Managing Director of Multifamily

Company: Connecticut Housing Finance Authority

Location: Rocky Hill, CT

Job Function: Other


Background

Connecticut Housing Finance Authority (“CHFA”) is a self-funded, quasi-public organization.  Its mission is to alleviate the shortage of housing for low-to 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 #affordablehousing 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.

Summary

This position is responsible for oversight of CHFA’s Multifamily Department and reports directly to the CEO-Executive Director of CHFA.

The Managing Director of Multifamily will work to maximize affordable housing creation and preservation. The Managing Director of Multifamily will lead and manage multifamily rental housing development/underwriting finance and equity programs, including but not limited to the federal Low Income Housing Tax Credit (“LIHTC”), the state of Connecticut’s (“State”) Housing Tax Credit Contributions program, and other State and non-State lending programs administered by CHFA. The Managing Director of Multifamily will work to ensure adequate internal controls over all operations, and the compliance of programs with all federal and State regulations, the federal tax code, and all federal and State laws, as applicable. The Managing Director of Multifamily will seek to preserve and enhance the quality of CHFA’s assets and mortgage loan portfolio from both a financial and physical standpoint. The Managing Director of Multifamily will provide strategic and operational direction to achieve the outcomes and objectives of CHFA’s 2021-2023 Strategic Plan (“CHFA Plan”).

Responsibilities

  • Oversee the daily operations of the Multifamily Department including new business development, the underwriting, risk, and policy outcome analysis for all potential and portfolio multifamily developments, the review of all loan and property related requests, construction loan advances, the allocation and administration of federal and State tax credit programs, the facilitation of closed transactions to asset management and the management and monitoring of CHFA’s asset and loan portfolio. Oversee the preparation of materials for the Board of Directors meetings. Make presentations at the Board of Directors meetings as necessary.
  • Supervise management of housing development and asset management staff through performance measurement, work reviews, scheduling, training, counseling, disciplining, reassigning, and evaluation of employees.
  • Proactively manage and direct discussions with developers, lenders, and other partners to explore new business opportunities and negotiate terms for transactions under consideration. Ensure that all origination and underwriting decisions are in conformance with agreed upon business terms and provide comprehensive oversight over all credit decisions relating to CHFA’s lending activities.
  • Review and evaluate current policies and identify industry best practices to improve performance of the division, identify gaps within the division, promote and lead process improvement strategies, including implementation, reporting, and monitoring systems. Deliver clear communication regarding multifamily daily operations, other important milestones/initiatives, and transaction closings.
  • Act as subject matter expert on all multifamily matters with the executive team. Act as primary liaison with the Department of Housing and other state agencies.
  • Direct the development of comprehensive and accurate reporting associated with all department activity. Oversee execution and implementation of strategic plan goals reporting, annual budgeting, and the tracking of progress on key performance indicators (KPI) associated with the CHFA Plan.
  • Oversee and work to maintain the excellent financial and physical health of CHFA’s multifamily asset and loan portfolios. Ensure regulatory compliance is maintained with all applicable laws and regulations, federal and State. Direct the loan workout and special asset process. Ensure that the portfolio is appropriately risk rated and reserved.

 

Requirements

MINIMUM QUALIFICATIONS REQUIRED:

  • BS/BA degree in finance, business administration, accounting, public administration, or related field or Master’s degree preferred
  • Requires 10+ years’ broad-based, senior management experience.
  • Must possess commercial real estate finance, affordable housing, or community development lending experience sufficient to demonstrate ability to lead the Department.
  • Advanced experience with federal LIHTC allocation and administration highly desired.
  • Prior successful housing finance agency (HFA) experience is desirable but not required.

KNOWLEDGE AND SKILLS: 

  • Strong management and leadership skills are required including staff training, motivation, and development.
  • Must be able to manage a wide variety of professional staff including underwriters, architects and construction specialists, asset managers, and housing program and insurance specialists.
  • Ability to read and interpret regulatory and contract language and negotiate business terms.
  • Team player with ability to troubleshoot and bring issues to a successful close with speed and skillful negotiation.
  • Requires knowledge of real estate finance, legal terminology, and investment, construction and development techniques, appraisal theory and practice, housing programs, property management, asset management, accounting, and auditing.
  • Must have strong written and verbal communication skills, presentation, and public speaking skills as well as negotiating skills.
  • Must have excellent analytical skills and be able to prioritize and manage complex issues within tight timeframes and allocate resources appropriately.
  • Must have working knowledge of Microsoft Office™ or other financial and database software and financial calculators.

ALL OTHER DUTIES AS ASSIGNED:

This is not an exclusive list of all job functions, and the employee is expected to complete all duties as assigned.  Duties and responsibilities 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.

Compensation and Benefits

Salary: Low-$174,632-Mid-$230,232-High-$277,381

How to Apply

To apply for this position, submit resume, cover letter referencing the position for which you are applying, and complete on-line application at https://www.chfa.org/careers.

Applications open until the position is filled.

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