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State of Indiana · 1 day ago

Real Estate Investment Underwriter

Indianapolis, IN

Full-time

Onsite

Entry, Mid Level

1+ years exp

The State of Indiana is one of the largest employers in the state, offering a range of opportunities across various agencies. They are seeking a Real Estate Investment Underwriter to analyze applications for federal and state funds and perform ongoing financial analysis for IHCDA funded developments, ensuring projects are financially feasible and sustainable.

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Responsibilities

Review applications for financial assistance based on established criteria for all IHCDA Real Estate Department programs including, but not limited to, Section 42 low-income housing tax credits, tax-exempt bonds, HOME Investment Partnership Program, the National Housing Trust Fund, and the Indiana Affordable Housing Development Fund

Analyze financial and operating data to ensure projects are financially feasible and sustainable, considering factors such as loan or grant structure, stability and sufficiency of NOI, condition of the property, rental or sale market, and project history

Assess financial strength, experience, performance, and capacity of applicants, borrowers, grantees, principals, and sponsors

Assist in the review of market studies to assess demand and validate absorption rates

Propose financing structures and loan terms that are in the best interests of the applicant as well as IHCDA

Offer creative solutions when possible, if terms originally requested don’t adequately or appropriately address the project’s needs

Communicate effectively with applicants and other team members to resolve questions and obtain additional information to keep the application process moving in a timely manner

Meet with developers and other partners to discuss potential projects, underwriting questions or concerns, etc

Respond with technical assistance to applicants who fail to meet the established criteria

Assist the Real Estate Department with preparing letters of interest, commitment letters, board memos, and other key documents as directed

Research and compile information related to trends in market demand, rental rates, operating expenses and other data that will improve the underwriting knowledge base

Review final tax credit applications and supporting documentation such as partnership agreements, loan documentation, and certificates of occupancy

Ensure that the final application accurately reflects the project as developed

Ensure that project has received all necessary physical inspections and award monitoring clearances and that it meets all commitments applied at the time of project approval

Work with applicants on necessary revisions

Prepare the IRS Form 8609. Obtain necessary signatures and provide signed forms to applicant. Compile the documents necessary for IHCDA’s permanent records

IHCDA must receive and review annual financials for all HOME or HTF funded developments with 10 or more units

Utilize a modified AHIC risk-rating system to identify developments with higher risk

Develop work-out plans for high-risk developments and stay in more frequent communication with these owner/management teams

For all other IHCDA funded rental properties, if the compliance team identifies potential outliers, request and review financials and follow same protocol as utilized on HOME and HTF properties (as identified above)

Participate in weekly Loan Committee Meeting to assist in review of loan modifications and award extension requests and make recommendations to approve, modify, or deny the requests

Use financial review data to identify trends and inform underwriting decision making and procedures for future awards

Actively participate in annual review of IHCDA Real Estate Department application policy and procedure documents, including but not limited to, the Qualified Allocation Plan, HOME application policy, and the Development Fund and TCAP loan policies

Research statutory and regulatory program issues and changes as well as best practices from industry peers. Recommend and implement updates to asset management and financial review tools, processes, and procedures

Work with Loan Processing Analyst to share information and ensure information is consistent between applications/underwriting and loan closing

Participate in training and continuing education opportunities to ensure that underwriting procedures and requirements are understood by partners

Represent IHCDA through participation in site visits, meetings with external partners, open houses/ribbon cuttings, speaking at conferences, and serving on external committees as assigned

Timely and accurately submit a weekly update report to the Director of Real Estate Allocation

Participate in team meetings, including continuous improvement events and the weekly Loan Committee

Perform other duties as assigned by the Director of Real Estate Production and/or Chief Real Estate Development Officer

Qualification

Financial analysisUnderwritingReal estate financeLow-Income Housing Tax CreditsHOME Investment PartnershipCustomer service orientationDetail orientationBasic computer skillsBasic mathematicsCommunication skillsTeamwork

Required

Proficient knowledge of financial analysis, general accounting, and underwriting. Able to analyze financial statements, balance sheets, development pro formas, etc

Demonstrates effective verbal and written communication skills. Able to effectively communicate with a variety of individuals with diverse backgrounds, education, and economic levels

Demonstrates customer service orientation

Able to think logically and analytically

Proactive in anticipating and alerting others to problems with projects or processes

High detail orientation and accuracy

Takes initiative and needs little supervision

Performs responsibilities efficiently and timely. Able to juggle multiple requests and meet multiple deadlines. Able to prioritize, organize tasks and time, and follow up

Able to work well in a team environment and as part of a team

Proficient in basic computer skills, i.e., Microsoft Word, Excel, PowerPoint, Internet usage, and e-mail

Proficient in basic mathematics

Bachelor's degree in finance, accounting, business, public administration, planning, or real estate development preferred

1-3 years relevant job experience in commercial lending, credit analysis, affordable housing development, real estate finance, and/or real estate development preferred

Experience in underwriting multifamily development preferred

Experience with Low-Income Housing Tax Credits and the HOME Investment Partnership program, and possession of applicable certifications in these programs, is preferred

Preferred

Bachelor's degree in finance, accounting, business, public administration, planning, or real estate development preferred

1-3 years relevant job experience in commercial lending, credit analysis, affordable housing development, real estate finance, and/or real estate development preferred

Experience in underwriting multifamily development preferred

Experience with Low-Income Housing Tax Credits and the HOME Investment Partnership program, and possession of applicable certifications in these programs, is preferred