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 an experienced Underwriter to join its Finance team and support the growth of its affordable housing development business. The role manages financial aspects of affordable housing projects, ensures compliance with regulatory requirements, and provides financial reporting to stakeholders. It works closely with Accounting, Business Development, Construction, Development, and Executive teams, and is based in HHAD’s Raleigh, North Carolina office. The position reports to the Director of Finance. The Underwriter leads underwriting, financing, and closing transactions across the company’s multifamily affordable development platform, including new construction, rehabilitation, mixed-use, and Rural Development projects. The role analyzes development opportunities and regularly interfaces with external development partners, lenders, syndicators, equity investors, and government agencies. It requires autonomy and accountability, along with experience in financial analysis, low-income housing tax credits, problem solving, negotiation, networking, and teamwork.

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 an 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; ability to gather, assess, code, organize, audit, and verify 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.
Strong analytical, problem-solving, and decision-making skills.
Ability to recognize and mitigate investment risks.
Highly accurate, organized, detail-oriented, results-oriented, and able to manage multiple projects 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 manage responsibilities and projects with minimal direction while collaborating with a team to develop solutions.
Ability to maintain a big-picture focus while handling detailed work and 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 entrepreneurship, integrity, caring, and excellence.
Satisfactory background check required as part of the selection process.

Nice To Haves

Master’s degree.

Responsibilities

Lead efforts related to underwriting, financing, and closing projects for the multifamily affordable development platform.
Collaborate with Finance, Development, and Construction teams to execute multiple development projects concurrently.
Collect, organize, review, and analyze financial due diligence materials.
Prepare, update, and maintain project-level and portfolio-level financial models using Excel macros and data analysis techniques.
Prepare financial analyses and supporting materials for senior leadership, the Investment Committee, development partners, and other stakeholders.
Provide regular project status reports to senior leadership.
Monitor and drive project schedules to achieve financial milestones on time.
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 on applications for tax credits, tax-exempt bonds, and other funding sources.
Monitor project budgets, keep development sources and uses balanced, and provide insights on cost management and financial performance.
Participate in project meetings and contribute to financial decisions.
Prepare closing draws, facilitate financial 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 with banks, lenders, investors, housing agencies, market analysts, appraisers, auditors, clients, and other external deal participants.
Build and maintain relationships with partners, brokers, institutional and equity partners, owners, lenders, and other stakeholders across markets.
Lead meetings with external clients, financial partners, government agencies, and relevant officials as needed.
Collaborate with financial analysts, developers, project managers, and other stakeholders to provide financial insights and support.
Foster a collaborative environment that supports continuous improvement and innovation.
Identify and implement process improvements in Finance and Underwriting.
Stay informed about industry trends and best practices in affordable housing finance.
Ensure individual and departmental goals and objectives are achieved.