Careers at MassHousing

Affordable Housing Trust Fund Underwriter

Since its inception in 1966, MassHousing has supported affordable home ownership and rental housing opportunities throughout Massachusetts. The Agency has provided more than $27 billion for affordable housing in that time. Currently, MassHousing is seeking an experienced professional for the position of Affordable Housing Trust Fund (AHTF) Underwriter to continue the Agency’s storied history of affordable housing funding.

General Summary

The AHT program (AHT) provides deferred payment loans to borrowers who are developing residential properties throughout Massachusetts that include affordable units. The funds are competitively awarded through funding rounds. Pursuant to its legislation, the AHT is sited at the Massachusetts Department of Housing and Community Development (DHCD) and administered by MassHousing. It has a broad scope of work which includes large and small rental and homeownership projects, supportive housing, senior, and family housing. Typically, projects have numerous sources of soft financing. The position requires a high degree of coordination with DHCD as well as permanent lenders and equity investors in the projects.

Specific Duties and Responsibilities

The AHTF Underwriter serves as the loan borrower’s primary contact. S/he is responsible for providing the following:

• Provide requested feedback to prospective clients regarding the proposed project design, development budget, operating budget, market need, and environmental issues prior to application, as requested.
• Underwrite rental and homeownership affordable housing development proposals to ensure that project public benefit is established, underwriting issues are identified, and loan proposals are consistent with applicable regulations, guidelines and policies.
• Prepare recommendations for funding and loan commitment letters prior to closing.
• Close the AHT loan transaction. This requires coordinating the loan closing with legal counsel and other lenders to ensure that loan documentation adequately and accurately reflects terms of the business deal. This includes but is not limited to obtaining and reviewing all due diligence required for the closing, participating on weekly closing conference calls, negotiating all project business issues, as needed, and ensuring that any issues identified during underwriting have been addressed prior to closing, as required.
• Monitor project progress including reviewing Lender Advisor reports during construction and ensuring that borrowers’ payment requisitions are reviewed, approved, and paid.
• Complete post-closing transactions including but not limited to rental project changes in affordability, refinancings, and workouts, and homeownership unit resales including determination of household eligibility for affordable homeownership units, refinancings, transfers, and foreclosures, as needed.
• Maintain all required data for his/her projects and provide data upon request from the program manager or others within MassHousing and DHCD.
• The Underwriter may be required to represent the program at public events.
• The Underwriter will perform other duties and responsibilities as assigned.

Knowledge, Skills and Abilities Required

• Knowledge of real estate finance fundamentals and financial analysis principles.
• Strong work ethic and the ability to work independently with minimal supervision, and as a member of a team.
• Strong interpersonal and written and oral communication skills.
• Excellent organizational and analytical skills with a high-level of attention to detail.
• Ability to multi-task and manage a high-volume workload accurately and effectively.
• Knowledge of homeownership lottery processes and determination of household income eligibility for affordable housing.

Minimum Education and Training

• Bachelor's Degree required; preference for candidates with advanced degrees in Finance, Real Estate Management, Business Administration, or related field.
• Five to seven years of substantive experience in real estate finance and/or real estate.
• Knowledge of tax credit equity, government and private lending platforms, including credit enhancement and rental subsidy programs preferred.
• Demonstrated history of academic success and professional development.

Salary Range: $84,875 - $110,338

All positions at MassHousing require a customer service mindset, in accordance with our values: Integrity, Excellence, Collaboration, Respect, Accountability and Service. Inherent in these values is our commitment to diversity, equity and inclusion for all.

This position has been designated as "Flex" under MassHousing’s AWS-hybrid work model.

MassHousing offers competitive compensation as well as an attractive benefits package. Learn more and apply for this position.

MassHousing is an Equal Opportunity Employer.

Affordable Housing Trust Fund Senior Underwriter

Since its inception in 1966, MassHousing has supported affordable home ownership and rental housing opportunities throughout Massachusetts. The Agency has provided more than $25 billion for affordable housing in that time. Currently, MassHousing is seeking an experienced professional for the position of Affordable Housing Trust Fund (AHTF) Underwriter to continue the Agency’s storied history of affordable housing funding.

General Summary

The Affordable Housing Trust (AHT) program provides deferred payment loans to borrowers who are developing residential properties throughout Massachusetts that include affordable units. The funds are competitively awarded through funding rounds. Pursuant to its legislation, the AHT is sited at the Massachusetts Department of Housing and Community Development (DHCD) and administered by MassHousing. This position involves assisting the AHTF Manager in administering and organizing the program which has approximately, 25-35 loan closings and 50 funding applications a year and over 800 projects in the portfolio. It has a broad scope of work, which includes large and small rental and homeownership projects, supportive, senior, and family housing. Typically, projects have numerous sources of soft financing. The position requires a high degree of coordination with the AHTF Manager and staff, internal departments, DHCD, outside counsel, other business partners and internal departments.

Specific Duties and Responsibilities

The Senior AHTF Underwriter serves as the loan borrower’s primary contact and assists the manager in the operation of the Affordable Housing Trust Fund. This person is responsible for the following:

• Assist the Manager with a variety of program responsibilities including reporting, improving workflow processes, providing documentation for the annual audit, capital projections and budgeting.
• May train and supervise junior staff in application reviews, loan closings, and asset management transactions.
• Coordinate completion of AHTF tasks with internal departments, such as Origination, Underwriting, Asset Management. Legal and Loan Servicing.
• Provide requested feedback to prospective clients regarding the proposed project design, development budget, operating budget, market need, and environmental issues prior to application, as requested.
• Underwrite rental and homeownership affordable housing development proposals to ensure that project public benefit is established, underwriting issues are identified, and loan proposals are consistent with applicable regulations, guidelines, and policies.
• Prepare recommendations for funding and loan commitment letters prior to closing.
• Close the AHT loan transaction. This requires coordinating the loan closing with legal counsel and other lenders to ensure that loan documentation adequately and accurately reflects terms of the business deal. This includes but is not limited to obtaining and reviewing all due diligence required for the closing, participating on weekly closing conference calls, negotiating all project business issues, as needed, and ensuring that any issues identified during underwriting have been addressed prior to closing, as required.
• Monitor project progress, including reviewing Lender Advisor reports during construction and ensuring that borrowers’ payment requisitions are reviewed, approved, and paid.
• Complete post-closing transactions, including but not limited to rental project changes in affordability, refinancings, and workouts, and homeownership unit resales, including determination of household eligibility for affordable homeownership units, refinancings, transfers, and foreclosures, as needed.
• Maintain all required data for his/her projects and provide data upon request from the program manager or others within MassHousing and DHCD.
• The Senior Underwriter may be required to represent the program at public events.
• The Senior Underwriter will perform other duties and responsibilities as assigned.

Knowledge, Skills and Abilities Required

• Knowledge of real estate finance fundamentals and financial analysis principles.
• Strong work ethic and the ability to work independently with minimal supervision and as a member of a team.
• Strong interpersonal and written and oral communication skills.
• Excellent organizational and analytical skills with a high-level of attention to detail.
• Ability to think critically, multi-task, and manage a high-volume workload accurately and effectively.
• Demonstrated ability to identify process improvements and implement them.
• Proficient with technology, including Microsoft Excel.

Minimum Education and Training

• Bachelor's Degree required; preference for candidates with advanced degrees in Finance, Real Estate Management, Business Administration, Accounting, or related field.
• Five to seven years of substantive experience in real estate finance and/or real estate.
• Knowledge of tax credit equity, government, and private lending platforms, including credit enhancement and rental subsidy programs preferred.
• Demonstrated history of academic success and professional development.

Salary Range: $114,710 - $149,123

All positions at MassHousing require a customer service mindset, in accordance with our values: Integrity, Excellence, Collaboration, Respect, Accountability and Service. Inherent in these values is our commitment to diversity, equity and inclusion for all.

This position has been designated as "Flex" under MassHousing's AWS-hybrid work model.

MassHousing offers competitive compensation as well as an attractive benefits package. Learn more and apply for this position.

MassHousing is an Equal Opportunity Employer.

Asset Manager

Since its inception in 1966, MassHousing has supported affordable home ownership and rental housing opportunities throughout Massachusetts. The Agency has provided more than $27 billion for affordable housing in that time. Currently, MassHousing is seeking an experienced professional for the position of Asset Manager to continue the Agency’s storied history of affordable housing funding.

The Asset Manager oversees an average portfolio of 35 properties comprised up to 4 of MassHousing’s business platforms. The Asset Manager analyzes documents to understand the complexity of the financing, affordability restrictions, and compliance requirements of each property.

More specifically, the Asset Manager is responsible for the following:

• Serves as the primary contact for owners, management agents, federal, state, and local partners, and residents.
• Monitors compliance with program and loan requirements and creates risk assessments/action plans for at-risk properties.
• Performs property inspections to ensure viability, prudent operational performance, fiscal management, and documents his/her recommendations into the final review report.
• Analyzes rent rolls, vacancy and turnover information, affordability profiles, financial operating reports, resident files, compliance with waiting list requirements, fair housing practices, compliance with utilization of the use of restricted units and units set aside for supportive housing, management costs and salaries charged to the property, annual resident services provided, vendor contracting practices, and utilization of minority and women owned businesses to ensure all property goals are being met.
• Analyzes Capital Needs Reports and replacement reserve contributions by completing a capital needs sufficiency analysis and adjusting work planned. Makes recommendations to owner on contribution amounts, as applicable. Reviews replacement reserve requests and makes recommendations to his/her supervisor.
• Updates the financial, physical, and compliance risk ratings as needed.
• Analyzes annual budgets and capital improvement plans provided by the owner/agent prior to the beginning of each year to better understand that year's plan for the property.
• Analyzes annual audited financial statements submitted and recommends distribution requests for approval to his/her supervisor.
• Monitors all loans for affordability preservation and potential Business Development refinancing opportunities, paying particular attention to pre-payable, balloon, and maturing loans.
• Supports rental business lines with budget analysis, reviewing new management companies, completing Tenant Selection Plans, and negotiating Management Agreements during loan underwriting.

Knowledge, Skills and Abilities Required

• Ability to negotiate non-compliance issues and deliver the message in an effective way that preserves partnerships.
• Exceptional critical thinking and problem-solving skills.
• Strong work ethic and ability to work independently, and as a member of a team.
• Strong interpersonal and communication skills.
• Effective time management and project management skills.
• Proficiency with Microsoft Office Suite.
• Ability to travel to properties throughout Massachusetts.

Minimum Education and Training

• Bachelor’s Degree required; preference for candidates with degrees in Finance, Real Estate Management, Business Administration, or related fields.
• 2-3 years of experience in Asset Management or multifamily housing preferred, but not required.
• Valid driver’s license.

Salary Range: $78,915 - $102,590

All positions at MassHousing require a customer service mindset, in accordance with our values: Integrity, Excellence, Collaboration, Respect, Accountability and Service. Inherent in these values is our commitment to diversity, equity and inclusion for all.

This position has been designated as “Mobile” under MassHousing’s AWS-hybrid work model, meaning > 90% or more of duties can be performed remotely; employees in this category work from the office periodically, 1 day or less per week with a minimum of once per month. This category may also include employees who need to be in the office with greater frequency due to seasonal work, training, and operational need/project needs.

MassHousing offers competitive compensation as well as an attractive benefits package. Learn more and apply for this position.

MassHousing is an Equal Opportunity Employer.

Multifamily Lending Origination Manager

Since its inception in 1966, MassHousing has supported affordable home ownership and rental housing opportunities throughout Massachusetts. The Agency has provided more than $25 billion for affordable housing in that time. Currently, MassHousing is seeking an experienced leader for the position of Origination Manager to continue the Agency's storied history of affordable housing funding.

General Summary

The Origination Manager serves as member of the Rental Business Development leadership team responsible for implementing the Agency's vision for the Division. The Origination Manager reports to the Division Director with whom they work closely to oversee a robust origination initiative in a competitive and dynamic affordable rental housing lending market. Originators and Origination Analysts report to the Origination Manager.

Specific Duties and Responsibilities

Business Development and Cultivating Borrower Relationships

• Work with VP of Multi-Family and Rental Business Development Director to develop and execute a structured plan to increase the Agency's rental lending outreach efforts.
• Oversee Origination team members in marketing MassHousing rental lending products, developing leads, convening borrower meetings and originating loans with new and existing borrowers.
• Remain current about changes in the affordable housing, community development and multi-family lending industries and participate in external events to promote MassHousing throughout the Commonwealth.

Origination Pipeline Management

• Work with the VP of Multi-Family and the Division Director to develop annual origination goals.
• Supervise and oversee Originators in originating, analyzing, making loan offers and negotiating terms; as well as facilitating and participating in loan approval, closing and asset management.
• Supervise Origination Analysts.
• Communicate and manage workflow and priorities.
• Convene and oversee pipeline tracking meetings with Origination team to discuss progress of specific transactions and borrower relationships.
• Develop and maintain strong alliances with internal business partners, including colleagues in rental underwriting, legal, rental management, communications and finance divisions/departments.

Product, Policy and Program Development

• Support the Agency's ongoing effort to improve the lending workflow process to enhance borrrowers’ experience and ensure the Agency’s ongoing competitiveness.
• Based on outreach initiatives and general industry knowledge, identify gaps in the Agency's rental lending product line.
• Work with Rental Lending and Agency colleagues on policy initiatives and the development and implementation of mission-driven programs and products (e.g. such as workforce housing and senior housing.
• Work with the VP of Multi-Family and the Division Director to create and update content for MassHousing's website and rental lending marketing materials.

Staff Development and Continuous Improvement

• Establish a professional development goal for each direct report and develop a personalized training and development plan. Monitor progress of achieving the goal(s) and ascertain whether the training plan needs to be adjusted.
• Provide ongoing feedback and coaching through one-on-one meetings with direct reports.

Knowledge, Skills and Abilities Required

• Knowledge of real estate financial analysis and real estate finance principals.
• Knowledge and experience in the affordable housing industry including tax credits, government and private lending platforms.
• Exceptional critical thinking, negotiation and problem-solving skills and experience.
• Excellent organizational, written and oral communication skills.
• Ability to respond to needs of customers and key internal and external stakeholders, collaborate with co-workers and business partners, resolve conflict effectively and respond to changing priorities.
• Supervisory/people management experience.

Minimum Education and Training

• Bachelor's Degree required; preference for candidates with advanced degrees in Finance, Real Estate, Business Administration or related field.
• Ten years or more of substantive experience in affordable and/or real estate finance.

All positions at MassHousing require a customer service mindset, in accordance with our values: Integrity, Excellence, Collaboration, Respect, Accountability and Service. Inherent in these values is our commitment to diversity, equity and inclusion for all.

This position has been designated as "Flex" under MassHousing's AWS-hybrid work model.

MassHousing offers competitive compensation as well as an attractive benefits package. Learn more and apply for this position.

MassHousing is an Equal Opportunity Employer. 

Senior Retention Specialist

Since its inception in 1966, MassHousing has supported affordable home ownership and rental housing opportunities throughout Massachusetts. The Agency has provided more than $27 billion for affordable housing in that time. Currently, MassHousing is seeking an experienced professional for the position of Senior Retention Specialist to continue the Agency's storied history of affordable housing funding.

The Senior Home Ownership Retention Specialist assists borrowers who are in default or facing default as the result of a hardship and identifies home retention solutions or exit strategies in compliance with investor servicing guidelines and Massachusetts state and federal regulations. The position requires analyzing and negotiating repayment plans, loan modifications, pre-foreclosure “short” sales, deeds-in-lieu of foreclosure and other matters related to home ownership retention and loss mitigation activities. Specific duties and responsibilities include:

• Responsible for working with borrowers and/or authorized 3rd Party borrower representatives in obtaining, analyzing and negotiating repayment plans, loan modifications, pre-foreclosure "short" sales, deeds-in-lieu of foreclosure and other matters related to homeownership retention and loss mitigation activities.
• Effectively and efficiently manage a “pipeline” of homeownership retention cases in various stages of completion in order to ensure timely processing of each case.
• Make appropriate and well-supported recommendations for approval or denial of borrower relief applications to management for each case within his/her pipeline.
• Managing the loan modification solicitation process.
• Provide related training and support to MassHousing staff.
• Assist in the creation of monthly reports.
• Support the reporting requirement of the Default and Customer Service areas.

Qualifications

• Bachelor’s degree in Business, Finance, Accounting, or equivalent professional experience.
• Minimum of 4-7 years of increasingly responsible experience in the mortgage business, including collections, loan workout, residential underwriting, mortgage origination and/or mortgage insurance business.
• Working knowledge of servicing government loans, including FHA with an emphasis in loss mitigation experience.
• Exceptional critical thinking, negotiation and problem-solving skills.
• Excellent Excel and MS Office skills.
• Excellent writing skills and the ability to communicate technical information clearly and concisely.
• Strong organizational skills and the ability to plan and manage multiple tasks concurrently.
• Ability to respond to needs of customers and key internal and external stakeholders.
• Demonstrate sound judgment and ability to identify and assess risk.

Salary Range: $70,122 - $91,159

All positions at MassHousing require a customer service mindset, in accordance with our values: Integrity, Excellence, Collaboration, Respect, Accountability and Service. Inherent in these values is our commitment to diversity, equity and inclusion for all.

MassHousing offers competitive compensation as well as an attractive benefits package. Learn more and apply for this position.

MassHousing is an Equal Opportunity Employer.