Underwriter 1

Company: CHFA

Location: Rocky Hill, CT

Job Function: Underwriting


Background

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.

Summary

About the Position:

The position is responsible to process, underwrite, and seek approval for, Federal Low-Income Housing Tax Credit (LIHTC), State Sponsored Housing Portfolio (SSHP), and State Housing Tax Credit Contribution (HTCC) Program applications, coordinate and support administration of these programs within the Multifamily Program Administration area in order to provide funding to create affordable housing.

Responsibilities

Reviews, underwrites and monitors tax credit applications to ensure: compliance with CHFA Procedures, CHFA Guidelines, published NOFA requirements, the Qualified Allocation Plan (QAP) and other policies as applicable..  Participates in the rating and ranking of applications and prepares written proposal summaries for funding round reviews, CHFA’s Credit Committee, Mortgage Committee and CHFA Board.

Coordinates and supports the administration of the Federal LIHTC Program including the receipt, evaluation, and processing of applications.  Responsibilities include the review, coordination, and the issuance of LIHTC reservations, Carryover Allocation Agreements, Extended Low-Income Housing Commitments, cost certifications and final allocation forms.  Monitors all allocations for compliance with Section 42 of the Internal Revenue Code and ensures that program requirements and deadlines are met.

 Prepares or review requests for advances of loan proceeds and review requests for construction change orders within multifamily housing development to facilitate disbursements of loan funds. Reviews all documentation submitted by mortgagors and/or general contractors and processes monthly Applications for Advance of Mortgage Proceeds, Equity and Grant Funds in a timely manner.

Assists in the management of all annual allocations to ensure that tax credit allocations are made in the best interests of the State, the Authority and in accordance with all federal requirements.  Coordinates and supports the submission of all Federal Tax Credit Program reports and national program surveys by required deadline.

Other duties as assigned.

*Duties and responsibilities may be added, deleted, or changed at any time at the discretion of management, formally or informally.

Requirements

MINIMUM QUALIFICATIONS REQUIRED:

Associates degree in business, finance or related area; requires a minimum of four years’ experience in underwriting, accounting or administering Government Finance Programs or an equivalent combination of education and experience.

Knowledge of low-income housing tax credit programs and/or experience in affordable housing development a plus.  Requires strong communication skills to author written presentations, make oral presentations and coordinate with internal and external stakeholders to meet deadlines.  Requires strong computer and spreadsheet skills including knowledge of Microsoft Word™, Excel™, PowerPoint™ and Outlook™.

*Duties and responsibilities may be added, deleted, or changed at any time at the discretion of management, formally or informally.

Compensation and Benefits

Salary Range: $57,088 to $90,676.

How to Apply

To apply for this position, submit resume and cover letter referencing the position for which you are applying, and complete on-line application. https://www.chfa.org/careers.

Applications open until the position is filled.

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