Director of Multifamily Asset Management

ABOUT THE CONNECTICUT HOUSING FINANCE AUTHORITY:

Connecticut Housing Finance Authority ("CHFA") is a self-funded, quasi-public organization. Its mission is to alleviate the shortage of housing for low- and moderate-income families and persons in the state of Connecticut ("State") and, when appropriate, to promote or maintain the economic development of the State through employer-assisted housing efforts.

CHFA is a mission-driven leader in creating affordable housing opportunities for families and individuals in Connecticut. We believe in the power of the diverse and inclusive communities we serve. We provide a challenging, progressive, and supportive environment that encourages and promotes employee development.

We offer competitive salaries; tuition reimbursement; 457 deferred compensation, state sponsored pension plan, comprehensive health, dental, life, and disability plan, paid vacation, sick, and holidays, hybrid work schedule, ongoing training, career development and, if qualified, employee may be eligible for student loan forgiveness under Federal Loan assistance program.

ABOUT THE POSITION:

The position leads the entire multifamily portfolio management program, including loans, tax credit only transactions, SSHP portfolio properties as well as special programs related to multifamily developments to ensure regulatory, physical, and financial health of the portfolio, including preservation, and compliance with federal, state and CHFA policies, guidelines, and procedures. In addition, this position provides comprehensive leadership on the department's organizational priorities, advising the managing director on strategic planning, personnel, budgetary and other high-level initiatives.

SUPERVISION RECEIVED:

Receives direction from the Deputy Managing Director of Multifamily or a position of a higher grade

SUPERVISION EXERCISED:

Supervises and directs the work of staff in the unit and is responsible for monitoring all compliance requirements of the assets within the various portfolios CHFA manages. Provides frontline support to Deputy Managing Director of Multifamily and Managing Director of Multifamily in management of the Department initiatives. Serves as guide to other department managers and staff in the achievement of their strategic goals and projects.

JOB DUTIES AND RESPONSIBILITIES:

• Advise Deputy Managing Director and Managing Director on strategic goals and vision for Asset Management including programming, staffing, budget and development.
• Manage a team of asset managers and other staff to assess the performance of CHFA's multifamily developments by assessing financial performance, review of annual budgets and audited financial statements, other deliverables, conducting secondary reviews, compliance with covenants, including calculating cash flow share or additional interest due to CHFA, residual receipts or other forms of escrow held by the Authority. Review the performance of properties over time to identify trends, implement reporting tools to track performance and strategies such as effective risk rating management tools to provide effective oversight.
• Serve as the point of contact with CHFA's third party contractor regarding tax credit compliance, addition of new properties to the contractor's portfolio, hosting educational workshops for owners and agents, reporting non-compliance to the IRS, and other functions as necessary to maintain compliance with federal, state and CHFA policies and procedures.
• Conduct or review staff's required periodic management reviews, site visits, and unit observations, review of rent increases for properties in CHFA's portfolio to ensure compliance with rules and regulations of all relevant federal, state, local and CHFA policies and procedures. Evaluate the physical condition and administrative policies of the development; follow up on physical inspections for any health and safety issues found during the inspection. Ensure compliance with reporting requirements per the governing documents. Respond to residents, owners, management agents, legislative and constituent inquiries, collaborating with the government relations director.
• Coordinate with the development team regarding compliance feedback for new applications. Respond to inquiries such as affordability and reporting requirements. Review of management plan, tenant selection plan, marketing plan for multifamily developments. Review and approve development team, including proposed management agent for new and existing customers.
• Provide exceptional customer service at the site level solving problems related to applicants, tenants, and other occupancy related issues. Meet with owner/agents to assist with resolving cash flow concerns, compliance and other matters to bring properties back into compliance.
• Serve as the point of contact with owners and agents in reviewing assumptions, reserves processing, payoff requests, ownership transfers and other actions as needed in accordance with the terms and conditions of the governing documents, and CHFA policies and procedures. Host trainings and workshops, including representing CHFA at conferences, trade associations, to present relevant topics. Present at internal committees and Board of Directors action items that require approval. Strengthen relationships with external customers by hosting meetings, providing technical assistance, and developing training.
• Responsible for mitigating the impact of under-performing, delinquent, and defaulted multifamily loans by implementing timely and appropriate steps to address credit quality issues. Collaboration with Finance, Legal, and other areas of CHFA regarding delinquent borrowers and follow up action as necessary. Collaborate with the workout officer and other areas of CHFA to transition troubled debt for recovery and other action as necessary to mitigate the Authority's financial exposure.
• Collaborate with Compliance Officer on responding to internal audit findings and implement process improvements.
• Maintain awareness of statewide economic and vacancy market conditions affecting multifamily properties and keeping staff and senior management apprised on a regular basis, including implementation of effective reporting tools and dashboards. Perform regular reviews to identify preservation opportunities for multifamily customers.
• Develop, implement and manage a Preservation of Affordable Housing program to ensure the retention of affordable and subsidized units and the extension of affordability commitments.
• Support CHFA's goals and objectives by coordinating/reviewing staff goals and objectives, authoring performance reviews and evaluations; conduct associated performance reviews with staff. Maintain updates to policies, procedures, guidelines, manuals, forms/templates as necessary.
• Support and promote Policy Initiatives and Strategic Plan goals through the analysis and review of key department status reports and benchmarks. Lead in reviewing internal department processes and requirements to streamline and promote efficiency within the Authority overall to better position CHFA with external partners and future customers to gain a greater market share, improve customer loyalty and strengthen CHFA's reputation as a superb financial lender.
• Act as budget manager for Multifamily, drafting department budget and approving expenditures.
• Assist with other functions and duties assigned to this position by the Managing Director of Multifamily.

MINIMUM QUALIFICATIONS REQUIRED:

BS/BA degree in business, accounting, finance, or related field; requires minimum of seven (7) years of direct supervisory experience; a minimum of ten (10) years of experience in multifamily rental housing, program compliance, auditing, portfolio management, HUD programs such as Section 8, the low-income housing tax credit, tax exempt bonds and other resources used to develop and monitor affordable housing for compliance, and a minimum of three (3) years of experience in the preservation of affordable assets, or an equivalent combination of education and experience. Experience in the management of a large portfolio of affordable multifamily rental properties is required. CPM designation preferred.

KNOWLEDGE AND SKILLS:

Must have proven ability to manage, provide leadership, meet deadlines, and work effectively and efficiently in a busy work environment. Experience with strategic planning and developing organizational priorities. Knowledge of federal tax credit and state programs, HUD Section 8, servicing, and program compliance. Ability to interpret legal documents, conduct feasibility analysis, capital needs analysis, HUD regulations, Section 42, multifamily tax-exempt housing bond guidelines and other federal and state regulations. Five to seven years of management or supervisory experience in the multifamily housing industry. Requires excellent verbal and written communication skills to interact with professionals from a wide variety of disciplines. Strong analytical skills and attention to detail is a must. Proven experience working with monitoring real estate portfolios, including knowledge of federal and state programs. Has demonstrated ability to implement initiatives, provide accurate and detailed information, provide guidance to staff and be a decision-maker. Detail oriented with eye on quality, strong organizational skills, and ability to multi-task. Strong ethical decision-making skills demonstrating a high level of integrity in all situations. Ability to demonstrate and promote a high level of commitment to customer service. Ability to work effectively with a diverse customer base. Computer skills including Microsoft Word™ and Excel™, cash flow software and other database programs are essential.

This is not an exclusive list of all job functions, and the employee is expected to complete all duties as assigned. Duties, responsibilities and reporting structure may be added, deleted, or changed at any time at the discretion of management, formally or informally. This job description in no way constitutes an employment contract or agreement.

Salary: Min - $132,228.81 Mid - $165,282.61 Max - $215,613.75

CHFA is an equal opportunity/affirmative action employer and strongly encourages the application of women, minorities, veterans, and persons with disabilities.

CHFA EOE