Underwriter, Finance & Banking

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New York, NY, US

30+ days ago Requisition

Salary: $95,481.00 Annually

New York State Homes and Community Renewal (HCR) is the State’s affordable housing agency, with a mission to build, preserve, and protect affordable housing and increase home ownership throughout New York State.

This position is with HCR’s Affordable Housing Corporation (AHC). This is not a civil service position, and a civil service exam is not required. Candidates must meet the minimum qualifications outlined below to be considered.

NYS Homes and Community Renewal (HCR) is committed to fostering a culture of diversity, equity, inclusion, and accessibility. Our work would not be possible without the diverse backgrounds, experiences, ideas, and abilities of our employees. HCR is committed to developing a workforce that represents the diverse population of New York State. HCR embraces a diverse and inclusive work environment by encouraging all individuals, including those with disabilities, to apply to open positions at the agency.

The Underwriter will be responsible for assisting with all aspects of financial and project management for an assigned group of multifamily rental projects, including financial underwriting of construction and permanent financing utilizing bonds, tax credits, and HCR subsidy and all duties required to move a project through commitment and loan closing. There will be contact with for-profit and not-for-profit developers and affordable housing lenders with exposure to a wide range of projects throughout New York State.

The Underwriter may also have an opportunity to work on program analysis and policy issues, as needed. Duties may include but are not limited to the following:

• Underwrite and originate mortgages for affordable multifamily housing for new construction, preservation and adaptive reuse projects that utilize tax exempt and taxable bonds, tax credits, and other State and municipal funding sources.
• Assist with project management of transactions coordinating externally with developers, financial institutions, syndicators, other governmental agencies, and project partners to move projects forward in a timely fashion.
• Assist with the coordination of internal approvals for transactions working with HCR’s Asset Management, Environmental, Design and Sustainability, Dept. of Empowerment, Compliance and Opportunity, Fair Housing, and other internal teams.
• Work with the Vice Presidents, Assistant Vice Presidents, and Senior Underwriters to make recommendations related to budgets, proformas, deal structure, HCR subsidies and affordability.
• Prepare written materials for presentation to Credit Committee and submission to Board to secure internal project approvals.
• Work closely with Legal and Debt Issuance teams to prepare for mortgage and bond closings.
• Advise and assist external parties through HCR policies, terms, and regulations to resolve issues related to project approval.

• A Bachelor’s degree with course work/credits specific to finance and/or real estate; a minimum of 2+ years of relevant experience in multifamily real estate lending and/or development; or a satisfactory combination of education and/or experience equivalent to the above.
• Proficiency in Excel using mortgage loan models and employing financial concepts.
• Demonstrated interest in the affordable housing industry.
• Strong interpersonal, verbal, and written communication skills.
• Ability to build relationships with staff, executives, and external partners.
• Strong organizational skills with excellent attention to detail.
• Strong self-initiative for accomplishing production goals and securing necessary approvals.

• Experience with New York City, New York State and federal multifamily affordable preservation and new construction financing preferred.
• MBA or other graduate degree in related field a plus.

This job description is not intended to be all inclusive and…