Senior Credit Risk Manager

At the Vermont Housing Finance Agency (VHFA), we are on a mission to ensure all Vermonters have access to affordable housing. We are looking for a Senior Credit Risk Manager who is part premier technical authority, part strategic collaborator, and entirely impact-driven.

This isn't just an underwriting job—it’s a high-visibility leadership role that safeguards the financial resilience of our multi-family portfolio. If you excel at evaluating complex capital stacks, mastering layered transaction risks, and mentoring project finance teams, we want you on our team.

The Impact You’ll Make

Advanced Underwriting & Financial Analysis

• Lead the financial, credit, and risk analysis of complex multifamily rental housing, preservation, mixed-income, and homeownership developments.
• Evaluate borrower capacity, development feasibility, operating pro formas, sources and uses, and long-term project sustainability.
• Prepare comprehensive underwriting memoranda and data-driven financing recommendations for internal review, the Credit Committee, and the Board of Commissioners.

Project Finance & Transaction Structuring

• Structure multifaceted financing transactions utilizing Low-Income Housing Tax Credits (LIHTC), tax-exempt bonds, state and federal funding, and public-private capital sources.
• Participate in high-level negotiations with developers, lenders, syndicators, investors, and public agencies to balance deal feasibility with prudent risk management.
• Support loan commitments, closings, and asset preservation workflows while coordinating with Legal, Finance, Compliance, and Asset Management staff.

Credit Policy & Technical Leadership

• Support the Vice President in maintaining, refining, and implementing agency underwriting standards, credit policies, and financial modeling tools.
• Serve as a senior underwriting resource, providing proactive mentoring, training, and constructive peer reviews to project finance staff.
• Monitor emerging pipeline risks, evaluate portfolio trend metrics, and participate in strategic workout or restructuring opportunities to protect Agency resources.

What You Bring to the Table

• At least 7 years of progressively responsible experience in commercial lending, affordable housing finance, real estate development, or credit analysis, OR an equivalent mix of advanced education and experience.
• Advanced proficiency in complex financial statement analysis, cash flow modeling, and Microsoft Excel.
• Deep structural knowledge of Section 42 Low-Income Housing Tax Credits, tax-exempt bonds, HUD programs, and layered housing finance structures.
• Top-tier verbal and written communication skills with a proven track record of presenting clear credit recommendations to loan committees, boards, or senior executives.
• A heart for community and a deep alignment with VHFA’s VIIBE values: Integrity, Innovation, Belonging, and Equity.

Work Environment & Flexibility

This position offers a hybrid work structure. You will work in our collaborative office environment at least 2 days per week (typically Monday through Thursday), with the flexibility to work remotely the remaining days once fully trained and coordinated with your supervisor. You will also join us in-person for required agency meetings and events.

The Perks

• A comprehensive benefits package including medical, dental, and vision coverage for you and the family or optional buy-out plan
• Flexible Spending Account & Dependent Care Account
• Company-sponsored Short and Long-Term Disability
• Company-sponsored Life Insurance
• Up to $4,000 educational assistance
• Employee Assistance Program
• Combined Time Off & Holiday Pay
• Up to 6 weeks of paid time off for parental and family leave
• Parking Reimbursement for designated lots
• 403b Savings Account & 457 Retirement Plan

Ready to help us build a stronger community?

Apply today to join our collaborative, solution-oriented team!