Director of Housing Finance - MidPen Housing Corporation

WHY MIDPEN

At MidPen, we build communities that change lives. Since 1970, we have been committed to our mission: to provide safe, affordable housing of high quality to those in need; establish stability and opportunity in the lives of residents; and foster diverse communities that allow people from all ethnic, social, and economic backgrounds to live in dignity, harmony, and mutual respect.

We develop affordable housing, provide professional property management for all our communities, and coordinate robust onsite support programs that help residents thrive. We are active in 12 Northern California counties and have earned recognition as one of the nation’s leading non-profit developers and stewards of affordable housing. Our current portfolio of more than 130 properties is home to 20,000 working families, seniors, and people with special needs. We take pride in delivering affordable housing solutions, and we invite you to join us on a journey toward social, economic, and racial equity.

BENEFITS AND COMPENSATION

In 2023, MidPen was again certified as an official Great Place to Work®, and for good reason! In addition, we offer a best-in-class benefit package that includes healthcare options (Kaiser or Sutter), dental, vision, life & disability insurance. We also offer a wide range of voluntary benefits; 403(b) retirement investment opportunity and annual financial literacy and retirement planning options, FSA for childcare, medical and commuter benefit options, Employee Assistance program and pet insurance for our furry, feathered, and scaled friends. In addition to 14 paid company holidays, which include a paid winter holiday break between Christmas and the New Year, we offer 4 paid wellness days for employees to disconnect and recharge. As a learning organization, we encourage professional development and career advancement, and we offer up to $3,000 annually ($12,000 lifetime maximum) for education assistance with tuition reimbursement and/or loan debt relief that includes qualified family members. And, as a family-friendly company, we offer a paid time off parental leave benefit of 12 weeks in a 12-month period for new or expecting parents. Check out our benefits snapshot on our careers page.

PAY RANGE

$180,000 - $220,000 Annual Salary - Pay based on applicable experience and qualifications

POSITION OVERVIEW

The Director of Housing Finance reports to the Senior Vice President, co-head of Housing Development and is the strategist leading the Development Team on financing the housing development pipeline. They serve as the lead contact with capital market sources to procure debt and equity at top-of-the market pricing and terms as well as providing leadership and expertise on public funding sources. They also lead key organizational initiatives and collaborate with internal and external partners to problem solve and strategically advance the pipeline. The Director of Housing Finance serves a key role in MidPen’s Advocacy goals, working statewide to improve and expand state housing programs and regulations.

This is a hybrid position, based on current MidPen policy of working Tuesdays and Thursdays in any of the following office locations: (Coastal, East Bay, Union City, Foster City, North Bay).

ESSENTIAL DUTIES

Project Financing Strategy/Underwriting Review

• Work closely with project managers and Directors to make strategic financing risk decisions, identify multiple funding paths and problem solve issues
• Review project financing plans at critical milestones to ensure that projects comply with MidPen underwriting guidelines and are strategically positioned for success in financing competitions
• Lead the Quarterly Pipeline Review process
• Partner with MidPen’s Vice President of Business Development, Senior Vice President of Housing Development, and department leaders to vet new prospects and advise on financial feasibility
• Frame and advance our work by identifying key trends or emerging issues
• Maintain standard MidPen proforma, including periodic updates as financing regulations are change

Capital Markets Lead

• Develop and sustain existing and new relationships with lenders and investors
• Lead processes for selecting and approving loan and investment proposals to achieve the best pricing and meet MidPen’s preferred terms while coordinating projects in the pipeline
• Provide input and assistance on negotiations as needed
• Assess and monitor capital markets issues including interest rates, terms, availability of capital and macro- economic issues and incorporate into financing strategies, underwriting requirements, and hedging policies
• Lead efforts to develop new private funding sources

Public Financing Lead

• Maintain current knowledge of the rules and competition for major financing programs and apply this to underwriting and strategy for the pipeline
• Develop and grow relationships with staff at the state housing finance agencies

Policy Advocacy

• Serve as a member of the Policy Team, lead MidPen’s advocacy on state finance regulatory issues and coordinate the response to new financing regulation proposals
• Represent MidPen on regional and statewide advocacy boards and provide statewide leadership on public finance issues

Department Leadership and Training

• Mentor and serve as a resource for Directors and Project Management staff
• Keep staff updated on changes and opportunities in financing sources
• Provide department-wide trainings

MidPen Portfolio

• Serve as a resource to the Senior VP of Asset Management on investor buy-outs and coordinate on restructuring of MidPen portfolio projects
• Provide leadership in analysis and execution of re-syndications
• Participate in long term portfolio strategy discussions and the annual property budget process to identify and develop portfolio solutions to support MidPen’s goal of affordable housing preservation

Corporate Leadership

• Maintain strong internal cross-functional working relationships
• Provide leadership and strategic direction in company-wide initiatives
• Coordinate and problem solve with Property Management and Services on budgets and operating models
• Work with the CFO and Finance Team to track developer fee revenue, strategize Capital Magnet Fund applications and expenditures and other corporate level financing sources.
• Performs other duties as required

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential function satisfactorily. The requirements listed below are representative of the education, knowledge, skill, and/or ability required.

Education and Experience

• Graduate or Professional degree in Urban Planning, Community Development, Architecture or related fields with an emphasis on real estate development or commensurate experience
• 10+ years prior real estate finance experience

Knowledge, Skills, and Abilities

• Thorough knowledge of Federal, State, Local, and Private sources of financing for low-income housing
• Excellent written and oral communication skills, including demonstrated skill in making effective presentations at public forums and facilitating community group discussions
• Strong negotiating skills and sound political judgment
• Excellent organizational and project management skills
• Ability to prepare in-depth financial feasibility analyses, conduct research, and prepare narrative reports and proposals
• Knowledge of real estate and tax law as it pertains to the development of low income housing
• Proven ability to work effectively with lenders, investors, and public officials
• Familiarity with development process including the entitlement, design, and construction process
• Strong computer skills, including Excel, Word, Power point, and Project
• Ability to develop standard internal tax credit proformas and to train other staff in their use
• Ability to work in fast-moving, flexible environment
• Adhere to MidPen’s business ethics
• Must possess a valid California Driver’s License, proof of current auto insurance and reliable transportation
• Commitment to the Mission and Values of MidPen Services and Midpen Housing

Physical Requirements

• Constantly perform desk-based computer tasks, frequently sitting
• Occasionally stand/walk, reach/work above shoulders, grasp lightly/fine manipulation, grasp forcefully, use a telephone, sort/file paperwork or parts, lift/carry/push/pull objects that weigh up to 25 pounds
• Rarely twist/bend/stoop/squat, kneel/crawl

This description reflects management’s assignment of essential functions, it does not proscribe or restrict the tasks that may be assigned.

EQUAL OPPORTUNITY EMPLOYER

MidPen Housing Corp. provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.

Consistent with its obligations under the law, MidPen Housing Corp. will provide reasonable accommodation to any employee with a disability who requires accommodation to perform the essential functions of his or her job. MidPen believes that diversity and inclusion among our teammates is critical to our success, and we seek to recruit, develop, and retain the most talented people from a diverse candidate pool.