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Deputy Director

Company: ROC USA LLC

Job Function: Financial Services

Background

ROC USA® is a national non-profit social enterprise that helps residents form limited equity cooperatives and purchase their Manufactured (“Mobile”) Home Communities. ROC USA represents more than 300 Resident Owned Communities (“ROCs”) and 22,000 member-owners in 21 states. ROC USA focuses on making market- and policy-based sector change to scale grassroots cooperative development and build a movement with low-income communities and homeowners. Our vision is for millions of families to thrive in resilient, resident-owned communities.

ROC USA empowers homeowners to purchase the land beneath their homes by facilitating market development, negotiating with investor-owners, and providing financing through ROC USA® Capital, a certified Community Development Financial Institution (CDFI). Our national team and affiliated non-profits offer training and technical assistance, ensuring these cooperatives succeed.

With 3 million individual homesites in 50,000 Manufactured Home Communities and ROC USA’s leadership in this market, ROC USA is well positioned to capitalize on the growing recognition of the importance of preserving these communities. With nearly 40 years of experience, we advocate for resident ownership at all levels of government.

We are dedicated to deepening our commitment to racial equity, diversity, and inclusion, to ensure we competently and effectively support the diverse cultures and languages, races, ethnicities, and immigration statuses of our growing resident base. Our journey begins with fostering a clear, shared understanding of the nature of work that is required to increase competency and the effectiveness of ROC USA and the network in addressing systematic and organizational challenges. By building a foundation rooted in equity, we aim to create an environment where diverse perspectives are valued and are integral to driving innovation and impact.

Residents in ROC USA communities, 89% of whom are low- or very low-income, have a voice in the national organization. Central to our vision for community power building is the ROC Association, which is made up of the co-ops in the network. Co-ops elect 3 community leader Directors to the ROC USA Board of Directors and operate as a volunteer organization with a Board and 2 national committees. ROC USA supports the Association’s activities, including peer networking, grant making, and policy advocacy.

Performance and Impact

Today there are 330 ROCs in 21 states. Over 40 years, this resident ownership model has delivered in extraordinary ways for both low-income homeowners and investors, who have invested more than $1 billion. ROCs have proven to be remarkably resilient in strong and weak economic cycles.

  • Homes in ROCs have been demonstrated to sell faster and for 16% more per square foot than comparable homes in comparable investor-owned communities, as the ROC model stabilizes site-fees, and the coop takes pride in their community and plans for needed capital improvements (2006, UNH).
  • Homeowners in ROCs report feeling more economically secure than homeowners in commercially owned Manufactured Home Communities. (2006, UNH)
  • Site fees in ROCs are $50 below market after five years of ownership and $100 per month below market after 10 years (2023, Colliers).
  • Sites fees in ROCs are raised 1% annually on average compared to 4 to 6% in commercially owned Manufactured Home Communities (2023 ROC USA and Colliers).

Financial Strength

ROC USA has an operating budget of approximately $7 million. After achieving operating self-sufficiency in 2018 and 2019, ROC USA made a significant investment in our operating capacity to prepare the organization for the next stage of growth. In 2023, ROC USA had an earnings ratio of 72%. Our net asset ratio is 23% and total assets exceed $142 million.

Recognition

ROC USA’s community ownership work has been cited by media such as The New York Times (“Investors are Buying Mobile Home Parks. Residents are Paying a Price”, March 27,2022), The Financial Times (“Why Big Investors are Buying U.S. Trailer Parks,” Feb. 2020), HBO’s Last Week Tonight with John Oliver (“Mobile Homes,” April 2019), which has been viewed 10 million times, and in A Transform Finance report.

ROC USA Capital

This position is a senior leadership role in ROC USA Capital, our CDFI affiliate, which has provided more than $420 million in financing to more than 100 borrowers, with more than 30 different loan fund investors. Our partners include national and regional banks, insurance companies, and other CDFIs, in addition to state and local government and the CDFI fund. Through a unique and proven loan participation and servicing model, more than $200 million of public and private capital is managed today by ROC USA Capital. In each ROC project loan underwriting, ROC USA Capital maximizes the leverage of private capital with state and/or local government subsidy to deliver to low-income homeowners the most affordable financing package. With the increased competition from private equity, the model is shifting to recognize the growing importance of combining private dollars with government subsidy to finance ROC ownership.

ROC USA Capital’s team of 7 is led by Managing Director Michael Sloss, who has been with ROC USA since our inception in 2008. This position is situated to be the right-hand person to Michael, over time, freeing up his time from day-to-day management.  The Deputy Director will also play an overall organizational leadership role on new strategic initiatives including enhancing and developing new partnerships, shifting customer service, and improving ROC USA Capital’s cultural competency to serve increasingly diverse ROC communities.

Summary

ROC USA, LLC is looking for an experienced, entrepreneurial and creative lender to play a strategic leadership role, as Deputy Director, in our CDFI subsidiary. ROC USA has a national team of 39 people located throughout the country and in 2 offices in Washington, DC and Concord, NH.  The position is based in Washington, D.C or remote.

Responsibilities

Loan Origination and Portfolio Management

  1. Develop deep subject matter expertise related to lending to residents of manufactured home communities for the acquisition of the land underneath their homes, which is nuanced and unlike other types of lending.
  2. Manage all aspects of ROC USA Capital’s loan origination, underwriting and closing processes and work with loan officers and technical assistance providers to present loan recommendations to ROC USA Capital’s Loan Review Committee.
  3. Coordinate with outside legal counsel.
  4. Ensure that all necessary loan and borrower data is entered and stored in ROC USA’s loan servicing, information technology databases and other software, as appropriate.
  5. Coordinate work with ROC USA Capital’s Portfolio Management Team to ensure that closed loans are thoroughly and accurately set up in the Loan Servicing Software and that post-closing requirements are understood for loan compliance purposes.
  6. Work closely with other ROC USA service units to vet viable loan transactions with internal and external partners.
  7. Work with the Managing Director to oversee the Portfolio Management Team by participating in weekly Portfolio Management Team meetings, monthly Watch List meetings and otherwise supporting efficient workflow and processes of this Team.
  8. Over time, assume management of Loan Origination and Portfolio Management teams, aiming to optimize efficiencies.

Loan Product Development and Lending Policies

  1. Work with the Managing Director of ROC USA Capital, Loan Originations Team, and technical assistance providers to develop new and innovative loan products that better address current market conditions, including the need for lower cost capital.
  2. Periodically update/revise lending policies.
  3. Market new loan products to other internal ROC service units, to potential new manufactured home communities, and to technical assistance providers.

Training and Supervision of ROC USA Capital Staff

  1. Over time, increasingly serves as the lead manager of the lending team.
  2. Develop and nurture the talents of the lending team through ongoing professional development training and identification of additional opportunities for growth.

Management and Culture Creation:

  1. Ensure the team provides excellent customer service, education, and support to our borrowers and our technical assistance partners that meets our mission and financial needs.
  2. Help ROC USA Capital and other ROC USA service units develop the necessary cultural competencies to serve the increasingly diverse ROC communities.

Develop and Manage Investments:

  1. In partnership with the Managing Director, develop relationships with existing investors and governmental entities. This will include raising the profile of ROC USA Capital, such as presenting at conferences.
  2. Cultivate new relationships with potential investors and loan participants.
  3. Work with other team members to develop debt and equity applications.
  4. Manage renewals and payoffs of existing credit facilities.

Requirements

  • 8 years of lending experience, preferably in commercial banking or with another CDFI in real estate financial analysis. Management of a loan underwriting and closing process required.
  • Strong background in affordable multifamily housing underwriting.
  • Demonstrated experience in loan portfolio management, servicing or CDFI loan fund capitalization.
  • Bachelor’s degree or equivalent experience.
  • Strong written and verbal communication skills, including translation of financial concepts to lower income and nonprofit audiences.
  • Excellent interpersonal relations that are rooted in respect and coaching.
  • Demonstrates ability to creatively identify solutions and execute with team.
  • Proficiency with computer software. Loan management system experience preferred.
  • Demonstrated capacity to supervise a small team and work collaboratively across organizational department or business units.

Compensation and Benefits

Equal Employment Opportunity Statement

ROC USA is an Equal Opportunity Employer. We are committed to fostering a diverse and inclusive workplace where all individuals are treated with respect and dignity. We do not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, veteran status, or any other legally protected status. We believe that a diverse workforce enhances our ability to serve our communities, and we actively encourage applications from all qualified candidates.

Salary and Benefits

ROC USA has established an annual salary range of $140K to $170K for the Deputy Director position. Compensation also includes a comprehensive benefits package.

Physical Demands

While performing the duties of this job, the employee is required to use a computer and mobile phone. This position requires moderate travel to ROC USA events, site visits, and other work-related events.

How to Apply

Application Instructions

Interested candidates should submit a resume and cover letter, sharing your interest in the position, to [email protected]. If you are interested in learning more about the opportunity or want to recommend a potential candidate, please reach out to our search consultant Peggy Sand at [email protected].