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Description

Title: Director, Asset Management & Strategy, Affordable Housing

Employee Status: Full Time, Exempt

Salary: Grade 7

Starting range of $110,000 – $139,000 | Chicago | Detroit | Milwaukee

Starting range of $105,000 – $128,000 | Grand Rapids | Ohio | Missouri | Indiana

Reports to: Managing Director of Partnership Management

Department: Capital Solutions

Location: Chicago, IL

Hybrid: In office: T/W | WFH: M/Th/F

Department Function:

Capital is a critical resource that’s often beyond the reach of nonprofits serving communities with limited resources. IFF works hard to change that. For more than 30 years, IFF has specialized in flexible lending products that help nonprofits achieve their growth goals and best serve their communities. IFF’s clients include human services agencies, supportive housing providers, schools, health clinics, arts organizations, community centers and a full spectrum of other nonprofit organizations. Racial inequality in property values still exists today. IFF takes a different approach to underwriting that isn’t limited by appraisals but instead is informed by a deep understanding of nonprofit operations and the importance of nonprofit facilities to communities. IFF provides lending to our clients uniquely designed to serve nonprofits with no appraisals on commercial projects, as low as five percent up front, and long-term loans with no prepayment penalties. Loans can be used for acquisition, facility improvement, equipment and vehicles, and affordable housing. Capital Solutions is part of IFF’s Core Business Solutions which is a cross-cutting team that sits at the nexus of nonprofits, communities, and IFF technical knowledge. The group provides thought leadership and expertise to drive corporate strategy across markets. The primary business units in Core Business Solutions are Capital Solutions, Real Estate Solutions, Community Development Solutions, Home First, and Legal.

The Organization

IFF is a mission-driven lender, real estate consultant, and developer that helps communities thrive. Key to our success has been a deep sense of purpose, a broad perspective, and a relentless focus on achieving positive results. Across the Midwest we help clients from every sector, including human service agencies, health centers, schools, affordable housing developers, and healthy food grocery operators. Staff contribute extensive business experience and an unrivaled connection to the mission of IFF to the clients we serve.

Equity, Diversity, and Inclusion

Partnering to create thriving communities is at the heart of everything we do. We leverage knowledge, capital, and resources to advance equitable and transformational outcomes in under-resourced communities, guided by our commitment to be an inclusive, anti-racist and anti-oppressive institution that honors communities as asset-rich and as experts in their own stories.

Basic Job Function

The Affordable Housing Loan Program provides short- and long-term financing for regulated affordable rental housing across the Midwest. The Director of Asset Management & Strategy, Affordable Housing, will use sector knowledge, portfolio data, and updated state and national policy trends to help inform IFF Affordable Housing Lending and Asset Management strategy. This dual-purpose role oversees IFF’s loan portfolio, manages customer relationships, solves problems, and works closely with Lenders, Closers, Construction Administration, Finance, and Compliance while leveraging deep sector knowledge to optimize and de-risk new lending decisions.

IFF is looking for candidates with a commitment to the work we do who can demonstrate their creativity, diligence, enthusiasm, growth-mindset, thoughtfulness, and passion to make meaningful change in the areas of economic and racial justice.

Requirements

Core Responsibilities:

1. Serve as the main relationship contact for existing borrowers, developers, and property managers.

2. Work collaboratively with Managing Director of Partnership Management, Asset Manager, Affordable Housing, and Senior Asset Manager, Affordable Housing, to evaluate process and procedure to ensure excellent IFF Asset Management, portfolio health, and customer service.

3. Provide Data for Compliance and Data teams for specific IFF funding sources (public and private)

4. Attend affordable housing conferences across IFF footprint and nationally to support IFF visibility in the sector and understand State & Local strategic priorities to inform IFF Affordable Housing Lending program, products, and policy.

5. Develop and oversee resource database of housing authority certified third-party property management companies in each of the states IFF provides affordable housing loans.

6. Track and share Asset Management trends across IFF footprint with Affordable Housing Lending team in support of maintaining excellent underwriting practices.

7. Aggregate sector specific best practices to inform and de-risk new lending decisions as IFF continues to refine our scope and position in the affordable housing ecosystem.

8. Review loan summaries and ensure that monitoring checklists are prepared for each new loan based on review of limited partnership agreements, regulatory agreements, financing documents and other sources.

9. Maintain accurate documentation in loan files and database with current risk ratings and project status.

10. Work closely with the Construction Loan Administrator on monitoring the progress of properties through construction and lease up through stabilization, including financial analysis for stabilization tests.

11. Lead conversion process for construction to permanent loans, including review of final title policies and compliance with documentation requirements.

12. Analyze financial reports and evaluate variances between project budgets and actual performance, communicate emerging operating issues and identified solutions, and ensure compliance with loan documents.

13. Identify risk as part of the annual loan portfolio risk rating process. Create a mitigation plan for at-risk properties and present solution(s) to management as needed.

14. Update Lenders and Managing Director of Partnership Management of any relevant new borrower information acquired from reviews of financials and monitoring reports.

15. Share new lending opportunities for existing and new developers with Affordable Housing Lending team.

16. Perform periodic site inspections according to risk classification.

17. Evaluate requests for modifications to outstanding loans and prepare modification memos for approval.

18. Authorize draws from reserves in accordance with loan documents and monitor adequacy of reserve balances.

19. Analyze exit/disposition at end of compliance period to mitigate portfolio risk after investor exit, communicating with borrowers about recapitalization strategies in the years leading up to maturity.

20. Demonstrates a commitment to equity, diversity, and inclusion. Promotes an environment of empathy and respect, ensures the inclusion of all team members, and will actively engage in EDI events and learning opportunities.

Note: No job description can be entirely comprehensive, and the jobholder will be expected to carry out such other duties as may be required from time to time and are broadly consistent with the job description and status of the position within the organization.

Performance Measures:

1. Excellent customer service through timely response and relationship building.

2. Complete, accurate, timely, and thoughtful analysis of underwriting and lending issues on affordable housing portfolio loans and risk assessment reports.

3. Achieve department and professional development goals.

4. Identify and recommend solutions to challenges relating to loan program implementation.

5. Cultivates a culture of openness in information sharing. Encourages open communication, cooperation, and the sharing of knowledge.

6. Model personal accountability that promotes ownership and engagement.

7. Build and maintain effective working relationships with colleagues, peers and team members.

8. Value and support differences in others, contributing to an inclusive work environment. Demonstrates the ability and willingness to communicate effectively with people of diverse backgrounds and experiences to create a collaborative, collegial, and caring community.

9. High level of satisfaction with both internal colleagues and external contacts.

Position Qualifications:

Education: Four-year degree in a relevant field or equivalent work experience

Previous Experience:

• Ten plus years of experience in real estate finance or a related field

• Five years of experience in regulated affordable housing

Special Knowledge & Skills

• Expertise in multifamily asset management and commercial real estate principles, including underwriting, debt structures, interpreting market data, and valuation.

• Expert understanding of Low-Income Housing Tax Credits, Tax Exempt Bond Programs, HUD affordable housing programs, and Midwest real estate markets.

• Expert knowledge of multifamily real estate operations, including property management, marketing and leasing, budgeting, capital needs planning, financial reporting, and compliance with financing covenants or regulatory agreements preferred.

• Excellent research, project management, organizational, analytical, and quantitative skills, including comprehensive Excel skills and the ability to prepare and analyze meaningful proformas.

• Strong client-facing skills, including the ability to communicate complex business issues to various audiences in a clear and concise manner, verbally and in writing.

Additional Requirements: Regular travel throughout the Midwest, with occasional early mornings, extended hours, and evening or weekend work.

Standard Benefits:

Medical, dental, and vision insurance

Paid time off

401(k) retirement plan with employer contribution

Life Insurance

Short and long term disability

Work-Life Balance Benefits:

Hybrid workplace

Summer Fridays

Employee Development Benefits:

Professional development stipend

Mentorship program

Miscellaneous:

Wellness programs

Employee assistance

Referral Bonuses

IFF does not offer the following:

• relocation package

• 100% remote

• provide sponsorship to applicants who require or will require a work permit.

Check off only some boxes in the requirements listed above. Studies have shown that marginalized communities - such as women, LGBTQ+ and people of color - are less likely to apply to jobs unless they meet every qualification. So, if you're excited about this role, we encourage you to apply.

Application Instructions: Please visit the Careers section of our website to apply online.

IFF values equity, diversity, and inclusion as part of its mission to strengthen nonprofits and the communities they serve. IFF is an equal opportunity employer and is committed to building and maintaining a culturally diverse workplace that is free of discrimination and harassment of any kind. We encourage women, minorities, individuals with disabilities and veterans to apply. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, sex, sexual orientation, gender identity, age, veteran status, or any other status protected by the laws or regulations in the locations where we operate.