Equity Builder Program Manager

Travel:  anticipated up to 20%

The Federal Home Loan Bank of Boston is committed to making New England a better place to live and do business, and our employees are integral to our success. As a cooperative, we are owned by more than 440 banks, credit unions, insurance companies, and community development financial institutions that access tens of billions of dollars of our reliable, wholesale funding each year. Our funds are a vital resource that helps our members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs in communities throughout our region.

Our highly skilled team of 200 is diverse, innovative, collaborative, and passionate about the work we do. We seek other professionals excited to share their knowledge, talent, and passion for our mission to join our team. We offer opportunities for career development, robust benefits, and a work-life balance.

Position Summary

This hands-on position is responsible for the program management and administration of the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP), which is the homeownership set-aside of the Affordable Housing Program (AHP). Under the EBP, member financial institutions provide homebuyers purchasing a home with grants for down payments, closing costs, counseling, or rehabilitation. Responsibilities may include any other set-aside initiatives that are subsequently approved under the AHP.

Responsibilities include ensuring that the program is opened each funding year and operates in compliance with the Federal Housing Finance Agency (FHFA) AHP Regulations (12 CFR Part 1291), the Bank’s Affordable Housing Program Implementation Plan (the Policy), and the program procedures. It also includes pipeline management of the various phases of the program during the program year, including applications, homebuyer enrollments, and disbursement requests.

The EBP is a member-centric program where the incumbent is responsible for providing technical assistance and training to members and others on the use of the EBP and other Housing and Community Investment programs.

This is a program manager role with a heavy emphasis on transactional activities.  This is not a people management role, however, the ability to work effectively within a team and work with the periodic support of rotating HCI Analysts will be critical to success.

Specific Responsibilities

70%    Equity Builder Program Administration - Responsible for the administration, management, and monitoring of the Bank’s EBP. 

• Update and implement EBP policies (AHP Implementation Plan) and procedures
• Prepare annual EBP funding round, including development of announcements, documentation, training materials, and recommendation and testing of system changes, and enhancements
• Recommend EBP Applications for approval, including preparation of approval memo to management
• Review, recommend, and approve household income calculations and enrollments
• Review, recommend, and approve of EBP subsidy disbursement requests
• Process EBP subordination requests, net gain/recapture calculations, and foreclosure notifications
• Ensure program compliance with the AHP Regulations, Bank Policies, and procedures
• Program monitoring for fraud/red flags
• Prepare and present member and staff trainings
• Provide member technical assistance and excellent customer service
   
  15%    Subsidy Reconciliation and Reporting

• Monthly reconciliation of AHP, EBP, MCBP, and NECBP program subsidies to accounting records
• Prepare and submit periodic FHFA reporting (DRM and CRS)
   
  15%   Affordable Housing Program and Other

• Review, analyze, and/or scoring AHP applications and assist with management and Board round/application recommendation reports during the funding round
• Responsible for the re-scoring of the AHP application due to project changes within the guidelines for the appropriate round, updating the Lotus Notes database for all modified information after approval, the production of the revised project Qualifying Characteristics, and the compliance review of the modification for changes from the original accepted and approved project application
• Other tasks and special department projects as requested by department management including outreach, special research/reports related to affordable housing and community economic development
   

Qualifications

Knowledge/Skills

• Knowledge of residential lending/underwriting/processing and related requirements, including regulations and guidelines preferred
• Strong understanding of the overall homebuyer process – origination through closing
• Knowledge of homeownership program activities, including homebuyer education and counseling, property rehabilitation, pre-purchase and/or post-purchase activities.
• Familiarity with local, state, and federal housing programs
• Analytical and problem-solving skills, attention to detail, and proficiency in written and oral communication, are required
   
  Education

• A bachelor’s degree is required, with a preference in business administration, economics, planning, housing/community development, or other related field
   
  Experience
• At least five years’ experience that demonstrates increasing responsibility in an area related to residential/homeownership lending or underwriting
• Experience with underwriting government, state housing or low- to moderate-income homebuyers
• Prior experience in managing a program is required, supervision or management of a department or function can be helpful experience to leverage
• Experience with commercial lending (rental housing) or development/management of residential, multifamily, or commercial property in addition to the above is a plus