FT job - San Jose - Lenders of Community Development - Affordable Housing Loan Program Director
----- Forwarded by Asha Agrawal/SJSU on 02/06/2008 10:46 PM -----
Lenders for Community Development (www.L4CD.com) is looking for a bright, motivated and mission-oriented person to join our team as Affordable Housing Loan Program Director. The position has broad responsibilities for deploying ~ $35 million in loan capital to support affordable housing projects in the Bay Area. Ideal candidates will have 4+ years of relevant work experience in real estate / affordable housing (ideal would be working for a bank or non-profit lender in a capacity lending to affordable housing developers); strong interest in affordable housing / community development; and a desire to work with a group of fun, hard-working and mission-oriented people.
For more information, please see the job description below.
AFFORDABLE HOUSING – COMMUNITY FACILITIES LOAN PROGRAM
LENDERS FOR COMMUNITY DEVELOPMENT
Lenders for Community Development (LCD) is a non-profit financial institution that helps people who are working to build financial, personal and shared assets in low-income communities. We provide financial products, services and training which our customers use to transform their own lives and to better their communities. With a staff of 20+ people and an annual operating budget of almost $4 million, LCD has award winning programs that have a 15 year track record of helping thousands of clients and directing over $100 million into low-income communities throughout the San Francisco Bay Area.
LCD’s Affordable Housing – Community Facilities Loan Program manages over $35 million in funds for multi-family housing, homeownership projects, homeless and transitional housing, and other community facilities, like child care centers and social service agencies. LCD partners with banks, the Sobrato Family Foundation, and the Housing Trust of Santa Clara County to provide capital on affordable housing and community facilities projects that help build community assets. LCD primarily provides early stage financing and flexible subordinated gap financing – including predevelopment, land acquisition and construction gap loans – when conventional lenders cannot provide necessary financing. LCD’s Affordable Housing-Community Facilities Loan team consists of: Program Director, Underwriting Consultant, and Loan Administrator.
This team is looking for a bright and motivated individual who wants to join an entrepreneurial and high-performing team in a fun and flexible work environment.
Position Summary: The Affordable Housing Loan Program Director is a full-time position reporting to the VP of Programs. The Program Director has primary responsibility for managing LCD’s loan programs focused on affordable housing and community facilities, including marketing, underwriting, loan administration and strategy & general management. The Program Director will manage a staff of 2 (Underwriting Consultant and Loan Administrator), as well as cultivate and manage relationships with a wide variety of external stakeholders (affordable housing developers, other non-profit borrowers, banks, government agencies, and foundations).
Strategy & General Management
Set goals and execute strategies for deployment of $35 million in available capital to finance affordable housing and community facilities:
¨ Manage all program activities to achieve program goals – including primary responsibility for marketing as well as supervising supporting and motivating 2 program staff who have primary program responsibility for underwriting and loan administration & reporting
¨ Manage all program external relationships – including with borrowers, loan capital providers (including bank loan pool participants, the Sobrato Foundation and Housing Trust of Santa Clara County) loan committee members, and bank loan servicing providers
¨ Enhance and grow AH/CF Loan Program by designing new products or improving existing ones, and seek new sources of flexible capital (in collaboration with Executive Director & Chief Financial Officer)
¨ Provide support to Development Department in interacting with program funders
Understand and execute marketing strategy to best respond to potential borrower needs:
¨ Cultivate existing relationships with current and former LCD borrowers (non-profit developers of affordable housing) to make sure products meet ongoing financing needs
¨ Market loan programs to potential new borrowers including non-profit and for-profit developers of affordable housing and others in the field of affordable housing and community facilities
¨ Continually understand changing financing needs of affordable housing developers that can inform product development process
Oversee underwriting for 5 loan pools and 12-20 transactions / year:
¨ Work with Underwriting Consultant and borrowers to prepare credit analysis on new loan requests
¨ Underwrite predevelopment, land acquisition and construction gap loans as needed
¨ Manage relationship with Affordable Housing loan committee, including providing continuous education about LCD programs and maintaining membership
Loan Administration & Reporting:
Oversee loan administration and reporting for 5 loan pools and outstanding portfolio of 40-50 loans:
¨ Supervise Loan Administrator in handling of loan closings, portfolio management and reporting
¨ Manage relationships with loan servicing banks and external loan capital sources, including problem solving and identifying process improvements as needed
¨ Strengthen and maintain risk grading system and annual portfolio review
¨ Work with Finance team to ensure smooth shared responsibility for reporting and compliance to bank pool participants, government agencies and other stakeholders
Qualifications: The ideal candidate possesses the following qualities:
¨ Four or more years of relevant real estate experience, including affordable housing or other real estate development, real estate lending experience, etc.
¨ Commitment to affordable housing, community-based economic development and wealth creation for low income communities
¨ Ability to take full responsibility for developing and implementing an annual department plan
¨ Ability to prioritize and work under pressure to meet short deadlines
¨ Self-starter, flexibility and willingness to learn
¨ Proven track record in supervisory role
¨ Superior communication skills and excellent interpersonal skills;
¨ Strong knowledge of the various public and private sources of financing available to developers of affordable housing and community facilities
¨ Knowledge of community development financial institutions
Physical and Environmental Conditions:
¨ Standard office environment, equipment and tasks, including work at computer terminals and occasionally moving loan files;
¨ Will be required to travel locally periodically to meet with customers, attend industry conferences or training, and ensure LCD and the AH/CF Loan Program are represented at relevant events
¨ LCD’s principal offices are in San Jose, with a satellite office in San Francisco.
Compensation and Benefits:
¨ Competitive salary, dependent on experience;
¨ Medical and dental benefits for employee and family;
¨ Tax deferred 403(B) retirement plan offered (some employer contribution);
¨ Paid vacation (increased with tenure), holiday and sick leave days.
Interested candidates should submit a resume, salary history, and cover letter by email to: realestatejobs@...
This information can also be faxed to (408) 297-4599 or mailed to:
LCD Affordable Housing Loan Program Director
111 W. St. John St., Ste. 800
San Jose, CA 95113
LCD is an Equal Opportunity/Affirmative Action Employer. www.L4CD.com