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.

Under the leadership of Governor Kathy Hochul and Commissioner RuthAnne Visnauskas, HCR is a vibrant, innovative agency that integrates and leverages New York State’s housing resources. We have offices in New York City, Albany, Buffalo and Syracuse, and employ a diverse workforce of professionals who are hard-working and committed to serving low- and moderate-income families. Our mission is far reaching, encompassing single and multifamily housing finance, home improvement, rent regulation, housing subsidies, and community development. We partner regularly with a variety of public and private stakeholders. 

Achieving this mission requires a wide range of skills and backgrounds in public policy, administration, real estate, architecture, finance, law, and many other areas of expertise. We seek to provide a workplace environment that is productive, flexible, accountable, ethical, and caring. Our employees are empowered to make a difference where they live and work. We offer competitive pay and a comprehensive benefits package, including paid leave, health, dental, vision, retirement, and family-friendly policies.

The Office of Multifamily Finance & Development actively engages with a range of partners including for-profit, and not for profit borrowers, municipalities, lenders, investors and other funding entities to leverage Low-Income Housing Tax Credits, tax exempt bonds, single family lending programs, and a multitude of State funded programs. Our resources have helped finance tens of thousands affordable apartments and affordable homes since 2011. Finance & Development has primary responsibility for implementing many of the initiatives under the Governor’s Housing Plan, an unprecedented $25 billion investment over five years.

Duties: 

The Underwriter will be responsible for all assisting with aspects of financial and project management for an assigned group of multifamily rental projects, including financial underwriting of construction and permanent financing utilizing bonds, tax credits, and HCR subsidy and all duties required to move a project through commitment and loan closing. There will be contact with for-profit and not-for-profit developers and affordable housing lenders with exposure to a wide range of projects throughout New York State. The Underwriter may also have an opportunity to work on program analysis and policy issues, as needed. Duties may include but are not limited to the following:

• Assist with project management of transactions including coordinating with developers, financial institutions, syndicators, other project partners, and governmental agencies to resolve problems and move projects forward in a timely fashion.
• Underwrite and originate mortgages for affordable multifamily housing that utilize tax exempt and taxable bonds, tax credits, and other State and municipal funding sources.
• Work with Assistant Vice Presidents and Senior Underwriters to make recommendations related to development budgets, proformas, deal structure, HCR subsidies and affordability.
• Prepare written materials to secure internal project approvals for Credit Committee and Board.
• Collaborate with Finance and Development colleagues to assess experience of developer, general contractors and property managers.
• Work closely with Legal and Debt Issuance teams to prepare for mortgage and bond closings.
• Counsel developers through HCR policies, regulations, and assisting to resolve issues related to project approval.

Qualifications: 

• Minimum of a Bachelor’s degree with concentration in Housing or Urban Planning preferred;
• Master’s degree in Business Administration, Public Administration, or City Planning with concentration on Real Estate or Public Finance and/or experience in real estate and/or affordable housing preferred.
• Knowledge and/or experience in real estate and/or affordable housing.
• Minimum two to four years of multifamily affordable housing development experience depending on type of experience and level of education.
• Quantitative skills including expertise in Excel.
• Strong oral and written communication skills.
• Demonstrated capacity for collaboration, performing multiple tasks, analyzing complex processes, and using independent judgment.
• Strong self-initiative for accomplishing production goals and securing necessary approvals.

This job description is not intended to be all inclusive, and employee will also perform reasonable related business duties as assigned.

WHAT WE OFFER: 

• Extensive benefits package including paid leave, excellent health, dental, vision and retirement benefits; 
• Promotional opportunities for dedicated professionals.