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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.

A Civil Service exam is not required for this position. Candidates must meet the minimum qualifications outlined below to be considered.

NYS Homes and Community Renewal (HCR) is committed to fostering a culture of diversity, equity, inclusion, and accessibility. Our work would not be possible without the diverse backgrounds, experiences, ideas, and abilities of our employees. HCR is committed to developing a workforce that represents the diverse population of New York State. HCR embraces a diverse and inclusive work environment by encouraging all individuals, including those with disabilities, to apply to open positions at the agency.

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 Low-Income Housing 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. The Office has primary responsibility for implementing many of the initiatives under the Governor’s Housing Plan, an unprecedented $25 billion investment over five years.

The Underwriter will be part of the Preservation Team, a newly created team within the Office of Multifamily Finance & Development with the goal of concentrating on preservation transactions, including but not limited to Mitchell Lamas, USDA 515s, Year 15 and Year 30 LIHTC preservation, supportive housing preservation, and Section 8 properties.

Duties:

The Underwriter will be responsible for assisting with all aspects of financial analysis and project management for multifamily rental projects seeking preservation financing. Specific responsibilities will include financial underwriting of construction and permanent financing as well as 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, and 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:

• Assist with project management of transactions including coordinating with developers, financial

institutions, syndicators, other project partners, and governmental agencies to resolve problems and move projects forward in a timely fashion.

• Underwrite and originate mortgages for affordable preservation projects.

+ Work with Assistant Vice Presidents and Senior Underwriters to make recommendations related to development budgets, proformas, deal structure, HCR subsidies and affordability.

• Prepare written materials to secure internal project approvals for Credit Committee and Board.

• Collaborate with Finance and Development colleagues to assess the experience of the developer, general contractors and property managers.

• Work closely with HCR’s Legal team to prepare for closings.

• Inform developers of HCR policies, regulations, and assist in resolving issues related to project approval.

Qualifications:

• Minimum of a Bachelor’s degree with concentration in Housing or Urban Planning preferred.

• Master’s degree in business administration, Public Administration, or City Planning with concentration on Real Estate or Public Finance and/or experience in real estate and/or affordable housing preferred.

• Knowledge and/or experience in real estate and/or affordable housing.

• Minimum two to four years of multifamily affordable housing development experience depending on type of experience and level of education.

• Quantitative skills including expertise in Excel.

• Strong oral and written communication skills.

• Demonstrated capacity for collaboration, performing multiple tasks, analyzing complex processes, and using independent judgment.

• Strong self-initiative for accomplishing production goals and securing necessary approvals.

This job description is not intended to be all inclusive, and employee will also perform reasonable related business duties as assigned.

What we offer at NYSHCR:

+ Extensive benefits package including paid leave, including excellent health, dental, vision and retirement benefits (https://www.osc.state.ny.us/retirement) with the New York State & Local Employees’ Retirement System.

+ Promotional opportunity for dedicated professionals

+ Work life balance benefits including a 37.5 hour work week and paid time off benefits including, vacation, sick, personal days, and Federal Holidays

+ Opportunity for compressed scheduling

+ 12 weeks of Paid Parental Leave

+ Paid Family Leave

+ Opportunity for compressed/flextime scheduling

+ As a New York State employee, you may qualify to participate in the Federal Public Service Loan Forgiveness Program (https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service) (PSLF). The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under an accepted repayment plan (https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service#qualifying-repayment-plans) and while working full-time for an eligible (https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service#qualifying-employment) employer.

Additional SONYMA/HFA/AHC Benefits:

+ Cash in for Wellness! This program provides you with the option of buying or renewing a health club membership of your choice or enrolling in a weight loss and or smoking cessation program, using your sick leave accruals.

+ Tuition reimbursement program – for job related and non-job related courses

+ Vacation Leave Buy-Back program – Subject to approval, every year eligible employees may exchange previously earned and accrued vacation time in return for cash compensation (at employee’s daily rate of pay at time of exchange)

+ Access to Plum Benefits – savings on movie tickets, theme parks, hotels, tours, Broadway shows and more!

+ Optical reimbursement program – Employees are eligible for optical, hearing aid, and podiatric expenses not otherwise covered by insurance, with a maximum aggregate amount of $650 per year, per family. Unused yearly balances may be carried over to the next year for a maximum of $1300

About New York State Homes and Community Renewal:

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, construction. 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.