Multifamily Underwriter – Minnesota Housing

Open until filled.

Minnesota Housing is hiring! Minnesota Housing is seeking a qualified Underwriter candidate in the Multifamily Division. Minnesota Housing is the state’s housing finance agency. For more than 45 years, we’ve worked to provide access to safe, decent, and affordable housing and to build stronger communities across the state.

The Multifamily Underwriter is responsible for the underwriting and structuring of multifamily projects using a variety of financing products including Low Income Housing Tax Credits (LIHTC), amortizing mortgages, construction bridge loans funded by tax exempt bonds, and various state and federal deferred soft second loan products.  The role assesses the financial feasibility and strength of proposals in accordance with state and federal statutes, program rules as well as strategic priorities and standards of the Agency.  Additionally, the position is responsible for reviewing due diligence and facilitating the proposals from selection to construction closing.  The Multifamily Underwriter is at the forefront of engaging and problem solving with developers and frequently collaborates with both internal and external partners.

Essential Job Duties:

  • Underwrite and structure affordable multifamily projects using a variety of financing products while ensuring all funding is in compliance with state and federal statutes and program rules as well as policies and underwriting standards of the Agency.
  •  Validate submitted applications for adherence to scoring categories, conduct feasibility analysis including identifying and mitigating risk to funding proposals.
  • Oversee all steps in the underwriting process that includes: sizing amortizing debt, soft debt, and tax credits, working with external customers and funders, and working with Agency staff across the division (e.g. supportive housing, asset management, legal)
  • Produce clear written and verbal presentations of complex projects and financial structures to various audiences, including applicants, developers and various Minnesota Housing committees and the Board of Directors.
  • Act as the Agency point of contact for applicants and developers and ensure customers and their teams are fully informed of Minnesota Housing requirements, concerns and process.
  • Problem solve and collaborate with the developer and other funders through the project life-cycle through completion of construction and permanent financing.
  • Provide technical assistance as needed to potential applicants, to facilitate applications that are competitive and meet Minnesota Housing selection and funding criteria.

Minimum Qualifications

To be qualified for and considered for this position, applicants must meet all of the minimum qualifications listed below. Ensure that your resume contains descriptions of your work experiences sufficient for comparison against the requirements stated below and indicate 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 considered for this position:

  • Three (3) years of professional level experience in multifamily underwriting, loan origination, credit analysis, or affordable housing finance, program experience or closely related work. Affordable *multifamily real estate development or project management experience is also acceptable.
    • A Bachelor’s degree in Business Administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning, or a related field may substitute for one (1) year of professional experience;

OR

    • Master’s degree in Business Administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning, or a related field may s substitute for eighteen (18) months.

* For this role, multifamily generally means rental properties containing more than 12 units and single family lending experience or mortgage banking experience is insufficient.

In addition to the qualifications listed above, the following is also required:

  • Knowledge of multifamily financing structures and funding sources (such governmental or bank financing, bond financing and Low-Income Housing Tax Credits)
  • Ability to analyze funding proposals that involve multiple financing sources and complex financial deal structures
  • Interpersonal skills to develop strong collaborations as well as manage internal and external relationships
  • 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

Preferred Qualifications

  • Master’s degree in Business Administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning, or a related field AND two (2) years of demonstrated experience in multifamily underwriting, multifamily loan servicing or affordable housing finance or program experience or closely related work. For this role, single family lending experience or mortgage banking experience is insufficient.
  • Professional level experience in affordable housing including multifamily underwriting, loan origination, credit analysis, program administration or closely related work.
  • Our employees are dedicated to ensuring cultural responsiveness. Preferred candidates will have a variety of experiences working effectively with others from different backgrounds and cultures.

Physical Requirements

Transport equipment (i.e. file folders, ledgers, and small tools) across building. Maintain a stationary position for long periods of time.

Additional Requirements

This position requires the successful completion of the following:

  • Reference Check
  • Job- related Criminal Background Check

Annual Salary Range

$56,898 – $84,000/annually; $27.25 – $40.23/hourly

To Apply:

External candidates should apply via this web link: https://careers.mn.gov/psp/mnjob/MNCAREERS/HRCR/c/HRS_HRAM_FL.HRS_CG_SEARCH_FL.GBL?Page=HRS_APP_JBPST_FL&FOCUS=Applicant&SiteId=1001&JobOpeningId=54728&PostingSeq=1&languageCd=ENG

Internal candidates who are interested in applying should go to Employee Self Service > Careers and search for Job ID 54728.

Why Choose Minnesota Housing?

Our culture consists of passionate, mission-driven employees focused on delivering the best programs possible to help Minnesotans access safe, affordable housing. We invest in our employees’ futures by providing a variety of professional development opportunities. We’re committed to providing employees with work-life balance by offering many work schedule options, flexible schedules and limited overtime. That’s why our average employee tenure is 11 years.

At Minnesota Housing, we know that affordable housing is an essential part of Minnesota’s infrastructure. When you work here, you’re helping to build stronger communities. We also have a national reputation as one of the finest housing finance agencies in the country.

Our top notch benefits include extremely inexpensive health insurance for employees and dependents, generous vacation and sick leave plans, eleven holidays per year, and tuition assistance. We offer a defined benefit pension plan with a guaranteed, life-long benefit based on tenure plus pre-tax and ROTH options to supplement the pension.  For more information, visit our website at www.mnhousing.gov.

Affirmative Action/ Equal Opportunity Employer
This information can be made available in alternative formats to individuals with disabilities by calling (651) 259.3637 or (651) 282.2699 (TTY).

About Minnesota NAHRO

Our goal is to be the leading housing and community development organization in Minnesota by promoting strong, viable communities for all Minnesotans, particularly those with low and moderate incomes.

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Updates from Minnesota NAHRO

Nominate Your Worthy Colleague

Nominate Your Worthy Colleague

Accepting Spring Award Nominations  Minnesota NAHRO honors its leaders in the affordable housing industry by presenting four unique awards throughout the year. This Spring we will present the Allan Anderson Award of Merit and the Housing & Community Development...

Urge Congress to Pass FY22 HUD Funding Immediately

Urge Congress to Pass FY22 HUD Funding Immediately

Take Action at NAHRO's Advocacy Center  Congress needs to do its job! Congress has yet to approve the FY22 budget even though we are nearly 5 months into the fiscal year.  The debate continues over the appropriate level of federal funding for HUD programs.  Congress...

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