Affordable Housing Underwriter

Harmony Housing Affordable Development•Raleigh, NC

4d•Onsite

About The Position

Harmony Housing Affordable Development Inc. (HHAD), a wholly owned subsidiary of Harmony Housing, is seeking a detail-oriented and experienced Affordable Housing Underwriter to join its expanding Finance team. The role supports the growth of HHAD’s affordable housing development business and is based in the Raleigh, North Carolina office. It reports to the Director of Finance and works closely with Accounting, Business Development, Construction, Development, and Executive teams. The Underwriter leads underwriting, financing, and closing for the company’s multifamily affordable development platform, including new construction, rehabilitation, mixed-use, and Rural Development projects. The role analyzes development opportunities, manages financial models and project financing, supports regulatory compliance and financial reporting, and works autonomously while coordinating with internal teams and external development partners, lenders, syndicators, equity investors, and government agencies.

Requirements

Bachelor’s degree in accounting, business, finance, real estate, mathematics, or a related field.
At least two years of progressive professional experience in real estate development, real estate finance, or low-income housing tax credit syndication, with a successful track record and in-depth understanding of real estate fundamentals and transaction structuring.
Exceptional financial modeling skills, including the ability to create, update, maintain, understand, and audit complex models using advanced Microsoft Excel.
Experience reviewing real estate financial information such as operating statements, rent rolls, audits, and loan documents, and gathering, assessing, coding, organizing, auditing, and verifying data.
Experience in advanced multifamily real estate underwriting involving LIHTC and tax-exempt bond financing, FHA mortgage insurance programs, and Fannie Mae/Freddie Mac agency debt products; familiarity with other affordable housing funding programs and compliance regulations.
Excellent analytical, problem-solving, and decision-making skills.
Ability to recognize and mitigate investment risks.
Ability to manage multiple projects accurately and in detail under strict deadlines.
Excellent written and oral communication skills, including the ability to express ideas clearly and concisely.
Strong financial and analytical skills and advanced computer skills, including Microsoft Office Suite, Adobe, SharePoint, and SmartSheets or similar programs.
Ability to handle daily responsibilities and projects with minimal direction while collaborating closely with a team to develop solutions.
Ability to maintain a big-picture focus while attending to detailed work and providing thorough documentation.
Resourcefulness, flexibility, and ability to react and respond quickly toward positive outcomes.
Personal standards and values consistent with HHAD’s core values of entrepreneurialism, integrity, caring, and excellence.
Satisfactory background check required as part of the selection process.

Nice To Haves

Master’s degree.

Responsibilities

Lead underwriting, financing, and closing efforts for multifamily affordable development projects.
Collaborate with Finance, Development, and Construction teams to execute multiple projects.
Collect, organize, review, and analyze financial due diligence materials.
Prepare, update, and maintain detailed project- and portfolio-level financial models using Excel macros and data analysis techniques.
Prepare financial analyses and presentation materials for senior leadership, the Investment Committee, development partners, and other stakeholders.
Provide regular project status reports to senior leadership.
Monitor project schedules and drive financial milestones to completion on schedule.
Track pre-development costs and cash needs for assigned projects.
Raise debt and equity by preparing investment packages, soliciting proposals, responding to questions, and negotiating terms.
Identify potential soft-funding sources and incorporate their financing terms into financial models.
Work with the Development Team to prepare applications for tax credits, tax-exempt bonds, and other funding sources.
Monitor project budgets, maintain balanced development sources and uses, and provide insights on cost management and financial performance.
Participate in project meetings and contribute to financial decision-making.
Prepare closing draws, facilitate project closings and funding requests, and review closing statements for accuracy.
Ensure ongoing compliance with local, state, and federal affordable housing financing and reporting regulations, including state QAPs.
Review project partnership and financial documents and ensure funding terms and conditions are maintained.
Communicate in a timely and effective manner with lenders, investors, housing agencies, market analysts, appraisers, auditors, clients, and other external participants.
Build and maintain relationships with partners, brokers, institutional and equity partners, owners, lenders, and other stakeholders.
Lead meetings with external clients, financial partners, government agencies, and relevant officials as needed.
Collaborate with analysts, developers, project managers, and other stakeholders to provide financial insights and support.
Foster a collaborative environment that encourages continuous improvement and innovation.
Identify and implement process improvements for Finance and Underwriting functions.
Keep current with affordable housing finance industry trends and best practices.
Ensure individual and departmental goals and objectives are achieved.