Special Assets Manager
Illinois Housing Development Authority
- Chicago, IL
- Permanent
- Full-time
- Participates in pre-closing, pre-occupancy, and post-closing meetings as appropriate.
- Assists in the planning for and conduct of regular loan monitoring, delinquency, and watchlist meetings.
- Proceeds based on individual assignment of troubled properties referred to group.
- Coordinates with other Asset Management staff assigned to projects to exchange information to aid in the development and implementation of effective workout strategies.
- Conducts initial and ongoing analyses of assigned portfolio of properties, develops/implements intervening strategies, and tracks progress in accordance with prescribed timeframes and applicable Federal, State, local rules and standards.
- Customizes workout strategies to intervene in at-risk or troubled properties including but not limited to debt restructuring, general partner/owner/agent changes, property sales or dispositions to stabilize properties and achieve compliance.
- Proactively communicates with the property owner, manager, agent, and other project funders regarding portfolio risk management issues, requirements, options, resources, and deadlines for resolution.
- Reviews and analyzes financial statements, loan and regulatory documents, physical needs assessments, property valuations, appraisals, market studies, and historical compliance documents to assess related risk and preservation options.
- Intakes, underwrites, and processes requests (for loan modifications, subordinations, payoffs, forbearances, deferments, releases of extended use or regulatory agreements, consents for easements/partial land release, transfers of physical assets, limited partner/general partner/managing partner changes) including preparation/submission of required documents, securing related approvals, and filing/retention of documents.
- Coordinates disposition of assets (through deed-in-lieu, foreclosure, directed sale, loan impairments through write-downs or write-offs) including preparation/submission of required documents, securing related approvals, and filing/retention of documents.
- Assesses the financial capacity of mortgagors, sponsors, and general partners involved in property purchases, refinancing, or development.
- Intakes, reviews, and processes qualified contracts.
- Performs mortgage credit reviews.
- Performs risk management audits to improve internal administration of insurance/ risk management escrows.
- Once assigned to a property, handles all related correspondence with the owner/agent as well as intakes, reviews, and processes reserve requests.
- Researches and recommends strategies for resolving compliance issues for assigned properties.
- Works with supervisor to identify, prioritize, value, and present Low-Income Housing Tax Credit (LIHTC) Year 15/Year 30 properties for disposition.
- Performs other duties and handles other special projects/initiatives as assigned.
- Education: Bachelor’s degree required. Master’s degree preferred. Experience may be substituted for education at the discretion of the Asset Management department.
- Experience: Preferred experience in account or portfolio management, risk management or federally financed affordable multifamily rental housing developments.
- Preferred knowledge of Federal affordable multifamily rental housing financing sources and loan products including bonds, risk share desired.
- Proficiency in Microsoft Office Suite required.
- Training: Risk management, preservation (completed within one year or earliest available date, whichever is later).
- Certifications: Professional property management accreditation desired (CPM, ARM, NAHP, CDO, RHM, etc.).
- Valid Driver’s License: Required.
- Access to Personal Vehicle: Required along with appropriate insurance.
- Frequency of Travel: Occasional – 10-25% annually.
- 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
- Access to Personal Vehicle: Required along with appropriate insurance.
- Frequency of Travel: Infrequent – 5-10% annually.