Development Officer

DEVELOPMENT OFFICER

FINANCE AND DEVELOPMENT UNIT

HOUSING INVESTMENT AND FINANCE DIVISION

$86,609.00 - $121,253.00 Annually (DOQ)

REGULAR POSITION

Initial salary placement is generally made between the start and mid-point of the posted range. New hires are not eligible to start at the maximum of the posted range.

LACDA Overview

The Los Angeles County Development Authority (LACDA) is a dynamic, innovative agency created in 1982 by the Board of Supervisors to generate affordable housing and economic redevelopment throughout Los Angeles County and participating cities.  Funded primarily with federal grants, the LACDA is an industry leader in sponsoring new solutions to housing and forming partnerships with private and public agencies. To find out more about the LACDA, please visit our web site at www.lacda.org.

Division Overview

The Housing Investment and Finance Division (HIF) administers federal, state, and local funds that are made available to for-profit and non-profit housing developers for the development and preservation of affordable and special needs housing. Additionally, it supports low- and moderate-income homeownership, single and multifamily home rehabilitation and sound mitigation, and various community and economic development projects and initiatives.

Position Overview

Under general direction, performs a variety of responsible and complex administrative, technical, and analytical duties in support of the Finance and Development unit within the Housing Investment and Finance Division (HIF). The Development Officer is responsible for reviewing and analyzing affordable housing loan applications to evaluate a project’s feasibility and compliance with agency guidelines and mandated requirements. This position underwrites acquisition, predevelopment, construction, and permanent public loans; conducts feasibility analyses; negotiates loan terms and conditions; reviews and monitors the loan development and construction process; and provides technical and responsible assistance to project management staff on assigned projects.

ESSENTIAL JOB DUTIES
The below statements are intended to describe the general nature and scope of work performed by this position. This is not a complete listing of all responsibilities, duties and/or skills required. Management reserves the right to add, modify, change, or rescind the work assignments of different positions and to make reasonable accommodations so that qualified employees can perform the essential functions of the job.

• Performs a variety of responsible and complex administrative, technical, and analytical duties in support of development projects awarded through the Authority’s NOFA and other solicitation processes; ensures compliance with applicable laws, policies, and guidelines, including NOFA guidelines and regulatory requirements associated with other funding sources.
• Participates in the administration of select project phases, including but not limited to predevelopment, construction loan closing, construction, project lease-up, or permanent loan conversion. 
• Analyzes a variety of loan documents, verifications, and financial proformas necessary for loan approval; performs loan underwriting and review of due diligence items, ensuring compliance with Authority requirements. 
• Verifies and reviews forms and reports for completeness and conformance with established regulations and procedures; applies Authority, departmental, and program policies and procedures in determining completeness of applications, records, and files.  
• Interprets and applies Authority, division, and departmental policies, procedures, and regulations related to assigned area of responsibility; ensures program and project activities comply with legal and regulatory requirements. 
• Serves as a liaison with developers, lenders, contractors, vendors, project managers, other agencies, and Authority staff to obtain and relay information and to coordinate activities among stakeholders.   
• Prepares and processes various documents requiring professional knowledge of the Authority and division’s functions, which may include contracts, agreements, legal/official documents, applications, correspondence, and periodic reports.  
• Assists in negotiating, collaborating, and conferring with developers, contractors, consultants, lenders, and other stakeholders involved in project execution.  
• Collaborates with third party investors, lenders, and asset managers on each project; assists with coordinating project financing functions with multiple stakeholders.
• Prepares, composes, and edits a variety of written communications including reports, correspondence, legal documents, contracts, agreements, Requests for Proposals, tax credit and loan applications, Loan Committee reports, and financial documents related to assigned. responsibilities; reviews documents for accuracy, completeness, and conformance to applicable standards and regulations prior to approval by management.
• Conducts research, analyzes information, and prepares comprehensive reports on topics related to assigned projects and programs. 
• Attends and participates in professional group meetings and stays abreast of new trends and innovations in the fields of real estate development and affordable housing. 
• Organizes, coordinates, maintains, and updates division/department files and record systems; enters and updates information with division/department activity, files, and report summaries; retrieves information from systems as required.  
• Organizes, coordinates, maintains, and updates departmental record systems; enters and updates information with departmental activity, files, and report summaries; retrieves information from systems as required.   
• Performs other related duties as assigned.

QUALIFICATIONS
Knowledge of:

• Principles, practices, and methods of public and governmental affordable housing programs, policies, and financing sources, including state and federal tax credit and bond programs.
• Quality assurance and quality control principles and practices within areas of expertise. 
• Principles and techniques of conducting analytical studies, evaluating alternatives, making sound recommendations, and preparing and presenting effective reports. 
• Real estate financial modeling. 
• Subsidized housing program rules and regulations. 
• Federal, state, and local funding programs and requirements applicable to assigned functional area. 
• Principles and practices of public agency procurement rules, regulations, and procedures. 
• Best practices in affordable housing development, design, management, and service provision. 
• Applicable federal, state, and local laws, rules, regulations, and procedures relevant to assigned areas of responsibility. 
• Recent and on-going developments, current literature, and sources of information related to assigned area of responsibility. 
• Principles and procedures of record keeping.
• Authority and mandated safety rules, regulations, and protocols.
• Techniques for providing a high level of customer service by effectively dealing with the public, vendors, contractors, and Authority staff.
• The structure and content of the English language, including the meaning and spelling of words, rules of composition, and grammar.
• Modern equipment and communication tools used for business functions and program, project, and task coordination, including computers and software programs relevant to work performed.

Ability to:

• Provide professional and technical support related to development projects, programs, studies, and initiatives. 
• Identify problems, research, and analyze relevant information, and develop and present recommendations and justification for solutions. 
• Ensure development project loan underwriting documentation complies with federal, state, and local financing regulations. 
• Develop, modify, and interpret financial proformas applicable to affordable housing projects. 
• Collaborate with a variety of third-party entities to complete housing development construction projects. 
• Review and administer legal documents and contracts.
• Perform complex mathematical and financial computations accurately. 
• Underwrite affordable housing project loans. 
• Cooperate with conventional lenders and asset managers to deliver timely reporting and documents. 
• Maintain the confidentiality of various proprietary financial information encountered in the course of work. 
• Research, analyze, evaluate, understand, interpret, and apply programs, policies, procedures, and guidelines, and develop sound recommendations. 
• Prepare clear and concise reports, correspondence, policies, procedures, and other written materials.
• Interpret, apply, explain, and ensure compliance with federal, state, and local policies, procedures, laws, and regulations.
• Coordinate and collaborate with a variety of internal and external stakeholders, community groups, and government agencies related to assigned functions, programs, and/or projects.  
• Maintain accurate logs, records, and written records of work performed.
• Use tact, initiative, prudence, and independent judgment within general policy, and procedural, and legal guidelines.
• Independently organize work, set priorities, meet critical deadlines, and follow-up on assignments.
• Effectively use computer systems, software applications relevant to work performed, and modern business equipment to perform a variety of work tasks.
• Communicate clearly and concisely, both orally and in writing, using appropriate English grammar and syntax.
• Establish, maintain, and foster positive and effective working relationships with those contacted in the course of work.

Minimum Qualifications:

Any combination of education and/or experience that provides the required knowledge, skills and abilities to perform the essential functions of the position.  Additional experience, as outlined below, may be substituted for required education on a year-for-year basis.

Education:

Equivalent to a bachelor’s degree from an accredited college or university with major coursework in business or public administration, sociology, finance, urban planning, or other field related to assigned area of responsibility.  
Experience: 

One (1) year of responsible experience providing administrative and/or project support related to real estate development, affordable housing programs, loan administration, housing finance, or a related field. 
Desirable Qualifications:

Desirable Qualifications are used to identify relevant knowledge, skills, and abilities as determined by business necessity. These criteria are considered desirable qualifications and are not intended to serve as minimum requirements for the position. Applicants who possess these qualifications will not automatically be selected.

• Experience performing affordable housing loan underwriting and lending. 
• Experience analyzing and reviewing real estate proformas to evaluate a project’s feasibility and compliance with agency guidelines.
• Experience identifying public funding sources for affordable and/or supportive housing development such as Low-Income Housing Tax Credits (LIHTC), tax-exempt bond funding and/or other similar federal or local housing finance sources.
• Master's degree in Public Administration, Business Administration, Urban Planning, Real Estate Development, or a related field.