Underwriter - Affordable Housing Trust Fund

Title: Underwriter – Affordable Housing Trust Fund

Organization: MassHousing

Location: One Beacon Street, Boston, MA 02108

Posting Closes:  Close of Business on 12/11/2024

Website: https://www.masshousing.com

MassHousing recently affirmed its longstanding commitment to diversity and inclusion in its 5-year Strategic Goals, see https://www.masshousing.com/-/media/Files/Corporate/MH-5yr-Strategic-Business-Goals.ashx.

All positions at MassHousing require a customer service mindset, in accordance with our values:  Integrity, Excellence, Collaboration, Respect, Accountability and Service.  Inherent in these values is our commitment to diversity, equity, and inclusion for all.

THE ORGANIZATION:

MassHousing will confront the housing challenges facing the Commonwealth to improve the lives of its people.  A bold mission for an innovative agency.  Since its inception in 1966, MassHousing has provided more than $27.5 billion for more than 125,000 apartments and more than 105,000 home mortgage loans.  Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, cost-effective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives.  

We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts.  We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion. 

As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck.  MassHousing’ s total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

• Tuition reimbursement up to $10,000 per calendar year
• A 35-hour work week and a hybrid work schedule
• Back up Child/Elder Care
• Retirement Savings including a pension and a deferred compensation plan (with a match)
• Comprehensive health, dental and vision plans
• 12 paid Holidays per year and generous sick, vacation, and personal time
• Short-Term and Long-Term Disability 
• Central Boston office location, convenient to public transportation and amenities on site

If you’re ready to join our dynamic team of mission driven professionals, this might be the job for you! Interested candidates should send a letter of interest and a resume to MassHousing by logging in to https://prd01-hcm01.prd.mykronos.com/ta/6003873.careers?CareersSearch

Position Summary:

The Affordable Housing Trust Fund (AHTF) program provides deferred payment loans to borrowers who are developing residential properties that include affordable units throughout Massachusetts. The funds are competitively awarded through funding rounds.  MassHousing administers the AHTF under contract to the Executive Office of Housing and Livable Communities (EOHLC).  The program is broad in scope and includes large and small rental and homeownership projects, supportive housing, senior, and family housing.  The $580 million portfolio includes loans on more than 600 developments located throughout the Commonwealth.  The AHTF team typically receives 80-100 applications per year for loan requests totaling over $100 million and processes awards to 30-40 developments totaling approximately $50 million annually. Typically, projects have complex structures with numerous sources of soft financing, conventional construction and permanent financing, and low-income housing tax credits.  The position requires a high degree of coordination with EOHLC, other lenders, and investors in the projects.

The AHTF team administers several sources of funds under the Affordable Housing Trust Fund umbrella on behalf of MassHousing and EOHLC. 

Specific Duties and Responsibilities:
 

The Underwriter serves as the loan borrower’s primary contact. They are responsible for providing the following: 

• Provide requested feedback to prospective clients regarding the proposed project design, development budget, operating budget, market need, and environmental issues prior to application.

• Review pre-applications submitted by prospective borrowers prior to a funding round, as requested by EOHLC. 

• Underwrite rental and homeownership affordable housing development proposals to ensure that project public benefit is established, underwriting issues are identified, and loan proposals are consistent with applicable regulations, guidelines and policies. 

• Prepare recommendations for funding to the MassHousing AHTF Manager and EOHLC and prepare loan commitment letters prior to closing.                 

• Close the AHTF loan transaction.  This requires coordinating the loan closing with legal counsel and other lenders to ensure that loan documentation adequately and accurately reflects terms of the business deal, including but not limited to obtaining and reviewing all due diligence required for the closing, participating on weekly closing conference calls, negotiating all project business issues, as needed, and ensuring that any issues identified during underwriting have been addressed prior to closing, as required. 

• Monitor project progress including reviewing Lender Advisor reports during construction and ensuring     that borrowers’ payment requisitions are reviewed, approved, and paid. 

• Conduct asset management reviews and complete post-closing transactions including but not limited to rental project changes in affordability, refinancings, workouts, and homeownership unit resales including determination of household eligibility for affordable homeownership units, refinancings, transfers, and foreclosures, as needed. 

• Maintain all required data for their projects and provide data upon request to the program manager in order to support periodic reporting requirements from EOHLC and the Department of Administration and Finance. 

• The Underwriter may be required to represent the program at public events.

• The Underwriter will perform other duties and responsibilities as assigned.

   

Knowledge, Skills and Abilities Required:

• Knowledge of real estate finance fundamentals and financial analysis principles. 

• Knowledge of MA state and local supportive, senior and multi-family housing financing programs.

• Strong work ethic and the ability to work independently with minimal supervision, and as a member of a team.

• Strong interpersonal and written and oral communication skills.

• Excellent organizational and analytical skills with a high-level of attention to detail.

• Ability to multi-task and manage a high-volume workload accurately and effectively.
• Knowledge of homeownership lottery processes and determination of household income eligibility for affordable housing. 

Minimum Education and Training:

• Bachelor's Degree required, preference for candidates with advanced degrees in Finance, Real Estate Management, Business Administration, or related field. 

• Five to seven years of substantive experience in real estate finance and/or real estate.

• Knowledge of tax credit equity, government and private lending platforms, including credit enhancement and rental subsidy programs preferred.
• Demonstrated history of academic success and professional development. 

Salary Range: $94,184.76 - $122,440.29

This position has been designated as Flex under MassHousing’s Alternative Work Schedule (AWS)-hybrid work model.  However, during the first 90 days, the employee may be expected in the office more frequently for training and onboarding.

MassHousing is an Equal Opportunity Employer