Description
Portfolio Sustainability Specialist (COM 3)
At the
Department of Commerce, we’re reimagining what’s possible in government. We’re builders, thinkers, and change-makers, working at the intersection of innovation, community, and impact. From unlocking critical funding to fueling inclusive economic growth, we’re turning big ideas into real-world solutions that uplift people and places.
Our agency’s strength lies in the diversity of our workforce and the breadth of the lived experiences and perspectives employees bring to the work. We believe equity is not just a value but a practice, which is reflected in how we design programs, engage communities, and deliver outcomes. We foster a workplace culture where curiosity is encouraged, bold thinking is welcomed, and collaboration drives our impact.
This job is a commitment to reshape systems so they work better for everyone. If you’re ready to challenge the status quo and build meaningful connections, we want to meet you.
Let’s build what’s next, together.
The
Housing Division (HD) partners with local governments, Tribes, housing authorities, nonprofits and other organizations to develop and preserve affordable housing, promote individual and family self-sufficiency, and reduce adult and youth homelessness.
This position works within the
Multifamily Housing Unit (MHU) of HD and is responsible for specific tasks within the
State Housing Trust Fund (HTF), and the federal
HOME and
National Housing Trust Fund (NHTF) programs. This position is a technical specialist in real estate development and finance. This position establishes program priorities for a growing portfolio of over 350 organizations representing over 1600 contracts. This position develops portfolio sustainability policies to ensure affordable low-income housing units are created and preserved, analyzes and completes minor scopes of work for existing projects within the portfolio, completes contract close-outs, organization risk assessments, financial reviews, and annual report reviews while maintaining on-going technical assistance related to asset management. This position is also responsible for reviewing and processing of Repair Fund submissions.
The teams are looking to fill multiple vacancies on this one recruitment.
Duties
Portfolio Sustainability and Asset Management
Tasks include:
• Develop and implement asset management policies through collaborations with Multifamily Housing Unit Asset Management & Compliance teams to create risk management tools covering the entire housing investment lifecycle.
• Monitor noncompliance and asset management trends across portfolio and proactively manage housing portfolio risks. This includes reviewing reports (operating, compliance, financial, inspection, regulatory) to evaluate asset performance and mitigate operational risks.
• Monitor and report on property-level operational and compliance performance. Focus on occupancy, debt coverage, cash flow, capital reserves, property maintenance and physical health, and noncompliance trends. Create watchlists to identify potential property level risks and generate reports and recommendations for leadership.
• Assess portfolio level risks using a portfolio monitoring grid, including reviews of reports, financial audits, and agreements. Generate organizational assessment reports and maintain the risk mitigation tool for an annual good standing report.
• Collaborate with management and staff in multiple divisions to develop portfolio risk management and preservation policy and develop risk management tools.
• Monitor contracts due for payoff or termination, recommend and coordinate next steps with awardees and other public funders if needed. Prepare written reports/presentations as needed.
• Review and analyze organization information and project data to determine compliance with MHU program and contract requirements, organizational and project financial status, and other pertinent conditions for affordable housing projects in workout status. Prepare written analysis through minor scope of work process and provide recommendations to MHU management for course of action related to existing contracts within our portfolio.
• Collaborate with staff to operationalize risk management and preservation tools and policies.
• Create expiring projects risk grid in alignment with the preservation policy and integrate project release process and repositioning process into asset management framework.
• Research, create, and populate tools/systems to promote asset management best practices. Assist partners in implementing new business practices and policies. Collaborate with IT and data management staff to analyze housing market data, identify trends, and make business recommendations.
• Educate and assist owners by presenting information to develop strategies for property-level and portfolio-wide needs. This includes leading training sessions, workshops, and industry presentations and present to executive teams, boards, and public agencies.
• Review, analyze, and present for approval project scope, contract terms based on current approved terms established by MHU, financial structures for long term project sustainability, and key performance measures to unit management team members.
• Coordinate with contracting specialists, clients, developers, and attorneys to ensure the development and execution of contracts meet approved terms established by RCWs or MHU written policy.
• Provide technical assistance to other private- and public-financing partners and third-party consultants involved with projects. Troubleshoot and problem-solve contract, construction, and project schedule-related issues, including technical assistance and renegotiation of financial structure.
• Ensure timely workflow and coordination within, and among, the unit’s teams and other workgroups in the department as outlined within the HUB, desk manuals and due diligence checklists.
• Review project and organizational information, Capital Needs Assessments, and proposals for building improvements or repairs for affordable multifamily rental properties.
• Review additional federal program requirements to ensure MSOW does not have an impact on the federal compliance outlined in the original contract.
• Collaborate with internal and external stakeholders to develop processes and policies that align with the HTF’s mission and vision.
• Review and process Repair Fund applications in accordance with program guidelines.
Organization risk analysis and technical assistance
Tasks include:
• Participate in unit discussions or initiatives dealing with contract risk assessment as well as contract development, management and monitoring. Identify concerns and provide recommendations to MHU leadership on performance improvement plans to ensure compliance and limit agency risk.
• Provide technical assistance to funding recipients for quality improvement purposes.
• Conduct primary and follow up reviews (phone consultation, onsite and desk reviews) of subrecipient contracts using a fiscal monitoring tool based on risk assessments conducted at the program level. Document significant entity processes and internal controls dealing with federal grant compliance and report to MHU management and HD when required.
• Apply best practices, quality improvement tools, and Lean practices to reduce fiscal monitoring issues throughout the lifecycle of contracts.
• Follows up with contractors, HD and MHU staff to review memos or reports and develop recommendations for resolution of non-compliance with federal and state rules and regulations for financial management.
Annual Report Reviews
Tasks include:
• Conduct compliance reviews of project owner submitted annual reports and refer compliance issues to CS5 for follow up as appropriate.
• Review financial and occupancy data for compliance with HTF, HOME and NHTF program and contract requirements and refer compliance issues to CS5 for follow up as appropriate.
• Interact directly with project owners and property managers to provide advance level technical assistance and/or seek clarification of data submitted using Commerce’s Web Based Annual Reporting System (WBARS).
• Develop and implement process improvements as it relates to annual reporting reviews as necessary.
• Review Commerce internal database to ensure data within the contract and amendments align with HCMS and WBARS at time of review. If information is not accurate, correct or coordinate with responsible staff member within MHU.
Qualifications
Required Position Qualifications:
Seven (7) years of combined experience and/or education as described below:
Experience in affordable housing, multifamily housing finance, community, trade, or economic development with a focus in two or more of the following areas:
• Contract Management
• Affordable Housing Asset Management
• Project Management
• Demonstrated understanding of multifamily/rental housing development and lending, and related real estate transactions and legal documentation.
• Demonstrated understanding of affordable housing finance, including layered financing using private and public funds, tax credits, and partnership structures.
Education involves housing finance, business, public administration or related field. Qualifying education post High School or equivalent may be substituted year for year for experience.
Examples of how to qualify:
• 7 years of experience
• 6 years of experience and one year of education
• 5 years of experience and two years of education
• 4 years of experience and three years of education
• 3 years of experience and four years of education
• 2 years of experience and five years of education
• 1 year of experience and six years of education
Preferred/Desired Qualifications:
• Good understanding of state and federal low-income housing program regulations.
• Experience with the Washington State Housing Trust Fund or with U.S. HUD programs, such as HOME or federal Housing Trust Fund, Low-Income Tax Credit Program, or other similar programs.
• Experience developing rental housing or home ownership opportunities in rural communities.
• Experience with writing and implementing policies and procedures.
• Willingness to work flexible hours and in a collaborative, team-based environment.
Required Position Competencies:
• Demonstrated skills in organization, team building, and succession planning.
• Demonstrated ability to collaborate and build partnerships, develop work teams, and work effectively with the authorizing and external environment.
• Demonstrated ability to manage and work with diverse personalities, styles, and cultures.
• Ability to apply negotiation and conflict resolution skills.
• Exceptional written and verbal communication skills, as well as interpersonal and relationship building skills.
• Knowledge of agencies, institutions, and processes involved in real estate development.
• Advanced proficiency with Microsoft Excel and ability to create and manipulate pro forma financial models.
To be considered for this position the following are needed:
- A complete and detailed online application.
- A cover letter (enter online).
- At least three professional references (enter online).
For questions about this recruitment, please contact our recruitment team via email:
comrecruitment@commerce.wa.gov - please reference the job number in your message.
Supplemental Information
Work from Anywhere in Washington State
This position may be located anywhere within Washington State though occasional travel to a Commerce office building or in-state travel to attend events or meetings may be required. If selected, you will need to travel to pick up equipment and receive instruction. Many Commerce employees work remotely or have a hybrid schedule.
This recruitment may be used to fill future vacancies over the next 60 days.
Technical support is provided by NEOGOV, 855-524-5627 (can't log in, password or email issues, error messages). DES job seeker support may answer general questions regarding the recruiting system at careershelp@des.wa.gov.
Our Commitment to Equal Opportunity
The Washington State Department of Commerce is an equal opportunity employer. We strive to create a working environment that includes and respects cultural, racial, ethnic, sexual orientation and gender identity diversity. Women, racial and ethnic minorities, persons of disability, persons over 40 years of age, veterans or people with military status, and people of all sexual orientations and gender identities are encouraged to apply. Persons needing accommodation in the application, testing, or interview process or this job announcement in an alternative format may email Human Resources at Human.Resources@commerce.wa.gov. Applicants who are deaf or hard of hearing may call through the Washington Relay Service by dialing 7-1-1 or 1-800-833-6388.
Department of Commerce also offers a competitive benefits package including: medical and dental insurance benefits, retirement and deferred compensation plans, 11 paid holidays each year, 14-25 vacation days per year (depending on length of employment), 8 hours of sick leave per month (if full time employed), bereavement leave, an employee assistance program, as well as other benefits. Please see the Benefits Tab for more details.
