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Job DescriptionMultifamily Project Underwriting & Financial Analysis
- Coordinate the review of assigned multifamily applications.
- Determine eligibility for Low-Income Housing Tax Credits (LIHTC), tax-exempt bond financing, and Agency loans.
- Apply prudent underwriting techniques to complex affordable housing transactions.
- Conduct comprehensive reviews of applications, environmental reports, appraisals, market studies, financing commitments, and project updates.
- Assess financial feasibility and compliance with the Agency's QAP, Development Cost Limits, and Application Instructions.
- Conduct and monitor the 25% test for tax-exempt volume cap transactions.
Project Management & Stakeholder Coordination
- Serve as the primary point of contact for assigned developments.
- Act as liaison between developers and internal Agency divisions.
- Facilitate communication among Housing Management, Technical Services, Financing, Legal, and other stakeholders.
- Coordinate project review activities and ensure adherence to submission requirements and timelines.
- Reprioritize projects based on Agency staffing, financing resources, and bond issuance schedules.
- Participate in weekly project closing calls following Board approval.
Closing & Transaction Execution
- Facilitate financial closings for multifamily developments.
- Finalize pre-commitment packages, modification requests, and Board write-ups.
- Prepare closing-related documents, including:
- Subsidy Layering Reviews
- Indentures of Restrictive Covenants
- Invoices
- 42(m) Letters
- Other required closing documents
- Coordinate financing and bond strategies with Legal and Finance Departments.
Compliance, Regulatory Review & Risk Management
- Ensure projects meet Agency policies, underwriting standards, and program requirements.
- Verify compliance with federal, state, and local affordable housing funding programs.
- Monitor project financing structures for consistency with Agency policies.
- Maintain expertise in HUD, Housing Authority, municipal, county, and redevelopment authority programs.
- Identify and address application deficiencies throughout the underwriting process.
Documentation, Reporting & Records Management
- Prepare comprehensive developer correspondence and underwriting review memoranda.
- Document deficiencies and required resolutions throughout the review process.
- Maintain complete project files in both electronic and hard-copy formats.
- Ensure timely and accurate data entry into Agency systems.
- Produce Board materials and project status documentation.
Industry Relations & External Representation
- Represent the Agency at industry conferences, meetings, groundbreakings, ribbon cuttings, and housing events.
- Build and maintain relationships with developers, financing partners, and industry stakeholders.
- Serve as an Agency representative during project development and closing activities.
Strategic Planning, Research & Program Improvement
- Monitor affordable housing industry trends and policy developments.
- Provide recommendations regarding program enhancements and emerging market trends.
- Conduct qualitative and quantitative research to improve Agency programs, guidelines, and operational efficiencies.
- Support continuous improvement initiatives within the department.
Professional Development & Organizational Participation
- Participate in Agency-sponsored training and professional development opportunities.
- Maintain current knowledge of affordable housing finance, underwriting, and regulatory requirements.
- Perform additional duties as assigned.
- Maintain required in-office presence and collaborate effectively with Agency staff.
Bachelor’s degree with a preferred degree in business administration, public administration, finance, computer technology, or real estate. or an equivalent amount of relevant experience. Three to five years work experience in the affordable multifamily housing field.
Previous work experience with Low Income Housing Tax Credit underwriting or development.
Location: Pittsburgh Office
QualificationsBachelor of Science - Business Administration/Management, Relevant professional experience (2-5 years)ExperienceRelevant professional experience (2-5 years)EEO StatementAs an employer, PHFA is committed to having a workforce that is diverse and reflects the residents that it serves. We strive to maintain a workplace where all employees and applicants for employment receive equal opportunities in all aspects of employment. There are numerous policies in place at PHFA to help us honor this commitment.
The Pennsylvania Housing Finance Agency is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to age, disability, family status, gender, national origin, political affiliation, race or religion.
PHFA values, honors and commits to the equitable treatment and elimination of discrimination in all forms. We are committed to the diversity of all staff, and in all programs and services offered.
Skills Required
- Bachelor's degree in business administration, public administration, finance, computer technology, real estate, or equivalent relevant experience
- Three to five years of work experience in the affordable multifamily housing field
- Previous experience with Low-Income Housing Tax Credit underwriting or development
- Relevant professional experience of 2-5 years
What We Do
PHFA is the Commonwealth of PA's leading provider of capital for affordable homes and apartments. Created to help enhance the quality and supply of affordable homes and apartments for older adults, persons of modest means, and persons with disabilities.
