Affordable Housing Senior Underwriter
New
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Stonewater Development GroupAffordable Housing Finance
This position can be worked on-site in their Philadelphia PA office, on a hybrid schedule (part-time at work-at-home, part-time in office), or as fully remote.Full-TimeSenior
Salary not disclosed
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Job Details
- Experience
- 5+ years
- Required Skills
- Microsoft Excel
Requirements
- Bachelor’s degree in Finance, Real Estate, Urban Planning, Public Policy, or a related field.
- 5+ years of progressively responsible experience in multifamily real estate finance, LIHTC underwriting, or community development lending.
- Proven track record managing complex transactions from initial underwriting through credit approval and closing.
- Strong familiarity with state HFA QAP requirements and underwriting metrics.
- Direct experience preparing financial packages for formal RFA and FRI submissions.
- Background in tax credit equity and investor closing environments, including understanding of exit taxes and partnership structures.
- Experience structuring and layering complex funding sources, including HUD programs (e.g., RAD, Section 8, HOME, CDBG).
- Strong proficiency in Excel-based financial modeling, including sensitivity and scenario analysis.
- Ability to synthesize complex due diligence and regulatory requirements into clear recommendations.
- Demonstrated independent underwriting judgment and ability to present results to internal teams and external partners.
Responsibilities
- Maintain detailed Excel models for multifamily affordable housing deals, including development budgets, capital stacks, and operating pro formas.
- Perform sensitivity and downside analyses on key financial assumptions such as rents, occupancy, and interest rates.
- Underwrite LIHTC transactions (4% and 9%) and mixed-finance deals in compliance with state HFA and lender requirements.
- Analyze third-party reports including appraisals, PCAs, market studies, and environmental assessments.
- Lead financial modeling and documentation preparation for RFA and FRI submissions to PHFA or other state agencies.
- Evaluate project, sponsor, and market risks to prepare credit memos for leadership and external partners.
- Manage the investor closing environment by coordinating with syndicators, lenders, and attorneys to resolve due diligence and clear conditions.
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