Portfolio Associate

Job Type
Property/Asset Management
Organization
Community Economic Development Assistance Corporation
Contact Email
careers@cedac.org
Contact Phone
Address

18 Tremont Street
Boston, MA
United States

Job Description

The Community Economic Development Assistance Corporation (CEDAC) seeks a Portfolio Associate to support our housing and child care lending programs.  CEDAC is an Affirmative Action/Equal Opportunity Employer and encourages applications from candidates from diverse personal, cultural, and ethnic backgrounds.  CEDAC will provide job-specific training as well as professional development opportunities.

 

CEDAC is a publicly-created community development finance institution (CDFI) that serves as a vital financial and technical assistance resource to nonprofit organizations engaged in effective community development.  We provide financial resources and technical expertise for community-based and other nonprofit organizations building thriving communities.  We work closely with other Massachusetts and national partners to support affordable housing production and preservation and the expansion and renovation of early education and out of school time programs.

 

CEDAC provides pre-development loans and technical assistance to nonprofit community-based organizations involved in community development across Massachusetts.  In addition, CEDAC serves as the Department of Housing and Community Development’s (DHCD) underwriting agent and asset manager for multiple state loan programs that provide deferred-payment, zero interest, subordinated permanent mortgage financing (DPL loans) to help meet the costs of producing supportive and affordable housing.

 

The Portfolio Associate is responsible for assisting senior management and project staff with asset management functions for the organization.  The Portfolio Associate will assist with the monitoring and servicing of CEDAC’s loan portfolios, primarily with the DPL loans, and assist senior management with similar tasks related to other loan products.

 

 

RESPONSIBILITIES INCLUDE

 

  1. Oversee the asset management functions of the deferred payment loan (DPL) housing portfolio
    • Manage system for tracking and monitoring compliance materials from deferred payment loan borrowers.  Maintain reports of outstanding compliance issues for all lending programs and provide assistance to borrowers to resolve outstanding compliance matters.  Seek assistance with senior staff as necessary to address matters of non-compliance.
    • Assist DHCD in their efforts to monitor the deferred payment loan portfolio.  Coordinate with the monitoring consultants to track borrowers’ compliance, including submission of monitoring reports and compliance materials.
    • Receive and review annual borrower cash flow reporting and assist borrowers to complete the cash flow report if necessary.  Bring compliance issues to the Director of Finance and Operations and assist with the resolution of those issues as needed.

 

  1. Coordinate and respond to requests from DPL borrowers
    • Perform intake function for asset management requests, including refinancing and subordination requests as well as other loan modification requests from borrowers, ensuring that each borrower is current, or brings their project current, on meeting compliance requirements prior to approval of pending loan modifications.  Maintain summary report of outstanding requests and documentation matters.
    • Review borrower requests for loan modifications and process requests as necessary, either to complete documentation for the requests or refer the project to program staff.  Assist senior management as necessary with the review and processing of requests.
    • Respond to audit confirmation requests from borrowers and oversee the work of administrative support staff assisting with the completion of the requests.

 

  1. Support project staff in the underwriting and closing of new DPL loans
    • Coordinate CEDAC’s participation in state deferred payment loan funding rounds with Director of Housing Development.  Submit CEDAC’s funding recommendations to DHCD on behalf of program staff and record loan commitments in the lending database following DHCD’s issuance of funding commitments.
    • Assist with the assignment and appointment of attorneys for the deferred payment loan programs.  Coordinate the transmittal of loan business terms from CEDAC project staff to assigned attorneys and Department of Housing and Community Development (DHCD) staff.
    • Perform quality control review of loan documents related to the deferred payment loan programs prior to execution and coordinate the process of execution of such documents by CEDAC authorized signatories.
    • Receive closing binders from staff and legal counsel responsible for loan closings, update the program database, and ensure that the closing materials are properly filed.

 

  1. Oversee the post-construction annual compliance requirements for the Early Education and Out of School Time (EEOST) Capital Fund by grant recipients.

 

  1. Oversee an electronic document archiving system for DPL loans and EEOST grants including the archiving of closing materials and the maintaining of data components of the Lending Database.

 

  1. Attend program, department, and agency-wide meetings to foster communication and collaboration.

 

  1. Assist staff members on other tasks as needed.

 

 

QUALIFICATIONS

 

Work Experience

  • 1-2 years’ experience in one of the following: real estate development, lending, loan portfolio management, housing or economic development.  Relevant educational experience or internships may be substituted.

 

Education/Training

  • Bachelor's degree in related field.  Relevant work experience may be substituted for degree.

 

Skills

  • Excellent written and verbal communication skills required.
  • Strong working knowledge of Windows-based software applications including word-processing, spreadsheet, database, and Internet applications.  Preference will be given to those with solid experience in Microsoft-based applications.
  • Excellent attention to detail
  • Excellent organizational skills
  • Ability to work with financial information and a good numbers aptitude

 

Other

  • Ability to work a hybrid schedule.  CEDAC’s offices are located at 18 Tremont Street in Boston.  Employees are required to work a minimum of two days a week in the office and may work the remaining three days a week from home.  CEDAC provides computer and related equipment and supplies for working remotely from home.

 

 

COMPENSATION

 

In addition to a competitive salary, this position offers an impressive benefits package that includes:

 

  • Full-time starting salary ranges from $50,000 – $55,000, commensurate with experience.
  • Health, dental, life, and disability insurance (please note that at the current time, CEDAC pays the entire medical and dental insurance HMO premium for employees and their qualified dependents).
  • Section 125 flexible spending account for medical and dependent care.
  • 403(b) deferred compensation plan, vesting immediately.
  • Three weeks of paid vacation to start.
  • Thirteen paid holidays.
  • Three personal days.
  • Twelve sick days.
  • Flexible work schedule, if needed, due to COVID-19 pandemic.
Application Instruction

Please send a resume and cover letter (telling us why you are interested in this position) no later than September 1, 2022.  We will review applications as we receive them.  Please send your application to:

 

careers@cedac.org (we prefer emailed submissions), or mail to:

 

Community Economic Development Assistance Corporation

18 Tremont Street, Suite 500

Boston, MA 02108

Attention: Portfolio Associate Search