Company: Local Initiatives Support Corporation
Location: New York, NY
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.
Since 1979, LISC and its affiliates have invested approximately $29.7 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 Buffalo to San Francisco and in 2,400 rural counties across 49 states and Puerto Rico. Visit us at www.lisc.org
LISC is seeking to fill a National Housing, Commercial Underwriter in the organization’s Lending Department. The National Underwriter will provide technical assistance, and in some instances direct underwriting support, to local Program Officers in the field and serve as primary underwriter for a set of national and regional borrowers that operate in multiple LISC markets. The Housing/Commercial Underwriter will have deep knowledge of public and private resources available to leverage LISC’s
investment and will provide support to strategically deploy LISC’s full array of financing products, including loan products, lines of credit, and tax credit equity, working alongside LISC affiliate National Equity Fund, Inc. (NEF). The Housing Underwriter will report to the Senior Vice President of Lending.
- Work closely with loan officers, LISC’s Chief Credit Officer, Finance and Legal Department staff to underwrite extension requests and loan restructures, facilitating approval and documentation of loan amendments in a timely and proactive manner.
- Monitor and maintain forward looking portfolio maturity analysis to coordinate on the re-underwriting of loans that have required more than one amendment. Draft, submit and support the closing of amendment extensions or restructures for local offices without program officers.
- Screen, structure and underwrite financing requests, including analyzing operating performance, historical and projected financial performance, management capacity, organizational structure, and project feasibility for affordable housing
- Provide support to local LISC staff on project-specific analysis, deal structuring assistance and underwriting for affordable multifamily rental housing transactions and single-family for-sale and rental transactions.
- Collaborate with internal and external parties (banks, co-lenders, attorneys, etc.) to structure refinancings including managing intercreditor negotiations; reviewing real estate contracts, leases and due diligence; and identifying and negotiating key risk mitigants including reserves, guarantees and other forms of credit
- Present loan recommendations to LISC’s Credit Committee and the Board of Directors, as necessary, and manage the closing process with in-house and external
- Provide technical assistance to internal LISC staff on project planning, development models and financing
- Work with LISC management and LISC Housing to develop strategic collaborations with public sector agencies at the local, state, and federal levels that leverage LISC’s capabilities and national
- Performs additional duties, as required
- Bachelor’s degree from an accredited college or university in business, finance, real estate or related fields. Master’s degree
- Minimum 7 years of professional experience in housing and community development and/or multifamily real estate development is preferred, including project financing, market analysis, deal structuring, and financial
- Demonstrated ability to manage multiple, complex transactions at various stages and coordinate with multiple internal and external parties to meet approval and closing
- Deep knowledge of financing products such as predevelopment, acquisition, construction, bridge and permanent loans; lines of credit; and tax credit
- Strong understanding of and experience with community development financial models, including but not limited to low-income housing tax credit investments, new markets mixed use tax credit investments, tax-exempt bonds and federal, state and city subsidy programs, including HUD
- Strong verbal and written communication
- Highly detail-oriented.
- Demonstrated interest in LISC’s community development
Compensation and Benefits
LISC offers a competitive salary ($102,000 – $127,500) commensurate with experience and location, and excellent benefits.
LISC is an equal opportunity employer. LISC does not discriminate in employment on account of actual or perceived race, color, creed, religion, national origin, ancestry, citizenship status, age, sex or gender (including pregnancy, childbirth, lactation and related medical conditions), gender identity or expression (including transgender status), sexual orientation, marital status, military status or veteran status, unfavorable discharge from military service, physical or mental disability, protected medical condition as defined by applicable state or local law, genetic information or any other characteristic protected by applicable federal, state or local laws and ordinances.
We will endeavor to make a reasonable accommodation to the known physical or mental limitations of a qualified applicant with a disability unless the accommodation would impose an undue hardship on the operation of our business.
LISC IS AN EQUAL OPPORTUNITY EMPLOYER COMMITTED TO DIVERSITY, EQUITY, INCLUSION AND JUSTICE
How to Apply
To apply please submit your application using this LINK