Closing Date: 10/4//2023
Salary Range $51,858.00 – $97,788.00 Annually
Hiring Range: $51,858- $75,000 (promotional range may vary)
The Housing and Neighborhoods Department is committed to improving and maintaining the quality of life and environment for all Raleigh citizens through a variety of programs and activities throughout the city. The department provides funding for the creation and preservation of affordable housing and for services and programs benefitting low to moderate income persons. The Department enforces codes to ensure safe and decent housing and carries out neighborhood revitalization and community engagement and enrichment activities. The Multifamily Lending Coordinator’s role is key to the successful implementation of housing and community development programs and services. Each year, the City receives entitlement dollars from the U.S. Department of Housing and Urban Development (HUD) to support programming for homeowner rehab and repair, resources for first-time homebuyers, down payment assistance, and low-income housing tax credit gap financing. In November 2020, Raleigh voters approved an $80 million affordable housing bond. The funding will be utilized over the next five years to support affordable rental and homeownership opportunities, including preservation of existing affordable housing and supporting affordable housing development near transit.
The Community and Economic Development Division of the Housing and Neighborhoods Department administers the City’s housing and community development programs funded with local and federal funds, including providing gap financing loans for affordable multifamily housing development. The Division seeks a self-directed community development professional with excellent communication skills and a commitment to professional excellence to serve as its Multifamily Lending Coordinator. This position manages the Department’s multifamily gap financing programs, including drafting notices of funding availability and requests for proposals, coordinating inter-disciplinary review committees, and evaluating proposals, including financial underwriting. The Multifamily Lending Coordinator will make recommendations in the form of memoranda to go before City Council. This position will also move funded developments through the closing and construction processes.
The ideal candidate will have experience with multifamily development, lending, or valuation, with specific experience with the Low-Income Housing Tax Credit Program. They will have excellent written and verbal communication skills, project management skills, and facility with data. This position will be supervised by the Housing Programs Manager, but the ideal candidate will be self-directed, able to manage the programs in its portfolio with minimal supervision and capable of making program and policy recommendations.
Duties and Responsibilities
- Plan, manage, and oversee the City’s rental housing development finance programs, primarily the Joint Venture Rental Development Program. This position will also be tasked with standing up a funding program for Community Development Housing Organizations (CHDOs) using HOME and other federal funds.
- Evaluate proposals received for rental development projects requesting City funds and conducting underwriting analysis to make funding recommendations to City Council.
- Evaluate appropriateness of projects for federal or local funding, specifically for the HOME Investment Partnerships Program and the Community Development Block Grant Program (CDBG). This requires possessing or obtaining working knowledge of HOME and CDBG regulation and program guidelines.
- Conduct Environmental Reviews as needed to ensure compliance with federal regulations.
- Recommend funding awards to Department leadership and City Council with clear, concise written memoranda and presentations.
- Manage loan closings for funded developments by collaborating with contracted outside counsel to review documents and working with Department finance staff to set up and process funding disbursements.
- Monitor approved developments through the construction process to ensure compliance with federal regulations such as Davis-Bacon, Section 3, Minority and Women-Owned Business requirements and other cross-cutting regulatory requirements.
- Coordinate with development partners and Department staff to ensure beneficiary data for federally-funded projects is accurately entered into the Integrated Disbursement Information System (IDIS) and that deadlines for the commitment or expenditure of HUD funds are met.