Company: Low Income Investment Fund (LIIF)

Locations: San Francisco, CA; New York, NY; Atlanta, GA; Los Angeles, CA; Washington DC, DC

Job Function: Lending/Loan Operations



Low Income Investment Fund (LIIF) is a national community development financial institution (CDFI), headquartered in San Francisco with offices in New York City, Atlanta, Los Angeles and Washington, D.C., that invests in communities of opportunity, equity and well-being. As a CDFI, LIIF supports projects that have high social value but lack access to traditional financial institutions. Since 1984, LIIF has deployed more than $3.1 billion to serve more than two million people in communities across the country from its five offices. An S&P-rated organization, LIIF funds healthy communities by providing innovative capital solutions. Currently, LIIF is driving $5 billion in investments to advance racial equity (2020-2030). More on LIIF can be found at



Location:  New York City, Washington, D.C., San Francisco, Los Angeles, Atlanta
Reports to: Director of Asset Management and Loan Administration
Exempt classification:   Exempt
Status:  Regular, Full time

The Deputy Director, Asset Management is responsible for direction of a team of Asset Managers and the overall asset management of LIIF’s growing portfolio of nearly $800,000,000 in acquisition, predevelopment, construction and permanent loans made to support the development of affordable housing, childcare facilities, charter schools, and other community facilities. Following closing and through repayment, the Deputy Director is responsible for directing and guiding Asset Managers management of their respective portfolios where the Asset Manager serves as lead LIIF contact for borrowers, sponsors, and other external partners. The Deputy Director’s asset management responsibilities include credit monitoring and analysis, risk rating recommendation, construction loan administration, loan conversion, modification underwriting and closing, special attention monitoring, and workouts for all assigned loans. The Deputy Director will train, manage and coach the Asset Managers to ensure quality execution of these aforementioned asset management responsibilities for their respective portfolios.

The Deputy Director, Asset Management reports to the Director of Asset Management and Loan Administration. The Deputy Director, Asset Management will work closely with the Director of Asset Management and Loan Administration (DAMLA), Chief Credit Officer (CCO), Regional Directors and Deputy Directors, Loan Officers, and Loan Administrators as well as colleagues in the Early Childhood Education, Funds, and Finance teams in an effort to meet LIIF’s lending goals and objectives. The Deputy Director, Asset Management will communicate with borrowers, third party lenders, attorneys and other external parties, as appropriate.




Portfolio Credit Management:
As the direct manager to the Asset Managers, the Deputy Director directs the ongoing asset management of LIIF’s loan portfolio. Responsibilities include:

  • Assign loan portfolios to Asset Managers and evaluate progress and quality control
  • Manage Credit Committee
  • Ensure modifications, credit reviews, and site visits are being performed thoroughly, timely, and in accordance with procedures by AM Staff
  • Support AM Staff in securing ongoing training in areas such as construction lending, accounting, and charter school management
  • In collaboration with DAMLA and/or CCO,
    • Ensure LIIF’s complete portfolio of acquisition, predevelopment, construction, and permanent loans is well-managed by Asset Management staff so that credit risk is mitigated, financial losses to LIIF are as low as possible, and delinquencies are low Reviewed: 8 2023
    • Ensure LIIF Staff provides excellent customer service, professionalism, and partnership to all participating parties
    • Consult Asset Managers on internal and external strategies for managing their portfolios
    • Design strategies and structure solutions for managing special attention and delinquent loans with the Asset Manager
    • Facilitate information exchange on policy, economics, or events that may affect the portfolio (e.g. teachers strikes, government shut down, natural disasters)

Staff Management:
The Deputy Director independently manages the Asset Managers and with a dotted line to the NMTC Asset Manager. In this capacity, they will:

  • Provide direct training and coaching so to develop Staff strengths, address any performance issues, and affirm achievements
  • Manage performance reviews, time-off approvals, expense reports, timesheets, office space, etc. for direct reports
  • Help cover Asset Manager portfolio responsibilities in the case of leave, absence, or turnover
  • Make efforts to improve retainage and employee engagement
  • Lead hiring, onboarding, performance improvement plan, and termination process for these positions
  • Monitor workloads and support efforts for ongoing professional development and training

Asset Management:

  • Loan Monitoring – The Deputy Director, Asset Management will be responsible for the ongoing asset management of a reduced portfolio of affordable housing, health providing facilities, charter schools, and community facility loans, including construction loans’ monitoring and draws approvals. Asset management functions include developing a relationship with each borrower and conducting regular loan monitoring reviews. The Deputy Director, Asset Management will prepare credit reviews for each loan on a regular schedule to review overall asset and credit quality, including performance against original underwriting expectations. Such reviews evaluate information including borrower/sponsor financial condition and operating performance, rent rolls, project status reports, covenant tracking and compliance, and overall analysis of the credit condition of the borrower/sponsor, as informed by a complete understanding of LIIF’s relationship with and exposure to the sponsor developed in collaboration with the Loan Officer and other LIIF staff. The Deputy Director, Asset Management is responsible for risk analysis and making risk-rating recommendations to senior management by integrating and analyzing data and making judgments on their significance and quality.
  • Construction Disbursement Management – The Deputy Director, Asset Management will review and approve the construction draw packages prepared by Loan Administration for those construction loans in their portfolio. This review includes review of disbursement tracker, AIA documentation, construction monitoring’s site observation reports, and title reports. The Deputy Director ensures LIIF construction funds are disbursed in compliance with loan documentation, loan budget, lien law, and designated timelines. The Deputy Director monitors the construction budget and timeline, and takes proactive steps to support on time and on budget project delivery, which may include regular calls with construction teams, management of budget line item reallocation, or ensuring borrower secures additional funding for project overages.
  • Site Visits – The Deputy Director, Asset Management will conduct regular site visits and prepare site visit reports for loans in their portfolio in accordance with lending procedures.
  • Special Attention Loans – The Deputy Director, Asset Management will work in collaboration with the Chief Credit Officer in managing special attention or delinquent loans in their portfolio including but not limited to: conducting site inspections, appraisal reviews, borrower and project financial analyses; participating in developing loan restructuring strategies and alternatives; monitoring compliance with loan restructure agreements, and preparing monitoring reports and action plans.
  • Loan Workouts – The Deputy Director will be responsible for loan workouts for transactions within their portfolio. For loans at the work-out stage, the Manager conducts a thorough credit analysis of the loan, including researching loan history, reviewing existing loan documentation, and analyzing financial statements of the borrower and, where applicable, the real estate asset. Working closely with LIIF’s legal counsel, the CCO and DAMLA, the Manager proposes and implements an action plan and workout strategy for each troubled loan.

Portfolio Data Collection and Reporting

  • The Deputy Director, Asset Management will collect and provide portfolio credit data and analysis in support of audits and reports managed by Funds, Finance, and Originations teams such as those for S&P, DOE, and the CDFI Fund.


  • Loan Extensions and Modifications – The Deputy Director, Asset Management will direct Asset Managers in the design of loan extensions and modifications and be responsible for any required loan extensions and modifications in their portfolio. For loans where the borrower is seeking an extension or modification, the Deputy Director, Asset Management will work closely with the borrower to provide an assessment of the necessity, feasibility and credit-worthiness of such extension or modification, and Reviewed: 8 2023 communicate same with the DAMLA and the Chief Credit Officer. The Deputy Director, Asset Management will conduct an analysis of the credit and then make and support a recommendation as to the extension or modification terms and conditions, if an extension or modification is deemed appropriate.
  • Conversion – The Deputy Director, Asset Management oversee Asset Manager’s conversions and will manage conversion of loans from product type, which may involve updated credit underwriting and loan closing.

Customer Service: The Deputy Director, Asset Management will maintain a positive and professional relationship with LIIF colleagues and LIIF customers and business partners (which include third party lenders, attorneys and other external parties such as appraisers) by both initiating and responding promptly to any and all requests in a responsive, consistent, and accurate manner



The ideal candidate for this position will have these key qualifications:

  • 8 years of experience in real estate-based lending and/or business lending, including borrower contact, credit analysis, due diligence and loan documentation
  • Experience managing Staff, preferred. Can directly evidence examples of leadership from working career.
  • Proficiency in analyzing financial statements of for-profit and nonprofit organizations and their real estate operations (in particular, rental housing and community facilities occupied by a single tenant).
  • Familiarity with basic accounting principles including the ability to translate cash to accrual accounting and vice versa. Familiarity with federal, state, and local government funding sources for capital and operating needs of multi-family housing, special needs housing, and community facilities (e.g., child care centers, educational programs, health clinics, etc.)
  • Working experience with both private sector financial institutions and public agencies
  • Basic familiarity with business law concepts including contracts, loan collateral, uniform commercial code, creditors’ rights and forms of business organization and sufficient knowledge to review and negotiate loan documents.
  • Proficiency with Microsoft Office Suite Programs, and other database software
  • Excellent skills in managing multiple tasks requiring strong attention to detail

Educational background should include a bachelor’s degree in a relevant area of study such as real estate, urban planning, business administration or finance, and at least an introduction to accounting; an advanced degree is preferred. In addition, the position requires a high degree of self-motivation, dedication, creativity, and perseverance; flexibility with time and willingness to accept a demanding (and personally satisfying) position. Excellent teamwork and strong time management skills are essential. Travel is required, and candidates must have a valid driver’s license

Additional Requirement:
All Low Income Investment Fund (LIIF) employees must be fully vaccinated against COVID-19. In accordance with LIIF’s policies, we provide reasonable accommodations, absent undue hardship, to qualified individuals who cannot get vaccinated against COVID-19 because of sincerely held religious or medical reasons. If you believe you need an accommodation from the vaccination mandate required by this policy, please notify our Human Resources Department.

Compensation and Benefits

Salary range: $140,000 to $150,000 Annually

401k, Health, Vision, Dental, Life

How to Apply

Please apply with Resume and Cover Letter via our recruitment portal:

Recruitment (


Notice to Third Party Recruitment Agencies:

Please note that Low Income Investment Fund does not accept unsolicited resumes from recruiters or employment agencies.  In the absence of an executed Recruitment Services Agreement, there will be no obligation to any referral compensation or recruiter fee.

In the event a recruiter or agency submits a resume or candidate without an agreement Low Income Investment Fund shall explicitly reserve the right to pursue and hire those

candidate(s) without any financial obligation to the recruiter or agency. Any unsolicited resumes, including those submitted to hiring managers, shall be deemed the property of Low Income Investment Fund.

We do not accept unsolicited phone calls. Only candidates being considered for a position will be contacted.

LIIF, an EOE (Equal Opportunity Employer), believes that diversity ensures excellence. All qualified applicants will receive consideration for employment without regard to race, color, religion, sexual orientation, gender, or national origin. Candidates of diverse background and with diverse experience are strongly encouraged to apply for this position.