The National Community Reinvestment Coalition (NCRC) is an association of more than 600 community-based organizations that promotes access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.
In 2007, NCRC established a subsidiary community development financial institution (CDFI), the National Community Reinvestment Coalition Community Development Fund, Inc. (NCRC CDF). NCRC CDF has been certified by U.S. Treasury as a Community Development Financial Institution (CDFI) since 2012.
NCRC is seeking a new Executive Director to lead NCRC CDF starting in mid-2018. In addition to management of the CDFI, the Executive Director will guide CDF’s expanding financing strategy.
Since its creation, NCRC CDF delivered loan capital to minority- and woman-owned businesses in the DC Metropolitan Statistical Area. In 2014, NCRC CDF began expanding its reach in the field of economic and community development, with a principal focus on NCRC’s GROWTH Initiative. GROWTH (Generating Real Opportunities for Work through Housing), is NCRC’s signature community development initiative. GROWTH purchases and renovates (or builds) single family homes with the goal of providing low- and moderate-income families pathways to homeownership and stabilizing property values in low- and moderate-income communities. GROWTH does this while linking workforce training and homebuyer counseling to people and neighborhoods we serve. NCRC CDF plays a critical role in the success of this effort, working with major investors and channeling capital. The investment fund now approaches $100 million.
The Executive Director of NCRC CDF will be the Fund’s entrepreneurial leader, primary fundraiser, and manager. The Executive Director will report to NCRC CDF’s Board of Directors and to the Chief Community Development Officer (CCDO) of NCRC. S/he will be responsible for developing and refining broad strategy and annual work plans, setting priorities for initial lending activities, and supervising the Fund’s staff that the Board Chair and the CCDO approve.
The Executive Director will be the public face of NCRC CDF at trainings, forums, press and media events, and conferences of peer organizations within the community development finance world. At the same time, as the leader of an entrepreneurial and growing organization, functions and duties that eventually may be executed by additional personnel will be handled by the Executive Director.
- Develop, under the direction of the Chief of Community Development, a business plan that attracts funds to the CDFI – debt, equity, EQ2 and grants – to be utilized in NCRC’s Housing Rehab Fund and future funds.
- Continue to build small business loan portfolio based on current loan products: microloans and small business loans to emerging low-income entrepreneurs in the DC MSA.
- Develop and manage new program soon-to-be-launched, which will provide loans to businesses owned by returning citizens (ex-offenders) in the DC area.
- Create programming to ensure that NCRC CDF provides directly or through partnerships development services, e.g, that small business borrowers receive appropriate technical assistance from NCRC CDF and/or partners, including DC Women’s Business Center and Small Business Division
- Collaborate with the NCRC Women’s Business Center and Small Business Division to develop a pipeline of potential clients for lending.
- Assess and recommend strategy for making mortgage products available to purchasers of properties through NCRC’s GROWTH Initiative or to NCRC members with competent CDFIs, including:
- Coordinate the development of the Lease Backed Assumable Mortgage with industry partners
- Originate single family mortgage product
- Underwrite borrowers and assets financed
- Manage related regulator and compliance issues
- Coordinate funding and liquidity options with Federal Home Loan Bank, HUD, and other agencies
- Coordinate participating bank partners for additional liquidity and funding capacity.
Underwriting and Loan process management
- Underwrite applications for both the small business products and housing development/pre-development lending.
- Present loan packages to the loan committee for review and action.
- Monitor loan performance and implement corrective procedures for problem loans.
- Ensure that loan policy and procedures are followed and updated as needed through board approval.
Fundraising and Capitalization
- Develop strong relationships with current investors and cultivate relationships with potential investors to secure the capital resources and the operating support necessary to meet NCRC CDF’s goals.
- Establish and maintain relationships with key staff at federal agencies that support affordable housing and redevelopment and micro lending and CDFIs, including the CDFI Fund at the U.S. Department of the Treasury, the Federal Housing Administration, and the PRIME program at the Small Business Administration.
- Identify and pursue grant funding opportunities on a regular basis.
- Communicate with investors, grant funders, and NCRC CDF’s Board about the financial and operational health of the Fund.
- Assume primary responsibility for acquiring sufficient financial capital in appropriate forms and operating support, as needed, to ensure smooth operations and steady growth of NCRC CDF.
Compliance and Reporting
- Ensure compliance with all conditions/covenants in loan agreements, equity equivalent agreements, and other grant agreements.
- Ensure compliance with all CDFI Fund/US Treasury requirements and complete requisite reports through AMIS, both with respect to certification and any federal grants received.
- Ensure compliance with all Board and NCRC organizational requirements, policies, and practices.
Manage office and staff
- Determine staffing needs of the NCRC CDF and create an efficient and effective staffing plan
- Recruit, hire, and supervise a well-qualified and capable staff.
- Ensure that customer service, loan production, portfolio and fiscal management, and reporting systems are high-quality and efficient.
- Maintain a solid understanding of the different programmatic components that comprise NCRC CDF.
- Develop collaborative relationship with NCRC’s investment manager and others working with that firm to enable seamless investment strategy that supports NCRC’s GROWTH Initiative.
- Graduate degree in business, real estate development or other related field. Additional professional experience may substitute for an advanced degree;
- At least 5 years of executive-level management experience, including experience with risk management for a lending institution, experience working with government programs that assist small business lending and micro lending, and extensive experience with business financing;
- Demonstrated broad knowledge of and contacts within the banking and/or the community development finance field related to housing and mortgage finance and systems that oversee the investment of NCRC’s CDF directly or indirectly with joint venture partners at the national and local levels;
- Familiarity with and experience working with the CDFI Fund at the U.S. Department of the Treasury.
- Proven track record of raising private, public and foundation capital and operating support;
- Outstanding oral and written communication skills;
- Strong strategic planning and financial analytical skills;
- Widely recognized leadership and personnel management skills;
- Reputation for creativity and innovation in achieving goals;
- Interest in working with diverse communities and organizations;
- A collaborative personal style that works in partnership with others both internally and externally;
- Clear commitment to the success of minority and women entrepreneurs.
Salary: commensurate with experience.
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