[Hiring] Senior Associate, Underwriting @Local Initiatives Support Corporation

Role Description

The Senior Associate, Underwriting & Fund Investments is an experienced affordable housing underwriter responsible for independently managing complex multifamily transactions from initial intake through underwriting, Investment Committee approval, and closing. The position is expected to manage active transactions at varying stages, applying strong credit judgment and financial analysis to evaluate affordable housing investments across LFM’s national portfolio.

The Senior Associate will lead lender-side underwriting of affordable multifamily transactions, including:

• Analysis of project economics
• Assessment of sponsor capacity
• Evaluation of market conditions
• Review of public subsidies and financing structures

This is a senior individual contributor role requiring substantial independence, sound judgment, and the ability to move multiple transactions forward with limited oversight. The Senior Associate will also serve as a thought partner to the Senior Director, Underwriting, and collaborate closely with various teams.

Responsibilities

• Underwriting and Financial Analysis (45%)
  • Independently manage the screening and underwriting of active transactions, primarily affordable multifamily rental housing investments.
  • Perform advanced financial and credit analysis, including:
    • Historical and projected financial statements
    • Project cash flows
    • Sources and uses
    • Development and operating budgets
    • Debt service coverage
    • Loan-to-value/loan-to-cost
    • Sensitivity analyses
  • Evaluate proposed rents, income, vacancy, operating expenses, construction costs, market assumptions, and overall project feasibility.
  • Assess sponsor/developer capacity, organizational and ownership structures, market conditions, and transaction risks.
  • Evaluate complex affordable housing financing structures, including public subsidies and applicable programs.
  • Review third-party diligence, including appraisals and environmental assessments.
  • Identify material credit risks and recommend appropriate mitigants.
• Credit Presentation and Transaction Execution (40%)
  • Take ownership of assigned transactions across the full underwriting pipeline.
  • Prepare intake memoranda summarizing the proposed transaction and key risks.
  • Draft and review letters of intent and term sheets.
  • Lead comprehensive due diligence and prepare credit memoranda.
  • Anticipate potential Investment Committee questions and conduct additional analysis as needed.
  • Co-present investment recommendations to the Investment Committee.
  • Coordinate with various stakeholders to resolve diligence issues.
  • Review closing statements and transaction documentation.
• Collaboration and Technical Leadership (15%)
  • Serve as a senior underwriting resource and thought partner.
  • Manage assigned work independently and escalate material risks appropriately.
  • Collaborate with various functions throughout the transaction lifecycle.
  • Support effective post-closing handoffs to Asset Management.
  • Contribute to the refinement of underwriting tools and processes.
  • Participate in pipeline reviews and cross-functional discussions.
  • Provide technical guidance and mentorship for junior staff.

Qualifications

• Minimum of 6–8 years of relevant experience in affordable housing finance or related fields.
• Experience independently underwriting complex multifamily real estate transactions.
• Prior experience presenting transactions to credit or investment committees.
• Advanced proficiency in financial modeling and cash flow analysis.
• Demonstrated ability to manage multiple concurrent transactions.
• Strong written and verbal communication skills.

Preferred

• Experience underwriting transactions across multiple U.S. markets.
• Experience with LIHTC, New Markets Tax Credits, or other public subsidy structures.
• Experience underwriting equity investments in addition to debt.
• Experience mentoring or supervising junior analysts.

Compensation

LISC provides a competitive salary ( $105k-$130k ) and excellent fringe benefits for this position.

• Medical, Dental, Vision Coverage: Comprehensive health plans for you and your family's well-being.
• Disability Insurance: Long-term and short-term coverage for peace of mind.
• Retirement Savings: Secure your future with our 401(k) and 403(b) plans.
• Generous Holidays: Enjoy ample time off to recharge and celebrate.
• Vacation, PTO, and Sick Days: Flexible time-off policies to maintain work-life balance.
• Tuition Assistance: Support for your educational goals.
• Referral Program: Earn rewards for referring qualified candidates.
• Professional Development Opportunities: Access to ongoing training and development programs.

Equal Opportunity Statement

LISC is an equal opportunity employer. LISC does not discriminate in employment on account of actual or perceived characteristics protected by applicable federal, state, or local laws.