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IFF-Director of Compliance for Capital Solutions

  • 1.  IFF-Director of Compliance for Capital Solutions

    Posted 11-09-2022 09:55 AM
    Edited by Michele Stine 11-09-2022 12:03 PM
    Title:                                                   Director of Compliance for Capital Solutions
    Employee Status:                              Full Time-Exempt
    Grant Funded:                                    No
    Salary:                                                   Salary Grade 6. This salary grade starts at $92,000
    Reports to:                                        President of Core Business Solutions
    Matrix Reporting:                              N/A
    Department:                                    Capital Solutions
    Location:                                              Chicago, IL or Detroit, MI
    Department Function:                 
    Maintain a program of flexible loan products to organizations serving low-income communities; design programs to assist the target market in obtaining financing.
                                                                              

    The Organization

    IFF is a mission-driven lender, real estate consultant, and developer that helps communities thrive. 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 healthy food grocery operators. Staff contribute extensive business experience and an unrivaled connection to the mission of IFF to the clients we serve.

    IFF is looking for candidates with a commitment to the work we do who can demonstrate their creativity, diligence, enthusiasm, growth-mindset, thoughtfulness, and passion to make meaningful change in the areas of economic and racial justice.


    Equity, Diversity, and Inclusion

    Partnering to create thriving communities is at the heart of everything we do. We leverage knowledge, capital, and resources to advance equitable and transformational outcomes in under-resourced communities, guided by our commitment to be an inclusive, anti-racist and anti-oppressive institution that honors communities as asset-rich and as experts in their own stories.


    Basic Job Function

    Director of Compliance for Capital Solutions will lead program design, compliance, and reporting activities for IFF’s lending and structured finance products. This includes compliance with grant programs administered through the CDFI Fund, including New Markets Tax Credits (NMTC), Healthy Food Financing Initiative (HFFI), and Capital Magnet Fund as well as other funder relationships connected to the Capital Solutions Department, e.g., FHLB-Chicago and impact investors. Responsible for monitoring and best ensuring compliance at key milestone dates and throughout life of funder commitments. Responsible for staying abreast of Compliance and Monitoring guidance by the CDFI Fund and coordinating with Structured Finance staff to maintain the database of IFF projects in AMIS. Will assist with the preparation of funding applications and any new loan and/or structured finance programs and products, as needed.


    Job Duties and Responsibilities:
    1. Ensure Program Compliance Across Lending Program and Funder Relationships
      1. Understand compliance requirements for each relevant program and establish processes for ensuring timely monitoring and reporting on progress vs. goals.
      2. Work collaboratively with the Data team and other internal colleagues to meet objectives efficiently and effectively.
      3. Implement audit-ready loan-level file systems meeting the requirements of each program.
    2. CDFI Certification
      1. Lead annual recertification process; maintain understanding of current/new guidelines; submit Target Market expansion requests if needed.
      2. Serve as internal subject matter expert for questions around loan-level Target Market eligibility.
      3. Monitor loans for meeting Target Market requirements.
      4. Prepare and submit Annual Certification Report, ensuring all key IFF parties adhere to submission deadline.
      5. Monitor accountability to Target Market, as defined by the CDFI Fund, advising management on approaches to ensure continuous compliance
      6. Coordinate with system users and the Data team to ensure IFF databases collect all data points required for Certification, enabling accurate, real-time reporting.
    3. FA, HFFI, DA, RRP, CMF Awards
      1. Review and advise management on the execution of assistance agreements.
      2. Summarize/Interpret and circulate requirements of Assistance Agreements internally; serve as internal subject matter expert, requesting clarification from the CDFI Fund when necessary
      3. Determine loan-level eligibility (TM, CMF, HFFI/Food Desert) and work with Data team to establish process to ensure data base reflects designations.
      4. Prepare and submit amendment requests.
      5. Manage CMF Performance Report submissions, ensuring timely and correct loan-level and fund-level data.
      6. Manage deployment requirements with Controller and Managing Director of Lending, Affordable Housing, including quarterly confirmation of funds disbursed to each active loan.
    4. Assist with Funding Applications
      1. Work with President, Core Business Solutions, Chief Lending Officer, Managing Director of Lending - Affordable Housing, the Data team, and Finance on FA (all categories) and CMF Applications.
      2. Support as necessary NMTC applications, working with Managing Director of Structured Finance and Director, Structured Finance.
      3. Work with Finance and Accounting, Resource Development and other IFF staff as appropriate, and with external consultants as necessary, to assist with other IFF’s applications.
    5. Impact Investments Compliance
      1. Maintain knowledge of all active impact investments and an understanding of the funding deployment requirements for each
      2. Continue established process of attributing loans to impact investments, ensuring alignment with investor goals and investment requirements
      3. Oversee reporting to impact investors, coordinating with Data team to prepare quarterly (or as needed) Loan Impact Reports
    6. Maintain required job knowledge and skills and core professional competencies. Attend and participate in required educational programs and staff meetings.
    7. Perform other duties as assigned.

    Performance Measures:
    1. Successful implementation, compliance, and monitoring of IFF’s loan and structured finance program with corresponding funder requirements, including successful and timely CDFI recertification.
    2. Timely and accurate tracking and communication of department deployment goals with a high level of internal customer satisfaction.
    3. Identify and recommend solutions to opportunities and issues relating to funder program compliance.
    4. Full participation and cooperation with other IFF teams, including Real Estate Solutions and Social Impact Accelerator to support broader IFF business objectives.
    5. Cultivates a culture of openness in information sharing.  Encourages open communication, cooperation, and the sharing of knowledge.
    6. Models personal accountability that promotes ownership and engagement.
    7. Builds and maintains effective working relationships with colleagues, peers and team members.
    8. Values and supports differences in others, contributing to an inclusive work environment.  Demonstrates the ability and willingness to communicate effectively with people of diverse backgrounds and experiences to create a collaborative, collegial, and caring community.
    9. High level of satisfaction with both internal colleagues and external contacts.


    Position Qualifications:
    Education:  Bachelor’s in business, accounting, finance, community development, or related fields. Candidate with advanced degree is preferred.

    Previous Experience: Minimum of eight years of experience in banking, commercial real estate lending, community development, portfolio management, or nonprofit management. Extensive knowledge and experience with compliance with regulatory and/or funder commitments, as well as complicated and multilayered financial transactions.

    Special Knowledge & Skills: Knowledge of community development principles, real estate finance and development, and affordable housing; good interpersonal and managerial skills; high-level written and oral communication and presentation skills, experience in formal presentations. Experience with community development and structured finance programs (such as NMTC), and a network of contacts with nonprofit, government, and lending agencies is a plus.

    Additional Requirements:
    Some but infrequent travel across the Midwest; occasional evening and weekend work.

    IFF does not offer relocation packages; must be authorized to work in the United States; IFF does not offer sponsorship.

    Application Instructions: Please visit our Careers section of our website to apply online.  Both a resume and cover letter are required.

    IFF values equity, diversity, and inclusion as part of its mission to strengthen nonprofits and the communities they serve.  IFF is an equal opportunity employer and is committed to building and maintaining a culturally diverse workplace that is free of discrimination and harassment of any kind. We encourage women, minorities, individuals with disabilities and veterans to apply. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, sex, sexual orientation, gender identity, age, veteran status, or any other status protected by the laws or regulations in the locations where we operate.