Underwriter

New York State Housing Finance Agency•New York, NY

8h•Hybrid

About The Position

New York State Homes and Community Renewal (HCR) is the State’s affordable housing agency, with a mission to build, preserve, and protect affordable housing and increase homeownership throughout New York State. This position is with HCR’s Affordable Housing Corporation (AHC). This is not a civil service position, and a civil service exam is not required. Candidates must meet the minimum qualifications outlined below to be considered. NYS Homes and Community Renewal (HCR) is committed to fostering a culture of diversity, equity, inclusion, and accessibility. Our work would not be possible without the diverse backgrounds, experiences, ideas, and abilities of our employees. HCR is committed to developing a workforce that represents the diverse population of New York State. HCR embraces a diverse and inclusive work environment by encouraging all individuals, including those with disabilities, to apply to open positions at the agency.

Requirements

A Bachelor’s degree with course work/credits specific to finance and/or real estate; a minimum of 2+ years of relevant experience in multifamily real estate lending and/or development; or a satisfactory combination of education and/or experience equivalent to the above.
Proficiency in Excel using mortgage loan models and employing financial concepts.
Demonstrated interest in the affordable housing industry.
Strong interpersonal, verbal, and written communication skills.
Ability to build relationships with staff, executives, and external partners.
Strong organizational skills with excellent attention to detail.
Strong self-initiative for accomplishing production goals and securing necessary approvals.

Nice To Haves

Experience with New York City, New York State and federal multifamily affordable preservation and new construction financing preferred.
MBA or other graduate degree in related field a plus.

Responsibilities

Underwrite and originate mortgages for affordable multifamily housing for new construction, preservation and adaptive reuse projects that utilize tax exempt and taxable bonds, tax credits, and other State and municipal funding sources.
Assist with project management of transactions coordinating externally with developers, financial institutions, syndicators, other governmental agencies, and project partners to move projects forward in a timely fashion.
Assist with the coordination of internal approvals for transactions working with HCR’s Asset Management, Environmental, Design and Sustainability, Dept. of Empowerment, Compliance and Opportunity, Fair Housing, and other internal teams.
Work with the Vice Presidents, Assistant Vice Presidents, and Senior Underwriters to make recommendations related to budgets, proformas, deal structure, HCR subsidies and affordability.
Prepare written materials for presentation to Credit Committee and submission to Board to secure internal project approvals.
Work closely with Legal and Debt Issuance teams to prepare for mortgage and bond closings.
Advise and assist external parties through HCR policies, terms, and regulations to resolve issues related to project approval.

Benefits

Extensive benefits package including paid leave, including excellent health, dental, vision and retirement benefits with the New York State & Local Employees’ Retirement System.
Promotional opportunity for dedicated professionals.
Work life balance benefits include a 37.5-hour work week and paid time off benefits including vacation, sick, personal days, and Federal Holidays.
Opportunity for compressed scheduling.
12 weeks of Paid Parental Leave.
Paid Family Leave.
Opportunity for compressed/flextime scheduling.
As a New York State employee, you may qualify to participate in the Federal Public Service Loan Forgiveness Program.
Cash in for Wellness! This program provides you with the option of buying or renewing a health club membership of your choice or enrolling in a weight loss and or smoking cessation program, using your sick leave accruals.
Tuition reimbursement program – for job related and non-job-related courses.
Vacation Leave Buy-Back program – Subject to approval, every year eligible employees may exchange previously earned and accrued vacation time in return for cash compensation (at employee’s daily rate of pay at time of exchange).
Access to Plum Benefits – savings on movie tickets, theme parks, hotels, tours, Broadway shows and more!
Optical reimbursement program – Employees are eligible for optical, hearing aid, and podiatric expenses not otherwise covered by insurance, with a maximum aggregate amount of $650 per year, per family. Unused yearly balances may be carried over to next year for a maximum of $1,300.