City Of Detroit Detroit , MI 48222
The Housing and Revitalization Department is seeking to fill an Asset Manager III (Housing Underwriter III) position. The Housing Underwriter III is an experienced level professional located within the City of Detroit Housing and Revitalization Department's Office of Housing Underwriting that requires minimal direction and supervision. The Asset Manager III (Housing Underwriter III) primarily serves as an advisor to management on the evaluation of the multi-family housing portfolio. Asset Manager III (Housing Underwriter III) gather financial information critical to the decision making process; meet with recipients and sub-recipients to discuss work-out strategies for troubled assets; review financial data to ensure acceptable risk; and evaluate and analyze the overall financial portfolio of a recipient or sub-recipient to make a final recommendation regarding whether or not to approve a funding request. Other key services performed by Asset Manager include providing management services, monitoring ongoing operations, approving reserve draws, meeting with developers, resolving project issues, consulting with governmental agencies, negotiating terms, promoting public awareness, training staff, researching social or housing conditions, updating credit and funding files, and staying informed on governmental policy and regulations changes. The Asset Manager perform a detailed credit analysis on recipients and sub-recipients based on the review of financial viability, plan feasibility, project budget, potential incentives and cost and valuation estimates.
Examples of Duties
The Asset Manager III (Housing Underwriter III) performs a variety of underwriting functions including but not limited to:
Obtains and compiles copies of recipients' or sub-recipients' credit histories, corporate financial statements, and other financial information;
Meets with recipient or sub-recipient to identify and achieve mutual goals and obtain information for applications and to answer questions about the process to determine whether they meet criteria for support;
Manage a portfolio of the City's investments in multi-family projects;
Coordinate activities with outside compliance, and loan servicing consultants;
Conduct annual financial analysis of operations of housing developments in the portfolio, and financial statements of all guarantors;
Gather and track data on tenancy, operating costs, and other metrics, and produce reports to management on trends;
Conduct annual site visits on multi-family assets;
Review financial capacity of developers applying for financing for multi-family projects;
Assists in the creation, development, implementation, and modification of legal documents and ensures that they are complete and accurate according to policy;
Recommend solutions to troubled properties to senior management;
Analyze proposals from developers seeking to recapitalize existing assets, and negotiate terms at the direction of management;
Interprets and ensures compliance with Federal, State, local, and departmental program regulations, policies, and procedures;
Analyzes complicated recipient or sub-recipient financial status, credit, and property evaluations;
Reviews and analyzes compound project information, including cash flow computations and cost certification to determine if conditions meet certain standards;
Track reserve balances, and approve of payments for capital improvements;
Monitors regulations for changes which may affect the operating procedures and policies of the department and associated agencies;
Performs Housing and Urban Development (HUD) and related housing research as required; prepares reports for City management and City Council; and
Prepares advanced statistical data analysis and reports of demographic, social, or housing conditions.
Bachelor's degree from an accredited college or university, with major course work in business administration, public administration, accounting, finance, economics, or other related field of study.
Three (3) years of professional experience involving risk evaluation related to the granting of loans or insurance for housing development projects, as well as a systematic preparation, review, analysis, interpretation, and evaluation of sub-recipient data, budgets, grants, loans, or other financial data is required.
License / Certificates
Equivalent combinations of education and experience that provide the required knowledge, skills, and abilities will be evaluated on an individual basis.