State of Maryland

MANAGEMENT SERVICE            BARGAINING UNIT: M

A Housing and Community Development (HCD) Financial Manager I is the first managerial level of work responsible for managing and directing varied financial programs and operations unique to the Department of Housing and Community Development’s (DHCD) mission and operations, involving complex levels of work examining, analyzing, and interpreting financial data across multiple areas, including accounting systems, federal accounting, bond or loan accounting, and financial or investment analysis.  The work of this classification includes revenue bond portfolio management involving debt securities, mortgage-backed securities, investment securities, mortgage loans, structured financial products used in risk hedging, accounting, budgeting, and other types of complex financial analysis for DHCD.  Employees in this classification supervise HCD Financial Analyst Supervisors and subordinate HCD Financial Analysts.  

Employees in this classification receive managerial supervision from a higher-level HCD Financial Manager, executive, or designated administrator.  The work may require travel throughout the State of Maryland to attend conferences, hearings, or meetings.  

Position allocation within the HCD Financial Manager I-IV series is determined on the basis of relative job evaluation among similarly functioning positions and by standards based on the position function and working level. These standards are on record in the Human Resources Office of DHCD.

Directs and coordinates a financial program or programs of the Department of Housing and Community Development (DHCD) and the management of a multibillion dollar portfolio of mortgage revenue debt securities utilizing internal and external resources in developing financial models;

Coordinates and monitors financial data analyses prepared by staff to ensure timeliness, relevance, and accuracy of resulting reports and recommendations;

Plans, coordinates, supervises, and evaluates the work of HCD Financial Analysts Supervisors and subordinate HCD Financial Analysts;    

Directs research of mortgage-backed securities (Fannie Mae, Ginnie Mae, Freddie Mac, or private label) and investment decisions as they relate to optimizing return on non-purpose investments under the agency’s bond programs, and the quarterly reporting activities of investible discretionary assets and related programs;

Provides subject matter expertise, advice, and guidance to program staff related to financing structures and cash flow of multifamily financing transactions, and the hedging of variable rate debt securities using the interest rate swaps and other synthetic hedging tools;

Oversees and directs the automation of financial and investment management reporting activities and recommends enhancements needed to improve productivity and efficiency of the reporting and operating processes and software systems;

Consults with external financial advisors, including tax and bond experts and entities, for reviewing and evaluating cash flows prepared for submission to credit rating agencies;

Oversees and manages the forecasting of revenue and expenses for the annual budget and interim progress reporting, and the forecasting of assets to liabilities parity and debt service coverage ratios for bond indentures;

Oversees and manages accounting personnel in the implementation of Governmental Accounting Standards Board (GASB) pronouncements and compliance with U.S. Securities and Exchange Commission (SEC), Internal Revenue Service (IRS), and other reporting agencies and entities;

Oversees and manages the activities of State budgeting, cost accounting, system accounting, federal fund accounting, or bond and loan accounting, and prepares related financial records, reports and statements for management review and financial decisions;

Oversees and manages activities related to cost reviews, system changes, federal fund distributions, or bond and loan records for inclusion in the general accounting system;

Establishes policies and procedures to ensure stakeholders have relevant and accurate reporting information;

Oversees the implementation of quality control measures and standards to ensure stakeholders’ requirements are met; 

Oversees and coordinates with multiple external financial parties to ensure accurate investor Mortgage-Backed Securities (MBS) pool information;

Oversees and manages the documentation defense of decisions made in the areas of investment analysis, bondholder disclosures, rating agency analysis, and mortgage loan reporting; 

Formulates and recommends the installation of specialized automated mortgage loan systems and provides technical guidance and direction to agency and field fiscal staff in the implementation and operation of such systems;  

Evaluates fiscal operations to identify reporting activities that would benefit from automation and oversees the adequacy of automated mortgage loan systems by evaluating the reliability and effectiveness of internal controls;  

Oversees the establishment and controls of data analysis for accounting systems used in federal fund allocations and reconciliation of such accounts to internal and external data systems;

Oversees and manages the disbursement of funds in compliance with State and federal legislation, rules, regulation, and policies; 

Oversees and manages the calculation of cash flow and the drawdown of funds to agency accounts;

Oversees and manages the preparation of periodic reporting to internal and external users, including rating agencies and bondholders, on bond and loan activities, and the accounting for federal housing subsidies allocated for housing programs; 

Performs other related duties.  

Class Descriptions are broad descriptions covering groups of positions used by various State departments and agencies. Position descriptions maintained by the using department or agency specifically address the essential job functions of each position.

Class Descriptions for Management Service classes provide information about the Nature of Work, Examples of Work, General Requirements and Acknowledgements.  The Required Knowledge, Skills, and Abilities; Minimum Education and Experience Requirements; Special Requirements; and recruitment and testing procedures are set by the using agency.

This is a Management Service classification in the State Personnel Management System. All positions in this classification are Management Service positions.

This classification is not assigned to a bargaining unit as indicated by the designation of S (supervisor), M (manager), T (agency head), U (Board or Commission member), W (student), X (excluded by executive order), or Z (confidential). As provided by State Personnel and Pensions Article, Section 3-102, special appointment, temporary, contractual, supervisory, managerial and confidential employees are excluded from collective bargaining. Additionally, certain executive branch agencies are exempt from collective bargaining and therefore, all positions in those agencies are excluded from collective bargaining.  

Director, Division of Classification and Salary