Vice President, Underwriting

Full-time

Description

CREA LLC is a full-service low-income housing tax credit (LIHTC) syndicator forming long-term relationships with investors and developers that cultivate success and improve lives. With over 20 years in affordable housing CREA has raised $14.1 billion - resulting in the formation of 106K homes within 1122 communities across the country. Thanks to the contribution of over 130 employees CREA continues to look for talented and passionate individuals who are excited about opportunities to grow with us into the future.

Physical Presence: In-Office Tue Thu; Flexible Mon & Fri

Open to the following locations: Indianapolis IN.

Reports to: Managing Director Credit & Underwriting

Position Summary:

The Vice President Underwriting evaluates prospective affordable housing investments utilizing the Low-Income Housing Tax Credit (LIHTC) program. This experienced role performs financial credit market and risk analysis; identifies investment risks and mitigation strategies; and prepares recommendations for senior leadership and investment decision-makers. The position works closely with Acquisitions Syndications Asset Management developers lenders legal counsel consultants investors and other internal and external stakeholders throughout underwriting approval closing and funding. Th Vice President independently manages a portfolio of assigned transactions develops productive transaction relationships influences outcomes through sound judgment and effective communication provides technical guidance to junior team members and contributes to the continuous improvement of CREAs underwriting practices tools and investment processes.

Primary Responsibilities:

• Lead underwriting efforts for assigned LIHTC investment opportunities from initial screening through closing and funding.
• Independently manage a portfolio of active transactions balancing competing priorities and deadlines while ensuring timely underwriting approvals closings and funding.
• Evaluate financial models development budgets operating pro formas historical performance market conditions market studies third-party reports and financing structures.
• Perform detailed financial analysis including debt sizing break-even analysis cash flow projections sensitivity testing and risk assessment.
• Recommend appropriate rent and expense levels for proposed investments based on research and analysis.
• Evaluate transaction feasibility real estate conditions development team experience guarantor strength developer and guarantor financial statements real estate portfolios and overall creditworthiness.
• Perform credit and background checks on entities and individuals; escalate findings and support their resolution.
• Identify material investment risks and recommend appropriate mitigation strategies consistent with CREAs investment guidelines.
• Review proposed financing key loan documents financing terms partnership structures and legal documentation.
• Lead the preparation of underwriting memoranda presentation materials and investment recommendations for Screening Placement Capital and Investment Committees; present transaction findings and respond to questions regarding underwriting assumptions risks and recommendations.
• Collaborate with originators Acquisitions Syndications Asset Management attorneys lenders developers consultants investors and other stakeholders to facilitate successful transaction execution.
• Develop and maintain productive working relationships with developers lenders attorneys consultants investors and other transaction participants.
• Facilitate consensus among internal and external stakeholders and influence transaction outcomes through sound analysis effective communication and professional judgment.
• Support transaction closing activities and validate that final deal terms remain consistent with approved underwriting assumptions.
• Support the development maintenance and refinement of underwriting standards IT tools financial models databases and department best practices.
• Provide technical guidance training mentorship and knowledge sharing to Analysts Associate Underwriters and other junior team members.

Secondary Responsibilities:

• Participate in site visits developer meetings and due diligence reviews to evaluate existing conditions and risks.
• Assist with market research and the evaluation of emerging affordable housing financing programs and structures.
• Support special projects and strategic initiatives within the Credit & Underwriting department.
• Cross-train across affordable housing investment products and financing structures.
• Participate in departmental process improvement efforts focused on efficiency risk management underwriting quality and sound transaction execution.

Requirements

• Bachelors degree in Real Estate Finance Accounting Economics Business or a related field.
• Minimum of eight years of applicable experience in multifamily real estate affordable housing LIHTC syndication commercial real estate lending or real estate investment analysis including demonstrated experience independently underwriting transactions and presenting recommendations to senior decision-makers.
• Demonstrated ability to underwrite LIHTC or other complex multifamily real estate transactions with increasing independence.
• Strong understanding of affordable housing finance LIHTC regulations multifamily development construction lending permanent financing and partnership structures.
• Advanced proficiency in Microsoft Excel and financial modeling with proficiency in the Microsoft Office Suite.
• Strong written and verbal communication skills including the ability to explain complex analysis facilitate consensus and present recommendations to senior leadership and investment committees.
• Excellent organizational and time-management skills with the ability to manage a portfolio of transactions competing priorities resources and deadlines simultaneously.
• Highly motivated proactive self-directed and willing to accept new responsibilities as CREAs business grows.
• Strong analytical relationship-management problem-solving critical-thinking and decision-making abilities.
• Approximately 10% travel required including occasional overnight travel.

Core Competencies:

• LIHTC underwriting multifamily real estate and investment analysis
• Financial modeling including review of audits financial statements and tax returns
• Credit evaluation background research and risk assessment
• Developer guarantor market and real estate portfolio analysis
• Strong business judgment critical thinking and decision-making
• Effective written verbal and presentation communication
• Transaction and portfolio management execution and accountability
• Relationship management collaboration consensus building and influence without direct authority
• Technical mentorship knowledge sharing and continuous improvement
• Initiative and the ability to perform effectively with minimal supervision
• High ethics attention to detail organization and research skills
• Ability to perform effectively in a dynamic fast-paced environment

Our Values:

• We work as a family investing in each other worthy causes and the communities we serve.
• We have integrity in all that we do; we embrace differences and treat others with kindness and respect.
• We believe that with teamwork we can accomplish anything and pursue inventive solutions for our clients.

Notice of AI Use in Job Application Review

As part of our commitment in creating a fair efficient and consistent hiring process we may use artificial intelligence (AI) to help our recruiting teams organize summarize and analyze information provided by candidates including resumes application responses and other materials submitted during the application process. AI may be used to identify patterns highlight relevant skills and experience and assist in comparing a candidates qualifications with the requirements of a specific role. These tools are to improve efficiency and consistency while supporting more informed hiring decisions which will ultimately be made by the hiring team.

Required Experience:

Exec