Affordable Housing Compliance Supervisor

2 weeks ago

Cambridge, Massachusetts, United States City of Cambridge Full time


The Housing Division collaborates closely with the Community Development Department (CDD), which serves as the planning authority for the City of Cambridge, to cultivate a community that is livable, sustainable, equitable, and just.

The Housing Division and CDD actively engage with community stakeholders, various governmental entities, and residents to enhance the desirability of Cambridge as a place to live, work, learn, and innovate.


ROLE OVERVIEW:

Under the direction of the Senior Manager of Housing Development, the Affordable Housing Compliance Supervisor plays a pivotal role within the Housing Division's affordable housing development team, tasked with managing the City’s extensive and expanding portfolio of affordable housing loans.

This portfolio encompasses loans issued by the City of Cambridge and the Cambridge Affordable Housing Trust to various affordable housing providers.

The Compliance Supervisor also collaborates with other Housing Division personnel to evaluate requests for refinancing and loan restructuring, while overseeing compliance monitoring for existing City-assisted affordable housing initiatives.


KEY RESPONSIBILITIES:

Core duties include:
- Formulating and executing policies, procedures, and systems to effectively track and monitor the City’s increasing portfolio of deferred and repayable affordable housing loans, including methods to ensure borrower compliance with repayment and performance obligations.
- Assessing current loan management and compliance tracking systems, and updating or replacing them with new data management software as necessary.
- Collecting, reviewing, and analyzing regular loan compliance documentation, such as property reports, financial statements, and audits.
- Supervising project compliance monitoring, including the approval of project compliance reports, loan management requirements, and file review reports completed by Department staff or external vendors.
- Evaluating and coordinating requests for loan payoffs and discharges of completed mortgages.
- Reviewing and addressing periodic requests for loan refinancing and/or restructuring, in collaboration with other members of the Department’s housing development and preservation team.
- Analyzing property capital needs assessments and rehabilitation plans associated with requests for refinancing or recapitalization.
- Partnering with property owners and managers, as well as other funders and stakeholders, to develop and implement strategies for underperforming properties.
- Responding to requests for annual audit confirmation letters, in conjunction with the Fiscal Director.
- Collaborating with other Department staff to ensure timely completion of property inspections and on-site monitoring as part of portfolio oversight.
- Staying informed on best practices and industry standards related to compliance monitoring and loan management for affordable housing programs.
- Performing additional duties as required.

QUALIFICATIONS:
Education & Experience: A Bachelor’s degree in a relevant field along with seven years of pertinent work experience is required. Preference will be given to 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 substitute for two years of work experience.

Experience in real estate finance and lending is essential, with a preference for candidates who have experience in affordable housing finance and lending; experience in loan monitoring and compliance is also preferred, particularly in the context of affordable housing loan compliance; proficiency in reviewing and analyzing financial statements and other financial data is required.

Skills & Abilities: Exceptional organizational and time management skills; ability to manage and prioritize workloads, multitask, and meet deadlines in a fast-paced environment; self-motivated and detail-oriented; capable of working independently as well as collaboratively.

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