Senior Manager - Workforce Housing Strategies

Posting Closes:  Close of Business on August 30, 2024  

THE ORGANIZATION

MassHousing will confront the housing challenges facing the Commonwealth to improve the lives of its people.  A bold mission for an innovative agency.  Since its inception in 1966, MassHousing has provided more than $27.5 billion for more than 125,000 apartments and more than 105,000 home mortgage loans.  Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, cost-effective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives.  

We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts.  We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion. 

As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck.  MassHousing’ s total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

·         Tuition reimbursement up to $10,000 per calendar year

·         A 35-hour work week and a hybrid work schedule

·         Back up Child/Elder Care

·         Retirement Savings including a pension and a deferred compensation plan (with a match)

·         Comprehensive health, dental and vision plans

·         12 paid Holidays per year and generous sick, vacation, and personal time

·         Short-Term and Long-Term Disability

·         Central Boston office location, convenient to public transportation and amenities on site

If you’re ready to join our dynamic team of mission driven professionals, this might be the job for you! Interested candidates should send a letter of interest and a resume to MassHousing by logging in to https://prd01-hcm01.prd.mykronos.com/ta/6003873.careers?CareersSearch

About this Role

 This new and highly visible role at MassHousing is responsible for building out, scaling up, and managing the Agency's Workforce Housing Strategies Program. This work is in support of MassHousing’s mission to confront the housing challenges facing Massachusetts. Included in the suite of solutions the Agency has developed as part of this program are sources of capital recently authorized in the Affordable Homes Act. The Act directs the Agency to effectively deploy capital to unlock existing, approved housing developments in Massachusetts and to increase the volume of housing opportunities across a wide range of income levels.  The Workforce Housing Strategies Program will put MassHousing on the forefront of financing new housing production throughout the Commonwealth and is integral to the Administration's stated commitment to increase housing production. This role is an excellent opportunity for a highly skilled real estate finance professional to make a difference in the lives of Massachusetts residents.

General Summary

The Senior Manager - Workforce Housing Strategies is responsible for developing and managing the MassHousing's pipeline of taxable loan and investment executions as required by its Workforce Housing Strategies program. The Workforce Housing Strategies program currently consist of balance sheet funding, the Agency's Freddie Mac platform, and the Commonwealth's emerging Momentum Fund.  The position reports directly to the Vice President of Multifamily Programs and will work closely with multiple senior directors in the Agency including Capital Deployment, Rental Underwriting, Rental Management, Finance and Legal.

Specific Duties and Responsibilities

·         Business Development and Cultivating Borrower Relationships

o   Work with the VP of Multifamily Programs to develop and execute a structured plan to establish and maintain the Agency’s Workforce Housing Strategies transaction pipeline, specifically targeting 40B and Inclusionary Zoning prospective transactions and their sponsors.

o   Manage inbound inquiries and proactively develop targeted outbound marketing efforts to ensure widespread industry knowledge of the Agency’s Workforce Housing Strategies programs.

o   Provide conceptual stage analysis to determine the feasibility of newly developed transaction leads.

o   Convene borrower meetings and support the Agency’s public and industry meetings to communicate the Agency’s Workforce Housing Strategies programs.

o   Remain current about changes in the mixed-income housing production markets and multifamily lending industries and participate in external events to promote MassHousing throughout the Commonwealth.

·         Origination Pipeline Management

o   Work with the VP of Multifamily Programs and Senior Director of Capital Deployment to develop, as necessary, annual, three, and five-year loan and investment production budgets.

o   Document progress of all transactions and borrower relationships in the Agency’s pipeline management system.

o   Facilitate the approval process of the required senior and subordinate debt tranches of Momentum Fund investments in coordination with the Rental Business Development and Rental Underwriting teams.

o   With an established underwriting model, provide recommendations for Momentum Fund investments to a newly formed internal Investment Committee to comply with senior lender terms and conditions and sponsor equity business requirements.

o   Ensure all Momentum Fund investment due diligence is satisfactory.

o   Communicate Momentum Fund terms and conditions to sponsors.

o   Facilitate Momentum Fund closings in conjunction with the Agency’s Legal department.

o   Develop and maintain strong alliances with internal business partners, including colleagues in Rental Business Development, Rental Underwriting, Legal, Rental Management, and Communications departments.

·         Product, Policy and Program Development

o   Support the Agency’s ongoing effort to improve its mixed-income, non-subsidized project lending workflow process to enhance borrowers’ experience and ensure the Agency’s ongoing competitiveness.

o   Provide management and oversight for the Momentum Fund program and related procedures

o   Establish and produce regular reporting on Momentum Fund portfolio investment performance in conjunction with the Rental Management team.

o   Based on outreach initiatives and general industry knowledge, ensure there are no gaps in the Agency’s Workforce Housing Strategies suite of solutions.

o   Work with multifamily lending and other Agency colleagues on policy initiatives and the continued development and implementation of mixed-income, housing production programs and products.

o   Work with the VP of Multifamily Programs, the Senior Director of Capital Deployment and the Marketing department to create and update the Workforce Housing Strategies content on MassHousing’s website.

·         Staff Development (as may be required)

o   Provide managerial oversight as required for Workforce Housing Strategies analyst(s) and originator(s).

o   Establish professional development goals for each direct report and monitor progress toward the goals.

o   Provide ongoing feedback and coaching through one-on-one meetings with direct reports.

Knowledge, Skills and Abilities Required

 Knowledge of real estate financial analysis and real estate finance principles.

·         Specific underwriting experience making preferred equity investments in multifamily transactions.

·         Knowledge and experience in the mixed-income, non-subsidized housing industry including 40B, Inclusionary Zoning, State of Massachusetts Housing Development Incentive Program, and GSE lending platforms.

·         Experience with multifamily real estate ownership interests strongly preferred.

·         Ability to professionally represent and promote the Agency’s interests in multiple settings.

·         Exceptional critical thinking, negotiation, and problem-solving skills and experience.

·         Excellent organizational and written and oral communication skills.

·         Ability to respond to needs of customers and key internal and external stakeholders, collaborate with co-workers and business partners, resolve conflicts effectively and respond to changing priorities.

·         Supervisory/people management experience.

Minimum Education and Training

• Bachelor’s Degree required, preference for candidates with advanced degrees in Finance, Real Estate, Business Administration or related field.
• Ten years or more of substantive experience in mixed-income housing and/or real estate debt and equity finance.

Salary Range:  $142,619.07 to $185,405.00

All positions at MassHousing require a customer service mindset, in accordance with our values:  Integrity, Excellence, Collaboration, Respect, Accountability and Service.  Inherent in these values is our commitment to diversity, equity, and inclusion for all.

This position has been designated as “Flex” under MassHousing’s Alternative Work Schedule (AWS)-hybrid work model. However, during the first 90 days, the employee may be expected in the office more frequently for training and onboarding. Flex means in the office at least two days a week.

MassHousing is an Equal Opportunity Employer