Underwriter Affordable Housing Trust Fund

$94,185 - $122,440/Yr

Masshousing - Boston, MA

Full-time - Mid Level

Hybrid - Boston, MA

Justice, Public Order, and Safety Activities

About the position

The Underwriter for the Affordable Housing Trust Fund at MassHousing plays a crucial role in providing deferred payment loans to borrowers developing residential properties with affordable units across Massachusetts. This position involves underwriting proposals, coordinating loan closings, and monitoring project progress to ensure compliance with regulations and guidelines. The Underwriter serves as the primary contact for loan borrowers, providing feedback on project designs and budgets, and preparing funding recommendations for the AHTF Manager and the Executive Office of Housing and Livable Communities (EOHLC).

Responsibilities

• Serve as the primary contact for loan borrowers.
• Provide feedback on project design, development budget, operating budget, market need, and environmental issues prior to application.
• Review pre-applications submitted by prospective borrowers before funding rounds.
• Underwrite rental and homeownership affordable housing development proposals to ensure public benefit and compliance with regulations.
• Prepare funding recommendations for the AHTF Manager and EOHLC, and draft loan commitment letters prior to closing.
• Coordinate loan closings with legal counsel and other lenders, ensuring documentation reflects business deal terms.
• Monitor project progress and review payment requisitions during construction.
• Conduct asset management reviews and complete post-closing transactions.
• Maintain required data for projects and support reporting requirements from EOHLC and the Department of Administration and Finance.
• Represent the program at public events as needed.

Requirements

• Bachelor's Degree required; preference for advanced degrees in Finance, Real Estate Management, Business Administration, or related fields.
• Five to seven years of substantive experience in real estate finance and/or real estate.
• Knowledge of real estate finance fundamentals and financial analysis principles.
• Knowledge of MA state and local supportive, senior, and multi-family housing financing programs.
• Strong work ethic and ability to work independently and as part of a team.
• Strong interpersonal, written, and oral communication skills.
• Excellent organizational and analytical skills with attention to detail.
• Ability to multi-task and manage a high-volume workload accurately.

Nice-to-haves

• Knowledge of tax credit equity, government and private lending platforms, including credit enhancement and rental subsidy programs.
• Experience with homeownership lottery processes and determining household income eligibility for affordable housing.

Benefits

• Dental insurance
• Disability insurance
• Flexible schedule
• Health insurance
• Paid holidays
• Tuition reimbursement
• Vision insurance