IFF improves the world by strengthening nonprofits and the communities they serve. As a mission-driven lender, real estate consultant, and developer, IFF helps communities thrive by creating opportunities for low-income communities and persons with disabilities. Key to our success has been a deep sense of purpose, a broad perspective, and a relentless focus on achieving positive results. Across the Midwest, we help clients from every sector, including human service agencies, health centers, schools, affordable housing developers, and grocery stores.
Staff contributes its extensive business experience with an unrivaled connection to the mission of IFF and the nonprofit clients it serves. IFF is looking for candidates with a commitment to the work it does and can demonstrate their creativity, detail-orientation, diligence, efficiency, enthusiasm, flexibility, organization, thoughtfulness, and sense of humor.
Basic Job Function
The Senior Lender, Affordable Housing position is responsible for underwriting loans and assisting with the closing, disbursement, and ongoing monitoring of approved loans. The Senior Lender, Affordable Housing will structure debt for affordable rental housing in the Midwest, across IFF’s geographic footprint. IFF provides predevelopment, acquisition, construction, and permanent financing for projects financed with a variety of public and private sources, including Low-Income Housing Tax Credits. The position will be expected to meet loan production goals while satisfying IFF loan policy guidelines. The position reports to the Director of Lending, Affordable Housing.
Job Duties and Responsibilities:
Loan Underwriting and Analysis
Evaluates affordable housing loan requests from nonprofit organizations or nonprofit/for-profit joint ventures located throughout IFF region. Assesses agency's and project’s financial condition and financial projections; site analysis and building plans; development team; market studies; appraisals; property management; financing package including government support; potential risks; and other relevant data to support a recommendation of whether to make the loan. Follows up as necessary with the agency and others to obtain additional information. Presents loan recommendations to the internal credit committee and Loan Approval Task Force and answers questions as necessary.
Provides limited technical assistance on financing and financial systems to improve the capacity of the loan applicant and borrower.
Works with legal counsel, IFF Closing and Escrow Unit, borrowing agency, and others as necessary to complete required documentation and close loans.
Supports the Loan Program Database through data entry to ensure that accurate and comprehensive information on all aspects of loan program is readily available. Assists with reports on lending activity, impact, and performance to the Loan Committee, other IFF departments, and funders. Contributes quantitative and written materials for fund raising applications.
Assist Portfolio Management in loan monitoring and communications with borrowers when needed.
Attend appropriate industry and network events and conferences and represent IFF.
Build new and maintain existing relationships with potential and current borrowers.
Coordinate other Business Development activities with the Director of Lending, Affordable Housing and the Managing Director of Lending.
Collaborate with the Director of Lending, Affordable Housing and Managing Director of Lending and other staff in designing /upgrading loan underwriting, servicing and portfolio management policies related to housing loan portfolio.
Staff and coordinate special IFF initiatives involving housing finance. Attend meetings with government departments, financial institutions, housing advocates, and funders to design affordable housing lending products or other financing programs to increase affordable housing or enhance community development efforts.
Perform other duties as assigned.
Achievement of lending and program goals.
Long term performance and quality of closed loans.
Complete, accurate, timely, and thoughtful analysis for full understanding of underwriting and lending issues on all loan applications.
High level of customer satisfaction with IFF products and services.
Complete, accurate, and thoughtful analysis and communication of lending risks and mitigants for loan applications.
Solutions to identified issues and challenges relating to loan program implementation.
Successful completion of assigned special projects.
Education: Bachelor’s degree required.
Previous Experience: Minimum of three years of experience specifically in affordable housing lending or development. Strong knowledge of complex affordable housing financing structures, including LIHTC program rules, and familiarity with Federal and local financing sources such as HOME, CDBG, TIF, and Federal Home Loan Bank AHP.
Special Knowledge & Skills:
Strong communication skills demonstrating attention to detail and professional writing style.
Strong organizational skills including ability to follow through independently.
Capacity to prioritize multiple tasks to meet customer deadlines while ensuring credit integrity.
Professional demeanor and willingness to cooperatively participate on a team in a mission-based organization.
IFF is a mission-driven lender, real estate consultant, and developer that helps communities thrive by creating opportunities for low-income communities and people with disabilities. Key to our success has been a deep sense of purpose, a broad perspective, and a relentless focus on achieving positive results. Social return can coincide with financial return.
Across the Midwest, we help clients fr...om every sector, including human service agencies, health centers, schools, housing developers, and grocery stores. Our staff of over 70 professionals works from our Chicago headquarters, and we also serve the Midwest from four regional offices: Milwaukee, Wisconsin; St. Louis, Missouri; Indianapolis, Indiana; and Detroit, Michigan. We are a U.S. Department of the Treasury certified community development financial institution (CDFI), a member of the Federal Home Loan Bank of Chicago and the Opportunity Finance Network, and a past recipient of the $5.5 million Wells Fargo NEXT award for Opportunity Finance.
IFF is the largest nonprofit CDFI in the Midwest and one of only a few nationally to earn the Aeris AAA+1 rating. Since 1988, we have made over $450 million in loans, leveraged $1.4 billion in community investments, and grown our total managed assets to $300 million.