Salary : $152,501.86 - $193,409.22 Annually
Location : 375 Beale Street, San Francisco, CA
Job Type: Temporary/Full-Time
Remote Employment: Flexible/Hybrid
Job Number: 237
Section: Bay Area Housing Finance Authority
Opening Date: 11/02/2026
Closing Date: 11/22/2026 11:55 PM Pacific
ABOUT THE ROLEThe Bay Area Housing Finance Authority (BAHFA) is moving from start-up to becoming a long-term regional institution. With a newly adopted strategic plan and major financing initiatives launching, BAHFA is building the capacity to advance transformative affordable housing solutions across the nine-county Bay Area, and we need a proven deal-maker to put capital to work to directly influence BAHFA's mission of supporting Production, Preservation and Protections.
The Principal Housing Finance Manager is BAHFA's lead subject matter expert on affordable housing lending. This is a hands-on transactions role: you will originate, underwrite, structure, and close loans, and then grow and steward the resulting portfolio. You will launch the Regional Mixed Finance Fund, build its pipeline from the ground up, and expand BAHFA's lending footprint as new programs and products come online with BAHFA's CDFI lending partner.
We are looking for a seasoned affordable housing finance professional with an extensive record of closing complex transactions, who wants to build something lasting. The ideal candidate is equally comfortable dissecting a multi-source capital stack, negotiating terms with developers and co-lenders, presenting credit recommendations, and mentoring staff. You are a trusted relationship builder, a confident communicator, and a practical problem solver who builds structure where none yet exists.
WHY THIS ROLE IS DIFFERENTFew positions let you shape the credit policy, pipeline, and portfolio of a new regional housing finance authority from day one. You will deploy capital at scale, see your deals break ground, and build the systems and partnerships that let BAHFA's portfolio grow well beyond its first loans.
ESSENTIAL DUTIES & RESPONSIBILITIESUnder general direction of BAHFA's Assistant Director, the
Principal Housing Finance Manager will be responsible for:
Originate, Structure, and Close Transactions- Lead the full transaction life cycle for the Regional Mixed Finance Fund, from origination to project evaluation through underwriting, approval, negotiation, loan closing, and construction and conversion oversight, in coordination with BAHFA's CDFI lending partner.
- Structure creative, layered financing for acquisition, rehabilitation, preservation, and new construction, including subordinate debt, tax-exempt bond and tax credit transactions, and state and federal funding.
- Negotiate loan terms, intercreditor and subordination agreements, and closing documents with developers, co-lenders, investors, and counsel.
- Present credit recommendations to leadership, loan committees, and Commissioners, translating complex analysis into clear, defensible decisions.
Grow and Manage the Portfolio- Lead implementation and growth of BAHFA's financing products, including the Priority Sites and Preservation Loan, and various other funding products funded by state and federal funds.
- Monitor portfolio performance, manage asset and credit risk, address troubled loans, and recommend refinements that strengthen long-term sustainability.
- Evaluate and launch new financing tools, products, and partnerships to broaden BAHFA's reach and attract additional capital, as needed.
Build Systems and Capacity- Develop underwriting standards, credit policies, evaluation frameworks, procedures, and internal controls that support transparent, scalable lending.
- Create tools for tracking pipeline, program outcomes, financial performance, and compliance, and establish key performance indicators and reporting that support accountability.
Lead People and Represent BAHFA- Supervise, mentor, and develop staff in a collaborative, high-performing, mission-driven team culture.
- Lead complex, multi-year projects involving multiple stakeholders, consultants, jurisdictions, and funding partners.
- Represent BAHFA with local governments, affordable housing developers, nonprofits, lenders, funders, and community stakeholders, and other regional partners.
- Translate complex affordable housing finance concepts into clear, accessible information for decisionmakers and public audiences.
- Serve as a trusted advisor on affordable housing finance and program strategy.
QUALIFICATIONSMINIMUM QUALIFICATIONSAny combination of training and experience that would provide the required knowledge, skills, and abilities listed. A typical way to obtain the required qualifications would be:
Education and Experience: Equivalent to a bachelor's degree from an accredited college or university with major coursework in planning, civil engineering, environmental science, business or public administration, or a related field, and seven (7) years of increasingly responsible professional experience administering programs in a field related to assignment area.
Required Experience:- Transaction track record: Seven (7) or more years of progressively responsible experience in affordable housing finance, with direct, hands-on responsibility for originating, underwriting, structuring, and closing a substantial volume of complex transactions.
- Capital stack expertise: Deep knowledge of public and private financing sources, including tax-exempt bonds, 4% and 9% tax credits, subordinate and soft debt, public funding programs, acquisition and rehabilitation financing, and mixed-income development.
- Credit and financial analysis: Demonstrated ability to evaluate complex development pro formas, financial models, and project cash flows, and to identify, price, and mitigate risk.
- Communication: Ability to present and defend credit recommendations to elected officials, commissions, executives, and non-technical audiences.
PREFERRED QUALIFICATIONSPreferred Experience:- Experience originating and growing a pipeline or loan portfolio, with documented increases in volume, deployment, or units financed.
- Experience managing a loan portfolio, including monitoring, workouts, and restructurings.
- Knowledge of California affordable housing funding programs and financing tools.
- Experience developing new programs, credit policies, or operating frameworks, ideally at a CDFI, public lender, housing finance agency, or community development bank.
- Experience supervising, mentoring, or developing staff.
- Familiarity with Bay Area housing systems, jurisdictions, and developers.
- Commitment to advancing housing affordability, equity, and opportunity throughout the region.
Applicants with a degree issued by an institution outside the United States who are using that degree to meet the minimum qualifications for the position must have their transcripts evaluated by an academic credential evaluation service and provide proof of equivalency with their application. An evaluation is generally
not required if: 1. The position does not require a degree, 2. You qualify through work experience alone, 3. You hold a professional license or certification that satisfies the educational requirement, or 4. You have another degree earned in the United States that independently satisfies the educational requirement. To ensure a fair and consistent review, any required academic evaluation must be submitted at the time of application so qualifications can be verified before candidates advance in the recruitment process.
IMPORTANT INFORMATIONHOW TO APPLYTo apply for this outstanding opportunity, please use this link:
EMPLOYMENT REQUIREMENTSSuccessful completion of a background check, professional references and the Employment Eligibility Verification Form I-9.
DISABILITYThe Human Resources Department will make reasonable efforts in the recruitment or skills assessment process to accommodate applicants with disabilities. If selected for an interview or testing, and you require accommodation, please notify the Human Resources Department when confirming your interview or test.
THE FOLLOWING ARE AMONG THE BENEFITS OFFERED TO EMPLOYEES OF MTC:
- Public Employees Retirement System (PERS); employee contributes a portion of gross salary on a pre-tax basis.
- MTC is subject to California Pension Reform and as of January 1, 2013 will offer two pension plans. The plan employee will receive will be based on the individual's historical pension plan membership. HR will discuss this directly with all final candidates.
- Health Benefits Insurance through the Public Employees' Retirement System (premiums are shared between agency and employee).
- Agency-paid Dental Insurance (dependent coverage shared by the employee and MTC).
- Agency-paid Vision Care Insurance, employees only (dependent coverage is paid in full by employee).
- Agency-paid Life, AD&D, Short Term and Long Term Disability Insurance.
- Eleven paid holidays per year.
- One day per month paid vacation leave; for each year of service, an additional day per year is granted to a maximum of 25 days per year.
- One day per month paid sick leave, with no limit to the amount of sick leave that can be accumulated. (May cash out up to 240 hours of accumulated sick leave upon separation from the Agency.)
- Personal Business leave; up to three (3) days per year depending upon date of hire.
- Monthly Transit/Parking Subsidy.
- Alternative employee-paid payroll savings plans (tax-deferred compensation plans).
- Two voluntary employee-paid pre-tax dependent care and flexible spending accounts available for employees to participate in.
- Voluntary Supplemental life insurance.
01
Briefly describe how your previous experience and education qualifies you for this position. (Please refer to Qualifications and/or Knowledge, Skills and Abilities in the job description when answering this question.) **250-word maximum.
02
Transaction experience. Complete the following about your direct, hands-on work originating, underwriting, structuring, and closing affordable housing loans or financings: a) Approximate number of transactions you personally closed: ____ b) Approximate total financing amount of those transactions: $____ c) Largest single transaction you closed, and your specific role in it: ____ d) Types of transactions (check all that apply): new construction, acquisition/rehab, preservation, permanent, construction, bridge, subordinate/soft debt, tax-exempt bond, tax credit. If your work was primarily reviewing or supporting others' transactions rather than leading them, please say so
03
Describe the most complex affordable housing transaction you personally worked to closing. Include the capital stack (sources, lien positions, and approximate amounts), the central structuring challenge, how you resolved it, and the outcome. 300-word maximum.
04
A developer requests a subordinate loan for an acquisition-rehabilitation project. The senior lender requires a 1.15x debt service coverage ratio, and the subordinate loan would be repaid from residual receipts. How would you underwrite this loan differently from a first mortgage? What are the key risks, what terms and protections would you negotiate (including intercreditor provisions), and what information would you need before recommending approval? 300-word maximum.
05
Describe a loan or investment in your portfolio that began to underperform (for example, construction delays, cost overruns, lease-up problems, or covenant defaults). How did you identify the problem, what actions did you take, and what was the outcome? What would you now do differently at underwriting? 250-word maximum.
06
This position will launch a new Regional Mixed Finance funding program that seeks to improve affordability by filling unmet needs or outperforming existing products in the marketplace. Give a specific example of a policy, product, or process you created or changed in response to an industry problem and
