POSITION: Director of Finance FLSA: Exempt DATE: 1/19
REPORTS TO: Chief Financial Officer DEPT/DIV: Finance GRADE: D7-1
RIHousing is committed to creating a diverse environment and is proud to be an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.
RIHousing strives to ensure that all people who live or work in Rhode Island can afford a healthy, attractive home that meets their needs. A good home provides the foundation upon which individuals and families thrive, children learn and grow, and communities prosper.
To achieve our mission, we:
• Offer competitive and innovative single family and multifamily lending programs.
• Provide housing related education to consumers and others.
• Finance development that builds healthy, vibrant communities.
• Invest housing grants and subsidies to Rhode Islanders with the greatest need.
RIHousing uses its resources to provide low-interest loans and grants to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a privately funded public purpose corporation.
RIHousing requires its employees to be highly motivated and knowledgeable, have a sound understanding of the changing needs of Rhode Island's housing market, be willing to work within and toward a smoothly integrated operation, demonstrate a commitment to serve the people of Rhode Island, especially those with low and moderate incomes in need of safe and affordable homes, and possess a high level of integrity and a deep respect for all Rhode Islanders, including customers, partners and fellow employees.
This position is accountable for the effective financial operations of each division and RIHousing as a whole. The primary objective of this position is to ensure the financial integrity and soundness of the agency and to ensure that Rhode Island Housing is prudently managed. Incumbent works with the division directors and other senior managers on financial and strategic planning, legislative issues and formulating policies. The incumbent is responsible for the management of all Rhode Island Housing debt, cash and investments, budgetary, accounting and other financial matters.
The incumbent oversees the efficient operation of all functions within the Finance Division. These include, but are not limited to: financial accounting, treasury and secondary marketing. He/she provides guidance and direction to three direct reports and assists in resolving complex operational and program issues as needed.
This position oversees the structuring and issuance of all RIHousing debt and the investment of the agency’s non-mortgage assets to ensure maximum prudent yield. The incumbent plans strategies for long-term financing for RIHousing’s capital needs, and to provide a long-term investment strategy which takes into account availability of funds, anticipated market levels and requirements of indentures and parameters imposed by rating agencies on RIHousing cash flows. In this regard, the incumbent works closely with the Chief Financial Officer, as well as the agency’s underwriters, investment advisors and bond counsel. This position serves as primary liaison with the financial and investment communities, including bondholders and rating agencies, regarding the agency’s financial strengths, outstanding debt and other business practices.
The incumbent oversees the secondary marketing functions for all homeownership programs. These functions include setting interest rates daily, managing a pipeline of mortgage loan reservations, placing hedges on locked loans by selling mortgage backed securities in the TBA (to-be-announced) market, managing interest rate risk and pooling and delivery of loans. The incumbent also oversees the analysis and selection of best execution financing strategies for RIHousing’s multifamily programs including setting interest rates on loans.
The incumbent develops and implements operational plans, policies, procedures and guidelines to ensure smoothly integrated operations, effective management systems and financial integrity in each division of the agency. He/she also coordinates all activities related to new initiatives, financial planning, including the annual budget process, and strategic planning for the Finance Division. In this regard, the incumbent works closely with the Deputy Directors, Chief Financial Officer and senior management team to ensure continued maximization of financial and other resources.
The incumbent oversees the preparation of financial and budgetary materials for the Board of Commissioners, including monthly financial statements, cash flow analysis, the annual budget process and annual financial audit. He/she is the senior contact officer with the external auditor and the Internal Revenue Service.
The incumbent is responsible for supervision and training of all direct reports and overseeing the supervision and training of the indirect reports. This includes managing the work flow of employees; establishing and maintaining performance standards; developing and implementing appropriate training programs and providing assistance in resolving human resource issues.
Maintaining a positive public image of RIHousing is a continuing responsibility of division directors, and the incumbent represents the agency in key community activities and industry organizations to provide a high degree of positive visibility for RIHousing. A high level of communication and presentation skills is required.
Complex function with significant number of interrelated professional disciplines, which must be coordinated. Major requirements of position is solving complex financial and regulatory problems related to bond issues which are often complicated, SEC regulated, very tax code intensive and highly interdependent. Requires a high level of ingenuity, creativity and judgment to deal with complex financial matters, timing of financings, levels and structures of mortgage commitments, hedging issues and nature and terms of investments. Requires decisions in order of magnitude of $100’s of millions, which are extremely difficult or impossible to reverse.
Impact on the agency is extremely high because position is viewed by Wall Street, the investment community, two rating agencies and instate policy makers as a measure of whether RIHousing’s finances are being soundly managed and affects decisions on investment and borrowing levels and potential additional RIHousing initiatives.
- Ensures the financial integrity and soundness of each division and of RIHousing and that the agency is prudently managed.
- Ensures the efficient operation of all functions within the Finance Division through appropriate direction, supervision and training of staff.
- Oversees the structuring and issuance of all RIHousing debt and the investment of RIHousing’s non-mortgage assets to ensure maximum prudent yield.
- Oversees the development and implementation of operational policies, procedure and guidelines to ensure efficient operations, financial integrity and appropriate compliance in all divisions of the agency.
- Oversees the preparation of all financial and budgetary materials for presentation to the Board, investment community and public.
- Serves as the primary liaison with the financial and investment communities regarding financial/investment matters and represents RIHousing in key community and industry activities to ensure a high degree of positive visibility.
- Oversees the secondary marketing functions and financing strategies for single family and multifamily loans.
- Ensures that the Chief Financial Officer is kept informed of all major issues and developments within the Division and performs special projects or research as assigned.
- 8-10 years of broad-based management experience in finance and investments in a sophisticated financial environment with demonstrated knowledge of tax-exempt bond issues, financial analysis and reporting, accounting, investments, arbitrage, secondary marketing, supervision and training
- Requires the ability to think abstractly about quantitative matters and to understand the interrelationship of legal requirements with quantitative matters
- Excellent verbal and written communications skills, as well as negotiation, problem-solving, organizational and quantitative skills
- Master’s degree in accounting, finance, economics or related field (CPA designation preferred)