Preservation Specialist

Description

**In addition to the salary posted above, this position is currently receiving an additional 5% premium pay due to the position being in King County.  

The Washington State Housing Finance Commission (WSHFC) is currently recruiting for a full-time, permanent Senior Bond/Housing Tax Credit Analyst - Preservation Specialist in the Multifamily Housing & Community Facilities Division.

The Multifamily Housing & Community Facilities Division (“MHCF” or the “Division”) is one of the divisions of the Washington State Housing Finance Commission (the “Commission”) with the primary responsibilities of assisting with the development of multifamily rental housing through the issuance of bonds and/or the allocation of Low-Income Housing Tax Credits (“LIHTC”). The Division similarly participates through federal bonds and loan programs in assisting nonprofit organizations develop community facilities, assisting beginning farmer/ranchers in acquiring property, and the development of energy efficiency and renewable energy projects. This position is responsible for supporting complex transactions within the Bond/Tax Credit Program, with a specialized focus on the preservation of the existing affordable housing portfolio. In addition to transaction support, the Senior Analyst is responsible for developing and implementing policies that streamline preservation efforts and ensure the long-term sustainability of Commission-funded assets.

The Senior Bond/Housing Tax Credit Analyst - Preservation Specialist leads the preservation and rehabilitation of affordable housing and community facilities through the strategic application of the Bond/Tax Credit Program. The Analyst must demonstrate a deep professional understanding of Commission programs, as well as private, public, and federal funding including LIHTC, tax-exempt bond financing, and rehabilitation incentives. This role requires expertise to evaluate the needs of the existing portfolio to ensure these critical community assets remain viable and affordable for the long term.

The duty station for this position is Seattle, WA. The work associated with this position will be performed through a combination of teleworking and complemented with onsite work and meetings as needed. Employees must reside in Washington state and within a reasonable distance of our worksite to respond to workplace reporting requirements.

Who we are:

The Commission is a market-driven and self-supporting agency created to provide below-market rate financing for building, purchasing, or preserving affordable housing and nonprofit capital facilities.   The Commission functions as a financing conduit between developers, lenders, first-time home buyers, real estate professionals, and nonprofit organizations to provide affordable financing for homes, rental housing, civic and social services facilities, energy conservation projects and first-time farmers and ranchers.  

We believe that creating a diverse, inclusive, and equitable environment is important and vital to the success of the Commission. We believe in working together to create an environment free from harassment and discrimination and moving beyond simple tolerance to embracing and celebrating the rich dimensions of diversity contained within each individual.   

Duties

Principal Responsibilities:

• This position will be mainly focused on preserving and restructuring existing projects in the state’s affordable housing portfolio as well as acquisitions and rehabilitations of existing housing stock that will become affordable long term through utilizing the financing tools that the Commission administers.
• Assist in the creation, refinement, and maintenance of the organization’s Preservation Policy, ensuring alignment with regulatory requirements, long-term portfolio strategy, and affordability goals.
• Collaborate with Data Analysts and Asset Management Analysts to establish, develop, implement, and facilitate continuous improvement of the Expiring Property Risk Grid, including defining risk indicators, scoring methodology, and data inputs.
• Perform reinvestment workouts in collaboration with cross-functional teams including Energy, Capital Needs Assessment (CNA), and Underwriting.
• Partner with Data and Analytics teams to improve data quality, automate risk tracking, and enhance analytical tools used for preservation decision-making.
• Apply a professional understanding of applicable Sections of the IRS Code such as 42 (LIHTCs), 142 (tax-exempt bonds for rental housing and community facilities), and 145 (Nonprofit Bonds) to ensure successful achievement of professional responsibilities.
• Exercise delegated authority to review application threshold requirements for scoring, completeness, borrower development capacity, underwriting, and long-term viability.
• Manage the project development process and work with legal and finance professionals in guiding projects to successful financings.
• Interpret and clarify precedence and guidance regarding Section 42 of the Internal Revenue Service Code, the Washington State Tax Credit Program, and the Qualified Allocation Plan.
• Evaluate and underwrite projects for program participation through analysis of project viability, financial feasibility, and marketability.
• Manage individual workflow and monitor the progress of approximately 25 projects in various development stages, including projects using both the Bond/Tax Credit and 9% Tax Credit programs.
• Serve as the front-line communication with attorneys, financial advisors, developers, and lenders who work with the Commission.
• Assist division executive management in document and information preparation to be presented to the Commissioners, other divisions, and the executive office.
• Work on additional special projects throughout the year as identified by management and perform other duties as assigned.

Qualifications

We are most interested in candidates who meet or exceed the following criteria:

• Proven ability to apply knowledge in Urban Planning, Finance, Real Estate, Public Policy, Building/construction programs, and procedures at federal, State of Washington, utility, and/or municipal levels. 
• Demonstrated knowledge of public policy, planning, or environmental studies focused on housing/facility development, public finance, and sustainable energy issues.
• Ability to take action to learn and grow: Takes responsibility for increasing skills in new technologies and systems to make government programs more effective.
• Ability to take action to meet the needs of others: collaborates across diverse backgrounds to increase access and positive outcomes in housing and development.

Preferred/Desired:

• A Bachelor's and/or Master's Degree in a related field is highly desirable.
• Experience in or with assessing/analyzing capital needs, construction technologies and/or building sciences.
• Experience with financing troubled projects or structuring workouts
• Possession of a thorough knowledge of policy and procedures, and applicable laws regarding LIHTCs and tax-exempt bond issuance
• Familiarity with real estate finance, development, federal, state, and local funding programs, housing, planning policy, and non-profit organizational structures. 
• Use of professional judgment and analytical skills to manage multiple competing priorities using strong written and verbal communication, public speaking, and negotiation.  
• Ability to communicate complex law and policy simply and effectively, both in a written form, and orally. 
• Ability to manage the diverse processes of the different types of project management. 
• Ability to market effectively to Commission contacts. 
• Ability to work with a wide-range of people who have highly varying experience and knowledge of project development.
• Ability to negotiate in the best interests of the Commission and the public at large, which includes: the ability to think quickly; interpret policy, assess changing situations, the ability to think creatively; the ability to look for, and build consensus; the ability to be diplomatic; possession of the knowledge of when to be firm, and when to concede.

A combination of skills, abilities, experience, and education may be substituted to demonstrate that you are qualified for this position. If you don't meet all the qualifications, we still encourage you to apply. We value diverse experiences and perspectives, and you may have skills that are a great match for our team

Supplemental Information

Benefits:

We offer a generous benefits package that includes a full array of family medical, dental, life and long-term disability insurance coverage; a state retirement plan; deferred compensation; 12 paid holidays; paid vacation, sick and military leave; subsidized bus, train, or ferry passes; credit union memberships; alternate workweek schedules, and telecommuting.

Application Procedures:

Applicants who meet the qualifications are asked to submit all the following items to be considered for this position:

• Completed NEOGOV online application.
• Cover letter describing how your skills and experience align with the stated job responsibilities and qualifications.
• List of three or more professional references. (all references must be current and/or former supervisor/managers)
• Current resume indicating relevant experience, knowledge, skills, and education.

Web Site: http://www.wshfc.org.

Applicants are encouraged to apply as soon as possible. The recruitment process will be open until filled. If this posting is still online, we are actively accepting applications.