Job Information
State of New York Mortgage Agency Underwriter in New York, New York
New York State Homes and Community Renewal (HCR) is the State’s affordable housing agency, with a mission to build, preserve, and protect affordable housing and increase homeownership throughout New York State.
Under the leadership of Governor Kathy Hochul and Commissioner RuthAnne Visnauskas, HCR is a vibrant, innovative agency that integrates and leverages New York State’s housing resources. We have offices in New York City, Albany, Buffalo, and Syracuse, and employ a diverse workforce of professionals who are hard-working and committed to serving low- and moderate-income families. Our mission is far reaching, encompassing single and multifamily housing finance, home improvement, rent regulation, housing subsidies, and community development. We partner regularly with a variety of public and private stakeholders.
Achieving this mission requires a wide range of skills and backgrounds in public policy, administration, real estate, architecture, finance, law, and many other areas of expertise. We seek to provide a workplace environment that is productive, flexible, accountable, ethical, and caring. Our employees are empowered to make a difference where they live and work. We offer competitive pay and a comprehensive benefits package, including paid leave, health, dental, vision, retirement, and family-friendly policies.
The Office of Multifamily Finance & Development actively engages with a range of partners including for-profit, and not for profit borrowers, municipalities, lenders, investors, and other funding entities to leverage tax credits, tax exempt bonds, and a multitude of State funded programs. Our resources have helped finance tens of thousands of affordable apartments and affordable homes since 2011. Finance & Development has primary responsibility for implementing many of the initiatives under the Governor’s Housing Plan, an unprecedented $25 billion investment over five years.
Duties:
The Underwriter will be responsible for all assisting with aspects of financial and project management for an assigned group of multifamily rental projects, including financial underwriting of construction and permanent financing utilizing bonds, tax credits, and HCR subsidy and all duties required to move a project through commitment and loan closing. There will be contact with for-profit and not-for-profit developers and affordable housing lenders with exposure to a wide range of projects throughout New York State. The Underwriter may also have an opportunity to work on program analysis and policy issues, as needed. Duties may include but are not limited to the following:
Underwrite and originate mortgages for affordable multifamily housing for new construction, preservation and adaptive reuse projects that utilize tax exempt and taxable bonds, tax credits, and other State and municipal funding sources.
Assist with project management of transactions coordinating externally with developers, financial institutions, syndicators, other governmental agencies, and project partners to move projects forward in a timely fashion.
Assist with the coordination of internal approvals for transactions working with HCR’s Asset Management, Environmental, Design and Sustainability, Dept. of Empowerment, Compliance and Opportunity, Fair Housing, and other internal teams.
Work with the Vice Presidents, Assistant Vice Presidents, and Senior Underwriters to make recommendations related to budgets, proformas, deal structure, HCR subsidies and affordability.
Prepare written materials for presentation to Credit Committee and submission to Board to secure internal project approvals.
Work closely with Legal and Debt Issuance teams to prepare for mortgage and bond closings.
Advise and assist external parties through HCR policies, terms, and regulations to resolve issues related to project approval.
Qualifications:
A Bachelor’s degree with course work/credits specific to finance and/or real estate; a minimum of 2+ years of relevant experience in multifamily real estate lending and/or development; or a satisfactory combination of education and/or experience equivalent to the above.
Proficiency in Excel using mortgage loan models and employing financial concepts.
Demonstrated interest in the affordable housing industry.
Strong interpersonal, verbal, and written communication skills.
Ability to build relationships with staff, executives, and external partners.
Strong organizational skills with excellent attention to detail.
Strong self-initiative for accomplishing production goals and securing necessary approvals.
Preferred Qualifications:
Experience with New York City, New York State and federal multifamily affordable preservation and new construction financing preferred.
MBA or other graduate degree in related field a plus.
This job description is not intended to be all inclusive, and the employee will also perform reasonable related business duties as assigned.
WHAT WE OFFER:
Extensive benefits package including paid leave, excellent health, dental, vision and retirement benefits;
Promotional opportunities for dedicated professionals.