Multifamily Affordable Housing Closing Specialist

Company: U.S. Department Of Housing And Urban Development

Location: Washington, DC

Job Function: Project Management


Background

The “Office of Recap” is responsible for the preservation and recapitalization of federally assisted affordable housing and oversees and processes financial transactions to ensure the long-term physical and financial viability of affordable rental housing. In conducting the business of preservation of affordable housing, Recap is also responsible for ensuring compliance with relevant laws and statutes.

Preservation efforts originally began in the “Office of Multifamily Housing Assistance Restructuring” (OMHAR), established in 1997, to administer the Mark-to-Market program under the Multifamily Assisted Housing Reform and Affordability Act of 1997 (MAHRA). OMHAR expanded as result of the growing need for preserving affordable housing and became the “Office of Affordable Housing Preservation” (OAHP) until its transition into the Office of Recapitalization under the Office of Multifamily Housing.

The following programs are administered by the Office of Recap to preserve and recapitalize affordable housing:

Mark-to-Market (M2M) – This program preserves affordability and availability of low income rental multifamily properties with federally insured program. The purpose of M2M is to reduce rents to market levels by restructuring existing debt to levels supportable by these rents. The Green Initiative is also available through this program to assist owners in rehabilitating their properties in the most sustainable way feasible. For more information visit the Mark-to-Market web page.
Rental Assistance Demonstration (RAD) – This program allows proven financing tools to be applied to at-risk public and assisted housing. RAD is a central part of the Department’s rental housing preservation strategy, which works to preserve the nation’s stock of deeply affordable rental housing, promote efficiency within and among HUD programs, and build strong, stable communities. RAD provides service for Public Housing, Rent Supp, RAP, Mod Rehab, Mod Rehab SRO, and PRAC properties. For more information visit the RAD web page.
Section 236 Preservation – This program serves as a centralized processing model for the majority of Section 236 preservation activity through Recap where owners and purchasers will no longer submit applications to the Multifamily Program Centers. This procedure modification is designed to streamline how Section 236 prepayment applications and related requests are processed, and to assign dedicated staff to oversee the complex work involved in these transactions. For more information visit the 236 Preservation web page.
Pre-1974 Section 202 Direct Loan Preservation – This program provides two comprehensive options for owners of properties with pre-1974 Section 202 Direct Loans to preserve the affordability of these properties by entering into long-term rental assistance contracts. For more information visit the Pre-1974 Section 202 Direct Loan Preservation web page (formerly SPRAC). Note: The SPRAC program has completed. For historical information email us at sprac@hud.gov.

Summary

This Rental Assistance Demonstration (RAD) Closing Coordinator position supports the goals of HUD’s Office of Recapitalization by helping to facilitate the conversion of public housing units into Section 8; therefore, contributing to the preservation of affordable housing for low-income households. This position serves as the primary point of contact for all internal and external parties through-out the closing process, analyzes and evaluates closing documents to ensure completeness, accuracy, and compliance with HUD’s policies and procedures, and works closely with all parties to resolve issues or hurdles to ensure a successful closing.

Requirements

-Analyze and evaluate both general and specific closing and post-closing laws, regulations, and policies in order to participate in development of closing policy for preservation programs and activities assigned to or undertaken by the Office of Recapitalization.
-Initiate closing process by preparing Closing Agendas and Title Instructions for recapitalization transactions, based on detailed review and analysis of approval letters and commitments, and knowledge of real estate settlement practices.
-Perform quality control for closing dockets to ensure the docket contains accurate, complete, and consistent documentation of the closed transaction.

Compensation and Benefits

$87,198 to $134,798 per year

How to Apply

Posting for Merit Promotion (federal employees/status): https://www.usajobs.gov/GetJob/ViewDetails/610770100
Posting for the general public: https://www.usajobs.gov/GetJob/ViewDetails/610770800