Community Development Underwriter
Company: Local Initiatives Support Corporation
Location: Los Angeles, CA
Job Function: Lending/Loan Operations
What We Do
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families.
Strategies We Pursue
- Equip talent in underinvested communities with the skills and credentials to compete successfully for quality income and wealth opportunities.
- Invest in businesses, housing and other community infrastructure to catalyze economic, health, safety and educational mobility for individuals and communities.
- Strengthen existing alliances while building new collaborations to increase our impact on the progress of people and places.
- Develop leadership and the capacity of partners to advance our work together
- Drive local, regional, and national policy and system changes that foster broadly shared prosperity and well-being.
Over the last 40 years, LISC and its affiliates have invested approximately $24 billion in businesses, affordable housing, health, educational mobility, community and recreational facilities, public safety, employment and other projects that help to revitalize and stabilize underinvested communities. Headquartered in New York City, LISC’s reach spans the country from East coast to West coast in 38 markets with offices extending from Rhode Island to San Francisco. Visit us at www.lisc.org
LISC IS AN EQUAL OPPORTUNITY EMPLOYER COMMITTED TO DIVERSITY, EQUITY, INCLUSION AND JUSTICE
LISC LA is one of 38 local offices of the Local Initiatives Support Corporation, a national CDFI that forges resilient and inclusive communities of opportunity across America- great places to live, work, visit, do business and raise families. For over 30 years, LISC LA has worked with local partners and residents to invest nearly $1B in small businesses, housing, health, education, public safety, and employment. LISC LA champions strategies that promote equity and economic inclusion in low-income communities of color across LA County.
LISC Los Angeles is seeking qualified candidates to fill the position of Community Development Underwriter. The Community Development Underwriter will be responsible for underwriting on behalf of LISC LA with a particular focus on affordable housing. The position will work in concert with LISC National Lending and Legal department staff. The Community Development Underwriter will handle the full range of lending activities including structuring, underwriting, and closing loans. The position will report to LISC LA’s Housing Director. Primary responsibilities will include the following:
- Screen, structure, and underwrite all types of real estate transactions including acquisition, predevelopment, construction and permanent debt, including working with borrowers to structure the transaction, conducting due diligence and financial analysis, and drafting credit memoranda.
- Present loan recommendations to LISC’s local Project Review Committee, LISC National Credit Committee, and Board of Directors, as applicable.
- Facilitate loan closings by working with counsel and borrowers on loan documentation and ensuring that all closing conditions have been satisfied.
- Collaborate with internal and external parties, as necessary, in reviewing due diligence including but not limited to market studies, appraisals, and environmental reports.
- Provide ongoing technical assistance support to partners.
- Support LISC LA’s efforts to engage with BIPOC developers to ensure their needs are centered in our lending work.
- Work in cross functional teams under deadlines with private and nonprofit real estate developers, attorneys, governmental agencies, lenders, equity investors and title companies to structure and close transactions.
- Perform other related duties as needed.
Applicants should have the following minimum qualifications:
- Bachelor’s degree from an accredited college or university preferred; graduate level education is a plus.
- Minimum of 3 years of related relevant work experience.
- Strong underwriting experience including ability to analyze financial statements, project development budgets, and project operating pro formas.
- Familiarity with the Greater Los Angeles area market. Working knowledge of the economic, political, and social environments of the Los Angeles area, especially lower income neighborhoods, nonprofit organizations, and community development efforts strongly preferred. A demonstrated interest in and commitment to the revitalization of low and moderate-income communities.
- Strong understanding of financing products such as predevelopment, acquisition, construction, bridge and permanent loans.
- Knowledge of government financing programs including LIHTC, HUD Section 8, as well as regional and California statewide financing programs.
- Excellent interpersonal skills and ability to work effectively across the LISC network of local and national programs and affiliates, including the National Equity Fund, Inc. (NEF).
- Great organizational abilities including ability to work independently and to manage multiple assignments simultaneously.
- Strong written and oral communication skills and excellent attention to detail.
- Strong excel modeling skills.
- Demonstrated interest in LISC’s community development mission.
Compensation and Benefits
LISC offers a competitive salary ($81,600-$97,000; salary commensurate with experience and location) excellent benefits. The position is based in Los Angeles, CA.
How to Apply
Please submit a cover letter and resume to https://grnh.se/3ecd9ef05us