Underwriter 1 - Connecticut Housing Finance Authority

About the Connecticut Housing Finance Authority:

Connecticut Housing Finance Authority (“CHFA”) is a self-funded, quasi-public organization. Its mission is to alleviate the shortage of housing for low-to moderate-income families and persons in the state of Connecticut (“State”) and, when appropriate, to promote or maintain the economic development of the State through employer-assisted housing efforts.

CHFA is a mission-driven leader in creating #affordablehousing opportunities for families and individuals in Connecticut. We believe in the power of the diverse and inclusive communities we serve. We provide a challenging, progressive, and supportive environment that encourages and promotes employee development.

We offer competitive salaries; tuition reimbursement; 457 deferred compensation, state sponsored pension plan, comprehensive health, dental, life, and disability plan, paid vacation, sick, and holidays, hybrid work schedule, ongoing training, career development and if qualified employee may be eligible for student loan forgiveness under Federal Loan assistance program.

PURPOSE OF POSITION:

The position is responsible to process and underwrite multifamily construction to permanent loans under the Build for CT program, construction and rehabilitation loans, Federal Low-Income Housing Tax Credit (LIHTC) and State Housing Tax Credit Contribution (HTCC) Program applications. The position may seek approval for financing, monitor loan disbursements and service loans within the Multifamily Development area in order to provide funding to create affordable housing.

SUPERVISION RECEIVED:

Receives direction from Senior Business Development Officer or a position of a higher grade.

JOB DUTIES AND RESPONSIBILITIES:

• Perform the review, evaluation and rating and ranking of funding applications submitted to CHFA for the Build for CT program. May participate and contribute to processing and underwriting tax-exempt bond financing, Low-Income Housing Tax Credits, and any special financing and rounds to ensure the satisfaction of threshold application requirements, compliance with CHFA Procedures and guidelines, and financial feasibility and sustainability. For successful proposals, perform a final review of the transaction terms and structure to ensure the satisfaction of requirements for the Build for CT program, or other funding sources, including but not limited to the Qualified Allocation Plan, HUD Subsidy Layering reviews, and the State Bond Commission. May participate in 42(m) reviews and coordinate the issuance of Extended Low Income Housing Commitments (ELIHC).

• Undertake loan administration responsibilities, if applicable, including the review, approval and processing of advance applications; change order requests; and proposed modifications to the Development Budget and/or Allocation of Funds. Serve as a contact for internal and external customers for any loan servicing and compliance-related matters; monitor development progress to ensure project completion, and construction loan pay downs if applicable. Responsible for entering data and updating CHFA’s database system.

• May participate on a funding round team to perform the review, evaluation and rating and ranking of funding applications submitted to CHFA for any competitive funding program. This review requires uniform treatment and underwriting consistency for all applications while ensuring compliance stated CHFA program requirements, guidelines and Connecticut state statutes.

• Engage in process and team improvement by participating in underwriting team meetings to reconcile underwriting practices and gain consensus on underwriting issues, guidelines and standards.

• Work on special projects as assigned which may include:

Serve as a contact for customers and participate on an internal team within CHFA to manage the underwriting process from the receipt of an application through an initial loan closing. These responsibilities includes the ongoing review and evaluation of application and financial information; conducting all necessary underwriting due diligence and financial structuring negotiations to finalize underwriting; the ordering and review of appraisals and market studies; preparing underwriting presentations and Board submission packages for approval; communicating with other team members to provide information and gain consensus; update the department database; negotiating with highly sophisticated real estate developers, syndicators, investors, tax accountants, attorneys and construction professionals; reviewing legal documents and either preparing or assisting in the preparation of required closing exhibits; and facilitating weekly meetings to achieve loan closings.

MINIMUM QUALIFICATIONS REQUIRED:

BS/BA in business or finance and one year experience preferred in commercial real estate underwriting experience, asset management and multifamily residential financing, real estate and appraisal, or MBA with relevant experience, or a combination of education and relevant experience.

KNOWLEDGE AND SKILLS:

Knowledge of and/or experience with multifamily underwriting, affordable housing funding programs/sources, real estate supply and demand factors, appraisal and market study analysis and real estate financial analysis. Requires knowledge of Microsoft Office™. Excellent oral and written communication skills and problem-solving skills and the ability to manage multiple priorities. Must also interact with professionals from a wide variety of disciplines.

This is not an exclusive list of all job functions and the employee is expected to complete all duties as assigned. Duties and responsibilities may be added, deleted, or changed at any time at the discretion of management, formally or informally. This job description in no way constitutes an employment contract or agreement.

To apply for this position, click on the “Start Your Application” button below.

Salary: Min: $70,050 Mid $87,565.71 Max $105,081.01

CHFA is an equal opportunity/affirmative action employer and strongly encourages the application of women, minorities, veterans, and persons with disabilities.

CHFA EOE