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.

Neighborhood Stabilization Program 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 professional for the position of Neighborhood Stabilization Program Manager, to continue the Agency's storied history of affordable housing funding.

General Summary

The Neighborhood Stabilization Program Manager provides operational oversight of the neighborhood stabilization capital program. In partnership with the Department of Housing and Community Development (DHCD) and the Neighborhood Hub program manager, this position is responsible for providing funding to support efforts to stabilize communities with high incidences of vacant, abandoned or underutilized residential properties. The NS Program Manager must be able to operate the program in accordance with statutory requirements as well as work with DHCD to develop and implement regulatory guidelines. Working with municipalities, developers, sponsors and other funders or lenders to keep projects on time and on budget is a key function of this position. S/He acts as team lead with various MassHousing departments including finance, legal, operations and policy. This position may direct the work of administrative coordinators or interns. The NS Program Manager reports to the VP of Equitable Business Development and works closely with the Executive Director and the Neighborhood Hub Program Manager. The Neighborhood Stabilization Program Manager is a flex position under MassHousing's AWS system.

More specifically, the Neighborhood Stabilization Program Manager is responsible for the following:

• Develop policies, procedures, and operational oversight for the Neighborhood Stabilization capital program.
• Design RFP and issue competitive funding round announcements.
• Accept submissions and review for completeness.
• Underwrite and evaluate proposals and make award recommendations.
• Work with municipalities, developers, sponsors, other funders or lenders to ensure projects to identify and resolve issues.
• Manage financial closings.
• Oversee construction; financial drawdowns; and post-closing activities including sales or lease up.
• Create key performance indicators for the capital program.
• Provide regular reports to DHCD including financial reports and other program activities.
• Coordinate the work of architects, contractors, appraisers and other professionals required to oversee the program.
• Ensure that awardees remain in compliance with all agency and funding requirements.
• Serve as one of the Agency's key spokesperson regarding the Neighborhood Stabilization program.
• Performing other tasks and duties as assigned by the Executive Director.

Knowledge, Skills and Abilities Required

• Demonstrated knowledge of real estate development and real estate finance.
• Working knowledge of real estate risk and fundamentals of real estate lending.
• Strong financial acumen with solid analytical capacity.
• Strong organizational skills with excellent attention to details.
• Excellent interpersonal communication skills including the ability to translate concepts cross culturally.
• Proven ability building consensus among diverse interest groups.
• Exceptional follow through skills.
• Strong negotiation skills.
• Demonstrated presentation skills including the capacity to use written, visual and oral tools to communicate complex ideas and processes.
• Previous experience in program planning, operations, and/or evaluations.

Minimum Education and Training

• Bachelor's degree in one of the social sciences, urban planning, public policy, public administration, or real estate finance.
• 5 years of either underwriting real estate projects; working in a financial analytical role; developing affordable housing policy; or managing a grant funding program.

All positions at MassHousing require a customer service mindset, in accordance with our values: Integrity, Excellence, Collaboration, Respect, Accountability and Service.

This position has been designated as “Flex” under MassHousing's AWS-hybrid work model, meaning 50% or more of the duties can be performed remotely; employee is in the office 2 to 3 days a week.

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.