Asset & Compliance Manager

ABOUT THE HOUSING DEPARTMENT:

The Housing Department works to promote and maintain the socioeconomic diversity of the city by managing and implementing the City’s efforts to meet the housing needs of low-, moderate-, and middle-income residents; managing affordable housing programs; and developing initiatives to preserve and expand the City's stock of affordable housing.

The Housing Department works closely with the Community Development Department (CDD), the planning agency for the City of Cambridge as it fosters a livable, sustainable, just, and equitable community. The Housing Department and CDD engage and collaborate with community partners, other government agencies, and residents to make Cambridge a desirable place to live, work, learn, play, and innovate.

ABOUT THE ROLE:

Reporting to the Senior Manager of Housing Development, the Asset & Compliance Manager for Affordable Housing is a key member of the Housing Division's affordable housing development team and is responsible for overseeing the City’s significant and growing portfolio of affordable housing loans. This portfolio includes loans made by the City of Cambridge and by the Cambridge Affordable Housing Trust to affordable housing providers. The Asset & Compliance Manager also works in cooperation with other Housing Department staff to review requests for refinancing and loan restructuring and oversee compliance monitoring for existing City-assisted affordable housing.

ESSENTIAL DUTIES AND RESPONSIBILITIES:

Primary responsibilities include:

• Developing and implementing policies, procedures and systems to track and monitor the City’s growing portfolio of deferred and repayable affordable housing loans, including procedures to track and oversee borrower compliance with loan repayment and performance obligations;
• Reviewing existing loan management and compliance tracking systems, and updating or replacing with new data management software systems, as needed;
• Collecting, reviewing and analyzing regular loan compliance documentation including property reports, financial statements, and audits;
• Overseeing project compliance monitoring, including approval of project compliance reports, loan management requirements, and file review reports completed by Department staff and/or outside vendors;
• Reviewing and coordinating requests for loan payoffs and discharges of completed mortgages;
• Reviewing and responding to periodic requests for loan refinancing and/or restructuring, in coordination with other members of the Department’s housing development and preservation team;
• Reviewing property capital needs assessments and rehabilitation plans associated with request for refinancing or recapitalization;
• Working with property owners and managers, other funders and partners in to develop and implement plans to address underperforming properties;
• Responding to requests for annual audit confirmation letters, in conjunction with Fiscal Director;
• Working with other Department staff to ensure timely completion of property inspections and on-site monitoring as part of portfolio oversight;
• Staying current on best practices and industry standards regarding compliance monitoring and loan management for affordable housing programs;
• Performing other duties as required.

MINIMUM REQUIREMENTS:

Education & Experience

· Bachelor's degree in related field and seven years of related work experience. Preference for candidates with degrees in Finance, Real Estate Management, Business Administration, or Non-profit management. An equivalent combination of education, training, and experience may be considered. A Master's degree in a related field may be substituted for 2 years of work experience.

• Experience in real estate finance and lending, with a preference for experience with affordable housing finance and lending;
• Experience with loan monitoring and compliance, with preference for experience with affordable housing loan monitoring compliance;
• Experience reviewing and analyzing financial statements and other financial data.

Skills & Abilities

• Excellent organizational and time management skills; ability to manage and prioritize workloads, multi-task and meet deadlines while working in a fast-paced environment;
• Self-motivated and detail-oriented; capacity to work independently, and to work collaboratively and cooperatively with colleagues;
• Ability to exercise good judgment and focus on detail as required by the job;
• Superior computer skills including proficiency with Microsoft Office software (Outlook, Word, Excel, Access) and familiarity with or ability to master other software applications, programs and data systems relevant to the job;
• Ability to research and evaluate information as part of portfolio monitoring and compliance;

· Excellent communication skills, both written and oral; ability to communicate with people from all backgrounds in a courteous, compassionate, and professional manner;

PREFERRED QUALIFICATIONS:

• Knowledge of local, state and federal affordable housing programs and requirements.
• Experience reviewing and understanding legal documents
• Knowledge of the Cambridge community

PHYSICAL DEMANDS: Work requires ability to access, input, and retrieve information from a computer. Ability to read and analyze large quantities of information. Must have sufficient mobility to get back and forth from office. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

WORK ENVIRONMENT: Work is conducted primarily in a standard office environment which includes fluorescent lighting, air conditioning, computers, and other standard office equipment, but may also involve meetings in other offices or facilities as well as site visits and inspections of scattered site properties around the city. This position may be eligible for hybrid work under the City's Telework Policy, depending on operational needs.

SUMMARY OF BENEFITS:

Competitive benefits package including:

• Competitive health, dental, and vision insurance
• Vacation and Sick leave eligible
• Sick Incentive Pay Eligible
• 3 Personal days
• 14 Paid Holidays
• Management Allowance, $2700 year
• City employee transportation benefits (T-Pass reimbursement, Bluebikes membership, EZRide Shuttle)

DOCUMENTS REQUIRED:

Please upload the below documents to complete your application:

• Resume
• Cover Letter