Position Title: Assistant Director Multifamily Business Development and Originations
Department: Multifamily Financing
Join our Team! At IHDA we strive to create and maintain a work environment that promotes diversity, recognition and inclusion. IHDA is committed to hiring and investing in individuals of diverse talents and backgrounds to ensure a range of perspectives and experiences inform and guide our work of financing affordable housing in the state of Illinois.
Who we are: The Illinois Housing Development Authority (IHDA) is one of the Nation's preeminent Housing Finance Agencies and one of the State's ten largest financial institutions. Our mission is to finance the creation and preservation of affordable housing across the state. IHDA oversees more than 20 federal and state programs on behalf of the state of Illinois and serves as one of the state's primary resources for housing policy and program administration. For over 50 years, IHDA has led the state in financing and supporting affordable housing.
Summary: Under the direction of the Managing Director, Multifamily Financing, this leadership role has primary responsibility for the business development activities of the Multifamily Financing Department, with a special focus on tax-exempt bond issuance and first mortgage lending. The individual monitors needs, trends, and opportunities in the marketplace and, in turn, facilitates appropriate responses in the form of financing proposals, and program development and/or enhancements. The Assistant Director is a subject matter expert and primary point of contact for potential and existing clients who wish to learn more about the Authority's multifamily resources. Lastly, the individual cultivates and maintains relationships with industry stakeholders that include developers, public agencies, lenders, and investors.
Essential Functions:- Establish, monitor, and refine (as necessary) the Authority's multifamily lending strategy, goals, and pipeline.
- Proactively and strategically manage key relationships with partners by incorporating anticipation, collegiality, confidence, patience, and resourcefulness.
- Conduct project concept meetings; lead conversations with clients and colleagues (e.g., Finance, Legal, Underwriting) to identify and create complex financing structures, as well as assess risks and mitigants.
- Seek opportunities to promote the Authority and its multifamily resources through outreach, marketing, and knowledge exchanges; serve as a spokesperson and liaison.
- Maintain a mastery of financing options in the market including deal structures; terms and rates for private debt and equity; FHA, Fannie Mae, and Freddie Mac products; private placement and public bond issuances. Using this knowledge, position the Authority and its resources as competitive, relevant, and responsive.
- Monitor, identify, and pursue refinancing opportunities for existing projects in the Authority's portfolio.
- Staff (e.g., identify agenda items, lead discussions, etc.) the Authority's internal Deal Structuring workgroup.
- Provide leadership and supervision for all activities of the business development and deal structuring staff, including recruitment, work assignments, professional development, goal setting, performance evaluations, and training.
- Serve as a member of the department's senior staff team; participate in overall strategy development, goal setting, problem solving, and improvements to operational efficiencies.
- Other assignments as required by the Managing Director, Multifamily Financing.
Education and Experience Requirements:- A bachelor's degree in real estate, finance, business or public administration, or related discipline.
- Extensive knowledge of mortgage lending practices, debt and equity underwriting, affordable multifamily development, and public subsidy programs.
- Familiarity with complex legal and financial documents related to funding and program operations.
- An understanding and appreciation of the role of public financing in housing finance. Excellent written and oral presentation skills.
- Excellent written and oral presentation skills.
- At least five years of experience in real estate lending (originations or underwriting), preferably with a focus on affordable multifamily housing, or equivalent work experience.
What We Offer:- Paid time off, plus paid holidays
- Currently in a hybrid work arrangement, but candidates must reside in Illinois at time of hire.
- Medical/dental/vision/life insurance plans
- Short/long term disability
- Tuition reimbursement
- Flex spending
- 401K plan - immediate vesting
- IHDA employees may be eligible for federal loan forgiveness programs.
Must be a resident of Illinois or willing to relocate. Flexible scheduling is available, upon completion of a six-month probationary period.EOE