Multifamily Loan Underwriter

District Of Columbia Housing Finance Agency
Washington, DC
Jun 13, 2018
Jun 18, 2018
Accountant, IT
Full Time
Organizational Summary: The District of Columbia Housing Finance Agency was established in 1979 to stimulate and expand home ownership and rental housing opportunities in Washington, DC We accomplish our mission by primarily issuing mortgage revenue bonds. Through our Multifamily Lending and Neighborhood Investments business unit, we provide financing that lowers the cost of acquiring, constructing and rehabilitating rental housing and that facilitates the creation of low and moderately priced for- sale housing. Our financing tools are primarily funded through the issuance of taxable and tax exempt mortgage revenue bonds. Our Single Family Programs offer DC residents competitive products that help lower the homebuyer's cost of purchasing homes. We embrace our responsibility with conviction and pledge our best efforts to serve as the City's champion for renters and homeowners to act as the principal catalyst for affordable housing neighborhood investment in the District of Columbia. Position Summary: The Multifamily Lending and Neighborhood Investments division finances multifamily housing through the issuance of tax exempt bonds, taxable bonds, and 4% low income housing tax credits. The division also manages predevelopment loans through its McKinney Act Program. The Senior Multifamily Loan Underwriter contributes to the success of the financing program through robust analytical assessment of the sponsor, project and market feasibility of each transaction. This senior level role requires an experienced, analytical, disciplined and creative candidate that can move at the speed of the transaction. Essential Duties & Responsibilities: Manage relationship with developers, banks, equity providers, public funding agencies and other stake holders involved in the creation and preservation of affordable housing in the District of Columbia Responsible for the intake of detailed loan applications and supporting documentation required for the underwriting and assessment of affordable housing development and rehabilitation projects financing. Work with development team to determine deal structure Conduct underwriting necessary to render decisions for taxable or tax exempt bond and Low Income housing Tax Credit financing on projects submitted to the agency for funding Procure third party due diligence reports and negotiate contracts for appraisals, environmental site assessments (ESA), architectural cost reviews, physical needs assessments, and market studies Review and approve third party due diligence reports. Ensure that recommendations are implemented in the project development plan Effectively present analysis and approval recommendations to senior management team and the agency's Board of Directors Negotiate final terms and conditions of project financing Coordinate the closing process by working with the developer, bond investor, LIHTC syndicator, legal counsel, and other funding sources such as public agencies and subsidy providers Provide input to the draw process in partnership with the Agency's construction monitoring team during construction in order to ensure that projects are being constructed as per the underwriting Work closely with the Agency's Department of Compliance and Asset Management Coordinate in order to gather market data and reconcile all regulatory requirements during the underwriting process, provide feedback while transactions remain in the portfolio and to resolve issues on troubled assets. Review and approve third party due diligence reports. Ensure that recommendations are implemented in the project development plan. Assist in the design and development of new multifamily loan programs, special non-lending programs (ie supportive services, counseling, technical assistance, etc.) using federal, District of Columbia, DC Housing Finance Agency, or other fund resources. Remain current on external factors that may affect established lending policies, such as new or revised legislation and regulations Provide complete customer service through relationship management Perform other duties as assigned Knowledge and Other Qualifications: Bachelor's Degree in Real Estate, Finance, Business, Planning or another related field from an accredited university or equivalent experience is required 5-7 years of experience in real estate, planning, development, and finance 5+ Years of experience in multifamily construction and permanent loan underwriting Thorough knowledge of underwriting policies and procedures Knowledge of housing and affordable housing related market forces including; general real estate principles, supply and demand economics and other multifamily demand drivers. Understanding of federal, state, municipal code, regulations; contract law; business entity structure and real estate law; and construction principles particularly as they relate to tax exempt bond and Low Income Housing Tax Credit financing. Must possess strong research, project management, organizational, analytical, and math/quantitative skills Must be able to successfully and autonomously manage projects of a varied and complex nature Excellent communication skills, both verbal and written, and ability to make presentations Job Posted by ApplicantPro

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