Development Specialist (Asset Management), Housing Department, San Jose, California

The City of San José, the Capital of Silicon Valley, is one of the nation's best-managed cities and one of the top ten cities in which to live, work, and do business. Moreover, San José is the center of cultural, government, and economic activity for the region. The employees of the City of San José have embraced the following values: Integrity, Innovation, Excellence, Collaboration, Respect, and Celebration.

The City's Housing Department is seeking an individual whose values align with the values of the City's employees. The City of San José Housing Department is a leader in the production of affordable housing. Its mission is to strengthen and to revitalize our community through housing and neighborhood investment.The City's Housing Department is seeking a motivated individual to join the Asset Management team, to assist with managing the City's $700 million loan portfolio for affordable single and multifamily developments.

The Development Specialist position will ensure long term viability of the they City's asset by monitoring the financial and physical health of the assets. Candidates must be able to understand, interpret, and enforce financing and regulatory agreements. Candidates will ensure compliance with the loan terms, the City's affordability covenants, and loan agreements.

The Development Specialist will also review financial statements and operating budgets to ensure proper loan repayment as well as to identify past, present, and future use of funds to maintain the property and to preserve the value of the assets. Other duties may include review of title reports, value analysis, coordination and execution of loan documents, processing payoff transactions (including equity-share and interest computations), subordination agreements, reconveyance/rescission documents, and the review and underwriting of loans for various housing programs assisting qualified moderate- and low-income homeowners in San Jose.

The Development Specialist must be able to work independently and as part of a team, including with outside partners such as developers, borrowers, title companies, lenders, realtors, non-profits, and property managers. This position will report to a Development Officer.

The Development Specialist's responsibilities include:

I. Financial Review & Analysis:

- Review annual operating and capital budgets for affordable housing projects, comparing them with the audited financial statements, and evaluate net cash flows and residual receipts payments.
- Prepare invoices to collect the portion of net cash flow (residual receipt payments) due to the City.
- Prepare annual risk rating assessments of the project loans and calculate the loan loss reserve.
- Evaluate the financial strength of the project and make recommendations for solutions for operation issues that are mutually beneficial to the borrower and the City.
- Provide annual audit confirmations, cost certifications, as well as processing and applying payments.
- Tracking property management data and identifying trends, including vacancy rates and rental rates.
- Prepare monthly interest calculations, audit confirmations, payment processing, loan payoffs, and file maintenance.
- Review project replacement reserve funds, including draw approvals, fund balances, and deposit requirements.
- Create and implement process improvements to help improve business practices.

II. Compliance:
-Ensure compliance local/state/federal regulations; monitor Bond, Low-Income Housing Tax Credit (LIHTC), HOME, HUD, HCD Compliance
-Oversee collection of all required documents from borrowers.
-Calculate rent limits; review tenant income and rent (rent rolls) for compliance with applicable affordability and operating covenants.
-Verify appropriate insurance coverage to ensure the City's assets are protected.
-Review management plans and fair housing documents to ensure requirements are met.
-Collect and review multifamily revenue bond compliance documents.
-Create and implement process improvements to help improve business practices.
-Ensure borrower/property managers follow Fair Housing Laws
-Conduct site visit and field audits; attend Community/Resident meetings at Property

III. Real Estate Transactions:

- Process payoff transactions, subordination agreements, and reconveyance/recission documents.
- Review and underwrite loans for various affordable housing programs assisting moderate- and low-income homeowners in San Jose.
- Perform analysis of income documentation for both personal and business tax returns to determine program eligibility.
- Review title reports for liens, encumbrances, and other conditions affecting title, and facilitate in the achievement of clear title.
- Review all necessary loan documentations to ensure completeness and accuracy.
- Coordinate and execute loan documents and their subsequent recordation.
- Respond to citizen and borrower inquiries.
- Perform due diligence reviews and understand loan underwriting process

The Salary range for this classification is:
- Development Specialist: $88,037.04 - $106,928.64

This recruitment may be used to fill multiple positions in this, or other divisions or departments. If you are interested in employment in this classification, you should apply to ensure you are considered for additional opportunities that may utilize the applicants from this recruitment.
Education and Experience

Bachelor's Degree from an accredited college or university in Planning, Housing, Geography, Economics, Business Administration, Public Administration, Political Science, Sociology or related field and two (2) years of directly related work experience.

Acceptable Substitution

Additional related experience may be substituted for the education requirement on a year-for-year basis.

Required Licensing (such as driver's license, certifications, etc.)

Possession of a valid State of California driver's license may be required for some assignments.
The ideal candidate will possess the following competencies, as demonstrated in past and current employment history. Desirable competencies for this position include:

Job Expertise - Demonstrates knowledge of and experience with applicable professional/technical principles and practices, Citywide and departmental procedures/policies and federal and state rules and regulations. More specifically:

- Experience with single and multifamily real estate transaction, asset management, and/or loan management.
- Familiarity with real estate financial accounting and analysis of property financial statements.
- Knowledge of real estate principles, finance, transactions, and property management
- Basic understanding of loan servicing and banking loan administration principles.
- Ability to understand, interpret, and communicate complex regulations and legal documents.

Analytical Thinking - Approaching a problem or situation by using a logical, systematic, sequential approach.

Computer Skills - Experienced with common business computer applications including but not limited to: MS Outlook, MS PowerPoint, MS Excel and Salesforce

Communication Skills - Effectively conveys information that expresses thoughts and facts clearly, orally and in writing; demonstrates effective use of listening skills; displays openness to other people's ideas and thoughts.

Customer Service - Demonstrates the ability to anticipate custom ers' needs and deliver services effectively and efficiently using professional demeanor.

Decision Making - Identifies and understands issues, problems, and opportunities; uses effective approaches for choosing a course of action or developing appropriate solutions.

Multi-Tasking - Can handle multiple projects and responsibilities simultaneously; has handled a wide variety of assignments in past and/or current position(s).

Team Work & Interpersonal Skills - develops effective relationships with co-workers and supervisors by helping others accomplish tasks and using collaboration and conflict resolution skills.

Selection Process

The selection process will consist of an evaluation of the applicant's training and experience based on the application and responses to the Job Specific Questions. Only the candidates whose backgrounds best match the position will be invited to proceed in the selection process. Additional phases of the selection process will consist of one or more interviews , one of which may include a practical/writing exercise .

You will be prompted to answer the following job-specific questions during the online application process. Please note that there is a 4,000-character limit , including spaces, for each text response.

1. Have you completed a Bachelor's degree from an accredited college or university in Planning, Housing, Geography, Economics, Business Administration, Public Administration, Political Science, Sociology, or related field?

2. Do you have two years of professional directly related work experience in asset management, multi-family underwriting, or real estate finance? If so, please describe your experience including how your employment history, job responsibilities, and education apply towards your understanding of real estate legal documents, transactions, finance, and asset management.

3. Describe your experience with projects or reports requiring data or financial document analysis. Please provide an example; describe the process you applied to complete the project, your specific role, the outcome, and highlight any technical skills employed by you to complete the analysis as well as the size or complexity of any datasets used as it pertains to this position.

4. Describe your experience with software/computer applications such as Excel, Word, Access and Salesforce. Please include example(s) of how you have used each software/computer application.

If you have any questions, please contact Edmund Wong at Edmund.wong@sanjoseca.gov .

Additional Information

- Benefits page: Benefits page

- Department website: Department website

The starting salary will be determined by the final candidate's qualifications and experience. In addition to the starting salary, employees in the Development Specialist classification shall also receive an approximate five percent (5%) ongoing non-pensionable compensation pay.

To apply, please complete an application via the City of San Jose's website at www.sanjoseca.gov/citycareers . The application deadline is on December 1st, 2023 at 11:59 PM. Please allow adequate time to complete the application and submit before the deadline or the system may not save your application. If your online application was successfully submitted, you will receive an automatic confirmation email to the email address you provided. IF YOU DO NOT RECEIVE THE CONFIRMATION, please email CityCareers@sanjoseca.gov and we will research the status of your application. Please contact Human Resources at (408) 535-1285, or Human.Resources@sanjoseca.gov if you have any questions.