Local Initiatives Support Corporation (LISC)

Associate, Underwriting

Local Initiatives Support Corporation (LISC)

full-time

Posted on:

Location Type: Remote

Location: United States

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Salary

💰 $84,110 - $105,137 per year

About the role

  • Lead underwriting and credit analysis for assigned funds, including the National Strategic Investments Impact Fund (NSIIF), Cleveland Housing Investment Fund (CHIF), and Dallas Housing Opportunity Fund (DHOF), with a primary focus on affordable housing and naturally occurring affordable housing (NOAH) transactions.
  • Underwriting experience with commercial real estate (retail, office, health care) and other CDFI lending desired.
  • Screen, structure, and underwrite bespoke real estate financing transactions, evaluating borrower capacity, layered subsidy structures, and fund-specific investment parameters.
  • Analyze project and borrower operating performance, including historical and projected financial statements, sources and uses, and sensitivity analysis.
  • Develop and interpret detailed financial models and projections, including review of tax credit structures and complex capital stacks.
  • Assess emerging borrower risk profiles while maintaining disciplined credit standards and identifying appropriate mitigants.
  • Identify and articulate credit risks, proposing appropriate structural enhancements such as reserves, guarantees, covenants, or other risk controls.
  • Maintain familiarity with federal and state housing finance programs and evolving market conditions across multiple geographies.
  • Prepare comprehensive credit memoranda for Intake Committee and Credit Committee consideration.
  • Present financial analysis and underwriting recommendations at Intake Committee and Credit Committee.
  • Coordinate due diligence review, including loan documents, partnership agreements, and other transaction materials.
  • Support closing process and transition of transactions to Asset Management.
  • Collaborate with Fund Investments, Asset Management, Fund Management, Legal, and Operations to ensure alignment across the transaction lifecycle.
  • Participate in structuring discussions for complex or layered affordable housing financings.
  • Engage directly with borrowers to request additional information, clarify underwriting assumptions, and communicate credit standards.
  • Contribute to pipeline discussions and strategic conversations related to fund deployment and portfolio performance.

Requirements

  • Bachelor’s degree in Finance, Real Estate, Economics, or related field required; Master’s degree preferred.
  • Minimum 5 years of experience underwriting real estate loans in a community development finance, CDFI, affordable housing, or commercial banking environment.
  • Demonstrated experience underwriting bespoke real estate transactions, including layered capital stacks and subsidy structures.
  • Prior experience preparing and presenting credit analyses to loan or investment committees required.
  • Working knowledge of affordable housing finance, including familiarity with tax credit structures (LIHTC) and public funding sources; exposure to naturally occurring affordable housing (NOAH) transactions preferred.
  • Working knowledge of commercial real estate financing and community development financing (e.g., financing bridge lending to community development organizations, with a sensitivity to alternative collateral).
  • Strong understanding of financial modeling and real estate underwriting principles, including sensitivity analysis and risk mitigation strategies.
  • Ability to evaluate emerging or capacity-constrained borrowers while maintaining disciplined credit standards.
  • Proficiency in Excel and financial modeling; comfort working with fund models and tax credit calculations.
  • Experience coordinating transactions across multiple stakeholders, including borrowers, co-lenders, legal counsel, and internal teams.
  • Familiarity with federal and state housing finance programs preferred; CDFI experience is a plus.
  • Strong written and verbal communication skills, with the ability to clearly articulate credit considerations and defend underwriting conclusions.
  • Demonstrated interest in community development and impact investing, with the ability to balance mission objectives and prudent credit practices.
Benefits
  • 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: Take advantage of flexible time-off policies to maintain work-life balance;
  • Tuition Assistance: Pursue your educational goals with support from our tuition assistance program;
  • Referral Program: Earn rewards for referring qualified candidates to join our team;
  • Professional Development Opportunities: Grow and advance in your career with access to ongoing training and development programs tailored to your goals.
Applicant Tracking System Keywords

Tip: use these terms in your resume and cover letter to boost ATS matches.

Hard Skills & Tools
underwritingcredit analysisfinancial modelingsensitivity analysisreal estate financingtax credit structurescapital stacksrisk mitigation strategiescommercial real estateCDFI lending
Soft Skills
communication skillscollaborationanalytical skillspresentation skillsattention to detailproblem-solvinginterpersonal skillsorganizational skillsstrategic thinkingability to evaluate borrowers