What are the responsibilities and job description for the Asset & Compliance Manager position at City of Cambridge Massachusetts?
ABOUT THE HOUSING DEPARTMENT :
The Housing Department works to promote and maintain the socioeconomic diversity of the city by managing and implementing the City's efforts to meet the housing needs of low-, moderate-, and middle-income residents; managing affordable housing programs; and developing initiatives to preserve and expand the City's stock of affordable housing.
The Housing Department works closely with the Community Development Department (CDD), the planning agency for the City of Cambridge as it fosters a livable, sustainable, just, and equitable community. The Housing Department and CDD engage and collaborate with community partners, other government agencies, and residents to make Cambridge a desirable place to live, work, learn, play, and innovate.
ABOUT THE ROLE :
Reporting to the Senior Manager of Housing Development, the Asset & Compliance Manager for Affordable Housing is a key member of the Housing Division's affordable housing development team and is responsible for overseeing the City's significant and growing portfolio of affordable housing loans. This portfolio includes loans made by the City of Cambridge and by the Cambridge Affordable Housing Trust to affordable housing providers. The Asset & Compliance Manager also works in cooperation with other Housing Department staff to review requests for refinancing and loan restructuring, and oversee compliance monitoring for existing City-assisted affordable housing.
ESSENTIAL DUTIES AND RESPONSIBILITIES :
Primary responsibilities include :
- Developing and implementing policies, procedures and systems to track and monitor the City's growing portfolio of deferred and repayable affordable housing loans, including procedures to track and oversee borrower compliance with loan repayment and performance obligations;
- Reviewing existing loan management and compliance tracking systems, and updating or replacing with new data management software systems, as needed;
- Collecting, reviewing and analyzing regular loan compliance documentation including property reports, financial statements, and audits;
- Overseeing project compliance monitoring, including approval of project compliance reports, loan management requirements, and file review reports completed by Department staff and / or outside vendors;
- Reviewing and coordinating requests for loan payoffs and discharges of completed mortgages;
- Reviewing and responding to periodic requests for loan refinancing and / or restructuring, in coordination with other members of the Department's housing development and preservation team;
- Reviewing property capital needs assessments and rehabilitation plans associated with request for refinancing or recapitalization;
- Working with property owners and managers, other funders and partners in to develop and implement plans to address underperforming properties;
- Responding to requests for annual audit confirmation letters, in conjunction with Fiscal Director;
- Working with other Department staff to ensure timely completion of property inspections and on-site monitoring as part of portfolio oversight;
- Staying current on best practices and industry standards regarding compliance monitoring and loan management for affordable housing programs;
- Performing other duties as required.
MINIMUM REQUIREMENTS :
Education & Experience
Skills & Abilities
PREFERRED QUALIFICATIONS :
PHYSICAL DEMANDS : Work requires ability to access, input, and retrieve information from a computer. Ability to read and analyze large quantities of information. Must have sufficient mobility to get back and forth from office. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.
WORK ENVIRONMENT : Work is conducted primarily in a standard office environment which includes fluorescent lighting, air conditioning, computers, and other standard office equipment, but may also involve meetings in other offices or facilities as well as site visits and inspections of scattered site properties around the city. This position may be eligible for hybrid work under the City's Telework Policy, depending on operational needs.
SUMMARY OF BENEFITS :
Competitive benefits package including :
DOCUMENTS REQUIRED :
Please upload the below documents to complete your application :
Salary : $2,700
