Director of Affordable Housing Syndications & Multi-family Real Estate Lending
Greater Minnesota Housing Fund (GMHF) is certified the the US Treasury Department as community development financial institution (CDFI) and a private, 501(c)(3) non-profit organization with a mission to strengthen families and communities and promote economic vitality throughout greater Minnesota by supporting the creation and preservation of affordable housing. GMHF is Greater Minnesota’s largest nonprofit affordable housing lender with $68 million in total outstanding loans. GMHF operates a $26.6 million Revolving Loan Fund (RLF) for affordable housing pre-development, acquisition, construction, bridge and other interim financing needs, and longer-term amortizing permanent loans for tax increment financing and first mortgage financing needs. GMHF is one of the largest non-profit affordable housing lenders in the country and has leveraged over $1 billion in total financing for affordable housing.
The Minnesota Equity Fund (MEF) is a new subsidiary of Greater Minnesota Housing Fund and has been capitalized with $50 million of private investor capital. A general partnership has been formed between MEF and Great Lakes Capital Fund (“Cap Fund”) of Lansing Michigan which will provide underwriting, compliance and asset management functions for the Minnesota Equity Fund . Cap Fund manages over $2.0 billion in equity for affordable housing. Minnesota Equity fund is responsible for raising capital from Minnesota's socially motivated investors and working with affordable housing developers to structure equity investments for their developments. The Minnesota Equity Fund seeks to serve a portion of the $100 million annual low income housing tax credit investor market in Minnesota. The goals of the Minnesota Equity fund include:
- Serve 15%-25% of annual Minnesota low income housing tax credit market
- Place $25 million in 8-10 developments every 18-24 mo
- Grow MEF and GMHF, raise new capital, create new products, manage assets
This position is an integral part of GMHF’s management team and will play a key role in the corporation’s continued success. The position will work directly with the management team and outside professionals, including legal counsel, developers, lenders, and representative of other agencies and organizations in order to assess project viability and bring funded projects to closing. This position is heavily weighted towards financial analysis, deal structuring and resolving legal and technical issues that requires knowledge and direct experience with affordable housing programs and tools, Low Income Housing Tax Credit experience and an understanding of multifamily real estate. The position is responsible for underwriting, financial structuring, and due diligence. In addition, the position will conduct the following activities:
o Oversight of tax credit equity fund and related project lending activities.
o Secure $20 million - $30 million equity investment commitments per biennium
o Secure syndication and borrower commitments from general partner developers
o Coordinate closing and required closing documents with legal counsel.
o Conduct research into corporate, bank & insurance investors to identify prospects
o Develop and manage investor & developer relationships, investor outreach, meetings, presentations, investment structuring and closing investors
o Underwrite GMHF’s loans including LIHTC bridge & Multi-Family first mortgages.
o Work closely with underwriters to conduct full underwriting
o Assist project monitoring, reporting, site visits, tracking/rating performance
o Support portfolio management of tax investments, development and social investment portfolios
o Assist asset management & workout transactions
The ideal candidate will be a seasoned leader with a passion for social investing, community development, and public finance with a minimum of 10 years progressive business experience as a senior development professional in the field of real estate development, underwriting and/or public finance. The successful candidate will have at least five years experience in LIHTC affordable housing. The ideal candidate will have proven skills in real estate finance, developer and investor relations & knowledge of federal and state tax credit investments.
This position requires strong interpersonal and organizational skills, and the ability to work in a fast-paced environment with multiple priorities.
o Knowledge of affordable housing including state and federal financing programs, low income housing tax credits, and multifamily and single-family real estate development.
o Thorough understanding of Section 42 partnership structures, underwriting and partnership issues.
o Knowledge of real estate credit analysis, unsecured lending to nonprofit & for-profit organizations and ability to underwrite multifamily real estate properties financed with LIHTC’s.
o Ten years applicable experience in the Low-Income Housing Tax Credit industry.
o Master’s degree in business, finance, real estate development, planning or equivalent employment experience.
Reporting: Reports to the President & CEO
Salary: GMHF offers a very competitive salary and benefit package.
Benefits: Family paid medical & dental insurance, employee life insurance, short & long-term disability insurance, employer contribution to 401k retirement plan, paid time off, negotiated flex time hours.
Position Availability: Immediate
To Apply: Send electronic cover letter and resume by clicking apply now.
For further information on the Greater Minnesota Housing Fund, please visit www.gmhf.com