehabilitation

• Negotiate with private and nonprofit developers and sponsors of housing; review, evaluate and coordinate proposals; assist in securing financing and negotiating terms of Agency assistance

• Provide technical assistance to developers; and coordinate with outside agencies, and Agency staff from other disciplines. Perform related duties as assigned.

• Review/evaluate, underwrite and close on single family and multi-family financing structures, including predevelopment and permanent; provide information to prospective Agency customers

• Monitor Agency loans through funding; provide Agency letters of support to publicly financed projects

• Prepare Agency loan documents, work with financing partners to close and fund transactions; develop procedures and programmatic changes to existing Agency programs that need refining

• Using agency and other underwriting tools, analyze and evaluate potential housing transactions, including multi-family and single-family.

• Typical financing structure include LIHTC, bond financing, city/state/federal subsidies, for a wide range of affordable housing.

Minimum qualifications include: Any combination of experience and education that would likely provide the required knowledge and abilities is qualifying. At least five years professional experience in real estate development, financing or specialized housing production work. Equivalent to a Bachelor's degree with a major in real estate, real estate law, economics, planning or a closely related field is required. Additional graduate level course work in real estate, economics, planning and finance is desirable. Must have a valid CA Driver's License and excellent driving record.

Knowledge of: Real estate practices/laws; redevelopment regulations/laws; sources and advanced techniques of real estate financing with emphasis on housing; development construction, operating costs of housing; Federal and State housing programs; and mortgage revenue bond programs. Knowledge of affordable housing programs, both multi-family and single-family, financing and tax credits; Detailed knowledge of numerous loan application processes, including but not limited to Fannie Mae, Freddie Mac, CalHFA, and numerous other financing tools; The underwriting process for debt on LIHTC and market-rate properties; Demonstrated experience in underwriting both manually and through the use of automated underwriting systems; The ability to communicate well in difficult situations; Possess excellent analytical and decision making skills; Ability to make presentations to Agency, City and stakeholder groups.

Skills and abilities to: Analyze project development pro formas; plan, organize, guide, coordinate complex real estate negotiations and programs; make accurate appraisal reviews; explain Agency practices and objectives; and coordinate appropriate financing mechanisms to minimize cost and risk.

Special Requirements:

Experience underwriting multi-family and single-family loans; knowledge of affordable housing programs, both multi-family and single-family, financing and tax credits; detailed knowledge of numerous loan application processes, including but not limited to Fannie Mae, Freddie Mac, CalHFA, and numerous other financing tools; knowledge of the underwriting process for debt on LIHTC and market-rate properties; demonstrated experience in underwriting both manually and through the use of automated underwriting systems; the ability to communicate well in difficult situations; possess excellent analytical and decision making skills; Ability to make presentations to Agency, City and stakeholder groups.

TO APPLY: A current resume AND completed CRA application must be submitted to the Human Resources Department. Position is open until filled. First review of resumes will be Friday, June 6, 2008. Be advised that incomplete applications or stand-alone resumes will not be considered. Application can be found online at www.crala.org. Announcement# 2007-03-007.