Sr. Underwriter, Asset Management

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $80.9 billion and created 1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands - all to make home and community places of pride, power and belonging.

Join us at enterprisecommunity.org

Working at Enterprise

At Enterprise, you'll be part of a diverse, committed team making a difference every day. You will collaborate with some of the smartest minds and biggest hearts in our field. You'll be empowered to drive systems change and take bold steps to advance racial equity. And you will find a career home where you're valued and supported in your growth journey.

Enterprise offers career opportunities in our offices across the country with anexceptional benefits package.

Job Description Summary

Job Description

Post-closing to Stabilization/Conversion Project Management for assigned projects with proprietary funds.

• Prior to fund admission, gain basic familiarity with projects, preparing for atypical project needs post-closing.
• Monitor DRM assessment of construction risk, understanding delays, cost overages, and material deviations from the closing expectation.
• Monitor DEM assessment of payment timing and collection of A1 conditions/deliverables with specific attention to key items such as lease-up and tenant file review, cost certification concerns, adjusters, and meeting the Stabilization Test.
• Evaluate effects of delays, changes, costs, and/or material changes on the overall risk profile of the project, making recommendations and coordinating among pre-stabilized teams.
• Serve as the primary underwriting point of contact for assigned projcets, under the direction of the respective fund Investor Relations Manager.
• Serve as a consistent point of contact for project sponsors and investors as the project transitions from closing, through construction, lease-up, payments, and conversion. Support and remain informed about pre-stabilized teams' communications, coordinating and elevating as needed to ensure responsiveness.
• Serve as the Lead for all Post-Closing Events on assigned projects.
• For certain high-risk projects, prepare and present Property Overviews for quarterly project performance reviews.

Underwrite post-closing changes to tax credit investments as assigned, including completion of the following underwriting tasks: sponsorship analysis, market analysis, sources and uses and capital structure analysis, income and expense underwriting, and tax credit documentation analysis.

• As part of processing of each change, obtain due diligence materials from client, review project loan documents and LP agreement for material business terms, participate in conference calls with the customers, prepare and present requests for investors and internal documentation in pursuit of approval, including narrative descriptions, charts, graphs and tables illustrating pertinent aspects of the proposed investment.
• Communicate and manage customer expectations through the analysis process using a positive and proactive approach that will enable repeat origination opportunities.
• Provide regular communication to colleagues regarding post-closing changes, including frequent updates to Post-Close Event Records, due diligence review, transaction timing, and issue identification timely preparation for investor review when required.
• Assist with and attend deal closings or other customer service coverage enhancement opportunities and help to complete, organize, and upload/store files for posterity and Asset Management access.

Serve as the primary Asset Management contact for communication and coordination with EHCI's Acquisitions and Credit teams. Establish and lead a proactive effort to share information among pre- and post-closing teams in an effort to improve underwriting efficiency and risk management. Remain current with closing underwriting guidelines and practices.

Assist with other Asset Management priorities as requested (e.g., Acquisitions, Credit, investor relations, assistance to other lines of business).

Participate in and contribute to group meetings and discussions.

Performs other duties as assigned.

Bachelor's degree in Business, Accounting or Finance, or related field required. Master's degree preferred.

• 6-8+ years' experience real estate finance, affordable housing and/or LIHTC program, apartment market dynamics in both urban and suburban areas, and familiarity with industry policies, issues, and programs
• Extensive knowledge of LIHTC, experience in closing real estate transactions, and strong financial analysis skill is required.
• Ability to manage multiple tasks effectively under significant time pressure to meet closing deadlines.
• Extensive Excel modeling skills required. Proficient knowledge of MS Word and Power Point a plus.
• Strong writing /editing skills needed to produce correspondence and reports.
• Prior management experience.
• Demonstrated verbal communication and interpersonal skills to represent company to all parties.
• Demonstrates professionalism, diplomacy and composure and is flexible and able to adapt to a variety of situations.
• Strong organizational skills and ability to coordinate complex activities, prioritize conflicting demands and meet deadlines.
• Must be highly motivated, be able to work independently, solve problems and possess strong written and oral communication skills.
• Incumbent is expected to demonstrate strong ethics in interpersonal relations and work as an effective, collaborative team member.
• Ability to maintain big picture focus while attending to detailed work and providing thorough documentation.
• Demonstrated ability to work productively and accurately in a fast-paced environment with multiple projects and stringent deadlines.
• Ability to work evening and weekend hours during peak periods.

Total Rewards at Enterprise:

You will be working with a group of talented professionals who are motivated by serving the community and addressing the need for affordable housing.

Enterprise offers a comprehensive total rewards package for you and your family.

The base salary for this role is $134,000-$163,000, depending on level of skills and experience.

The salary range for this position is represented by the low and high end of the range for the amount to be paid for the position. Salaries paid at Enterprise will vary based on factors that may include skills, education, location, experience, and performance. The salary range is just a part of the total rewards package provided to employees at Enterprise, and other rewards may include annual performance bonuses and generous paid leave programs.

At Enterprise, our benefits form a major component of our total rewards package. Benefits include dental, health, and vision care plans, as well as family-building benefits, such as adoption and surrogacy support. Enterprise allows flexible work arrangements to promote a better work-life balance. We offer health advocacy, EAP, and mental health benefits. We round out our total rewards package by offering financial education, wellness programs, and auto-enrollment in the company's 401(k) plan with employer matching contributions. Finally, you will have learning and development opportunities, including tuition reimbursement for job-related courses and certifications. Thank you for your interest in joining the Enterprise team in our effort and commitment to serve others.

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