Financial Analyst, Business Dev. & Orig.

Illinois Housing Development•Chicago, IL

3d•$81,117 - $101,397•Hybrid

About The Position

The Illinois Housing Development Authority (IHDA) is seeking a Financial Analyst for its Business Development and Originations team. This role is crucial for supporting the origination and structuring of multifamily first mortgage and bond financing. The Financial Analyst will be responsible for building and maintaining financial models, tracking deals from inception to closing, preparing reports for Finance Committee and Board, and supporting new program development. The position requires coordination across various departments including Finance, Legal, Underwriting, Closing Services, and Asset Management, with a focus on improving business processes and preserving institutional knowledge. IHDA is committed to creating and maintaining a diverse, inclusive, and supportive work environment, aiming to finance affordable housing across Illinois.

Requirements

Bachelor's degree in finance, real estate, economics, business, or a related discipline.
3 or more years of relevant experience in affordable housing finance, real estate lending or underwriting, or a comparable analytical role.
Strong real estate financial modeling skills, including proforma and discounted cash flow analysis and the ability to build and maintain deal sizing models.
Advanced Microsoft Excel.
Working knowledge of LIHTC and affordable housing finance structures, with the aptitude to develop expertise in HUD Risk-Sharing, tax-exempt bond, and subordinate-debt mechanics.
Excellent organizational skills, attention to detail, and a documentation discipline that keeps models, data, and processes reliable and transferable.
Ability to work independently and take ownership of transactions and deliverables with minimal supervision.
Effective written and oral communication, including the ability to prepare leadership-ready materials and to communicate with management and external partners.
Passion for affordable housing and community development.
Must be a resident of Illinois or willing to relocate.

Nice To Haves

Tax Credit Specialist (TCS) designation, or willingness to earn it, preferred.

Responsibilities

Support the growth of the Authority's first mortgage lending and bond issuance programs.
Maintain the Business Development and Originations pipeline, tracking deals from initial concept through initial closing.
Build and run deal sizing and proforma models, including bond series sizing, Risk-Sharing permanent sizing, and DSCR, LTV, vacancy, and expense trending against the Underwriting Standards Guide and 24 CFR Part 266.
Prepare letters of interest and term sheets, and support the structuring and negotiation of loan terms for each transaction.
Prepare Finance Committee and Board reporting, including monthly project write-ups and quarterly pipeline, production, and volume-cap data.
Evaluate new business opportunities to determine financial feasibility and eligibility under the Authority's funding programs.
Support the design and rollout of new programs and products, including subordinate-debt and first mortgage participation structures.
Participate in project concept meetings and deal-structuring discussions.
Document and maintain the team's process documentation, templates, and deal records, preserving data integrity and institutional knowledge.
Maintain comprehensive knowledge of the Authority's programs (FHA 542(c) Risk-Sharing, Private Activity Bonds and Multifamily Housing Revenue Bonds, LIHTC, and the Authority's soft-fund and subordinate-debt programs) and of origination practices and financing options across the affordable housing market, including agency (FHA, Fannie Mae, Freddie Mac) and private debt and equity execution.
Coordinate deal timing across the origination and underwriting pipelines so that Authority timelines are met and client expectations are satisfied.
Monitor deal progress from initial client conversations through initial closing, coordinating with internal counsel, bond counsel, issuer's counsel, deal team participants, and Closing Services to ensure smooth underwriting and timely approvals and closings.
Coordinate the handoff to Closing Services for construction-period monitoring, loan rating, conversion due diligence, and transition to Asset Management.
Triage inbound developer and partner inquiries, screening for program fit and preparing first-pass responses and referrals for review, and maintain market intelligence, including rent and market comparables, to support deal sizing and program calibration.
Additional duties as assigned