Director, Asset Management & Strategy, Affordable Housing

About the role

The Director of Asset Management & Strategy, Affordable Housing, serves as the main relationship contact for existing borrowers, developers, and property managers. They collaborate with key stakeholders to ensure excellent portfolio health and customer service. This role also involves managing compliance and data teams, attending conferences, developing databases, and analyzing financial reports.

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.
• 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.
• 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.
• 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.
• 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.

Qualifications

• 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.
• 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.

Skills

• Excellent research, project management, organizational, analytical, and quantitative skills, including comprehensive Excel skills and the ability to prepare and analyze meaningful proformas.
• Strong problem-solving and decision-making abilities.
• Ability to manage multiple tasks and prioritize responsibilities.
• Strong interpersonal and communication skills.

Benefits

• Medical, dental, and vision insurance.
• Paid time off.
• 401(k) retirement plan with employer contribution.
• Life Insurance.
• Short and long term disability.
• Summer Fridays.
• Employee Development Benefits.
• Mentorship program.
• Professional development stipend.
• Wellness programs.
• Employee assistance.
• Referral bonuses.

Pay

$110,000 – $139,000 starting range for Chicago, IL location; $105,000 – $128,000 starting range for Grand Rapids, MI, OH, MO, IN locations.

Schedule

Hybrid: In office: T/W | WFH: M/Th/F