Program Associate - Community Investments Initiative

Title: Program Associate - Community Investment Initiatives

Organization: MassHousing

Location: One Beacon Street, Boston, MA02108

Posting Closes: Close of Business on 11/21/2024

Website: https://www.masshousing.com

MassHousing recently affirmed its longstanding commitment to diversity and inclusion in its 5-year Strategic Goals, see https://www.masshousing.com/-/media/Files/Corporate/MH-5yr-Strategic-Business-Goals.ashx.

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

Position Summary

The Program Associate is responsible for assisting Program Managers in reviewing and underwriting affordable housing production and preservation proposals and providing detailed reporting and analysis for the Equitable Business Development Division. The Program Associate is a member of the Community Investment Initiatives (CII) unit, which is focused on expanding access to affordable housing while advancing racial and economic equity. The CII programs drive moderate-size housing production and preservation through soft debt subsidies supporting homeownership and small-scale rental renovations. These programs are administered to provide funding for smaller-scale projects that yield significant social and economic benefits. The CommonWealth Builder (CWB) Program, a flagship initiative, works to reduce racial homeownership gaps by financing the development of affordable homeownership units, particularly in communities of color.

Specific Duties and Responsibilities

• Reviewing CWB loan information submitted by potential borrowers, inputting loan data into underwriting model, conducting financial analysis and proposing alternative financing scenarios if necessary, and drafting a number of important documents including letters of interest, term sheets, commitment proposal memos, and commitment letters.
• Serving as a liaison to both external and internal business partners and taking responsibility for obtaining, understanding and analyzing data and related mortgage information from property owners and other third-party sources.
• Communicating with potential borrowers and requesting information as needed. She/he/they may initiate calls and/or attend meetings to review preliminary CWB loan information including sources and uses, income and expense statements, market information and other documents.
• Developing relationships with potential borrowers to support Program Managers, who are primary points of contact in preliminary CWB loan review and structuring.
• Administering the underwriting model to ensure accurate analysis and CWB loan structuring.
• Maintaining a positive rapport with borrowers and other stakeholders and ensuring appropriate communications regarding the evaluation and eventual approval of CWB loan transactions. Internally, the Associate collaborates frequently with the Legal and Rental Underwriting and Management divisions.
• Performing a wide variety of special assignments, including but not limited to research on industry and MassHousing business metrics, the creation of analytical tools, and any other assignments that may emerge as part of business development or loan processing.
• Performing other duties as assigned.

Knowledge, Skills and Abilities Required

• Knowledge of basic financial and financial analysis principles.
• Strong work ethic and the ability to work independently with minimal supervision, and as a member of a team.
• Strong interpersonal and communication skills.
• Excellent organizational and analytical skills with a high-level of attention to detail.
• Effective time management and project management skills.
• Proficiency with Microsoft Office Suite; preference for candidates with demonstrated command of Excel for the creation of complex spreadsheet tracking tools.
• Ability to multi-task and manage a high-volume workload accurately and effectively.

Minimum Education and Training

• Bachelor's Degree required, preference for candidates with degrees in Finance, Real Estate Management, Business Administration, or related field.
• 2+ years of substantive experience in finance or real estate.

• Demonstrated history of academic success and professional development.

   

Salary Range: $74,415.12 - $96,739.35

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.

MassHousing is an Equal Opportunity Employer.  In compliance with the Americans with Disabilities Act, MassHousing will provide reasonable accommodations to qualified individuals with disabilities and encourages both prospective and current employees to discuss potential accommodations with the employer.

• While performing the duties of this job, the employee is regularly required to stand; walk and sit for extended periods of time.

• Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. 

• The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of the job.