The Development Finance Manager position supports Home Forward's strategic and operational objectives by leading all finance-related tasks on assigned affordable housing efforts, assuming total responsibility for their appropriate delegation and their timely and successful completion.
This position is represented by AFSCME Local 3135 and will close on Friday, January 28th at 11:59 pm. This position starts at $73,205.28; Home Forward has wonderful and competitive benefits.
COVID-19 Vaccination Requirement:
To protect the health of the community and employees, Home Forward requires employees to be fully vaccinated against COVID-19 or have an approved medical or religious exemption by November 19, 2021 as a qualification of employment. The rule applies to all employees, as allowable by law. Candidates who receive an offer of employment must provide proof of vaccination upon hire or submit an exception request prior to their start date.
In Home Forward’s Development and Community Revitalization (DCR) department, staff work as a team on many projects. These teams consist of a Design/Construction Project Manager, Development Finance Manager and Team Lead. Extensive collaboration with multiple other departments—Asset Management, Property Management, Rent Assistance, Community Services, Finance and Accounting—complements inter-departmental teamwork.
The Development Finance Manager creates and continually updates project financial models; prepares and monitors complex development budgets; oversees and completes all aspects of financing applications, assigning tasks as appropriate to the Development Finance Coordinator, DCR Team Leads, and colleagues in other departments; negotiates the terms of ownership, debt, regulatory and operating agreements that govern properties; manages development budgets during pre-development, construction, and project close-out, providing timely information as required to all internal and external parties; updates the DCR’s Liquidity Report with developer fee and sponsor loan projections regularly; directs assigned projects’ initial financial closings and permanent conversions; actively engages with Asset Management staff during lease-up to ensure timely delivery of Low Income Housing Tax Credits; drives the delivery of all prerequisites to all pay-ins from LIHTC investors; leads (with assistance from Finance and Accounting) cost certification, audits and tax returns return work completed by external accounting firms during the development period.
In this context, the incumbent in this position will lead and collaborate with others at all levels of the organization and with external stakeholders in the consideration of significant goals, concepts, initiatives, and other activities that affect Home Forward, its employees, and the people that it serves.
Some of the key responsibilities of this position include but are not limited to:
- Analyze financial implications of alternative development proposals – unit mix, unit sizes, income levels, construction phases, land sales, etc. Present financial and programmatic implications to the appropriate Team Lead.
- Drive the timely completion of all aspects of all financing applications, assigning tasks as appropriate to the Development Finance Coordinator, DCR Team Leads, and colleagues in other departments. Key aspects of this job function include, but are not limited to, development and utilization of tracking tool to ensure proper submission of all application materials, all proforma work and the crafting of persuasive narrative for competitive resources.
- Incorporate all HUD rules related to assigned projects into initial modeling, schedule assumptions and detailed proforma work. Examples of such rules include, but are not limited to, Environmental Review, Subsidy Layering Review and the Rental Assistance Demonstration (RAD) program.
- Oversee and complete the selection of debt and equity providers.
- Negotiate debt and equity pricing and terms to minimize Home Forward investment, allocate project risks appropriately and ensure long-term financial feasibility. Incorporate guidance from the Senior Finance Manager and Home Forward’s Bond, HUD and/or LIHTC counsel in this process.
- Identify and analyze the feasibility of utilizing additional financing sources such as the Portland Clean Energy Fund (PCEF), Energy Trust of Oregon (ETO), Historic Tax Credits and New Markets Tax Credits.
- Prepare and update pro formas and predevelopment budgets, including cash flow projections for predevelopment and lease-up period. Key aspects of this job function include, but are not limited to, close collaboration with Asset Management staff early in project development to establish the operations budget supporting permanent loan conversion.
- Perform related duties and responsibilities as required.
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This is a great opportunity to make an impact in your community. This position will be operating via a hybrid work model, with four (4) days remote and one (1) day onsite located at the following:
New Market West
135 SW Ash Street
Portland, OR 97204
TO APPLY, PLEASE VISIT: https://www.governmentjobs.com/careers/hapdx?page=1