Senior Associate, Underwriting

About Local Initiatives Support Corporation

Local Initiatives Support Corporation (LISC) is one of the country’s largest community development organizations, dedicated to helping forge vibrant, resilient communities across America. Founded in 1979, LISC works with residents and partners to close gaps in health, wealth, and opportunity so that people and places can thrive. The organization operates as a conduit for grants, loans, and equity capital while providing technical assistance and capacity building to locally rooted organizations that carry out transformative work in communities nationwide.

LISC Fund Management (LFM) is a national impact investment platform and subsidiary of LISC that designs, raises, and manages mission-driven funds to expand access to capital for housing and small businesses in communities across the country. As an SEC-registered investment advisor, LFM connects private, public, and philanthropic capital to local initiatives that drive inclusive economic growth and long-term community stability.

The platform operates with the belief that capital, when thoughtfully deployed, can be a powerful tool for advancing opportunity and strengthening communities. LFM operates as an integrated investment platform, aligning capital raising, investment execution, and long‑term fund stewardship to deliver measurable impact and responsible returns. The organization’s teams work collaboratively across the full fund lifecycle—from concept and capitalization through deployment, asset management, and reporting—ensuring continuity, accountability, and strategic alignment at every stage.

The company brings funds to market through its Fund Development and Marketing department, builds strong investor partnerships, and clearly communicates both impact and performance metrics. LFM’s Fund Investment and Asset Management department ensures disciplined underwriting, active portfolio oversight, and long‑term value creation for communities and investors alike.

The Senior Associate, Underwriting & Fund Investments is an experienced affordable housing underwriter responsible for independently managing complex multifamily transactions from initial intake through underwriting, Investment Committee approval, and closing. This position is expected to manage active transactions at varying stages, applying strong credit judgment and financial analysis to evaluate affordable housing investments across LFM’s national portfolio. The Senior Associate will lead lender‑side underwriting of affordable multifamily transactions, including analysis of project economics, sponsor capacity, market conditions, public subsidies, and financing structures.

The role requires the ability to identify and articulate key risks, develop appropriate mitigants, anticipate Investment Committee questions, and clearly co‑present investment recommendations. Experience with HUD and Fannie Mae/Freddie Mac multifamily programs is particularly relevant, while experience with tax credits, New Markets Tax Credits, and equity investments is beneficial. This is a senior individual contributor role requiring substantial independence, sound judgment, and the ability to move multiple transactions forward with limited oversight.

The Senior Associate will also serve as a thought partner to the Senior Director, Underwriting, and collaborate closely with Fund Investments, Construction, Asset Management, Fund Management, Legal, borrowers, lenders, and other transaction partners. Success requires both technical underwriting expertise and LFM’s mission‑oriented, collaborative approach to investment management. The position is expected to travel less than once per month, up to 15% annually.

• Independently manage…