Job Class: Housing Development Officer Senior
Working Title: Preservation Underwriter
Who May Apply: Open to all qualified job seekers
Date Posted: 11/20/2020
Closing Date: 12/03/2020
Hiring Agency/Seniority Unit: Minnesouta Housing Finance / Housing Finance
Division/Unit: Multifamily Preservation
Work Shift: Day Shift
Days of Work: Monday
Travel Required: Yes, up to 15%
Salary Range: $26.59 - $39.25/hourly; $55,520 - $81,954/annually
Classified Status: Classified
Connect 700 Program Eligible: Yes
This position is being posted at two levels, Housing Development Officer Intermediate (Job ID 42628) and Housing Development Officer Senior (Job ID 42631). The qualifications of the top candidate will determine the level in which the position will be filled.
Minnesota Housing is hiring! We are looking for an underwriter with Multifamily lending experience in order to facilitate the preservation of affordable multifamily housing across the state. The Preservation Underwriter will be responsible for application review, technical assistance, and underwriting multifamily projects per Agency standards. The position will work primarily within two programs: (1) the Publicly Owned Housing Program (POHP), which provides deferred loans to preserve public housing across the state; (2) and the Rental Rehab Deferred Loan program (RRDL), which provides deferred loans to help preserve small and medium sized affordable rental housing outside the five (5) county metro area. The Preservation Underwriter will apply the Agency underwriting standards to assess financial feasibility and strength. Once selected for funding, the Preservation Underwriter will review and approve the due diligence report, as well as continue to assess financial feasibility as a project moves to closing. In addition to reviewing applications and underwriting loans for the POHP and RRDL programs, this position is also responsible for reviewing and underwriting a small number of Requests for Action (RFAs)/loan servicing requests. This position will make and present recommendations to internal committees for approval, and occasionally present to the Board of Directors.
Essential Job Duties:
Review applications for funding under the POHP and RRDL programs
Assist with marketing of the POHP and RRDL programs to eligible borrowers
Underwrite loans under the RRDL and POHP programs, as well as some Requests for Action (RFAs)/loan servicing requests
Collect, review, and approve due diligence and third-party reports. Review and interpret existing legal documents.
Collaborate with external customers and funders to obtain information and answer questions, and with other Agency staff across the division (i.e. asset management, compliance, and legal)
Coordinate review and approval of architectural and construction items with staff architects
Provide technical assistance to external customers and potential applicants
Generate and test multiple assumptions, trends, and financing scenarios to review financial feasibility with the goal of maximizing available resources and/or assessing Agency risk
Lead negotiations with borrowers, other funders, title companies and attorneys to ensure developments close in a timely manner
Write and present clear recommendations on complex projects to internal committees and the Board of Directors.
To facilitate proper crediting, please ensure that your resume/application clearly describes your experience in the areas listed below, and indicates the beginning and ending month and year for each job held. Only applicants whose resumes clearly demonstrate fulfillment of each of these minimum qualifications will be considered for this position.
Housing Development Officer Intermediate:
Housing Development Officer Senior:
In addition to the qualifications listed above for each position level, the following is also required:
Experience in Microsoft Word, Excel and Outlook
Knowledge of affordable housing programs, multifamily financing structures and funding sources (such as from a developer or lender (government or bank). For this role, single family lending experience or mortgage banking experience will not provide you with the base of knowledge required.
Ability to analyze underwriting proposals that involve multiple financing sources, and financial deal structures
Ability to negotiate legal agreements and business points with developers and other funders
Ability to master details of multiple projects while managing multiple projects strategically
Demonstrated organizational, time management, interpersonal skills, and dependability
Demonstrated verbal and written communication skills, including the ability to comprehend and communicate complex information in plain language
Ability to effectively collaborate as well as manage internal and external relationships to get selected projects to closing
Ability to problem solve independently yet know when to escalate situations
Commitment to and experience with diversity, inclusion and equity
Master's degree in business administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning, or a related field
Four (4) years of demonstrated experience in multifamily underwriting, multifamily loan servicing or affordable housing finance or program experience
Transport equipment (i.e. file folders, ledgers, and small tools) across building. Maintain a stationary position for long periods of time.
This position requires successful completion of the following:
Driver's License check
Job-related criminal background check
Why Work For Us
GREAT BENEFITS PACKAGE! The State of Minnesota offers a comprehensive benefits package including low cost medical and dental insurance, employer paid life insurance, short and long term disability, pre-tax flexible spending accounts, retirement plan, tax-deferred compensation, generous vacation and sick leave, and 11 paid holidays each year.
How to Apply
Click "Apply" at the bottom of the page. If you have questions about applying for jobs, contact the job information line at 651-259-3637.
For additional information about the application process, go to http://www.mn.gov/careers.
If you have questions about the position, contact Sandy Xiong at firstname.lastname@example.org .
AN EQUAL OPPORTUNITY EMPLOYER
The State of Minnesota is an equal opportunity, affirmative action, and veteran-friendly employer. We are committed to providing culturally responsive services to all Minnesotans. The State of Minnesota recognizes that a diverse workforce is essential and strongly encourages qualified women, minorities, individuals with disabilities, and veterans to apply.
We will make reasonable accommodations to all qualified applicants with disabilities. If you are an individual with a disability who needs assistance or cannot access the online job application system, please contact the job information line at 651-259-3637 or email email@example.com. Please indicate what assistance you need.
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