Asset Manager (COM 4)

This position works within the Multifamily Housing Unit (MHU) of HD and is responsible for specific tasks within the State Housing Trust Fund (HTF) and federal HOME and National Housing Trust Fund programs. This position serves as a subject matter technical expert to ensure affordable housing projects remain viable and in compliance over the length of the project commitment period.

• Develop, scope, research and recommend best practice policy decisions for multifamily refinances to agency management, other public funders and contractors.
• Advise management on key issues specifically related to multi-project bundled refinances to make informed decisions when decisions whether to approve or deny transactions.
• Develop underwriting tools and guidelines for evaluating loan workout requests, assessing risk, and ensuring projects remain financially viable during their commitment periods.
• Develop individual contractor performance improvement plans within the Contract Management System (CMS) and Housing Contract Management System (HCMS) and monitor the progress of contractors experiencing substantial or recurring performance and/or compliance issues.
• Reviews contractor, financial data, and organization/project specific reports to inform the development of organizational/project performance reviews as part of the annual risk assessment.
• Maintain expert-level knowledge and understanding of state and federal industry best practices related to affordable housing real estate development and underwriting, the Housing Trust Fund, the federal HOME, the federal National Housing Trust Fund, and the federal Low Income Housing Tax Credit program requirements.
• Ensure timely workflow and coordination within and among the MHU teams and other workgroups in the department through HCMS, email and meetings.
• Assign and track progress of Commerce Specialist 3s on the Asset Management team and outcomes of workout requests and amendments within the Contract Review Request (CRR) module within HCMS;
• Reviews all Minor Scope of Works requests from contractors completed by Asset Management CS3s for accuracy and submittal to the Portfolio Manager for review.
• Underwrite and facilitate loan restructures, refinances and subordination requests involving multiple public and private lenders.
• Present Asset Manager Supervisor with resolution options for complex or contentious contract workouts and amendments and take a lead role, as necessary, to facilitate the successful negotiation of transactions with contractors, investors, public funders, and other external stakeholders.
• Analyze, review, and recommend approval of documents related to real estate secured loans and grants (deeds of trust, priority and subordination agreements, title reports, affordable housing covenants) to ensure they are in alignment with program requirements and specific deal structures.
• Review and analyze organization information and project data to determine compliance with MHU program and contract requirements, organizational and project financial status, and other pertinent conditions for affordable housing projects in workout status. Prepare written analysis and recommendations for course of action to the portfolio manager and agency management using a decision memo.
• Facilitate amendments related to unit, population, and income changes, contract error corrections, contract language updates, loan restructures, security interest adjustments, property transfers, vesting changes and tax credit exit transactions after a current Contractor makes a request to Commerce for a change to their existing contract.
• Coordinates with assigned MHU contract specialist to ensure contract changes are made in accordance with requests of contracting partners and are in alignment with MHU policies and procedures.
• Reviews complete documentation and execution of appropriate changes to contracts and other legal documents made by MHU contract specialist, ensuring accuracy prior to resubmitting to contractors.
• Ensure project and contract data are updated and maintained using the following MHU data-systems: CMS, HCMS and Web Based Annual Reporting System (WBARS).
• Gather, analyze and comprehend portfolio and industry data provided by contractors during the annual report process.
• Prepare policy recommendations backed by reports and visuals to present to agency management, external stakeholders and public funders, as needed.
• Identify portfolio risks for reporting to management and take appropriate corrective action as directed by the Asset Management Supervisor.
• Assist the Asset Manager Supervisor in improving, documenting and implementing portfolio management processes and procedures to ensure continued process improvement within the unit.
• Using process improvement methodologies, assists the Asset Manager Supervisor in coordination with other AM team members and MHU staff, in the development and revision to processes, procedure documents, and workload and performance management tracking tools captured within HCMS.

• Eight (8) years of combined experience and/or education as described below:
• Experience working in community, trade or economic development with a focus in two or more the following areas:
• Advanced level experience underwriting, structuring, and closing non-owner user commercial and/or multi-family real estate transactions.

• Benefits
• Medical and dental insurance benefits
• Retirement and deferred compensation plans
• 11 paid holidays each year
• 14-25 vacation days per year (depending on length of employment)
• 8 hours of sick leave per month (if full time employed)
• Bereavement leave
• Employee assistance program

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