The City of San José, the Capital of Silicon Valley, is one of the nation's best-managed cities and one of the top ten cities in which to live, work, and do business.? Moreover, San José is the center of cultural, government, and economic activity for the region.? The employees of the City of San José have embraced the following values:? Integrity, Innovation, Excellence, Collaboration, Respect, and Celebration.? The City' s Housing Department is seeking an individual whose values align with the values of the City's employees.
The City of San José Housing Department's mission is to strengthen and revitalize our community through housing and neighborhood investment.
The Housing Department is seeking a Development Officer in the Asset Management team to provide oversight of City's affordable housing portfolio. The Development Officer should be well versed in real estate finance, have strong financial and technical skills, and will provide leadership to three (3) Development Specialist positions. The Development Officer is team member in the Residential Development Division (RDD) and will report to the Senior Development Officer of Asset Management. The RDD teams work collaboratively to implement housing and community development programs and projects that benefit San José's low-income communities.
The portfolio consists of over 176+ multi-family residential developments, public facilities, shelters, and/or new development projects and over 15,000 housing units. Candidates must be able to understand, interpret, and enforce financing and development agreements. In addition, they must have a general understanding finance and accounting, fair housing, rental laws, and rent limits. The incumbent is responsible for compliance of local/state/federal regulations, ensuring financial viability and providing overall asset strategy and policy development of the portfolio.
The Development Officer will also review of title reports, value analysis, coordination and execution of loan documents, processing payoff transactions (including equity-share and interest computations), subordination agreements, reconveyance/recission documents, and the review and underwriting of loans for various housing programs assisting qualified moderate- and low-income homeowners in San Jose.
The incumbent will be responsible for managing single family and multifamily assets:
Multi-Family Portfolio:
- Financial reviews of operating budget, capital improvement plans, and audited financial statements;
- Reviewing, calculating, and auditing cash flow analysis for portfolio assets;
- Assessing property reserves and approving replacement reserve request;
- Preparing or provide oversight of loan interest calculations, loan balance audit confirmations, loan payoffs and database maintenance;
- Assessing, invoicing, collecting fees and payments owed to the City;
- Preparing annual risk rating assessments of the project loans and calculates the loan loss reserve;
- Evaluating the financial strength of multifamily apartment projects and making recommendations for solutions to operating issues that are mutually beneficial to the borrower and the City;
- Tracking property management data and identifying trends, including vacancy rates and rental rates;
- Reviewing project replacement reserve funds including draw approvals, fund balances, and deposit requirements;
- Ensuring invoices are issued to collect the net cash flow (residual receipt payments) due to the City;
- Collection of required project and operating documents from borrower;
- Reviewing annual tenant income and rent information (rent rolls) submitted by project owners/managers to ensure compliance with applicable affordability and operating covenants;
- Responsible for coordinating the collection of compliance data including collecting and verifying compliance data in the field, auditing and monitoring on site compliance files.
- Verification of appropriate insurance coverage to ensure that the City's assets are projected;
- Reviewing management plans, management agreements, fair housing documents, and other operating documents to ensure they meet appropriate requirements;
- Collecting and reviewing multifamily revenue bond compliance documents and assisting in reporting to CDLAC and/or other state of federal regulatory bodies; and
- Calculate rent and income limits as prescribe by regulatory agreements.
Single-Family Portfolio:
- Process payoff transactions, subordination agreements, and reconveyance/recission documents.
- Review and underwrite loans for various affordable housing programs assisting moderate- and low-income homeowners in San Jose including eligibility for loan deferments
- Perform analysis of income documentation for both personal and business tax returns to determine program eligibility.
- Review title reports for liens, encumbrances, and other conditions affecting title, and facilitate in the achievement of clear title.
- Ensure annual loan compliance is met, including: maintenance of current property insurance, payment of property taxes, owner-occupancy of property, and other requirements as stipulated in the loan.
- Ensure safe keeping of legal documents and accurate data in Salesforces
- Work with developers, lenders, escrow officers on single family real estate transactions
- Calculate income limits and affordable housing costs
Knowledge and skill set required for the position:
The position requires a person who can coordinate effectively with City staff from other departments, outside agencies, and developers; work well both independently and as part of a team; and have excellent written and oral communication skills.
Other attributes include:
- Strong financial and technical skills
- Strong analytical skills to evaluate risks and strategies
- Strong real estate finance and due diligence review of real estate assets
- Experience in affordable housing
- Ability to building significant relationships with outside organizations, city staff and key stakeholders
This recruitment may be used to fill multiple positions in this, or other division or departments. If you are interested in employment in this classification, you should apply to ensure you are considered for additional opportunities that may utilize the applicants from this recruitment.
