Underwriting Associate Jobs in Indiana (NOW HIRING)

Description

CREA, LLC is a full-service low-income housing tax credit (LIHTC) syndicator forming long-term relationships with investors and developers that cultivate success and improve lives. With more than 25 years in affordable housing, CREA has raised in excess of $14 billion, since inception - resulting in the formation of over 100,000 homes within 1,000+ communities across the country. Thanks to the contribution of over 135 employees, CREA continues to look for talented and passionate individuals who are excited about opportunities to grow with us into the future. We are looking to add a talented Vice President to the Underwriting department in Indianapolis, IN.

Physical Presence: In-Office | Tue - Thu; Flexible | Mon & Fri

Open to the following locations: Indianapolis, IN.

Reports to: Senior Vice President, Underwriting

Position Summary:

The Vice President, Underwriting evaluates prospective affordable housing investments utilizing the Low-Income Housing Tax Credit (LIHTC) program. This experienced role performs financial, credit, market, and risk analysis; identifies investment risks and mitigation strategies; and prepares recommendations for senior leadership and investment decision-makers. The position works closely with Acquisitions, Syndications, Asset Management, developers, lenders, legal counsel, consultants, investors, and other internal and external stakeholders throughout underwriting, approval, closing, and funding. Th Vice President independently manages a portfolio of assigned transactions, develops productive transaction relationships, influences outcomes through sound judgment and effective communication, provides technical guidance to junior team members, and contributes to the continuous improvement of CREA's underwriting practices, tools, and investment processes.

Primary Responsibilities:

• Lead underwriting efforts for assigned LIHTC investment opportunities from initial screening through closing and funding.
• Independently manage a portfolio of active transactions, balancing competing priorities and deadlines while ensuring timely underwriting, approvals, closings, and funding.
• Evaluate financial models, development budgets, operating pro formas, historical performance, market conditions, market studies, third-party reports, and financing structures.
• Perform detailed financial analysis, including debt sizing, break-even analysis, cash flow projections, sensitivity testing, and risk assessment.
• Recommend appropriate rent and expense levels for proposed investments based on research and analysis.
• Evaluate transaction feasibility, real estate conditions, development team experience, guarantor strength, developer and guarantor financial statements, real estate portfolios, and overall creditworthiness.
• Perform credit and background checks on entities and individuals; escalate findings and support their resolution.
• Identify material investment risks and recommend appropriate mitigation strategies consistent with CREA's investment guidelines.
• Review proposed financing, key loan documents, financing terms, partnership structures, and legal documentation.
• Lead the preparation of underwriting memoranda, presentation materials, and investment recommendations for Screening, Placement, Capital, and Investment Committees; present transaction findings and respond to questions regarding underwriting assumptions, risks, and recommendations.
• Collaborate with originators, Acquisitions, Syndications, Asset Management, attorneys, lenders, developers, consultants, investors, and other stakeholders to facilitate successful transaction execution.
• Develop and maintain productive working relationships with developers, lenders, attorneys, consultants, investors, and other transaction participants.
• Facilitate consensus among internal and external stakeholders and influence transaction outcomes through sound analysis, effective communication, and professional judgment.
• Support transaction closing activities and validate that final deal terms remain consistent with approved underwriting assumptions.
• Support the development, maintenance, and refinement of underwriting standards, IT tools, financial models, databases, and department best practices.
• Provide technical guidance, training, mentorship, and knowledge sharing to Analysts, Associate Underwriters, and other junior team members.

Secondary Responsibilities:

• Participate in site visits, developer meetings, and due diligence reviews to evaluate existing conditions and risks.
• Assist with market research and the evaluation of emerging affordable housing financing programs and structures.
• Support special projects and strategic initiatives within the Credit & Underwriting department.
• Cross-train across affordable housing investment products and financing structures.
• Participate in departmental process improvement efforts focused on efficiency, risk management, underwriting quality, and sound transaction execution.

Requirements

• Bachelor's degree in Real Estate, Finance, Accounting, Economics, Business, or a related field.
• Minimum of eight years of applicable experience in multifamily real estate, affordable housing, LIHTC syndication, commercial real estate lending, or real estate investment analysis, including demonstrated experience independently underwriting transactions and presenting recommendations to senior decision-makers.
• Demonstrated ability to underwrite LIHTC or other complex multifamily real estate transactions with increasing independence.
• Strong understanding of affordable housing finance, LIHTC regulations, multifamily development, construction lending, permanent financing, and partnership structures.
• Advanced proficiency in Microsoft Excel and financial modeling, with proficiency in the Microsoft Office Suite.
• Strong written and verbal communication skills, including the ability to explain complex analysis, facilitate consensus, and present recommendations to senior leadership and investment committees.
• Excellent organizational and time-management skills, with the ability to manage a portfolio of transactions, competing priorities, resources, and deadlines simultaneously.
• Highly motivated, proactive, self-directed, and willing to accept new responsibilities as CREA's business grows.
• Strong analytical, relationship-management, problem-solving, critical-thinking, and decision-making abilities.
• Approximately 10% travel required, including occasional overnight travel.

Core Competencies:

• LIHTC underwriting, multifamily real estate, and investment analysis
• Financial modeling, including review of audits, financial statements, and tax returns
• Credit evaluation, background research, and risk assessment
• Developer, guarantor, market, and real estate portfolio analysis
• Strong business judgment, critical thinking, and decision-making
• Effective written, verbal, and presentation communication
• Transaction and portfolio management, execution, and accountability
• Relationship management, collaboration, consensus building, and influence without direct authority
• Technical mentorship, knowledge sharing, and continuous improvement
• Initiative and the ability to perform effectively with minimal supervision
• High ethics, attention to detail, organization, and research skills
• Ability to perform effectively in a dynamic, fast-paced environment

Our Values:

• We work as a family, investing in each other, worthy causes, and the communities we serve. 
• We have integrity in all that we do; we embrace differences and treat others with kindness and respect. 
• We believe that, with teamwork, we can accomplish anything and pursue inventive solutions for our clients.