Real Estate Underwriting Manager
Everett, Washington - Full Time

Starting Salary Range: $7,082 - $8,853 per month DOE, plus benefits

This position will remain open until filled with priority given to applications received by 5:00PM on Monday, July 11, 2022.

Everett Housing Authority is offering a $1,000 hiring incentive at the time of hire for all external candidates.


Everett Housing Authority Mission Statement: The Everett Housing Authority creates affordable housing, fosters healthy communities where households thrive, and replaces systemic racism with equity for all.

All EHA employees must be fully vaccinated against COVID-19 for the health and safety of the community we serve and our employees. Upon acceptance of an offer of employment, a prospective hire must submit a certificate of vaccination to the Human Resources Department.

The Everett Housing Authority owns, operates and maintains over 1,583 units of housing for seniors, low-income families, families with children experiencing homelessness and special needs populations within the City of Everett. In addition, our strategic plan includes objectives to develop 1,500 housing units by 2030. Your work will directly influence the financial planning, capital markets engagement, interdepartmental collaboration, and execution of housing development activities aimed to primarily serve Communities of Opportunity; and address the effects of institutional racism by championing diversity, equity and inclusion.

What can you expect from us? 
• A creative work environment and colleagues who are mission driven, collaborative, creative and challenging.
• Opportunity to grow professionally with excellent community minded projects that will directly impact the people we serve.

If you’re looking for a great benefits package we have that as well!

  • Accrue up to 22 vacation days in your first year of employment;
  • 13 paid sick leave days;
  • 12 paid scheduled Holidays plus 1 additional Floating Holiday per year;
  • Medical Insurance;
  • Dental Insurance;
  • Life Insurance;
  • Long Term Disability Insurance;
  • State Retirement Fund;
  • Flexible work schedule,
  • Employee Assistance Program;
  • Wellness Program;
  • Tuition reimbursement.

SCOPE OF WORK:

The Underwriting Manager will prepare and present investment analyses for real estate development and acquisition opportunities, and otherwise collaborate with the Development Department Director and department staff in the execution of their responsibilities. Essential duties and responsibilities include creating and managing complex financial models, budgeting and business planning, market research and underwriting due diligence, preparing investment memorandums, and providing broad analytical support for real estate investment, development, & construction activities.

This position will provide analytical leadership in Everett Housing Authority’s capital markets engagement and project financing for new and existing real estate development projects. Under the direct supervision of the Director of Development, this position is broad ranging across strategic activities including but not limited to deal structuring, financial modeling and scenario analysis, financial partner selection & relations coordination, transaction project management, public funding and regulatory process management, departmental forecasting and reporting, data analytics, project due diligence & design programming, and oversight of stabilization and project closeout transitions.

REQUIRED FUNCTIONS AND RESPONSIBILITIES:

The following duties are illustrative only (i.e. not all inclusive)

As a Real Estate Underwriting Manager, Development at the Everett Housing Authority (EHA) , you will fulfil the following responsibilities:

Development Modeling & Metric Analysis

  • Financial modeling infrastructure development and financial tool management.
  • Investor pursuit modeling and multivariate deal type analysis.
  • Housing pipeline modeling & departmental budgeting and economic forecasting.
  • Refine and track performance indicators and benchmark decision-making assumptions.
  • Training of Development staff in project finance transaction structuring and financial analysis across the housing development deal type spectrum.
  • Track, analyze, and report on local real estate market conditions (such as rents, expenses, occupancy, and absorption) and assist with market forecasts

Development Management

  • Collaborate with Development Department colleagues on all facets of development project management activities including but not limited to: process infrastructure & tools development, due diligence, design programming and consultant management, financial transaction management, monthly pay application and funding draw administration coordination, public event management, and project stabilization activities.
  • Assist public funding application and administration management.
  • Collaborate with Development Department & EHA interdepartmental teams on the creation, iteration, and trended data analysis of Development Department investment memos.
  • Collaborate in the creation and management of legal organizational vehicles to execute development and acquisition transactions.

Capital Markets & Public Funding Management 

  • Develop and manage capital markets infrastructure and tools to attract and increase public and private debt and equity capital flows for EHA housing projects.
  • Pursue and develop capital market strategies to support the development of mixed income community housing projects at scale per the strategic plan.
  • Prepare lender & equity investor RFPs, manage selection process, negotiate LOIs to EHA benchmark deal terms, coordinate Due Diligence Questionnaires and information requests.
  • Project Management of financing documents, partnership agreements, & regulatory documents specific to mixed income and affordable housing projects.
  • Prepare materials to support meetings with prospective and existing investors and stakeholders;
  • Assist in the development and coordination of monthly progress and status reports specific to internal and external process and stakeholder requirements.

Required Workplace Standards:

1. Remote work is negotiable; Remote work requires compliance to EHA’s Remote Work policy.
2. Works regular and reliable hours as required.
3. Attendance must be punctual and consistent.
4. Works an agreed-upon schedule and works additional hours as necessary to complete work.
5. Works effectively, cooperatively and respectfully with co-workers, clients and other contacts.
6. Follows all EHA Safety Policies and Procedures.
7. Follows all EHA Personnel Policies and Procedures.
8. Performs other duties as assigned.

MINIMUM REQUIREMENTS TO PERFORM ESSENTIAL FUNCTIONS

REQUIRED EDUCATION AND EXPERIENCE:

  • Relevant post-secondary education in Finance, Accounting, Urban Planning, or similar studies related to Real Estate Development & Finance; may substitute an additional four years of directly relevant experience in lieu of the degree.
  • Five or more years of direct experience in leading and managing housing finance operations, familiarity with housing acquisition & development best practices complex capital raising & financial modeling experience, advanced excel skills with the ability to train others; Senior level experience preferred.

REQUIRED KNOWLEDGE, SKILLS, AND ATTRIBUTES:

  • Real estate accounting, finance, and capital raising.
  • Multifamily and mixed-use project financial modeling & data analysis.
  • HUD, LIHTC, HOME, CDBG, bond, and conventional debt & equity transaction management experience.
  • Capital funding requirements and compliance constrains/impacts on operations.
  • A self-starter who can manage the required functions with limited oversight.
  • A strong desire to wed high standards with purpose and a sense of humor.
  • Highly collaborative by nature, with the willingness to approach every project with creativity. 
  • An innate desire to produce meaningful housing at scale with strong financial foundations. 
  • Detail and task-oriented with a passion for learning, innovation, and team engagement.

REQUIRED ABILITIES AND COMPETENCIES:

  • Experience in managing and/or providing analytical leadership to the real estate development process from inception to project stabilization and closeout, preferably in large scale multifamily and mixed use projects.
  • Knowledge of and experience in capital markets investor relations, financial modeling, investment committee memorandum development, affordable and mixed income housing deal structuring, development project management.
  • Passion for real estate accounting, finance, and housing development with a proactive and independent nature including strong analytical, planning, negotiation and problem-solving skills.
  • Keen insight and analytical capabilities coupled with business acumen, including the ability to lead complex private and public transaction collaborations.
  • A demonstrable Advanced Level understanding and technical proficiency in Excel, MS Project, MS Office, Sharepoint, and like real estate industry software tools.
  • The ability to prioritize tasks and work on multiple time sensitive assignments in a team environment.
  • Proven experience in the formation and management of capital markets strategy and housing investment partnerships (public funding, debt, and equity); 
  • Exceptional communication skills, both written and oral, in front of a variety of internal, community, investor, corporate, and development partner audiences

LICENSES AND OTHER REQUIREMENTS:

  • Fair Housing Certification or ability to obtain one within 90 days.

ADDITIONAL (DESIRABLE) QUALIFICATIONS

  • Knowledge of asset and/or fund level investment vehicle structuring and;
  • Work experience in local government planning &/or housing development;
  • CPA or CFA accreditation(s)
  • LIHTC specialist expertise
  • Multifamily operations financial analytics expertise

 

The Everett Housing Authority is a progressive agency pursuing its mission with great passion and a high level of professionalism and competence. EHA seeks passionate and optimistic individuals to join our team of highly engaged and satisfied employees committed to assisting those for whom stable and affordable housing is a challenge. EHA’s work has been recognized nationally with awards from NAHRO and Nan McKay. Most recently, EHA received NAHRO’s National Awards of Merit for a fully accessible community garden open to public housing residents and members of the surrounding community and for highly creative financing to convert 333 public housing units to project-based Housing Choice Vouchers and improve these properties with over $20 million in renovations. In addition, EHA received a NAHRO’s National Award of Excellence for a new 20-unit development serving survivors of domestic violence.

Members of our team are rewarded with meaningful work, competitive compensation, employee-friendly policies, a team environment, great benefits, and promotion and bonus opportunities. Please consider joining our team in pursuit of the exciting challenge of meeting the affordable housing needs of Everett and Snohomish County.

The Everett Housing Authority is an Equal Opportunity Employer