New Jersey Housing and Mortgage Finance Agency

New Jersey Housing and Mortgage Finance Agency

Honors Fellow Program

Job Summary
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of, and communities throughout, New Jersey by investing in financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs.

NJHMFA is looking for recent college graduates, individuals nearing completion of either an associate’s or bachelor’s degree or individuals pursuing advanced degrees, to participate in an innovative program.  The Honors Fellow Program (“Program”) is designed to be a twelve (12) month  on-the-job training opportunity.  The Program will introduce participants to various aspects of the development and financing of affordable housing throughout the state.  Honors Fellows will learn about, and assist in, program development and implementation, research, and participate in special projects. Honors Fellows will be provided the opportunity to work on projects involving new construction/rehabilitation of affordable housing, rental housing, mortgage assistance, and foreclosure prevention.  Honors Fellows will have the opportunity to participate in an intra-divisional rotation (several units within one division) or a practice area/cross-divisional rotation (a rotation across multiple divisions with similar practice areas).  Successful applicants will have the ability to select a rotation, offering the chance to learn about the Agency’s vital role in housing and to discover his/her particular interests during the one-year program.  Upon successful program completion, Honors Fellows will have a robust understanding of the Agency’s mission and vision, and the opportunity to apply for a position in one of the Agency’s  divisions (in conjunction with Agency needs and budget).  In the event the Honors Fellow is hired at the conclusion of the Program, he/she is expected to continue one additional year of employment at the Agency. The rotation groups include:

Rotations
Intra-divisional:  Multifamily: The division performs financial analysis of multifamily rental developments and supportive housing loan applications, develops financial feasibility strategies for projects utilizing various financial structures, and reviews and interprets regulations.
Intra-divisional:  Single Family:  The Division fosters home ownership in New Jersey, focused on low – to moderate- income first time homebuyers, through first mortgages, down payment assistance programs, and oversees affordable financing.
Practice Area/Cross-divisional: Policy/Regulatory Affairs/Marketing: Policy works across divisions to produce research, reports, and recommendations in furtherance of NJHMFA’s mission.  Marketing and Policy work together on press releases and responses to legislative inquiries on programs.  Regulatory Affairs oversees Agency rule changes, policy initiatives, public requests for information, etc.
Practice Area/Cross-divisional:  Finance/Capital Markets: The Finance Division is the fiduciary of NJHMFA’s assets and works with all divisions to disburse Agency program funds and to pay its financial obligations.  Capital Markets secures capital funding sources, primarily through bonds, which allows Agency programs and projects to move forward.


Individuals hired under NJHMFA’s Honors Fellow Program are full-time Agency employees with benefits including healthcare.  This program is designed for those interested in state government service, specifically in affordable housing in New Jersey.

JOB RESPONSIBILITIES

Honors Fellows will participate in the following duties as appropriate:

  1. Assist in data collection for Agency programs.
  2. Assist in research, program development, evaluation process and procedures.
  3. Respond to requests for information internally and from various government entities such as DCA and the Governor’s Office.
  4. Assist in responding  to requests for information by the public.
  5. Assist in review of mortgage loan commitments and closing documents.
  6. Assist in the development of Agency policies.
  7. Assist in Agency program compliance.
  8. Assist in drafting revisions to Agency regulations.
  9. Assist with special projects as assigned.
  10. Assist in all aspects of project financing.
  11. Assist in Board meeting preparation.
  12. Assist in other duties as needed.

REQUIRED KNOWLEDGE, SKILLS AND ABILITIES

Range 7
Associate's (2-year) degree

  1. Ability to perform financial calculations.
  2. Ability to analyze and prepare financial statements and draw appropriate conclusions.
  3. Ability to accurately enter and retrieve computer data.
  4. Ability to establish and maintain effective working relationships with staff and the general
    public.
  5. Ability to communicate effectively, orally, in writing and to listen actively.
  6. Ability to organize and accomplish multiple assignments simultaneously.
  7. Maintain positive work atmosphere in an appropriate manner of behavior which ensures
    cooperation and effective communication with customers, clients, peers and management.
  8. Familiarity with Microsoft Office Suite.

Range 8
Bachelor’s (4-year) degree or two (2) year degree and three (3) years of related experience or an equivalent combination of education and experience that meets the required knowledge, skills and abilities.

  1. Knowledge of accounting principles.
  2. Ability to perform financial calculations and draw conclusions.
  3. Ability to communicate effectively, orally, in writing and to listen actively.
  4. Ability to analyze financial statements and draw conclusions.
  5. Ability to accurately enter and retrieve computer data.
  6. Ability to establish and maintain effective working relationships with staff and the general
    public.
  7. Ability to organize and accomplish multiple assignments simultaneously.
  8. Ability to apply complex regulations to varying situations.
  9. Maintain positive work atmosphere in an appropriate manner of behavior which ensures
    cooperation and effective communication with customers, clients, peers and management.
  10. Familiarity with Microsoft Office Suite.

JOB SPECIFICATIONS
Education and Experience Requirements

(Range 7) ($41,000-58,000)

Associate’s (2-year) degree, and an equivalent combination of education and experience that meets the required knowledge, skills and abilities.

(Range 8) ($45,000-$63,000)

Bachelor’s (4-year) degree or two (2) year degree and three (3) years of related experience or an equivalent combination of education and experience that meets the required knowledge, skills and abilities.

Physical Demands

Non- Physical


Working Conditions

General office environment; some travel required.


Certificates & Licenses Required

A valid driver’s license in the state in which the person resides is required only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.

The “New Jersey First Act,” , N.J.S.A. 52:14-7 (L. 2011, Chapter 70) : Effective September  1, 2011, all employees of State and local government must reside in the State of New Jersey, unless exempted under the law.  If you already work for State or local government as of September  1,  2011, and you do not live in New Jersey, you are not required to move to New Jersey.  However, if you begin your office, position or employment on September  1,  2011 or later, you must reside in New Jersey.  If you do not reside in New Jersey, you have one year after the date you take your office, position or employment to relocate your residence to New Jersey.  If you do not do so, you are subject to removal from your office, position or employment.

Per Executive Order 253, all state employees are required to be vaccinated by October 18, 2021 or undergo weekly testing. Please do not submit your vaccine card at this time.

The NJHMFA is an Equal Opportunity Employer in compliance with all Federal, State and Local Regulations. NJHMFA provides equal employment opportunity to both individuals with veteran status and individuals with disabilities.

NJHMFA employees must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.

In the event the Honors fellow is hired at the conclusion of the Program, he/she is expected to continue one additional year of employment at the Agency.

NJHMFA provides a comprehensive benefit program which includes the following:  Health, dental and prescription drug plans; personal, sick and vacation days, and paid holidays.

Application deadline is July 15, 2022.  Applications submitted after this date may not be considered for the NJHMFA Honors Fellow Program.  Applicants must rank rotation group preference in their cover letters.  NJHMFA will make every effort to match candidates with their desired preference, but cannot guarantee.  Please see program information for complete application process information.

Eligibility Criteria

NJHMFA seeks a diverse pool of highly qualified applicants and is open to all.

  • Recent two- or four- year college graduates; college students anticipating completing a degree by June 2023.
  • Those enrolled in an advanced degree  program.
  • Applicants need not be U.S. citizens, but  must be eligible to work in the United States.

Application Process

To apply for the Honors Fellow Program, applicants must submit an online application by July 15, 2022. As part of the application, applicants will need to upload the following documents:

  • Resume: Applicants should attach a current version of their resume.  Please limit resumes to no more than two pages.
  • Statement of interest: Applicants must submit a statement of interest, no more than 500 words, explaining why they are interested in participating in the Honors Fellow Program. The Program seeks candidates of diverse backgrounds and experiences.  Candidates are encouraged to explain how their life experiences inform their interest in public service.
  • Preference Ranking:  In the statement of interest, applicants must rank the areas for which they would like to be considered:
    • Intra-divisional
      • Rotation 1:  Multifamily
      • Rotation 2:  Single Family
    • Practice Area/Cross-divisional
      • Rotation 3:  Policy/Regulatory Affairs/Marketing
      • Rotation 4:  Finance/Capital Markets
  • NJHMFA will make every effort to match candidates with their desired rotation, but cannot guarantee.
  • Professional Recommendations: Submit the contact information of two professional references, one of which may include one college professor.  Please do not provide letters of recommendation
  • Scanned copy of transcript: Upload either an official or unofficial copy of transcript.
  • Applicant accommodation:  Applicants needing an accommodation during the application process, please email HRHelpDesk@njhmfa.gov.  This email is for a request for accommodation during the application/interview process only.

Selection Process

All applications are reviewed by the selection committee, which consists of division directors, senior staff and human resources. Candidates will be selected based on the following criteria, including:

  • Interest in public service;
  • Completeness of application and ability to follow application process;
  • School, community activities, life experience;
  • Participants will be selected based on the above criteria, as well skills and ability, and made without regard to political or religious affiliation, marital status, race, color, sex, sexual orientation genetic information, national origin, non-disqualifying handicap or age;
  • Applicants who are selected for an interview should be prepared for either or both a video and in-person interview. Telephone or video interviews are available for those where an in-person interview would present a significant hardship;
  • Offers will be extended in the late summer to early fall 2022. Offers are subject to successful completion of the candidate’s background investigation. Successful program candidates are anticipated to begin in September 2022;
  • Honors Fellowship Program participants must:
    • Undergo a background check before beginning employment;
    • Commit to two years of service with the New Jersey Housing and Mortgage Finance Agency;
    • Must establish residency in New Jersey or obtain an exemption from the residency requirement, consistent with the New Jersey First Act. 

Salary & Benefits

The starting salary for the Honors Fellow Program participants depends on education and experience.

  • Bachelor's (4-year) degree or two (2) year degree and three (3) years of related experience or an equivalent combination of education and experience that meets the required knowledge, skills and abilities ($45,000-$63,000)
  • Associate's (2-year) degree, or an equivalent combination of education and experience that meets the required knowledge, skills and abilities ($41,000-58,000)

Other available benefits:

  • healthcare

Timeline:  for 2022, the timeline is as follows:

  • July 1, 2022: Application period opens
  • July 15, 2022: Deadline for submitting online application
  • July 30, 2022: Applicants notified if they are selected for interviews
  • August 2022: Applicant interviews in Trenton and/or virtually*
  • *Based on COVID-19 restrictions at the time of interviews, the Agency may determine to conduct applicant interviews virtually or via telephone, rather than in- person.
  • August 2022 – September 2022: Offers extended
  • September 2022 : Start date for employment

Checklist

  • By 11:59 p.m. on July  15, 2022, candidates must complete an online application, which includes:
  • Resume (not longer than two pages)
  • Statement of interest (no more than 500 words), which includes ranked preference for placement
  • College transcript
Rotation Selection Ranking (1, 2, 3, 4)
Intra-divisional:  Multifamily  
Intra-divisional:  Single Family  
Practice Area/Cross-divisional:  Policy/Regulatory Affairs/Marketing  
Practice Area/Cross-divisional:  Finance/Capital Markets  
  • Contact information for two references, one of which may be a professor. Please submit only contact information. Do not submit letters of reference.

APPLY NOW

Click on the image for the job description and to apply for the Honors Fellow Program