Development Loan Manager

Housing Development Manager

Manage and oversee the Housing Development department's loan production process, including the origination, underwriting, and closing of new loans for the construction, acquisition and/or rehabilitation of affordable rental multifamily and single-family development projects. Provide technical assistance and information about our various loan products to Housing NM/MFA's development partners and prospective borrowers. Review, modify/restructure problem loans as needed. Review and revise policies regarding Housing NM/MFA loan products as needed, structure new loan products as needed.

Manage the department's Federal, State, and internal loan programs, as assigned, ensuring that program policies are up to date and that internal and external customers are well-informed.

The intent of this job description is to provide a representative summary of the major duties and responsibilities performed by incumbents of this job. Employees may be requested to perform job-related tasks other than those specifically presented in this description.

• Review loan applications submitted by developers for the construction or acquisition/rehabilitation of low-income rental housing.
• Evaluate development cost budgets, sources of funds, income and expense projections, and cash flow projections to determine whether projects meet program underwriting standards and other requirements.
• Prepare loan award summaries and underwriting analyses of projects and present them to department directors, committees and Housing NM/MFA Board of Directors as appropriate.
• Review loan documents for all loan closings and loan modifications, coordinate review by outside counsel when necessary, coordinate all closing items with Loan Processor(s) and Program Coordinator(s).
• Coordinate with the Loan Processor(s) and Program Coordinator(s) and oversee the preparation of the loan approval letters and loan documentation for all loan closings and loan modifications.
• Review all required documentation for completeness and accuracy.
• Coordinate review of loan documents by outside counsel when necessary.
• Participate in pre-closing due diligence calls with the development team, equity investor, bank, etc. to ensure accurate loan documents and timely loan closing.
• Participate in construction due diligence calls as needed, and review and recommend approval of monthly construction draw requests.
• Update policies, underwriting standards, and underwriting processes in response to changes and in accordance with all program regulations and requirements for assigned programs and keep staff informed of relevant statutory, regulatory, or internal policy changes.
• Participate in the establishment/revision of program policy and operating procedures for, and implementation of, new and existing funding programs.
• Participate in marketing new and existing funding programs.
• Track program funding availability and loan activity for each assigned program.
• For the 542(c) Risk Sharing or HOME loan programs, provide HUD with all required materials, advise borrowers on completion of HUD-2530 forms, coordinate with Housing NM/MFA Environmental Officer on environmental reviews, obtain HUD Firm Approval Letter, and perform subsidy layering reviews as required by specific loan program.
• For the 542(c) Risk Sharing loan program, conduct annual loan loss reserve analysis.
• New Mexico Housing Trust Fund (NM HTF) program, convene NM HTF Advisory Committee meetings to review projects, present projects to Advisory Committee as needed, take minutes of all meetings.
• Modify existing loans as needed by analyzing project financials, restructuring payment terms, obtaining proper level of approval for the proposed modification and working with outside counsel to draft modification documents.
• Process 542(c) Risk Sharing loan repayment requests, including submitting requests with required documents to HUD for approval
• Provide technical assistance, training and support to all Housing NM/MFA partners, including developers, borrowers, governmental representatives and agencies, housing authorities, etc. on various programs, policies, and processes.
• Participates in the identification, research,…