Jobs & Internships

The following three positions are currently open at Greater Minnesota Housing Fund: 

NOAH Fund Manager
NOAH Preservation Multifamily Loan Originator
Prosperity's Front Door Program Director

Naturally Occurring Affordable Housing (NOAH) Preservation Impact Investment Fund Manager

Responsible for leading the operations of the NOAH Impact Investment Fund, including real estate acquisitions and asset management assistance

The goals of the NOAH Impact Investment Fund include:

  • In partnership with qualified nonprofit and for-profit owner-operators, deploy the Fund’s capital as equity investments in appropriately structured NOAH properties where, in the absence of the Fund’s involvement, rent affordability would be at risk of loss.
  • Structure financing and partnerships to successfully preserve the affordability of the acquired NOAH properties over an expected period of 15 years.
  • Acquire 700 – 800 units of at-risk unsubsidized affordable rental housing in an estimated 10-15 properties over 18-24 months with NOAH Impact Fund resources.
  • Grow the Fund through effectively achieving economic and social impact goals, assist in raising new rounds of social impact capital, and managing the Fund’s assets in a manner that supports the acquisition and preservation of additional NOAH properties.
  • Assist in the capitalization of NOAH Fund Pool II of $25 million from investors, including institutional impact capital and mission-related investments.

Position Responsibilities

The position will work directly with outside professionals, including legal counsel, developers, owner-operators, lenders, local and state governments, and representatives of other intermediary organizations to assess project viability and bring funded projects to closing. The position is weighted towards financial analysis, deal structuring, and resolving legal and technical issues that require knowledge and experience with private sector multifamily real estate development, acquisition, construction, rehabilitation, and property management issues.  The position will conduct the following activities:

General Areas of Responsibility

  • General oversight of the Fund’s operations and activities, including developer outreach, project management, execution of real estate transactions and fund management.
  • Serve as point person for inquiries by owners, investors, and funders.
  • Work in partnership with members of management team and key staff to ensure all administrative functions are coordinated and performed.
  • Other duties and responsibilities as assigned.

NOAH Property Acquisition & Preservation Activities

  • Conduct owner-operator partner recruitment, identify prospective NOAH property acquisitions.
  • Secure necessary economic and programmatic commitments from owner-operators.
  • Underwrite related project loans if quick strike acquisition or bridge financing is required.
  • Prepare transaction summaries, underwriting reports, and recommendations for internal investment committee and board.
  • Obtain equity financing approvals from board, committees, and investors as needed.
  • Ensure that social impact goals and compliance requirements are agreed to and fully met.
  • Work directly with attorneys and accountants to resolve legal and technical issues.
  • Coordinate closing and required closing documents with legal counsel.
  • Monitor rehabilitation work and budget and approve draws.

NOAH Property Underwriting & Pre-Closing Activities

  • Prepare and review multifamily real estate proformas.
  • Conduct in-depth real estate project analysis.
  • Supervise and work with staff or contract underwriters to perform complete underwriting.
  • Review key documents including title insurance, surveys, appraisals, rent rolls, scopes of work, building condition needs assessments, environmental assessments, market information, and other reports.

NOAH Property Asset Management

  • Assist asset management staff in monitoring, reporting, site visits, and risk ratings.
  • Assist development of asset management improvement plans to meet objectives.
  • Maintain project files according to structure in an accessible and organized manner.
  • Review financial and project reporting to investors, including quarterly and annual reports, annual K-1 forms, and annual audits.
  • Support portfolio management and reporting on investment portfolio(s).
  • Assist asset management staff with underperforming properties and workouts.
  • Ensure the cash and tax benefits are determined accurately and timely delivered to the Fund and investors.

Investor Relations & Capital Formation:

  • Assist in developing investor prospects including philanthropic, banks, insurance companies, corporations and other institutional investors.
  • Assists with investor relations, presentations, and securing investor commitments.
  • Assist and support communication and reporting to investors in the Fund.
  • Assist in securing investment commitments in future rounds of Impact Fund capital raising, including a impact investor capital and institutional investor capital.

Ideal Candidate Profile

This position is an integral part of GMHF’s team. The ideal candidate:

  • Is a seasoned leader with a passion for social investing, community development, and public finance with a minimum of 5 years progressive experience as a development professional in the field of multifamily real estate development, underwriting and/or public finance and private sector multifamily housing.
  • Possesses proven skills in multifamily real estate finance and developer/investor relations. The position requires strong interpersonal and organizational skills, and the ability to work in a fast-paced environment with multiple priorities while meeting firm deadlines.
  • Is extremely well-organized and self-directed, able to work in a high energy team environment with extensive interactions, and able to work independently.
  • Is able to plan, schedule, and prioritize responsibilities, and work productively under strict time constraints, and organize and schedule tasks in support of multiple projects with a wide range of production and monitoring requirements.
  • Is able to deal effectively with other dynamic internal staff, and external parties, including developers, owner-operators, investors, funders, government agencies, and the general public.

Additional qualifications include:

  • Understanding of real estate partnership structures and partnership issues.
  • Knowledge of multifamily real estate credit analysis, unsecured lending to nonprofit and for-profit organizations, and ability to underwrite multifamily real estate properties.
  • Experience negotiating partnerships and closing multifamily transactions with investors.
  • Proven track record of guiding multifamily real estate from predevelopment through closing, build-out, and lease-up.
  • Excellent verbal communication skills, writing and publication skills.
  • High tolerance for ambiguity and able to navigate uncertain situations.
  • Ability to work on a variety of programs and projects simultaneously.
  • Strong computer skills required in MS Office, high proficiency in Excel and Word.
  • Master’s degree in business, finance, multifamily real estate development, planning or equivalent employment experience.

Position Salary, Benefits, and Reporting

Availability: Immediate

Salary: GMHF offers a competitive salary and benefit package.

Benefits: Family medical and dental insurance, employee life insurance, short- and long-term disability insurance, employer contribution to 401k retirement plan, paid time off, negotiated flex time hours.

Reporting: Reports to the President & CEO

To Apply: Submit resume and cover letter to Rebecca Martin at alancaster@gmhf.com.

To download this job description click the link here: NOAH Fund Manager Position.

 

Naturally Occurring Affordable Housing (NOAH) Preservation Multifamily Loan Originator 

Greater Minnesota Housing Fund (GMHF) is seeking a multifamily real estate finance expert to launch a new mezzanine loan fund within GMHF’s Community Development Finance Institution (CDFI) Division. The new loan fund (the “Small NOAH Fund”) is available to provide financing for unsubsidized multifamily properties of 4-40 units. The ideal candidate will demonstrate knowledge and expertise in multifamily real estate finance, and have proven ability to develop new business relationships to drive loan volume. This is a newly created position with primary responsibility for deployment of the Small NOAH Fund through the origination of multiple loan products both directly, using GMHF capital, and through strategic partnerships with other lenders in this space. This position requires knowledge and experience in financial analysis and deal structuring for private sector real estate acquisition and rehabilitation. This position reports to the Director of Lending and Programs and plays a key role in the continued success of the CDFI.

The position will conduct the following activities:

1. New Business Development: Implement business development strategy to engage new and existing borrowers in preservation of smaller scale affordable housing properties to advance GMHF’s strategic goals and drive community impact through investments by the Small NOAH Fund.

  • Develop cross-selling partnerships with lenders active in the Small NOAH market to identify borrower prospects and secure mezzanine loan referrals for the Small NOAH Fund.
  • Identify key lending targets include real estate developers, owner-operators of existing multifamily properties, public agencies, and community organizations.
  • Develop and maintain pipeline of loans to achieve an over-commitment ratio of 120% (committed loans as a percentage of Small NOAH fund capital)
  • Coordinate with the Director of Communications, Senior Management, and consultants as needed to develop marketing materials and platform, promote the Small NOAH Fund, and communicate goals and impacts to borrowers, lending partners, funders and other key stakeholders.
  • Conduct outreach through presentations and participation at industry conferences, direct outreach through professional network, and engagement with governmental partners and community groups in key markets.

2. Loan Origination: Execute tasks required for the successful completion of the loan approval and closing process with primary responsibility for deal structuring and credit analysis.

  • Gather necessary documents and perform due diligence review of all relevant project information including surveys, appraisals, rent rolls, scopes of work, building condition needs assessments, environmental assessments, market information, and other reports
  • Prepare project proformas and conduct project feasibility analyses
  • Coordinate with GMHF’s Senior Underwriter to secure underwriting sign-off
  • Prepare written credit reports and present loan recommendations for review and approval by applicable governance committees
  • Maintain proper documentation of all funding awards and decisions
  • Finalize loan terms with borrowers
  • Prepare and review loan documents in consultation with legal counsel
  • Coordinate with GMHF’s Closing Manager to ensure timely and accurate closing and funding of approved loans
  • Provide technical assistance to borrowers, project partners, and other stakeholders as needed to overcome barriers to project success and/or timely completion.

3. Capital Raising: Promote the Small NOAH Fund to potential investors and assist in securing additional investments to grow the fund.

  • Assist in development of annual goals and work plan to meet ongoing capitalization needs of the Small NOAH program.
  • Provide loan demand analysis and market research as needed to evaluate capital needs.
  • Coordinate with Director of Communications, Senior Management, and consultants as needed to prepare materials for distribution to potential investors, organize investor calls and meetings as needed, and ensure prompt and responsive follow-up to all requests for information by current and prospective investors.

4. Small NOAH Fund Impact Measurement: Track and report on key metrics to ensure that social impact goals are monitored and fully met.

  • Establish Small NOAH Fund performance benchmarks taking into consideration all investor requirements and GMHF’s strategic goals and priorities for review and approval by Director of Lending and CEO.
  • Develop and implement system for tracking performance benchmarks and report results to Senior Management on a monthly basis. Coordinate all reporting with the Loan Portfolio and Data Analyst.

5. Other duties and responsibilities as assigned.

Ideal Candidate Profile

  • Is an emerging leader with a passion for social investing, community development, and multifamily finance with a minimum of 5 years progressive professional experience in the field of multifamily real estate finance, underwriting and/or commercial real estate lending.
  • Possesses proven skills in multifamily real estate finance and small commercial lending.
  • Is extremely well-organized and self-directed, able to work in a high energy team environment with extensive interactions, and able to work independently.
  • Is able to plan, schedule, and prioritize responsibilities, and work productively under strict time constraints, and organize and schedule tasks in support of multiple projects with a wide range of production and monitoring requirements. The position requires strong interpersonal and organizational skills, and the ability to work in a fast-paced environment with multiple priorities while meeting firm deadlines.
  • Is able to deal effectively with other dynamic internal staff, and external parties, including developers, owner-operators, investors, funders, government agencies, and the general public.

Additional qualifications include:

  • Thorough understanding of partnership structures and partnership issues.
  • Knowledge of multifamily real estate credit analysis, unsecured lending to nonprofit and for-profit organizations, and ability to underwrite multifamily real estate properties.
  • Experience negotiating partnerships and closing multifamily transactions with investors.
  • Excellent verbal communication skills, writing and publication skills.
  • High tolerance for ambiguity and able to navigate uncertain situations.
  • Ability to work on a variety of programs and projects simultaneously.
  • Strong computer skills required in MS Office, high proficiency in Excel and Word.
  • Bachelor’s degree in business, finance, multifamily real estate development, planning or equivalent employment experience.

Position Salary, Benefits, and Reporting

Availability: Immediate

Salary: GMHF offers a competitive salary and benefit package.

Benefits: Family medical and dental insurance, employee life insurance, short- and long-term disability insurance, employer contribution to 401k retirement plan, paid time off, negotiated flex time hours.

To Apply: Submit resume and cover letter to Rebecca Martin at alancaster@gmhf.com.

To download this job description click the link here: NOAH Multifamily Loan Originator Position.

 

Prosperity’s Front Door Network, Project Director

The Prosperity’s Front Door (PFD) Network seeks a skilled and dynamic leader to expand and mobilize a multi-sector coalition of public and private sector organizations actively engaged in addressing Minnesota’s housing crises, by making housing a priority for Minnesota communities, increasing the supply of housing of all types for all incomes, and increasing awareness and understanding of housing as essential to Minnesota’s economic competitiveness.

Prosperity’s Front Door is a network of business, government, and nonprofit leaders seeking economic prosperity for all by advancing recommendations developed by the Minnesota Task Force on Housing in 2018. We believe achieving sustained and comprehensive advances in our housing production system requires expanding the network of housing champions and partners to include new and diverse voices, including employers, civic and community organizations and persons with lived experience.

PFD’s activities will help create the conditions for policy and practice change by identifying solutions to a wide range of housing challenges, including housing production costs, resource limitations, regulatory issues, development capacity, labor shortages and the need for new building technologies.

Front Door will also highlight the profound impact stable housing has on individual and social outcomes — in health, education, and economic mobility, and build urgency around the message of homes as central to economic prosperity for all Minnesotans.  The project will create mechanisms to track and evaluate progress toward shared housing goals to improve accountability and foster collaborative solutions that no single organization can solve alone.

Are you the ideal candidate?

  • We’re looking for a leader who can work with other leaders and build deep relationships both inside and beyond the natural constituencies of housing. We want to engage partners who have often been on the periphery of housing conversations, but who deeply feel the impact of our need for homes—employers, school district superintendents, health care providers, city and county officials, and more.
  • Housing is a complex area with a great many moving pieces – we need a project manager who can take a strategy and act on it and who is comfortable moving forward in the face of ambiguity. This is an entrepreneurial role, guiding a new organization with the support of a core advisory group. We need a go-getter, someone who can keep all the balls in the air and leverage the strengths of others.
  • Coalition-management and political savvy will be a critical skillset in the leader we are looking to hire. Moreover, this will require an innovative approach, closer to equipping and enabling a portfolio of partners than it is to mobilizing a defined coalition. We want to find good partners and embrace and amplify their efforts in a bipartisan way and build a sense of alliance between non-traditional partners. We are looking for someone who can ‘fit the pieces together’ strategically, remove obstacles for partners, and praise the successes of others more than claim their own victories.
  • There is a timely opportunity to capture the public imagination, and effective and creative storytelling and messaging will help us capitalize on this. We have brought on board partners and consultants who can help with the full range of media savvy and creative communications, but an ear for a good story, the ability to look across partisan and urban/rural divides to the shared human story, the inclusion of diverse voices and lived experience, and a strategic approach to evaluating communications strategies will help enable success.

What does the day to day look like?

The Director will have responsibility for the direction of Prosperity’s Front Door and the lead in building relationships with new champions for housing. This means the Director will plan and lead regular advisory group meetings which steer the course for Front Door and work with sponsor organizations to leverage. The advisory board is a highly engaged group of leaders, and the Director will need to be comfortable managing up and effectively engaging these leaders in advancing the work.

The Director will oversee contracting relationships, including with a strategic communications firm and other potential consultants.

The Director will oversee both grant writing/reporting and grantmaking exercises. Strategic communications is key to the work of Prosperity’s Front Door, and the Director will be expected to lean in for creative communications.

The Director will correspond with and regularly engage members of the Front Door network.

The Director will identify opportunities to engage a growing Front Door speaker network which will include diverse group of individuals to speak on the critical issues of housing, the importance of housing stability to healthy communities, production shortages and opportunities for growth to advance shared economic prosperity.

What are the role requirements?

Priority will be given to candidates with:

  • Proven ability to work confidently and empathetically with diverse interest groups at various levels, including public, private and non-profit sectors and facilitate agreements among diverse industry segments and political affiliations;
  • Track record of expanding coalitions, building trust in political and business settings, and developing and executing an effective public education campaign;
  • Demonstrated success in providing high-level policy and strategic advice, developing and implementing effective projects, and meeting financial targets;
  • Fluency in media relations and communications strategies, including the use of social media and online tools in an advocacy context; and
  • Commitment to working towards systems change in the public interest
  • Strong leadership and management skills and proven ability to conduct effective project management, meet deadlines, and produce high quality work products efficiently.
  • Experience in housing issues and/or the Minnesota context are preferred, but not required.

What will be the compensation and nature of the contract?

This role is designed as a full-time contract position, for a starting period of 18 month because Front Door is a new initiative under a fiscal sponsorship. Compensation is competitive with senior non-profit leadership roles. The position will be provided office space at the Family Housing Fund,  located in downtown Minneapolis, another convenient sponsor location.  The final contract design and hours will be developed in consultation with the individual selected for the position.

How do I apply?

Interested applicants should send resume and cover letter to info@frontdoorcampaign.com and include “Project Director” in the subject line.  Applications accepted on an on-going basis until position is filled.

 

To download this job description click the link here: PFD Project Director Position

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Contact

Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1650 West*
Saint Paul, MN 55101
*NOTE NEW SUITE # AS OF 1/14/19

Main 651.221.1997
800.277.2258
Fax 651.221.1904
info@gmhf.com

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