Affordable Housing Senior Underwriter

Senior Underwriter

Our client, Stonewater Development Group, is in the business of preserving and creating quality affordable housing and is adding a Senior Underwriter to the team. This position can be worked on-site in their Philadelphia PA office, on a hybrid schedule (part-time at work-at-home, part-time in office), or as fully remote.

As an Affordable Housing Senior Underwriter, you are responsible for underwriting complex new construction and preservation transactions, specializing in 4% and 9% LIHTC, tax-exempt bonds, and soft funds. You will lead underwriting and financial modeling for formal Request for Applications (RFA) and Funding Request Information (FRI) submissions and play a key role in transaction structuring. This role requires a proven track record in a fast-paced investor closing environment, driving deals from initial feasibility through credit committee and final investor/lender execution.

Essential responsibilities include:

• Maintain detailed Excel models for multifamily affordable housing deals, including development budgets, capital stacks, operating pro formas, and investor/credit metrics.
• Perform sensitivity and downside analyses, including changes to rents, occupancy, expenses, interest rates, construction costs, tax credit pricing, and other key assumptions.
• Underwrite LIHTC transactions (4% and 9%) and mixed-finance deals, incorporating state HFAs, bond issuers, CDFIs, and other lenders' requirements.
• Analyze third-party reports (appraisals, PCAs, market studies, environmental, plans and specs) and integrate findings into underwriting.
• Lead the financial modeling, stress testing, and documentation preparation required for successful PHFA and other state HFA (as may apply) Request for Applications (RFA) and FRI submissions, ensuring strict compliance with QAP criteria.
• Lead risk assessments and threshold underwriting reviews, including evaluating applicable zoning and land-use requirements, sponsor financial capacity, QAP threshold and scoring criteria, and other jurisdiction-specific underwriting requirements.
• Evaluate sponsor, market, and project risks and prepare clear investment/credit memos and decision materials for internal leadership and external partners.
• Coordinate with developers, syndicators/investors, lenders, attorneys, consultants, and government agencies to resolve underwriting questions and obtain required documentation.
• Navigate and manage the investor closing environment, working directly with tax credit syndicators, investors, and lenders to clear underwriting conditions, resolve due diligence issues, and ensure seamless financial closings.
• Assist with closing by reviewing final sources and uses, development budgets, financing terms, equity requirements, and other transaction documents to ensure consistency with approved underwriting.

Highly qualified individuals will possess all or most of the following:

• Bachelor's degree in Finance, Real Estate, Urban Planning, Public Policy, or related field; an advanced degree or relevant certifications a plus.
• 5+ years of progressively responsible experience in multifamily real estate finance, LIHTC underwriting, community development lending, and/or affordable housing development, including demonstrated responsibility for complex affordable housing transactions from initial underwriting through credit approval and closing.
• Strong familiarity with state HFA QAP requirements and underwriting metrics; PHFA experience and experience structuring Urban Tier/high-density multifamily transactions in Philadelphia or comparable metropolitan markets strongly preferred.
• Direct experience preparing financial packages for formal RFA and FRI submissions to state housing finance agencies.
• Strong background operating within a sophisticated tax credit equity and investor closing environment, with a deep understanding of investor-driven underwriting metrics (e.g., exit taxes, capital accounts, and structural partnership requirements).
• Proven experience structuring and layering complex federal and local funding sources, including HUD programs (e.g., RAD, Section 8, HOME, CDBG) and local soft debt structures.
• Demonstrated ability to successfully transition transactions post-closing from underwriting to construction monitoring, including reviewing initial draws and ensuring compliance with ongoing funding milestones.
• Strong proficiency in Excel-based financial modeling for real estate, including sensitivity/scenario analysis.
• Ability to synthesize complex due diligence and regulatory requirements into clear recommendations.
• Demonstrated independent underwriting judgment, including the ability to identify material transaction risks, evaluate mitigating factors, and make and defend well-supported credit or investment recommendations.
• Excellent written and verbal communication skills; comfortable presenting underwriting results to internal teams and external partners.