The Multifamily (MF) Underwriting team is seeking a MF Low Income Housing Tax Credit (LIHTC) Investment Underwriting Manager. The hired candidate will be responsible for underwriting and closing LIHTC investment executions for the Targeted Affordable Housing (TAH) team. They will be responsible for the credit quality of investments closed. The MF LIHTC Investment Underwriting Manager will evaluate proposed LIHTC investments for credit risk, negotiate, and obtain deal approvals, oversee the preparation and issuing of commitments.
- Managing a team of people to underwrite LIHTC investments for TAH
- Drafting the policies and procedures of the execution
- Determining which LIHTC investment meets the program requirements
- Review documentation related to all deal sources, including loans, grants, subordinate financing, rental subsidy and regulatory agreements, to verify timing, structure and transaction terms that comport with Freddie Mac underwriting and approval
- Evaluate each investment for tax issues, including 704(b), real debt analysis, and proper accounting treatment of each development budget item
- Able to complete tasks under a deadline and handling multiple proposed LIHTC investments from multiple tax credit syndicator partners
- Participating in providing reporting and management feedback on these activities
- Establishing and assuring adherence to budgets, schedules, work plans, and performance requirements
- Keeping abreast of market changes and product enhancements needed to remain current and competitive will also be amongst the responsibilities
- Responsibilities entail creating and/or finalizing pro forma statements, review of third party reports, working with producers and LIHTC syndicator partners to structure deals, review of Guarantor, General Contractor, and other critical parties’ financial position, market analysis, property inspections, and presenting deals for approval
- Receiving assignments in the form of objectives and determines how to use resources to meet schedules and goals
- Providing guidance to subordinates within the latitude of established company policies
- Recommending changes to policies and establishes procedures that affect immediate organization's operation
- Collaborate with Credit Policy, as needed, to update LIHTC credit policy
- Position requires up to 25% travel
- Typically has a minimum of 8 years of LIHTC Multifamily and/or Affordable Housing real estate experience
- Bachelor’s degree and/or equivalent experience
- Demonstrated experience in originating and/or underwriting, structuring and negotiating LIHTC investments for a syndicator or direct investor.
- Demonstrated strength in the preparation of projections, budgets and pro-forma statements, preferably in Multifamily
Today, Freddie Mac makes home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Join our smart, creative and dedicated team and you’ll do important work for the housing finance system and make a difference in the lives of others. Freddie Mac is an equal opportunity and top diversity employer. EOE, M/F/D/V.