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.

For recent college graduates with a bachelor’s degree, individuals nearing completion of a 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 the new construction of affordable housing, rehabilitation and 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) although additional opportunities may arise through the year in other divisions. Successful applicants will have the ability to select a rotation (see below), 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. Candidates will select one rotation, in order of preference, but first choice is not guaranteed. This is a 12-month program.

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

Rotations
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. Fellows will learn about the residential housing market, the mortgage industry, and how affordable housing is administered in NJ.
Intra-divisional:  Multifamily: The division performs financial analysis of multifamily rental developments and supportive housing loan applications, develop financial feasibility strategies for projects utilizing various financial structures and review and interpret regulations.

Cross-divisional: Asset Management/Risk Management:

Asset Management provides Housing Assistance Payments (HAP) contract support services for HUD, which includes evaluating budget-based rent increase requests and adjustments to the Baseline Utility Analysis, processing monthly HAP vouchers and special claims, completion of Management and Occupancy Reviews. The division also performs financial analysis of budgets, audited financial statements and operating reports, and may conduct physical inspections and processes various escrow disbursements for Agency finance developments.

Risk Management: This division consists of: Special Programs, which assists in administering Agency programs; Insurance, which is responsible for insuring Agency properties and those that have Multifamily loans; Risk Management, which audits Multifamily loans, Return on Equity Requests, works with other divisions on construction cost audits and property transfers.

Intra-divisional: Marketing /Policy: Policy and External Affairs, includes Marketing, and works across divisions to produce research, reports, and recommendations in furtherance of HMFA’s mission. In the Policy portion of the rotation, the fellows will be expected to work independently and as part of a team, under the direction of the Director, to conduct policy and data analysis, and other research that will inform programmatic development, policy recommendations, and legislative outreach. In the marketing portion of the rotation, the fellow will be expected to work with staff to draft press releases, talking points, and other materials that can be utilized to advance the work of HMFA.

 

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

  1. Ability to communicate effectively, orally, in writing and to listen actively.
  2. Ability to analyze financial statements and draw 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 organize and accomplish multiple assignments simultaneously.
  6. Ability to apply complex regulations to varying situations.
  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.

JOB SPECIFICATIONS
Education and Experience Requirements
Bachelor’s (4-year) degree, completion of a bachelor’s degree by December 2025, or a bachelor’s degree pursuing an advanced degree, and 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.

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.

This position requires a two-year commitment, one of which includes participation in, and successful completion of, the Honors Fellow Program.

NJHMFA provides a comprehensive benefit program which includes the following: health, dental and prescription drug plans; vision care; deferred compensation plans; Public Employees' Retirement System (PERS); personal, sick and vacation days; tuition reimbursement and paid holidays.

Application deadline is 11:59 p.m. March 16, 2025. 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/statements of interest. NJHMFA will make every effort to match candidates with their desired preference, but cannot guarantee. Please see program information for complete application process information.

Partial Telework may be available and will be determined on a case-by-case basis. 

Eligibility Criteria

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

  • Recent four-year college graduates; college students anticipating completing a bachelor’s degree by December 2025, or individuals with a bachelor’s degree pursuing an advanced degree, and the required knowledge, skills and abilities.
  • 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 11:59 p.m. March 16, 2025. 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.
  • Contact information for two references, one of which may be a professor. Please submit only contact information. Do not submit letters of reference.
  • Preference Ranking:  In the statement of interest, applicants must rank the areas for which they would like to be considered (1,2,3,4):
    • Intra-divisional
      • Multifamily
      • Single Family
      • Marketing/Policy
    • Cross-divisional
      • Risk Management/Asset Management
  • NJHMFA will make every effort to match candidates with their preferred rotation, but cannot guarantee.
  • Applicant accommodation:  Applicants needing an accommodation during the application or interview process, please email HRHelpDesk@njhmfa.gov.  This email is for a request for an 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 spring 2025. Offers are subject to successful completion of the candidate’s background investigation. Successful program candidates are anticipated to begin in June 2025;
  • 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 salary for the Honors Fellow Program participants is $48,000. NJHMFA provides a comprehensive benefit program which includes the following: health, dental and prescription drug plans; vision care; deferred compensation plans; Public Employees' Retirement System (PERS); personal, sick and vacation days; tuition reimbursement (after one year) and paid holidays.

Timeline: 

  • January 13, 2025: Application period opens
  • 11:59 p.m., March 16, 2025: Deadline for submitting online application
  • Spring 2025: Applicants notified if they are selected for interviews.  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.
  • Spring 2025: Offers extended
  • June 2025: Start date

Checklist

  • By 11:59 p.m., March 16, 2025, candidates must complete an online application, which includes:
  • Resume (not more than two pages)
  • Statement of interest (not more than 500 words), including ranked preference for placement
  • College transcript: Upload either an official or unofficial copy of transcript
  • Contact information for two references, one of which may be a professor. Please submit only contact information. Do not submit letters of reference.
Rotation Selection Ranking (1 , 2 , 3 , 4 )
Intra-divisional:  Multifamily  
Intra-divisional:  Single Family  
Intra-divisional: Marketing/Policy  
Cross-divisional:  Asset Management/Risk Management  

APPLY NOW

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

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