Portfolio Manager, Multifamily Housing Unit

Effective July 1, 2024 there will be a 3% General Wage Increase.

Portfolio Manager, Multifamily Housing Unit

At the Department of Commerce we strive to be creative, collaborative, and trusted. We identify opportunities to deliver critical funding and services to strengthen communities and aim to promote equity in all aspects of our work. We believe that a diverse and inclusive workforce is essential to our success, and we work to foster an environment where all individuals are valued and respected. We cultivate an environment in which we continuously learn, and we own our work.

We invite all candidates to join us in our mission to create a diverse and equitable workplace that reflects the richness of the communities we serve. Together, we can build a brighter and more inclusive future.

The Housing Division (HD) partners with local governments, Tribes, housing authorities, nonprofits, and other organizations to develop and preserve affordable housing, promote individual and family self-sufficiency, and reduce adult and youth homelessness.

This position reports to the Managing Director for the Multifamily Housing Unit (MHU) of the Housing Division (HD).  MHU is responsible for administering the Washington State Housing Trust Fund, the federal HOME and National Housing Trust Fund programs. These programs provide capital financing to nonprofit housing providers for the construction, acquisition, or rehabilitation of multifamily/rental affordable housing for low-income and special needs populations, as well as funding to support property operations and provide services to extremely low-income tenants.

The Portfolio Manager is responsible for the performance and preservation of the state's portfolio of multifamily/rental affordable housing. The combined state- and federal-funded portfolio consists of approximately 1,400 affordable multifamily housing projects statewide. Projects within the portfolio are contractually required to comply with program requirements for the duration of their contract, typically 40 or 50 years. The position ensures projects are in compliance with program requirements through conducting project monitoring, contract amendments, loan workouts, and other real estate transactions necessary to protect the state's investment and preserve the affordable housing portfolio for the long-term benefit of the intended populations.-Oversees the development, implementation, and maintenance of policies, procedures, goals, objectives, and work plans related to management and preservation of the existing portfolio of affordable multifamily housing projects funded through the MHU programs.

• Works with internal and external groups to collaboratively review and improve asset management and compliance monitoring policies and procedures; serves as the agency's representative on asset management issues with appropriate advisory groups actively involved with the state's affordable housing portfolio.

• Collaborates and consults with the other units in HD on legislative directives and policies.  Helps to ensure that HD capital programs are administered and monitored in alignment, sharing information, avoiding effort duplication, and providing for a consistent experience for the HD clients and stakeholders where feasible.

• Manages a team of approximately 15 FTE, directly supervising three staff; establishes goals and priorities for the team; ensures appropriate training of staff, identifies and supports opportunities for professional development. Sets priorities and monitors workload to ensure priorities and timelines are met, workload is distributed equitably, and procedures are

followed consistently.

• Ensures contractor and project performance is reported and analyzed in a systematic manner; ensures performance data, summary reports, and financial analyses are used to inform asset management policies, workout resolutions, and provide fact-based information in support of resource allocation activities.

• Ensures compliance with applicable monitoring requirements; oversees periodic review and update of desk and on-site monitoring protocols to ensure effective and timely performance assessment, follow-up, and resolution of issues; facilitates coordination and sharing of information with funding partners (i.e., cities, counties, Housing Finance

Commission)

• Oversees the management of the State's Web Based Annual Reporting System (WBARS) and ensuring the information systems are adequate to have effective monitoring and reporting tools for portfolio management. The position is a programmatic expert for the agency on Housing Contract Management Systems (CMS).

• Reviews all complex workouts for the state's affordable multifamily housing portfolio; takes a lead role as necessary to facilitate the successful negotiation of complex real estate transactions and property securitization.

• Tracks progress, activity, and outcomes of projects in workout or needing an amendment. Keeps Managing Director informed of portfolio performance issues on a regular basis.

• Ensures regular and consistent communication and information sharing among asset management and compliance staff, with other teams within MHU, and with other HD programs as appropriate.

• Makes recommendations on industry best practices to the Managing Director relating to the long-term viability and preservation of the state's multifamily/rental portfolio and the operations/management of low-income housing.

• Represents MHU at meetings and planning groups as well as local, state, and national meetings

Required Education, Experience, and Competencies:

Nine years of professional-level experience in the areas of multifamily and residential financing and development, which includes loan underwriting, property securitization, real estate analysis, appraisal reviews, analysis of balance sheets, operating statements, accompanying audits, and foreclosures. Two of the nine years of professional-level experience must include experience supervising one or more employees including hiring staff, training and development, assigning work, evaluating performance, and taking corrective action. One of the nine years of professional-level experience must include experience developing, drafting, interpreting, implementing, and applying detailed policies and procedures.

OR

An Associate's degree and seven years of professional-level experience in the areas of multifamily and residential financing and development, which includes loan underwriting, property securitization, real estate analysis, appraisal reviews, analysis of balance sheets, operating statements, accompanying audits, and foreclosures. Two of the seven years of professional-level experience must include experience supervising one or more employees

including hiring staff, training and development, assigning work, evaluating performance, and taking corrective action. One of the seven years of professional-level experience must include experience developing, drafting, interpreting, implementing, and applying detailed policies and procedures.

OR

A Bachelor's degree and five years of professional-level experience in the areas of multifamily and residential financing and development, which includes loan underwriting, property securitization, real estate analysis, appraisal reviews, analysis of balance sheets, operating statements, accompanying audits, and foreclosures. Two of the five years of professional-level experience must include experience supervising one or more employees

including hiring staff, training and development, assigning work, evaluating performance, and taking corrective action. One of the five years of professional-level experience must include experience developing, drafting, interpreting, implementing, and applying detailed policies and procedures.

Required Competencies:

• Diversity Equity and Inclusion-Understands and applies the language and concepts of a diversity, equity and inclusion (DEI) culture; commits to create and maintain a DEI and anti-racist work environment; commits to apply a DEI and anti-racist lens to policy setting and decision making, including but not limited to program planning and development, community and stakeholder outreach, and allocation of resources.

• Accountability--Meets commitments, works independently, accepts accountability, handles change, sets personal standards, stays focused under pressure, and meets attendance/punctuality requirements.

• Customer Service--Handles customer questions and complaints, communicates with customers, handles service problems politely and efficiently, always available for customers, follows procedure to solve customer problems, understands company products and services, maintains pleasant and professional image.

• Integrity--Deals with others in a straightforward and honest manner, is accountable for actions, maintains confidentiality, supports company values, and conveys good news and bad.

• Leadership--Leads through change and adversity, makes the tough call when needed, builds consensus when appropriate, motivates and encourages others.

• Teamwork--Meets all team deadlines and responsibilities, listens to others and values opinions, helps team leader to meet goals, welcomes newcomers and promotes a team atmosphere.

• Hiring--Defines position requirements and necessary skills, recruits large applicant pool, prepares for and conducts good interviews, values both experience and potential, selects appropriate candidates, builds teams with complementary skills, promotes diversity in hiring.

• Interpersonal Skills--Has good listening skills, builds strong relationships, is flexible/open-minded, negotiates effectively, solicits performance feedback and handles constructive criticism.

• People Development--Provides feedback and coaching, rewards hard work and risk taking, takes mentoring role, challenges and develops employees, accepts mistakes, provides visibility/opportunity.

• People Management--Defines roles and responsibilities, motivates and challenges employees, delegates effectively, rewards contributions, manages collaboratively.

• Results Focus--Targets and achieves results, sets challenging goals, prioritizes tasks, overcomes obstacles, accepts accountability, sets team standards and responsibilities, provides leadership/motivation.

• Budgets/Cost Control--Plans for and uses resources efficiently, always looks for ways to reduce costs, creates accurate and realistic budgets, tracks and adjusts budgets, contributes to budget planning.

• Communication--Communicates well both verbally and in writing, creates accurate and punctual reports, delivers presentations, shares information and ideas with others, has good listening skills.

• Organizational Savvy--Operates within the organization's formal and informal structures, builds allies and relationships across departments, uses allies to build consensus and create results, is appropriately diplomatic, understands others' roles and perspectives, can sell projects and ideas across the organization.

• Computer Skills--Skilled in the use of computers, adapts to new technology, keeps abreast of changes, learns new programs quickly, and uses computers to improve productivity.

Preferred/Desired Education, Experience, and Competencies:

• Demonstrated skills in contract negotiation, facilitation, problem-solving and conflict resolution.

• Proficiency resolving complex contracting and financing issues; ability to handle multiple complex issues simultaneously.

• Demonstrated understanding of the language and concepts of a diversity, equity and inclusion (DEI) culture; commitment to create and maintain a DEI and anti-racist work environment; commitment to apply a DEI and anti-racist lens to policy setting and decision making, including but not limited to program planning and development, community and stakeholder outreach, and allocation of resources.

• Detail-oriented and analytical; ability to assess and adjust workload to meet deadlines; demonstrated ability to manage time effectively; computer proficiency; proficiency in verbal and written communication skills; demonstrated ability to collaborate and build partnerships; strong interpersonal communication skills.

• Excellent/demonstrable communication skills - oral, written, and listening.

• Ability to handle and maintain confidential and sensitive material.

• Demonstrated good judgment, integrity, sense of responsibility, loyalty to the agency, flexibility, values customer service.

• Understanding of the Housing Trust Fund, HOME, National Housing Trust Fund, and Low Income Housing Tax Credit programs.

• Banking and mortgage loan management experience to include commercial and residential real estate underwriting, lending, loan servicing and portfolio/asset management.

• Advanced level training in commercial and real estate finance, such as Housing Development Finance Professional Certification.

• Knowledge and experience with state procurement and contracting procedures.

• Experience working for or in partnership with organizations based in marginalized or underserved communities and/or Native American tribes.

• Experience using word processing software, building and editing spreadsheets in Microsoft Excel, and use of internet for research.

• Experience creating presentation materials and conducting presentations or training.

To be considered for this position the following are needed:

• A complete and detailed online application.

• A cover letter (enter online).

• At least three (3) professional references (enter online)

For questions about this recruitment, please contact our recruitment team via email: comrecruitment@commerce.wa.gov  - please reference the job number in your message

Work from Anywhere in Washington State

This position may be located anywhere within Washington State though occasional travel to a Commerce office building or in-state travel to attend events or meetings may be required. If selected, you will need to travel to pick up equipment and receive instruction. Many Commerce employees work remote or have a hybrid schedule.

This recruitment may be used to fill future vacancies over the next 60 days.

This position is covered by a collective bargaining agreement.

Technical support is provided by NEOGOV, 855-524-5627 (can't log in, password or email issues, error messages). DES job seeker support may answer general questions regarding the recruiting system at careershelp@des.wa.gov.

Our Commitment to Equal Opportunity

The Washington State Department of Commerce is an equal opportunity employer. We strive to create a working environment that includes and respects cultural, racial, ethnic, sexual orientation and gender identity diversity. Women, racial and ethnic minorities, persons of disability, persons over 40 years of age, veterans or people with military status, and people of all sexual orientations and gender identities are encouraged to apply. Persons needing accommodation in the application, testing, or interview process or this job announcement in an alternative format may email Human Resources at Human.Resources@commerce.wa.gov.  Applicants who are deaf or hard of hearing may call through the Washington Relay Service by dialing 7-1-1 or 1-800-833-6388.

Department of Commerce also offers a competitive benefits package including: medical and dental insurance benefits, retirement and deferred compensation plans, 11 paid holidays each year, 14-25 vacation days per year (depending on length of employment), 8 hours of sick leave per month (if full time employed), bereavement leave, an employee assistance program, as well as other benefits. Please see the Benefits Tab for more details.