Affordable Housing Funding Manager
Company: Federal Home Loan Bank of San Francisco
Location: San Francisco, CA
Job Function: Other
Background
FHLBank San Francisco is a cooperatively-owned wholesale bank. We are a reliable partner for member financial institutions of all sizes – supplying ready access to competitively-priced liquidity, expert financial services, and resources for targeted community and economic development – in all phases of the economic cycle.
Together with our members and their partners, we are promoting homeownership, expanding access to quality affordable housing, and boosting economic development.
FHLBank San Francisco members are commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions headquartered in Arizona, California, and Nevada.
For most financial institutions, especially small community lenders, directly borrowing from the global capital markets is not an option. Because we are part of the Federal Home Loan Bank System – a network of 11 regional FHLBanks distributed across the country – we can raise funds in the global capital markets at favorable rates and terms. This enables us to provide our members with prompt, reliable access to low-cost loans (we call them “advances”) and financial risk management tools that help them meet the evolving housing finance and economic development credit needs of their customers and communities.
Summary
Manages a team of employees who review funding disbursements for affordable housing projects with awards through the FHLBSF’s Affordable Housing Program (“AHP”) General Fund and Targeted Fund to determine eligibility within program guidelines and regulatory requirements. Initiates and implements policy and procedural changes as they relate to the AHP regulations and the larger affordable housing industry.
Major Accountabilities:
- AHP Project Management
- Manages the AHP funding disbursement review process to confirm project feasibility and need for AHP funds. Includes review of development budgets, operating pro formas, limited partnership agreements, loan documentation, cost certifications, and other documentation to assess risk of releasing funds. Review project compliance with regulatory requirements and Bank guidelines.
- Reviews AHP funding disbursement requests, progress reports, compliance monitoring, and other AHP events, as needed. Acts as final decision maker on release of AHP funds, evaluating risk of potential recapture and compliance issues on disbursements ranging from $100,000 to $2 million.
- Manages the employment, promotion, employee performance evaluation, training, motivation, counseling, and discipline of three CID team members.
- Participates in the process of developing or modifying policies and procedures to keep up with the evolution of the affordable housing industry and housing programs. Maintain the integrity of research data through careful, logical, and resourceful review and assembly of available information.
- Develops and implements risk management strategies and controls related to AHP disbursements.
- Prepares materials for presentation to management committees such as the Community Support Program Committee and Affordable Housing Advisory Council and presents materials, as needed.
- Conduct project site visits and other tasks as requested by management, as necessary.
- AHP Application Support
- Score, evaluate, determine eligibility, financial feasibility and need for subsidy of applications submitted in the annual application rounds. Recommend applications for approval, as needed.
- Approve submitted affordable housing projects for funding.
- Technical Assistance and Outreach
- Represent FHLBSF at industry conferences, AHP project groundbreakings and grand openings, and other events as determined by coordination with the Marketing and Legislative Affairs department. Act as point person for Marketing and Legislative Affairs on AHP communications and requests for information.
- Manage and provide technical assistance and outreach to members and community partners, including individual project guidance and supervising application webinar trainings and post-round assistance.
- Assist in the production of various Community Investment publications such as the Affordable Housing Advisory Council’s annual report, and the Bank’s newsletter on community investment, as needed.
Responsibilities
General
- Provide support to Director of AHP, Managing Director, as needed.
- Assist the Bank in achieving its mission-related goals, including research into potential community investment programs, program design, and other Implementation Plan changes for the General and Targeted Funds. Assist in work related to fulfilling the Bank’s community outreach initiatives.
- Collaborate with the operations and technology teams to support the Bank’s objective to modernize the department’s technical tools, including performing testing of functionalities and data validation.
- Provide key support during Federal Housing Finance Administration (FHFA) examinations by responding to FHFA questions and other assigned tasks.
- Provide technical expertise on affordable housing issues to Bank management, members, and key stakeholders as required, conducting research as needed.
- Participate in the establishment of department goals and implementing procedures and performance standards to achieve these goals.
Requirements
- Minimum 5 years’ experience in affordable housing or conventional real estate development, multi-family lending and underwriting, affordable housing finance, project management, or asset management preferred, including two years in a supervisory role.
- Demonstrated knowledge of affordable housing development from initiation to completion. Knowledge of housing regulations, public and private financing sources, the Low-income Housing Tax Credit Program, rental subsidy, and other public grant programs. Must be able to understand a project holistically including being familiar with loan documentation, able to analyze sources of financing, operating and development budgets, and statements of cash flow. Must understand the basics of retention and recapture mechanisms (subordination arrangements, silent second notes, and lien positions).
- Demonstrated ability to effectively train and mentor direct reports, providing support and guidance in learning the complexities of affordable housing development, as well as professional growth.
- Demonstrated ability to effectively communicate with all levels of an organization including external clients, internal management, and team members.
- Attention to detail and ability to efficiently, and thoughtfully, review and organize documentation.
- Ability to work independently with minimal supervision.
- Ability to operate PC-based software (Excel, Outlook, Word) and learn custom database systems.
- Excellent verbal and written communication skills with strong analytical and problem-solving skills.
- Ability to analyze, apply, interpret, and communicate policies, procedures and regulations effectively.
- Bachelor’s Degree or equivalent education or work experience related to job responsibilities required.
Compensation and Benefits
SALARY RANGE $145K – $155K
The Federal Home Loan Bank of San Francisco is an Equal Employment Opportunity employer and is committed to a diverse workforce. We value and actively seek to recruit, develop, and retain individuals with varied backgrounds and experiences reflecting the full diversity of the communities that we serve. It is the policy of the Bank to comply with all applicable laws concerning the employment of persons with disabilities.
Salary ranges reflect the base salary that the Bank reasonably expects to pay for a given role and is not inclusive of annual incentive award opportunities, retirement benefits or the value of other health and welfare or other ancillary benefits. We consider many factors when determining base salaries such as individual background and experience, the competitive environment, education, particular skill set(s), and industry and institutional knowledge.
The Bank is committed to offering all team members challenging and engaging work with market competitive pay, retirement, and benefit offerings. In support of this commitment, the Bank routinely engages in market competitive benchmarking surveys and analysis to ensure our team members continue to be paid fairly and competitively.