Underwriter, Multifamily Financing, IL Housing Development Authority - Chicago IL

 Position Title: Underwriter 

Department: Multifamily Financing  

 

Join our Team! At IHDA we strive to create and maintain a work environment that promotes diversity, recognition and inclusion. IHDA is committed to hiring and investing in individuals of diverse talents and backgrounds to ensure a range of perspectives and experiences inform and guide our work of financing affordable housing in the state of Illinois.  

 

Who we are: The Illinois Housing Development Authority (IHDA) is one of the Nation’s preeminent Housing Finance Agencies and one of the State’s ten largest financial institutions. Our mission is to finance the creation and preservation of affordable housing across the state. IHDA oversees more than 20 federal and state programs on behalf of the state of Illinois and serves as one of the state’s primary resources for housing policy and program administration. For over 50 years, IHDA has led the state in financing and supporting affordable housing.  

 

Summary: Under the supervision of the Manager, the Underwriter is responsible for evaluating the credit quality of affordable multifamily loans originated by the Authority.  This individual will review loan proposals for credit risk, obtain all necessary approvals, oversee the preparation and issuance of term sheets, application letters, & commitments, and see each approved loan through from application to final closing.  The position requires a specific skill set experience in multi-family development, Low Income Housing Tax Credits (LIHTC) and first mortgage financing.  The Underwriter is responsible for preparing documents to submit to HUD in connection with obtaining credit enhancement on Authority originated first mortgage loans. 

 

 

Essential Functions: 

 

• Evaluate, structure, and negotiate complex multifamily financing proposals for credit risk and financial feasibility.
• Analyze, interpret and underwrite transactions in compliance with the Qualified Allocation Plan and other legal, administrative, and other standards/policies as applicable.  Quickly discern loan strengths and weaknesses while identifying mitigants and necessary action steps for each loan
• Perform thorough and timely transactional due diligence, including:
  • Analysis of historical property operating data, cash flow pro-formas, and tax credit basis projections and sources and uses statements.
  • Credit review of borrower financial position and experience; review of third-party reports (architectural, environmental and appraisal) and construction draw schedules; and, 
  • Review of subordinate debt and equity documents for projects using various financing sources (HOME, CDBG, LIHTC, IAHTF, IAHTC, TIF and AHP)
• When feasible, inspect property and competing properties and the neighborhood/market for condition and income producing ability.  
• Coordinate with development team to management timeline and closing schedule.  Key Authority contact for closing the transaction including the review and reconciliation of all finance related documents.

• Must work collaboratively with other departments in the Authority in order to keep projects moving forward.  Key contact for the development team to identify problems and find solutions to issues that arise during the underwriting and due diligence period.
• Prepares and presents financing request summary packages for internal loan committee, Illinois Affordable Housing Trust Fund Advisory Commission and the Board.  
• Participates in public meetings, makes presentations and responds to inquiries both internal and external regarding Authority resources or processes.
• Effectively communicate deal specifics to internal colleagues and external customers, including issues that arise during the underwriting and loan closing process.
• Build relationships with internal and external clients and partners to enhance underwriting execution.
• Performs other duties and undertakes special projects as directed by the Underwriting Manager, Director of Business Development or Managing Director of Multifamily Financing.
• Maintains a comprehensive knowledge of loan practices and financing options, including state loan programs, HOME, federal and state housing tax credit programs and other federal financing sources or alternatives.  Periodic written assessments may be required.

 

Education and Experience Requirements: 

 

• Bachelor’s Degree (B.A.), or higher, in Finance, Business Administration, Economics, Urban Studies, Public Administration, Public Policy, or a related field, or any equivalent combination of experience, education, and/or training.  
• Must have knowledge of the terms and concepts of real estate finance
• FHA Risk Share, agency lending, and Multifamily Accelerated Processing (MAP) experience preferred
• Multifamily loan underwriting experience required
• Proficient in Microsoft Office, especially Excel and Word.  
• Demonstrated ability to organize and prioritize projects; complete multiple tasks on schedule; adhere to deadlines.
• Strong work ethic and pro-active team player able to work effectively in a fast-paced environment.
• Excellent written, verbal and interpersonal communication skills.
• Ability to manage diverse stakeholder groups, exercise sound judgement and anticipate challenges and respond accordingly.
• Ability to problem solve and exercise independent judgement while displaying a high degree of initiative and accuracy.

 

 

What we Offer: 

• Paid time off, plus paid holidays
• Currently in a hybrid work arrangement, but candidates must reside in Illinois at time of hire
• Medical/dental/vision insurance plan
• Life insurance, short/long term disability, tuition reimbursement, and flex spending
• 401K plan – immediate vesting
• IHDA employees may be eligible for federal loan forgiveness programs

 

Must be a resident of Illinois or willing to relocate. Flexible scheduling is available, upon completion of a six-month probationary period. 

APPLY here!

Loan Underwriter - Cinnaire Corporation

Job Summary: Cinnaire Lending is a U.S. Treasury certified Community Development Financial Institution (CDFI). At Cinnaire Lending, a Loan Underwriter evaluates and structures loan transactions and assesses the associated risks and mitigants for affordable housing and community development loans. This includes ensuring that the proposed loan meets underwriting guidelines, is appropriately secured by real estate or other collateral, and that it will provide positive financial and social impacts that align with the CDFI mission.

Find more information and full information here.

Assistant Commissioner (Underwriting) - Chicago Department of Planning and Development

Job Posting

: Feb 13, 2024, 12:00:00 AM | 

Closing Date (Period for Applying) - External

: Mar 12, 2024, 11:59:00 PM

BU: 09 | Salary: $118,128.00 - $133,524.00 

Pay Basis

: Yearly

The City of Chicago’s Department of Planning & Development is responsible for the economic development growth of the City and it’s neighborhoods. This work is largely done through the Department’s Bureau of Economic Development (“the Bureau”), whose mission is to create equitable economic growth throughout Chicago, by investing financial resources and support in people, businesses, and neighborhoods. To do that, the Bureau administers a variety of programs including Community Development Grants (CDG), Neighborhood Opportunity Fund (NOF), Tax Increment Financing (TIF), and property tax abatements. In total, the City has used these programs to make approximately $1.7 billion in investments in Chicago’s neighborhoods over the past five years

 

The Assistant Commissioner of the Underwriting Group is responsible for the day-to-day management of the Bureau’s evaluation of projects requesting the use of City funds and the oversight of staff members primarily responsible for this work. This principally involves reviewing application materials, identifying community benefits and alignment with the Department’s overall goals, and conducting financial and feasibility analyses in order to make recommendations regarding the use of the City’s financial incentive resources. For recommend projects, the Assistant Commissioner also manages the internal review process, contract negotiations, legislative approvals, and the execution of the agreement. The Assistant Commissioner also works in close coordination with the Bureau’s Deputy Commissioner in order to assist and facilitate the operation of the City’s various incentive programs.

Full Description available here (Search Job # 396318)

Project Manager - National Equity Fund

Who: The National Equity Fund, Inc. (NEF), a leading syndicator of low-income housing tax credits, is seeking a Project Manager for our Chicago office.

What: The primary function of this position is to manage and coordinate due diligence and underwriting process for tax credit equity investments in affordable housing opportunities. The essential duties and responsibilities will include:

• upon securing a project, coordinate project meeting with developer including all entities involved, 
• lead role in arranging and reviewing third party market study and work with third party market analyst to obtain a finished product in accordance with company specifications, 
• prepare market write-up for investment proposal and recommend rent and income parameters for assigned deals based upon market study and due diligence, 
• prepare expense analysis for IP, coordinate with internal departments to evaluate proposed operating budget, 
• prepare the guarantor financial analysis for the IP and obtain guarantor due diligence and conduct initial guarantor and entity review, including online search, 
• review project due diligence and projections throughout closing process, with designated VP Project Management, monitor review of due diligence and completion of checklist, responsible for responding to investor questions, 
• provide assistance and support to internal staff as needed; relating to modification to deal structure post-closing, monitor construction and lease-up and assist in analyses at time of project conversion to perm loan and other duties as assigned. 

NCIF Analyst/Senior Analyst

Job Title: Analyst/Senior Analyst - Chicago

Reports to: Vice President, Lending

National Community Investment Fund (NCIF; www.ncif.org) is a non-profit fund set up in 1996 to increase access to responsible financial products and services in underserved communities.  Total assets under management at NCIF are around $200 million, including $178 million of NMTC allocations outstanding.   It has recently received an additional $65 million in NMTC allocation awards.

NCIF achieves its mission via three complementary business lines:

Tier 1 and Tier 2 Capital Investing in Mission Oriented Banks: We support institutions with equity and deposit investments.  NCIF has invested in the private capital of 58 financial institutions since inception, and currently has investments in 18 banks, all of which are CDFI/MDI banks - making NCIF the largest investor in the mission-oriented banking industry.

New Markets Tax Credits and Lending:  We channel funds into low-income communities using the New Markets Tax Credit (NMTC) program to finance small businesses and real estate development.

Research and Metrics:  NCIF pioneered the use of Social Performance Metrics (see www.bankimpact.org and www.BankImpactmaps.org) for measuring the impact and “telling the story” of mission-oriented banks, and publishes research on the industry and its impact.  Research forms a foundation and a competitive advantage for NCIF’s other lines of business.  NCIF runs an informal network of investee and other banks in the interest of strengthening the mission-oriented banking industry and supporting the flow of capital into low- and moderate-income communities. We enable peer-networking and help strengthen the sector via our Development Banking Conference.

NCIF is in the process of raising a Credit Strategies Fund that will make loans to high impact projects nationally along with our network of banks.

NCIF is looking for a Credit Analyst to join an entrepreneurial team, providing underwriting support and financial analysis to senior lenders on New Market Tax Credit transactions and direct loans. Knowledge of financial institution underwriting, including in loan participations, will be considered a plus.  

Specific responsibilities will include:

•    Financial Analysis and Underwriting  
•    Spreading financial statements and calculating/assessing financial ratios;
•    Preparing summaries of financial analyses and opinions on risk assessment, and drafting or contributing to written credit presentations;
•    Analyzing NMTC deals from a financial and impact perspective, performing financial statement analysis, cash flow analysis, repayment analysis, collateral coverage, and analysis of risks and mitigants;
•    Assisting in impact and financial data gathering and due diligence at inception and on an ongoing basis, including economic and industry assessments, document collection, and background research on projects and borrowers; and,
•    Assisting in NMTC deal origination and closing, as appropriate.

 Other tasks that may be assigned on an as needed basis.

•    Gathering, organizing, and analyzing data related to new investment opportunities for NCIF in new CDFIs, small business lending and possibly fintech companies; supporting identification of and outreach in connection with new investment and lending opportunities;
•    Assisting in the planning and execution of conference, regional meetings and marketing and communications plans;
•    Assisting in CDFI program applications, NMTC applications and reporting, CDE certification, and CDFI Fund reporting as needed;
•    Assisting in portfolio management to ensure that all new transactions comply  with NCIF systems, policies and reporting requirements; and
•    Undertake additional duties and special projects as assigned by the CEO.

Qualifications

•    Passion for community development and for improving lives in underserved communities;
•    Undergraduate degree in Business, Economics, Finance or Accounting; graduate students may also apply; progress towards CFA designation would be considered a plus;
•    At least 2-3 years of work experience in credit analysis in lending associated with commercial real estate, commercial lending, NMTC and/or community development banking;
•    Detail-oriented with strong analytical skills;
•    Strong writing skills, with an ability to interpret financial information and weave it into a compelling story for various audiences;
•    Ability to work independently and cooperatively in a small entrepreneurial team in a high growth mode; and,
•    Resident in Chicago or willing to relocate. 

·         To apply, please send a resume, cover letter and writing sample to Lara Pawlak at lpawlak@ncif.org by November 17. Resumes without a cover letter and writing sample will not be considered.

NCIF is an equal opportunity employer and provides equal treatment and opportunity to all persons without regard to race, color, religion, national origin, sex, age, disability, veteran status or sexual orientation except where such distinction is required by law.