Background:
The Low Income Investment Fund (LIIF), a national nonprofit and S&P-rated organization, is one of the premier community development financial institutions (CDFIs) in the nation. Its mission is everyone in the United States should benefit from living in a community of opportunity, equity, and well-being. LIIF mobilizes capital and partners to achieve this vision for people and communities. To achieve this, LIIF provides innovative capital solutions and thought leadership expertise to ensure that everyone has a chance to succeed in life and every community can be vibrant, healthy, and self-sufficient. LIIF’s evolution reflects the growth of the $25 billion community development capital field, demonstrating that connecting low-income communities and people of color to capital markets is a sound investment. LIIF operates nationally, out of 6 offices: San Francisco, Los Angeles, New York City, Washington, D.C. and Atlanta and an office for LIIF’s affiliate, the National Affordable Housing Trust (NAHT) in Columbus, OH.
To date, LIIF has invested $2.7 billion in facilities and programs benefiting millions of people and communities, lifting their economies, and creating opportunities for America’s most vulnerable citizens. With $900 million in assets under management, LIIF’s mission is to mobilize capital and partners to achieve equity, opportunity and well-being for people and communities. Since 1984, LIIF has served more than two million people across the country from its five offices from which it innovates financial solutions that create more equitable outcomes for all by building affordable homes, quality educational opportunities from early childhood through higher education, health clinics, healthy food retail and community facilities.
LIIF is a dynamic, high-performing non-profit organization that sits at the center of social change and finance. From this unique vantage point, LIIF has the scale, commitment, and expertise to bring a wide array of public, private and community stakeholders together to solve our nation’s most pressing challenges.
LIIF is focusing its efforts over the next four years on growing impact in three key areas: impact-led lending, affordable housing and early care and education (ECE); areas where low-income communities and communities of color face deep inequities and where the most significant impact on people’s long-term well-being and opportunities for economic mobility can be made.
Through a recently completed four-year strategic plan, LIIF lays out its commitment to long-term systems change and a deep belief that every person and family, no matter their race or ZIP code, deserves to live in a community of opportunity, equity and well-being. To accomplish this, racial equity is central to LIIF’s internal and external work, in order to break down barriers that disproportionately impact communities of color.
LIIF accelerates capital impact through partnerships and fund vehicles that bring targeted outside resources to initiatives that intervene in and advance systems change. LIIF’s lending staff uses LIIF’s capital and leverages it with outside capital financing sources – including conventional bank debt (LIIF has significant partnerships with institutions such as JPMorgan Chase, Morgan Stanley, US Bank, Prudential Insurance), CDFI or other mission-aligned financing, philanthropic funds (including the Ford Foundation, The JPB Foundation, The Kresge Foundation, Robin Hood Foundation and a significant and transformative unrestricted grant from MacKenzie Scott) and state/federal subsidies - to support the development of affordable housing, mixed-use and community facilities and early childcare education centers. These fund vehicles include single investor funds, multi-investor funds, debt, equity, public partnerships and have either a national geographic reach or a state or county focus. The existing funds (15) range in size from over $90 million to $2 million and are in one of three stages: fully deployed-asset management, ongoing originations and in development.
More information on LIIF can be found at www.liifund.org.
Position Summary:
The Director, National Lending Initiatives (the “Director”) is responsible for the creation, deployment, and management of a portfolio of funds and other structured products. In this role, the Director will manage and help expand the national fund business that also enhances LIIF’s core lending activities. As part of the broader Community Investment Programs team, the Director supports the achievement of regional and overall lending goals. This role provides an exciting opportunity for a team-oriented professional who values working with others to bridge gaps. The Director will co-create new funds with market directors that will be responsive to market needs, be in service to the overall LIIF mission, and drive lending production.
LIIF’s goal is to provide $5 billion in investments over the next ten years to advance racial equity; this will require that LIIF shifts the way it works, how it deploys capital and chooses the partners that will advance these goals. The Director, National Lending Initiatives, will have the opportunity to create new fund initiatives with partners to catalyze investments and accelerate deployment to advance racial equity.
The Director reports to Amy Laughlin, the Vice President, Structured Products & Capital Markets (the “VP”). The Director has direct supervisory responsibility for the National Lending Initiatives Officer and an Analyst for Structured Products. This position will also work closely with members of the Executive Team and the Chief Credit Officer particularly for national funds, as well as regional lending, asset management, legal, and finance teams.
Responsibilities:
The Director is responsible for implementing the strategic direction for Fund management and development as described above. The Director, in consultation with the VP, develops and manages a market coverage plan for these responsibilities.
Fund Development & Structuring: The Director will provide leadership and visibility for LIIF by identifying new strategic opportunities with existing and new partners to create new funds and initiatives and expand existing fund vehicles to transform the deployment of capital. The Director will work with the Vice President to find new capital sources and create new fund opportunities for national efforts as well as with local Deputy Directors that fill market specific gaps and are in service to the overall mission of LIIF. Once a new opportunity is identified, the Director will then be responsible for implementing the fund. Working in concert with the lending staff to ensure the design and implementation will meet their objectives, the Director will assess the proposed fund viability, structure the fund to meet the objectives of LIIF and the partners and manage the internal approval processes.
National Fund Originations Activities: The Director will serve as the subject matter expert for a portfolio of the LIIF Funds that utilize LIIF’s capital to leverage bank debt, CDFI or other mission-aligned financing, philanthropic funds, and/or state/federal subsidies. The Director will support the business development efforts of the market loan officer and deputy director to market the fund and deploy the fund resources in the respective targeted areas. S/he will participate, with loan officers, as necessary, in meetings with key community development stakeholders, including government officials, policy makers, customers, funders, and others.
Fund Management: The Director will be the overall manager of the assigned Fund vehicles and will have fiduciary responsibility to the outside capital sources for their investment vehicles with LIIF. The Director must continuously analyze the efficacy and impact of the existing Funds, which will require strong relationships with external partners. Client management will include providing regular reporting, impact reporting, and addressing any investor/partner concerns throughout the life of the Fund. As a fiduciary for the Funds, LIIF must ensure there is compliance with the Standards & Processes developed for each Fund once they are formed and capital is committed. The Director will be responsible for any Fund modifications after the closing. The Director will also work with the legal and finance departments to ensure that compliance reporting activities are complete and submitted on a quarterly and annual basis for each Fund.
Internal Coordination: As the key representative of each of the fund vehicles, the Director will coordinate with internal partners from Credit, Lending
Requirements:
Education: Bachelor’s degree in business administration, finance, urban planning, or related fields, is required. An advanced degree or career experience in community or economic development, real estate development, education administration or healthcare finance is a plus.
Professional Experience: The ideal candidate for this position will have these key qualifications:
- Minimum of ten years of experience in the community development and/or lending field.
- Deep knowledge and strong experience in community development finance transactions- affordable housing and community facilities- using debt, equity, NMTCs, Capital Magnet Funds or similar public-private funding structures.
- Prior experience underwriting and structuring layered capital at the project level as well as at the upper tier level.
- Experience underwriting capital or philanthropic investments in CDFIs.
- Prior experience managing two-five direct reports is preferred however experience leading or mentoring teams or groups of peers without formal management responsibilities is also valued.
- Working knowledge and experience with private sector financial institutions and public agencies in community finance.
- National programs experience or prior interaction with national teams of lenders, and external investors and subsidy providers a strong plus, minimally a deep interest in expanding work at this level.
- Interest in or prior experience working with multiple concurrent programs.
- Prior experience in new program development.
Personal Attributes
- This position requires a high degree of self-motivation, dedication and creativity and an “execution” mindset.
- The successful candidate is someone who derives deep satisfaction from a “team” win while embracing full responsibility and accountability for his/her role in meeting established goals.
- A mature professional with strong interpersonal skills and genuine flexibility around aligning organizational goals with external partners’ needs and objectives. Ability to interact and communicate effectively up, down, and across the organization. Aptitude for creating strong internal relationships within LIIF while also being a transactional advocate internally. Must be a strong collaborator among peer group within the company and with external partners, yet able to make well-analyzed decisions and set direction for initiatives or support pivots if determined to be in the best interest of the funders or partners.
- Works well within a fast-paced, highly mission-focused organization and energized by a demanding position that provides access to senior leaders across the sector and within LIIF which will drive impact within low-income communities leading to great personal satisfaction.
- A mindset that balances fiduciary responsibilities and compliance with business development objectives.
- The successful candidate must approach all aspects of their work through an equity lens and demonstrate personal alignment with the double bottom line mission of the company. The candidate must share the belief that everyone in the United States should benefit from living in a community of opportunity, equity and well-being.
- Strong project management, organizing and time-management skills; and
- Excellent skills in managing multiple tasks requiring strong attention to detail.
Compensation:
How to Apply:
For more information about this opportunity or to submit your resume, please email ally@terrasearchpartners.com
