Real Estate Development Finance Underwriter (Raleigh/Durham)

Real Estate Development Finance Underwriter (Raleigh/Durham)

Salary Range: $88,045 to $132,758 (commensurate with experience)

The Raleigh Housing Authority is seeking to add new members to the team that are eager to make a difference in their community. If you are looking for more than just a job, but a place where you belong, can grow, and be part of a solution to the housing affordability crisis, we have a place for you. Enjoy the satisfaction of helping families be housed successfully and giving them an opportunity to thrive. We value service, community, respect, and equity. We offer competitive compensation, generous benefits, a solid pension plan, and opportunities for career growth. Commit to something that matters and begin your journey with us as a Real Estate Development Finance Underwriter.

GENERAL DESCRIPTION:

Lead the financial modeling and analysis of housing development projects on agency owned land, preservation and rehabilitation of existing agency-owned housing, and other real estate development activities including new acquisitions. This position is an integral part of the overall agency strategy and ensures that the investments we undertake align with our vision and are financially sound.

Primary Responsibilities:

• Deal structuring and financial modeling for multiple real estate projects.
• Produce feasibility analysis for prospective real estate developments.
• Underwrite deals financed with federally regulated funds.
• Perform risk mitigation analyses.
• Assist with land acquisition, including preparation of letters of intent (LOI)/term sheets and purchase contracts with legal counsel, and gathering and evaluating due diligence materials.
• Conduct internal and external research to support all investment and finance assumptions, including but not limited to, acquisitions, construction or rehab costs, site development costs, utility costs, market analysis, entitlements, etc.
• Update development proformas and perform financial due diligence as project details and market conditions change.
• Support housing development project managers with needed underwriting analysis for real estate committees and CEO and Executive Board for final approval.
• Coordinate financial closings with internal and external parties, including project managers, developer partners, City and State agencies, lenders, equity investors, and bond underwriters.
• Work closely with colleagues from city, county, state and Federal agencies involved in the development of affordable housing.
• Research and gather documentation for RFQ/RFP processes.
• Evaluate RFQ/RFP responses from potential development partners.
• Make presentations to residents, board members, elected officials, and community members.
• Exhibit professionalism and integrity when representing the Raleigh Housing Authority and its affiliates while attending and participating in professional functions.
• Undertake other tasks as may be assigned by the Chief Real Estate Development Officer.

DESIRED EDUCATION, EXPERIENCE AND SKILLS

• Bachelor’s Degree or higher from an accredited four-year college or university, with at least three years of affordable housing finance experience.
• Strong financial and analytical skills that will excel in a dynamic, entrepreneurial, and collaborative environment. Prior experience with housing authority, finance agency, tax credit syndicator, impact equity investor, or lender is a plus.
• Ability to use proprietary financial models to assess feasibility, optimal structure, and appropriate underwriting of new construction and preservation projects.
• Technical fluency in tax credit programs and other federal financing programs especially Low-Income Housing Tax Credits (LIHTC) and tax-exempt bonds, and HUD mixed finance transactions and operating subsidies
• Familiarity with joint venture real estate equity investments and other affordable housing finance structures, including, but not limited to, FHA-insured loans, GSE loans, and bank construction loans.
• Ability to explain, in writing, deal structure, investment proposals, and project details for internal and external audiences.
• Proficiency in Microsoft Excel, Word, and Power Point.
• Knowledge of the Greater Raleigh real estate market a plus.

SPECIAL REQUIREMENTS

• Possession of a valid North Carolina driver’s license and safe driving record for those required to drive or allowed to drive on behalf of RHA.
• Drug testing and criminal background check required.