Director of CDFI Loan Fund

Worcester Community Housing Resources (WCHR) is seeking a Director for the WCHR CDFI Loan Fund to direct and manage all CDFI lending activities and programs, including the REACH [Receivership Expense Assistance for Creating Housing] Program and the Affordable Housing Developers program.  The director will also help expand investments in the CDFI loan fund.  The Director will work under the guidance of the Executive Director (or designee) to deepen and broaden the fund’s impact within Worcester County and across Massachusetts in low- and moderate- income communities.  The entrepreneurial, multi-faceted nature of this position requires a balance of relationship building, financial expertise, risk management, and compliance oversight, along with a strong commitment to WCHR’s mission of community development and social impact.  

Responsibilities:

Loan Fund Development

• Maintain a strong relationship with current and potential investors.
• Market the loan fund through presentations, telephone inquiries, and one on one community meetings.
• Work with financial institutions on creative approaches, such as EQ2 investments, in order to grow the loan fund.
• Maintain a high percentage of renewals as the maturing date on investor’s notes approach.
• Support development of applications for grants (capital and operating) at private and public foundations, corporations, and the government (CDFI Fund).
• Develop term sheets for loan fund programs. 

Loan Fund Operations

• Ensure all AGO and any other grant requirements are met and that the REACH program is in compliance with any AGO and state laws, regulations, and rules.

• Manage the creation of all necessary project documents, such as RFPs, contracts, applications, budgets, and loan closing documents. 

• Oversee the entire lending process, from application to closing, including evaluating applications, performing underwriting and preparing credit memos for board loan committee review and approval. 
• Negotiate loan structure, issue commitment letters and work with WCHR attorneys to help prepare closing documents and liens for recording. 
• Approve all disbursement of funds to borrowers based on borrower’s submission of AIA Form G702 and G703. 

• Review, as needed borrower’s scopes of work, construction completed and overall project progress. 

• Oversee monitoring of approved loans throughout loan term and monitor loan performance and assist with collection efforts and borrower support when borrowers face challenges.
• Manage investor documentation.
• Manage monthly loan billings. 

Reporting/Compliance

• Organize and maintain complete loan documentation in alignment with regulatory and internal compliance standards.

·  Maintain all loan fund documents in an organized and accessible digital filing system.

• Ensure the CDFI loan fund and REACH program are compliance with all applicable federal, state, and fund rules and regulations. 

• Manage all applicable state, federal, NMLS, and MERS reporting.

• Manage organizational compliance with applicable Anti-Money Laundering requirements, [others]

General Operational Responsibilities

• Hire and manage needed staff and consultants

• Represent WCHR at industry events, and with state and local partners, to raise visibility and expand strategic partnerships.

• Manage budget for all loan fund activities.

Qualifications: 

• Five plus years of work experience for a CDFI, credit union or community bank that does construction and/or receivership loans (at least two years at a non-profit organization). 

• Experience originating loans, qualifying applicants, and performing underwriting. 

• Knowledge of the Commonwealth’s community development and affordable housing ecosystem.

• Knowledge of receivership and legal proceedings associated with receivership a plus.

• Knowledge of digital communication and social media tools is a plus.

• Proficient in Microsoft applications, including Word and Excel

• Experience using loan payment software

• Bachelor's Degree (BA) from four-year college or university; work experience may be substituted for a degree. 

Compensation and Benefits:

Salary range between $100,000- $130,000, depending on experience, with a competitive benefits package, including: 

·       401(k)

·       401(k) matching

·       Dental insurance

·       Flexible schedule

·       Health insurance

·       Life insurance

·       Paid time off

·       Vision insurance

Schedule:

·       Full-time, Monday to Friday, 8:30 AM – 4:30 PM**, Hybrid – in person two days a week.

** Occasional evening or weekend hours may be required to support activities needed outside of regular business hours. 

EEO Statement:

WCHR, Inc. is an Equal Opportunity Employer committed to workforce diversity. We evaluate qualified applicants without regard to race, color, religion, sex, national origin, disability, veteran status, gender identity, sexual orientation, and other legally protected characteristics. If you require a reasonable accommodation due to a disability for any part of the employment process, please e-mail our Executive Director at nptonthat@wchr.org, outlining the nature of your request and your contact information.

WCHR maintains a smoke-free and drug-free work environment.

How to Apply:

Candidates must submit a resume and cover letter to nptonthat@wchr.org.

• WCHR is dedicated to fostering a supportive and inclusive environment for all employees and residents. If you are passionate about making a positive impact on the lives of others and have the skills and experience outlined, we encourage you to apply!