Chief Financial Officer
HCGA Consulting Partners LLC is conducting a search for the position of:
Title: Chief Financial Officer
Company: Colorado Housing and Finance Authority
Reports to: Chief Executive Officer
Direct Reports: Accounting, Finance & Debt/Treasury Functional Leaders
Location: Denver, CO
The Colorado Housing and Finance Authority (CHFA) is a corporate and political subdivision of the State of Colorado, established by the Colorado General Assembly for the purpose of increasing the supply of decent, safe and sanitary housing for low and moderate income families; and to promote sound economic development by supporting business enterprises. More information on CHFA may be found at the CHFA website, www.chfainfo.com.
CHFA has approximately 178 full-time employees who are primarily located in Denver, CO. CHFA’s current net assets are $454 million, $1.4 billion in bonds outstanding and the 2018 targeted cash net income is $69 million. CHFA has issued bonds for single family, multi-family, and business lending utilizing various structures including fixed rate single family bonds under stand-alone indentures, bonds for insured multi-family projects under a master indenture and, since 2002, utilizing separate multiple-lien master indenture structures for single family and commercial (multifamily and business) lending. The multiple-lien structures incorporate the use of some variable rate bonds with interest rate swaps as well as fixed rate debt. The Class I bonds are rated Aaa by Moody’s and AAA by Standard and Poor’s; the Class II bonds are rated Aa1 by Moody’s and AA by Standard and Poor’s; and the Class III bonds are rated A1 by Moody’s and A+ by Standard and Poor’s. CHFA strongly values diversity and inclusiveness among our customers, employees, vendors and partners.
The CFO will lead the financial strategies for a multi-faceted, complex public purpose enterprise that finances affordable housing, business and economic growth opportunities throughout Colorado. This position is responsible for the strategic leadership of the Finance and Accounting functions, while partnering with the Chief Executive Officer and Board of Directors in formulating CHFA’s future strategies and supporting tactical initiatives, serving as a key member of the Executive Team. Specifically, the position is responsible for the development and implementation of financing structures that support CHFA’s loan programs, including the sale and management of tax-exempt and taxable bonds, loan securitization and secondary marketing activities, and communication with investors, bankers, financial advisors, rating agencies, counterparties, and other financial partners as necessary. This position will also provide oversight of financial and accounting processes to ensure financial effectiveness.
ESSENTIAL DUTIES & RESPONSIBILITES
- Scope encompasses all aspects of CHFA operations from involvement in loan program development and debt issuance to final loan repayment and debt extinguishment, as well as management of surplus assets. Establishes and maintains relationships with relevant institutions.
- Develop financial strategies and key performance indicators for the business working closely with the Executive Team.
- Actively provide effective oversight and strategic direction for CHFA’s bond portfolio which includes but is not limited to:
- Activities related to sale of CHFA bonds and notes. o Accurate and proper interpretation of the financial provisions of Bond Indentures, ensuring full compliance with said provisions, including flow of funds, redemptions, cash projection reporting, identification and/or drawdown of surplus funds, arbitrage and yield compliance, etc.
- Review cash flows of bond issues with trustees and financial advisors as to content, assumptions, reasonableness and bond resolution requirements.
- Maintain relationships and negotiate contracts with CHFA’s financial advisor, bond trustees, underwriters, bond counsel (in coordination with CHFA’s legal counsel), swap advisor, rating agencies, outside CPA firms, and the financial community.
- Answer rating agency and creditor inquiries and requests and provide information regarding financial activities.
- Actively provide effective oversight and strategic direction for CHFA’s loan securitization and secondary marketing activities, which includes but is not limited to managing the risks associated with a mortgage loan acquisition pipeline and interest rate risk management, loan pricing, hedging, trading, margin requirement, collateral, post closing, and loan sales to meet CHFA’s profitability goals.
- Develop and maintain effective oversight of CHFA’s investment, debt and hedging policies. Ensure that the investment of all funds maximize allowable yields and provide cash availability for bond debt service and operating requirements.
- Provide a broad range of financial analysis, interpretations and forecasts relative to all funds, pursuant to ensuring financial stability and sound business planning, to include long range financial studies.
- Develop and drive the strategy of the organization within the broad context of the local and national landscape, taking a leadership role in driving a collaborative process with the Board and staff that result in the development of a strategic plan and an annual operational plan and budget.
- Coordinate with the Executive Director to communicate financial, accounting, monetary and relative information as necessary regarding inter-divisional matters.
- Foster a culture of open communication and dialogue, individual responsibility for corporate effectiveness, and understandable decision-making within the Executive Team, Senior Management Team, and within CHFA as a whole.
- Develop and institute operations and procedures to meet bondholder requirements, disclosure reporting, computerized record keeping, ensuring an accurate account of books of record concerning Authority assets, liabilities, income and expenses, and conformance with good accounting standards and practice.
- Provide direction on the development and implementation of new accounting techniques and systems or modification and modernization of existing methods and procedures.
- Review and analyze operating efficiency, oversee the annual budget and confer with the Executive Director in the resolution of budgetary and other fiscal matters.
- Keep up-to-date with fiscal and program trends through Board meetings, seminars and conferences. Attend special program meetings, such as loan committee meetings.
- Perform other related work as required.
- Serve as a member of executive management providing insight and assistance with the implementation of CHFA strategic initiatives. Work closely with the Executive Team on maintaining strong interdepartmental working relationships.
- An active, engaged participant in the professional development and performance management of direct reports through effective goal setting and regular constructive feedback and coaching.
- Foster and cultivate a high performing team that supports CHFA’s mission, vision, goals and values
- Raise the public profile of CHFA by serving as the spokesperson and advocate for the agency, as well as a visible, visionary and influential leader in the community.
STAFF LEADERSHIP & DEVELOPMENT
- Lead, motivate and develop staff so that they are passionate about what organization has achieved and are committed to working effectively toward continual improvement.
- Ensure the organization has high caliber of staff with skills appropriate to meet the needs of the position with the ability to positively meet agency objectives.
- Ensure an effective performance management system for all employees that includes annual objective setting, coaching, feedback and evaluation.
- Ensure a comprehensive recruitment and retention strategy to support CHFA commitment to build a sustainable organization.
REQUIRED KNOWLEDGE, SKILLS & ABILITIES (“MUST HAVES”):
A successful candidate for the CFO position will possess at minimum a significant years of relevant industry experience including but not limited to the following knowledge, skills and abilities:
- Minimum ten (10) years of progressively responsible experience collectively in mortgage lending, banking, financial modeling, and/or municipal finance, including five (5) years of experience in a supervisory capacity. Strong knowledge of MS Office applications and accounting/financial software, computer systems and emerging technology; and, municipal experience preferred.
- Strong knowledge in the areas of financing, investing, and issuance of fixed and variable rate debt
- Knowledge of current practices, procedures, and regulations/laws related to mortgage loan accounting, bond accounting, fund accounting principles, generally accepted accounting principles and/or experience with public finance techniques (tax-exempt, taxable, and conduit) is preferred;
- Knowledge of federal housing programs, laws and regulations
- Skill in complex problem solving skills using a high level of creativity and ingenuity to drive CHFA’s operations and procedures relative to bond management, financial reporting and fiscal accounting control programs;
- Skill in strategically thinking with a visionary focus on future financial growth and stability
- Demonstrated skill in a collaborative style of leadership that inspires outstanding performance
- Skill in effectively demonstrating a strong customer focus supporting the value proposition of CHFA
- Skill in effective listening, communication and presentation skills where all messages from and to diverse audiences can be heard and/or articulated in layman terms that inspire a high level of confidence
- Ability to learn and understand quickly the complexity of CHFA’s business
- Ability to organize and plan which includes managing tasks assignments, scheduling projects, utilizing appropriate resources, and follow-up documentation as needed
- Ability to continuously improve, develop and apply knowledge and skills, while adapting quickly to changing circumstances and processes;
- Ability to work towards inclusion in all activities, and decisions through the solicitation and appreciation of diverse perspectives.
- Ability to exercise personal accountability in all activities and decisions;
- Ability to embrace a culture of operational excellence to ensure processes are continually evaluated and improved as necessary;
- Ability to operate with a sense of integrity and a code of ethics; and,
- Ability to establish rapport with persons of diverse ethnic, racial and cultural backgrounds essential
The ideal candidate will be an intelligent, well-rounded, energetic and confident individual. He/she must be a team player who works well with sector/industry peers and constituents as well as members of the board to achieve the goals and objectives of CHFA.
Other personal characteristics include:
- Low ego
- Capable of assuming the CFO role
- A visionary for improving standards of care and operational efficiencies.
- Technologically proficient and politically savvy
- High integrity; fair and honest
- Outstanding communication, presentation, organizational and interpersonal skills – all critical to impacting and influencing stakeholders and key decision makers.
- Strategic planner and experienced tactician
- Ability to transition to CHFA’s culture and effectively assimilate into its organization.
- Analytical thinker, who synthesizes complex policy matters, identifies related business impacts and develops/executes communications strategies
- Exhibit strong judgment and focused decision-making skills, with a blend of intelligence, knowledge and understanding of people
- Ability to work at all levels of the organization and develop a close rapport with other colleagues, constituents and employees
- High level of self-initiative and the ability to exercise diplomacy
- Problem solving, offering creative and responsive solutions to a range of issues and concerns
- Should be flexible, a team player and willing to grow with the organization
- A warm, personal style with a good sense humor
MEASURES OF FIRST YEAR’S SUCCESS: (ADDITIONAL POINTS WOULD BE DERIVED FROM INITIAL STAKEHOLDER MEETINGS)
- Ensure CHFA’s ongoing fiscal soundness
- Demonstrate a strong understanding of CHFA operations and enterprise-wide staff capabilities
- Demonstrate clear alignment with CHFA operations and policies
- Retention of legacy finance, accounting and debt/treasury management team
OTHER DESIRED KNOWLEDGE, SKILLS AND ABILITIES:
The CFO will have a background that includes a combination of significant, executive level experience and education that demonstrates the individual’s knowledge, capabilities and prior success and accomplishments with performing the executive level responsibilities required for this position.
- Must possess a valid driver’s license.
- Must have access to a car to use for work on a daily basis. Must have automobile insurance coverage at the state requirement levels and current state registration.
- Must possess basic computer skills to perform job duties including desktop computing, email, time sheet management, electronic health records, using Microsoft Office Applications, ADP and other relevant software.
- Must have basic electronic communication and internet skills.
- Must be able to use new computer systems and/or software functions as they become available.
- Bachelor’s degree in Accounting or Finance; MBA or equivalent preferred; Certified Public Accountant certification or equivalent preferred;
CHFA offers a competitive salary and comprehensive executive compensation and benefits package including but not limited to:
Enjoy competitive compensation packages from CHFA. We encourage and reward excellent performance in a few ways:
- Base pay that targets the market’s average pay for similar jobs
- Performance-based rewards for exceptional performance
Health and Wellness Benefits
To promote a healthy work-life balance, we offer an excellent health and wellness package, which includes:
- Medical, dental, and vision insurance for our employees and their families
- Onsite gym and locker room, yoga and Zumba classes , and onsite bike storage
- Health club reimbursement
- Incentives for healthy living
Plan for your future today. CHFA employees have several options to help them build their nest eggs, including:
- Colorado Public Employer’s Retirement Association pension plan, with company match
- 401(k) plan, with company match
- Group life and accidental death & dismemberment insurance
- Short and long term disability insurance
- Voluntary supplemental life insurance
CHFA provides a challenging, progressive, and supportive environment that promotes employee development. A few of the ways we help our employees reach their full potential are:
- Company-paid training
- Professional development plans
- Tuition assistance for certification, undergraduate, and graduate degree programs through an accredited institution
We support our employees and the community through the following benefits:
- Paid volunteer day to support the local community
- Public transportation reimbursement, to help our employees live a more ecofriendly lifestyle or a parking subsidy to those who must drive
- Employee loans for down payment assistance, home repair, rental assistance, energy efficiencies, and hardships.
All interested and qualified parties should contact:
HCGA Consulting Partners LLC