Jobs & Internships

Greater Minnesota Housing Fund has three job openings for a Multifamily Housing Syndication & Investment Officer, Financial Analysis Manager, Portfolio Reporting and Analysis, and
. Please check back regularly for new job openings.

Multifamily Housing Syndication & Investment Officer

Position Profile

The Multifamily Housing Syndication & Investment Officer will report to the Director of Equity Investing on the activities of Greater Minnesota Housing Fund’s (GMHF’s) equity business lines which include Minnesota Equity Fund (MEF) and NOAH Impact Fund (NIF).

The position will work directly with external professionals including developers, owner-operators, legal counsel, lenders, strategic partners, local and state government officials, housing agencies, consultants, and other organizations to prioritize projects, assess project viability, and close funded projects. The position is weighted towards financial analysis, deal structuring, and resolving legal and technical issues that requires in-depth knowledge of and direct experience with multifamily real estate development and affordable housing programs and tools. This includes experience with the Low-Income Housing Tax Credit (LIHTC) program; and the acquisition and operation of private market, unsubsidized Naturally Occurring Affordable Housing (NOAH).

The position will also include coordinating with the Director of Equity Investing, the Director of Capital Development, the President & CEO, and/or other key GMHF staff to raise social impact capital for deployment by MEF and NIF.

Candidates must be able to work flexibly in a fast-paced environment, independently and with teams, with great attention to detail and a high degree of emotional intelligence. Candidates must demonstrate solid multifamily real estate underwriting skills, effective communication skills, and proficiency with Excel, Word, and PowerPoint.

Position Responsibilities

The Multifamily Housing Syndication & Investment Officer will work directly with the Director of Equity Investing, key GMHF staff, and external professionals including developers, owner-operators, legal counsel, lenders, strategic partners, local and state government officials, housing agencies, consultants, and other organizations to prioritize projects, assess project viability, and close funded projects.

MEF LIHTC Syndication Activities

  • In coordination with the Director of Equity Investing, key GMHF staff, and key Cinnaire staff (GMHF’s strategic partner in MEF):
    • Secure $10-15 million of letters of intent annually.
    • Close $10-15 million of LIHTC investments annually.
    • Cultivate relationships with affordable housing developers statewide.
    • Identify prospective LIHTC projects through the Super RFP or on a pipeline basis.
    • Prepare letters of interest for LIHTC projects for Super RFP applications.
    • Promote combining MEF equity and GMHF companion lending products.
    • Complete initial development proformas.
    • Manage ongoing project underwriting and due diligence calls.
    • Help collect and share due diligence requested by investors.
    • Manage the collection and sharing of due diligence and closing documents.
    • Prepare presentations for MEF’s Investment Committee and MEF’s Board of Governors, as well as MEF’s investors (as applicable).
    • Review project documents and loan documents, with Cinnaire’s legal counsel.
    • Negotiate partnership or operating agreements, with Cinnaire’s legal counsel.
    • Help circulate and compile closing documents and final proformas.
    • Guide post-closing meetings to transition from development to asset management.
    • Guide post-closing debriefs with project partners to ascertain our team’s performance.

NIF Acquisition & Preservation Activities

  • In coordination with the Director of Equity Investing and key GMHF staff:
    • Close $5-10 million of NOAH Impact Fund investments annually.
    • Recruit potential NOAH owner-operator partners in the Twin Cities metro area.
    • Identify opportunities for NOAH property acquisitions in the Twin Cities metro area.
    • Support owner-operator partners in the purchase process by reviewing offering memorandums, preparing and analyzing initial proformas, evaluating initial due diligence, and providing letters of intent.
    • Underwrite related loans if quick strike acquisition or bridge financing is required.
    • Manage contract underwriters to perform complete underwriting.
    • Conduct in-depth feasibility analysis including evaluating proformas and reviewing project information such as rent rolls, physical needs assessments, environmental assessments, market data, appraisals, and rehabilitation plans.
    • Approve the scope of work and the final proforma.
    • Negotiate loan documents and operating agreements, with NIF’s legal counsel.
    • Close the transaction, with NIF’s legal counsel.
    • Monitor rehabilitation work and approve construction draws.
    • Prepare transaction summaries, underwriting reports, and recommendations for the Investment Committee, and quarterly updates for the Board of Governors.
    • Work with GMHF’s Asset Manager as needed.

General Areas of Responsibility

  • Report to the Director of Equity Investing on all aspects of the business for MEF and NIF.
  • Conduct project management and administrative functions, including the timely electronic filing of all project documents, closing documents, and investment reports.
  • Research and development for special projects or programs.
  • Other duties and responsibilities as assigned.

MEF & NIF Investor Relations & Capital Formation

  • In coordination with the Director of Equity Investing, the Director of Capital Development, the President & CEO, and/or other key GMHF staff:
    • Develop investor prospects including philanthropy, banks, insurance companies, civic-minded corporations, and other institutional investors.
    • Secure investor commitments by preparing presentations and representing GMHF.
    • Manage the collection and sharing of due diligence and closing documents.
    • Support investor relations by ensuring timely communication and reporting.

Desired Skills & Experience

  • 10 or more years of related professional experience in affordable housing finance or development with a proven track record of successful projects completed.
  • Experience underwriting and closing complex financial transactions with a mix of private and public financing including sources such as conventional bank loans, TIF, LIHTCs, HOME funds, and financing from Minnesota Housing Finance Agency and USDA Rural Development.
  • Demonstrated analytical and organizational skills needed to assess complex real estate development and finance transactions.
  • Ability to think creatively and problem solve. High tolerance for ambiguity.
  • Personal maturity, strong interpersonal skills, and proven ability to negotiate effectively and resolve conflicts professionally.
  • Excellent oral and written communication skills.
  • Ability to effectively prioritize competing work tasks under pressure to meet deadlines while maintaining high quality work products.
  • Ability to work both independently and collaboratively in a dynamic organization.
  • Availability for occasional travel.
  • Advanced Microsoft Excel skills.
  • Master’s Degree in Real Estate, Finance, or Economics, or equivalent experience.

Equity and Inclusion

Greater Minnesota Housing Fund believes racial equity in housing improves life outcomes of individuals and families in areas of health, employment, educational attainment, income, and intergenerational wealth.  We believe equitable access to safe and affordable housing is critical to moving to parity in housing, health, employment, income, and other areas of life. We are committed making investments in emerging market communities to create a more equitable housing landscape.

To Apply Contact
Alexis Lancaster
Executive Assistant
alancaster@gmhf.com

Click here to download the Multifamily Housing Syndication & Investment Officer position description.

 

Financial Analysis Manager, Portfolio Reporting and Analysis

The Financial Analysis Manager provides robust financial analysis on GMHF’s loan performance, cash flow projections, ad-hoc financial modeling, and budget/forecast as well as ensuring adequate monitoring and due diligence on loans. He/she is also responsible for leading all the reporting requirements for internal and external parties and capital structure analysis as well as playing a key role in capital raising. This position reports directly to the CFO and works closely with the Director of Lending to prepare financial information as well as presentations to the management, board of directors, funders and investors. The Financial Analysis Manager must have demonstrated experience with financial planning and analysis and must be naturally inquisitive with strong analytical mind and who is able to dissect key drivers in analysis and interpret the implications. Must have advanced skills with MS Office (Excel and PowerPoint) and experience with Tableau and other BI platforms.

Responsibilities

  • Take a lead role in loan performance reporting to GMHF’s funders including the Department of Treasury’s Community Development Financial Institution (CDFI Fund) for annual recertification, Federal Home Loan Bank, CDFI’s Bond Guarantee Program (BGP), Foundations as well as local and national bank partners.
  • Develop and maintain financial models for analysis of the loan portfolio’s performance to be used in strategic planning discussions by investment advisors, senior management, and board of directors.
  • Build and maintain customized financial analysis of the loan portfolio’s risk assessments such as borrower concentration, exposure, location, and property financial information.
  • Provide financial planning and analysis in support of finding new sources of capital including grants, debt, and equity from public, private, and philanthropic organizations.
  • Perform cashflow analysis for use by the CFO and in support of the annual budgeting process and long-range plans. Updating of the cashflow analysis for monthly/quarterly forecasts. Also prepare and distribute weekly cashflow projections to the CFO and finance team.
  • Work with the CFO to ensure seamless integration of lending and accounting data and to reconcile various data sources to maintain the integrity and accuracy of financial reports.
  • Coordinate with lending and capital development teams to develop and update the company’s strategic model, including scenario planning and sensitivity analysis for various options.
  • Assist in the preparation of monthly and quarterly financial reports including analyzing loan performance results against budgeted and forecasted numbers.
  • Coordinate inputs from lending and equity to develop the annual budget and quarterly forecasts. Conduct ad hoc analysis as necessary, including impacts on previously reported or forecasted figures and recommend improvements to current forecasting/ budgeting processes.
  • Gather budget projections for the Revolving Loan Fund, Noah Impact Fund, MHFA and Minnesota Equity Fund to compile and analyze the data through use of comparative reports.
  • Serve as a key liaison with other business units including lending, equity, capital development, communications, accounting, and asset management.

Other Operational Support

  • Act as backup for the Accounting and Financial Reporting Manager.
  • Other Duties as assigned.

Professional Qualifications

  • Bachelor’s degree or equivalent experience in real estate, finance, accounting, or related field. MBA and/or master’s degree preferred.
  • 5 or more years of progressive professional finance/accounting experience (budgeting, forecasting, and financial modeling), preferably within banking and/or CDFI industry.
  • Must have a comprehensive understanding of finance and accounting principles, including US GAAP, cost accounting, and strategic planning.
  • Must possess strong attention to details, advanced skills in Excel, and familiarity on Tableau.
  • Ability to identify issues and develop solutions to a variety of problems of diverse scope and complexity.
  • Advanced knowledge and experience with income statements, cash flow statements, and balance sheets.
  • Excellent analytical, verbal, and written communication skills to accurately document, report, and present accounting and finance findings.
  • Excellent interpersonal skills to influence and guide all levels of employees and external parties on accounting and finance matters.
  • Ability to work independently or in a team environment is essential as is the ability to work extended hours at peak times. Some travel may be required (expected to be limited, if applicable).

Personal Qualifications

  • Comfortable with teamwork and collaborative work products, with the ability to also think conceptually and independently to solve problems.
  • Personal maturity and emotional intelligence to work effectively with a range of personnel and engage in iterative analytical processes including feedback and ongoing collaboration and input from peers.
  • Ability to remain responsive to the day-to-day needs of the organization while managing a number of diverse priorities, projects, and deadlines.
  • High energy, flexibility, and drive to work in an entrepreneurial organization.
  • Passion for affordable housing, community development, and social justice.
  • A commitment and ongoing interest in working in the non-profit industry.

Equity and Inclusion

Greater Minnesota Housing Fund believes racial equity in housing improves life outcomes of individuals and families in areas of health, employment, educational attainment, income, and intergenerational wealth.  We believe equitable access to safe and affordable housing is critical to moving to parity in housing, health, employment, income, and other areas of life. We are committed making investments in emerging market communities to create a more equitable housing landscape.

To Apply Contact
Alexis Lancaster
Executive Assistant
alancaster@gmhf.com

Click here to download the Financial Analysis Manager, Portfolio Reporting and Analysis position description.

 

Senior Financial Analyst, Asset Management

The Greater Minnesota Housing Fund’s (GMHF) Senior Financial Analyst for Asset Management will be responsible managing and reporting on the debt and equity investment portfolios. The debt portfolio consists of a $158 million Revolving Loan Fund portfolio which is composed of 70+ outstanding loans for various real estate developments and enterprises, including predevelopment loans, construction loans, bridge loans, mini-perm and permanent loans, with various interest rates, cash flow provisions and other terms. In addition, GMHF manages a $49 million “gap loan” portfolio (915+ gap loans) composed of subordinate and deferred soft second loans which are largely inactive during the term, but with 4–6 maturing loans annually which must be refinanced, repaid, or extended. Additionally, GMHF is invested in $30 million of rental properties to preserve unsubsidized affordable housing in the metro. The Senior Financial Analyst will be maintaining up to date knowledge of Greater Minnesota Housing Fund’s loan portfolio and underlying collateral, ensure compliance on executed agreements, monitoring the overall health and condition of underlying properties, and adherence to various regulatory agreements.

Asset Management: 

  • Analyzing and reporting operating performance of existing loan performance against loan covenants, providing feedback on sources of risk, and communicating findings with the Asset Manager and CFO.
  • Coordinating with external parties including borrowers, processors, property owner/managers, attorneys and others as needed to:
    • Collect, analyze, and report on required project level financials to mitigate risk.
    • Identify, analyze, and report on loan collateral at risk due to operating issues, high vacancy & turnover, revenue & expenses variances, building condition, market issues, and other compliance issues.
    • Monitor loan collateral on an annual basis unless otherwise requested to maintain direct knowledge of the status of the project/collateral and compliance with any loan requirements or covenants.
  • Developing and monitoring an action plan in coordination with the Asset Manager and CFO on progress for troubled loans on a regular basis to ensure improved performance. Corresponding regularly with the borrower and internally on performance metrics.
  • Managing, monitoring, and communicating with Asset Manager, CFO and Finance Staff on the status of delinquent loan payments and loan maturity dates.
  • Participating in internal communication so team members are kept informed of project status and borrower relationships.
  • Lead the continual improvement of GMHF’s asset management policies and procedures.

Compliance Reporting:

  • Report on overall loan portfolio to the Department of Treasury Community Development Financial Institutions (CDFI) Fund, including completing GMHF’s annual recertification as a CDFI.
  • Stay informed of the latest CDFI compliance regulations. Identify and communicate potential compliance concerns, and work closely with the management team, lending team, Asset Manager, and CFO to maintain good standing as a CDFI. Evaluate GMHF’s performance relative to CDFI peers.
  • Ensure accurate tracking of loans closed , housing units financed, and geographical reach by GMHF’s loan products.
  • Produce monthly investor reports for the real estate investment fund focused on the preservation of Naturally Occurring Affordable Housing (NOAH). Work with NOAH Fund Manager to validate the report.
  • Coordinate, process, and sell loan assets due to foreclosures within the MN Foreclosure Guidelines.
  • Travel up to 25% annually for site inspections of project level collateral and securing GMHF loans statewide (including possible overnight travel).
  • Other duties as assigned.

Professional Qualifications

  • Bachelor’s degree or equivalent experience in real estate, finance, accounting, or related field.
  • Experience with lending, banking, affordable housing, and/or community development lending is a plus.
  • 4 or more years of experience in real estate finance, multifamily asset management, or property management.
  • Analytical skills and attention to detail with strong financial skills and knowledge is essential.
  • Proven judgement and decision-making skills and demonstrated conceptual ability and strategic thinking.
  • Excellent oral and written communication skills and organizational and interpersonal skills.
  • Ability to work under tight deadlines, manage priorities, and complete assigned tasks with minimal follow up.
  • Expert proficiency in MS Excel and loan servicing software.
  • Passion for affordable housing, community development, and social justice.

Equity and Inclusion

Greater Minnesota Housing Fund believes racial equity in housing improves life outcomes of individuals and families in areas of health, employment, educational attainment, income, and intergenerational wealth.  We believe equitable access to safe and affordable housing is critical to moving to parity in housing, health, employment, income, and other areas of life. We are committed making investments in emerging market communities to create a more equitable housing landscape.

To Apply Contact
Alexis Lancaster
Executive Assistant
alancaster@gmhf.com

Click here to download the Senior Financial Analyst, Asset Management position description.

 

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