Development Specialist

The City of San José, the Capital of Silicon Valley, is one of the nation's best-managed cities and one of the top ten cities in which to live, work, and do business. Moreover, San José is the center of cultural, government, and economic activity for the region. The employees of the City of San José have embraced the following values:
Integrity, Innovation, Excellence, Collaboration, Respect, and Celebration. The City's Housing Department is seeking an individual whose values align with the values of the City's employees.

The City of San José Housing Department is a leader in the development of affordable housing. Its mission is to strengthen and to revitalize our community through housing and neighborhood investment. The Housing Department provides loans for the development of affordable housing and manages a portfolio of over 17,000 housing units with a total value that exceeds $700 million. Over the next five years, the City Council has a goal of creating 25,000 housing units, 10,000 of which will be affordable.

The Housing Department has an operating budget of approximately $19 million and 112 employees. The Housing Department is committed to creating and supporting a diverse work environment with a staff that values inclusion.

The City’s Housing Department is seeking motivated individuals to join the Housing Department, to assist with various assignments associated with underwriting affordable housing loans, administrating loan transactions and draw requests, and managing the City’s loan portfolio.

The Development Specialist must be able to work independently and as part of a team, including with outside partners such as developers, borrowers, title companies, lenders, government agencies, non-profits, and property managers.

The Housing Department is currently seeking to fill 3 full-time Development Specialist vacancies in the Production and Preservation Team, Loan Administration Team, and the Asset Management Team.

• Collaborate with affordable housing developers and community groups to proactively manage affordable housing projects from the earliest stages through completion.
• Review the structure of multifamily financing proposals for new construction and preservation of affordable housing.
• Review financial statements and proformas for feasibility and credit risk.
• Coordinate and execute documents related to the City’s loan, land purchase, and regulatory agreements.
• Review all necessary loan documents, title reports, property management agreements, limited partnership agreements, and other due diligence items to ensure completeness and accuracy.

• Process construction loan draws by reviewing invoices and draw requests for completeness and accuracy.
• Process disbursements and wire requests with the Fiscal team.
• Coordinate and review multifamily housing transaction closing due diligence with developers, other lenders, and third-party consultants.
• Manage files, including set up, updates, closeouts and cancellations.

• Serve as primary contact for inquiries from citizens and external partners including developers, borrowers, non-profits, and property managers.
• Ensure ongoing property compliance with the City’s affordability covenants and loan agreements.
• Manage collection and review of required borrower documentation to ensure compliance with occupancy, loan, and regulatory requirements (audits, budgets, capital plans, reserve draw requests, rent rolls, insurance certificates, and fair-housing materials).
• Assess project financial health and recommend solutions to operating challenges that support both borrower and City interests.
• Enter, track, and analyze property management and financial data to identify trends in vacancy, rents, and related performance indicators.

The Development Specialist may be assigned to support other Housing Department…