LA2050
Local Initiatives Support Corporation

Housing & Economic Development Program Officer

Employment type
Full Time
Posted
about 1 month ago
Location
Los Angeles, CA
Description

The Los Angeles LISC office of the Local Initiatives Support Corporation (LISC) seeks a professional to fill the position of Program Officer.

Background

LISC is a national nonprofit organization, which provides financial and technical assistance to neighborhood-based nonprofit community development corporations (CDCs) working to improve housing and economic conditions in distressed neighborhoods. The Los Angeles program works with CDCs and community-based entrepreneurs throughout the city to develop affordable multi-family rental housing, homeownership opportunities, commercial enterprises and community facilities. Los Angeles LISC provides grants, loans and equity for strategic investments in community development organizations and emerging neighborhoods. We commit to working with community groups over a long period of time, providing them with consultation and training in addition to financial support to help these organizations – and the residents they serve – prosper as they improve their communities. To date Los Angeles LISC and its affiliates have invested over $871 million in nonprofit and local developers resulting in the creation of over 10,515 new homes and apartments and 1.8 million square feet of commercial, industrial, and retail space.

A core function of LISC is its operation as a loan fund. LISC provides various loan products to a wide array of project types. All loans are subject to oversight by LISC’s Lending Department. In 2016 nationally, LISC approved $248 million of new loan commitments, and the outstanding loan portfolio at year-end was $280 million. LISC is looking to grow its lending volume in the years ahead.

Responsibilities:

The Loan Originator will be responsible for working with the Los Angeles Office to assist staff with lending, business development and loan originations. Primary responsibilities will include identifying project opportunities; providing technical assistance to local borrowers; initial vetting of projects and financing needs; and developing key relationships and partnerships with public and private leaders in local markets. The position may require travel for meetings, trainings and conferences.

Specific responsibilities of this position include:

  • Build a pipeline of projects for Los Angeles Office to invest in such asset classes as affordable housing, commercial developments, community facilities, small businesses and economic infrastructure with the primary goal of generating loan activity for the LISC loan fund and other LISC-managed loan pools to meet agreed upon lending goals.
  • Work with LISC partners on the full-cycle of activities related to business and real estate based lending and development, providing technical assistance and identifying appropriate LISC resources as needed. This includes assessing project feasibility and the financing request, developing financing strategies and helping partners access other forms of capital including philanthropic contributions and/or public subsidies.
  • Manage relationships with other strategic partners, including for-profit and nonprofit financial institutions and local, state, and national governmental subsidy programs, that could support potential permanent financing structures for LISC borrowers.
  • Work with the Executive Director and Community Development Manager and other partners to develop a strategic approach to support the growth of lending and real estate based transactions, design new lending programs and create related marketing, informational and application materials.
  • Ensure integration and alignment of LA LISC’s real estate development activities and financing pipeline with the strategic direction and goals of LISC National and the Los Angeles Office by collaborating with LISC team members and strategic neighborhood partners.
  • Provide capacity building support to partners to position their organization to successfully implement more complex real estate developments. Identify LISC resources that could be used to strengthen the organization.
  • Serve as first point of contact underwriter, including working with borrowers to structure the transaction, conducting due diligence and financial analyses, drafting credit memoranda, and presenting loan recommendations to LISC’s national Credit Committee and the LISC Board of Directors, as applicable.
  • Coordinate between National Lending and/or New Market Support Corporation and local program staff through regular pipeline meetings and other channels.
  • Compile and share best practices in business development and sourcing from within the LISC community and from sources outside of LISC.
  • Lead new initiatives as called upon to do so.
     

Qualifications

  • A Bachelor’s degree and a minimum of 5 years of related experience are required; graduate level education is a plus.
  • Strong underwriting experience.
  • Familiarity with the Greater Los Angeles area market. Working knowledge of the economic, political, and social environments of the Los Angeles area, especially lower income neighborhoods, organizations, and community development efforts also strongly preferred. A demonstrated interest in and commitment to the revitalization of low and moderate-income urban/ rural communities.
  • Strong commitment to work in the not-for-profit sector.
  • Experience in Bond and LIHTC underwriting, loan restructuring, and construction underwriting.
  • Knowledge of government financing programs including LIHTC, HUD Section-8, NMTC, SBA 7A and 504 as well as Greater Los Angeles regional and California State financing programs.
  • The ability to work collaboratively with coworkers and representatives from the nonprofit, corporate, philanthropic and public sectors.
  • Keeps abreast of industry trends, best practices, creative financing techniques and other community development indicators. Converts industry standards to local conditions.
  • Capacity to work simultaneously on multiple tasks and projects, set priorities for a challenging workload, and be a positive, solution-oriented professional.
  • Excellent writing, financial analysis and verbal communication skills required.

 

Compensation: Competitive salary, excellent benefits.

To apply

Please send cover letter and resume via email with "Program Officer” in the subject line to:

Tunua Thrash-Ntuk, Executive Director
Local Initiatives Support Corporation
500 South Grand Avenue, 23rd Floor Los Angeles, CA 90071
[email protected]

No phone calls please. First Interviews will be scheduled for those resumes received by:

MAY 1, 2017

Position OPEN until filled.

LISC IS AN EQUAL OPPORTUNITY EMPLOYER COMMITTED TO DIVERSITY AND INCLUSION.