Assistant Deputy Director

Assistant Deputy Director

Job Summary:

We are collaborating with our client to identify a highly qualified individual for the role of Assistant Deputy Director for a state agency that supports the needs of low- and moderate-income renters and homebuyers by providing financing and programs focused on equity. Reporting directly to the Deputy Director, the Assistant Deputy Director holds a pivotal position in planning, organizing, directing, and managing the operations of the Asset Management Unit. This role carries substantial influence in shaping program development and policy decisions. This role is hybrid in Downtown Sacramento. Minimum 2 days a week in office.

Job Duties:

Leadership and Portfolio Management:

• Oversee the functions and highly complex financial structures of a portfolio of Multifamily Affordable Housing Project loans throughout the State of California.
• Make recommendations on policy and on the development, implementation, and maintenance of Asset Management policies, procedures, and workflows to ensure compliance with all Client’s obligations under bond documents, regulatory agreements, loan documents, and conditions as required by federal and state tax law. This includes loans subject to the HUD Risk Share Program, and the U.S. Department of Treasury Federal Financing Bank (FFB) Program.
• Lead efforts to assess existing policies and procedures for efficiency.
• Propose the creation of new and modified policies and procedures to effectively implement improved efficiencies related to the work of Asset Management.
• Maintain Asset Management Guidelines to ensure consistency with industry standards, and Agency goals.
• Provide input on necessary modifications and improvements to the Underwriting Standards and Reference Manual and the Multifamily Procedure Manual as necessary.
• Provide expertise on policies and procedures associated with the Risk Rating and Annual Review processes related to the ongoing Client portfolio of permanent first-lien loans.

Supervision and Guidance:

• Manage the day-to-day duties of Asset Management staff, including evaluating, preparing, and conducting performance appraisals to ensure staff development and/or disciplinary action as needed.
• Provide oversight of annual compliance monitoring and reporting to various state agencies as part of Client’s obligations as Conduit Issuer; annual review and financial analysis of property level audited financial statements inclusive of Residual Receipt Payment and Operating and Replacement Reserve sufficiency reviews; annual review of Insurance sufficiency; annual Regulatory Agreement tenant compliance reviews; annual property operating and capital improvement reviews.
• Manage ongoing duties of the Asset Management staff related to Transfers of Physical Assets (TPA); Prepayment Requests; Loan Payoffs; Loan Closings; and MFS updates.
• Manage Asset Management staff performing Client’s obligations as the Performance Based Contract Administrator for the State of California under Department of Housing and Urban Development’s (HUD) Project Rental Assistance (PRA) 811 Program including overseeing the application reviews and approvals; issuance of project awards; weekly lease-up meetings; Use Agreements; Management and Occupancy Reviews (MORs); Rent Adjustments; Tenant Complaints; and Contract Renewals.
• Manages Client’s obligations as Contract Administrator for multiple Section 8 Housing Assistance Payment Contracts in the State of California including the issuance of Housing Assistance Payments (HAP), tenant income compliance reviews, physical inspections using HUD’s Real Estate Assessment Center (REAC) protocol, any contract renewal processes, and rent adjustments.

Asset Management, Policy, and Practices Leader

• Provide leadership direction on program development for new projects involving Asset Management functions.
• Apply knowledge and understanding of multifamily development policy and asset
• management practices in collaborating both internally with other divisions and with other State agencies.
• Review all development loans in the proposal, underwriting, and/or loan closing stages, particularly budget, reserve, insurance and operating information, rehab plans, social service needs, proposed escrows, management plans, and contracts. Oversees the establishment of escrows and impounds.

Working Conditions:

• Prolonged sitting
• Work in a high-rise building when onsite
• Use a computer keyboard and read from computer screens several hours a day
• Be able to lift and carry up to 20 lbs.

Application Instructions:

Our next step involves a comprehensive review of all applications and resumes received. Following this assessment, selected candidates will be invited to apply through our client’s portal for further consideration.

The Client’s application portal is a crucial part of the application process, allowing streamlined communication and the facilitation of a more in-depth evaluation of your qualifications. You will receive instructions on how to access and complete the next stage of the application through the portal if your initial application aligns with our requirements.