Senior Community Development Underwriter

Bay Area LISC

Bay Area LISC convenes partners, builds coalitions, invests public and private funds, and supports community revitalization to help the Bay Area thrive with healthy places to live, work and play. Since 1981, Bay Area LISC and its affiliates have invested $882 million towards the construction of over 14,380 affordable housing units and nearly 1.5 million square feet of commercial, retail and community space throughout the Bay Area. Bay Area LISC's work has leveraged an additional $3.7 billion. More information can be found at www.bayarealisc.org.

JOB OVERVIEW:

The LISC Bay Area team is looking for a collaborative and passionate individual to join our team as Senior Community Development Underwriter (SCDU). The LISC Bay Area team takes a bold and joyful approach to our work to support local communities in creating prosperity and well-being - defined in their terms. We bring the tools of community development - mobilizing funds, cultivating partnerships, and deepening capacity - in the areas of economic development and housing to support the self-determination of communities that have been historically prevented from accessing investment and opportunity.

The SCDU will be responsible for underwriting on behalf of Bay Area LISC across an array of community development product types and asset classes, with a particular focus on affordable housing. The SCDU contributes to the implementation of LISC Bay Area's new 3-year strategic plan, especially related to our work on increasing access to capital and ecosystem building, across both our affordable housing and economic development portfolios. The SCDU will work closely with a variety of community-based and internal stakeholders, providing technical assistance to Bay Area LISC staff as well as community development organizations we support. The position requires a strong commitment to the role of community-based non-profit organizations as drivers of development as well as an understanding of the development financing ecosystem in the Bay Area. The Senior Community Development Underwriter will handle the full range of lending activities, including business development, structuring, underwriting, and closing of Bay Area loans, in concert with LISC National Lending and Legal department staff. This position will report to Bay Area LISC's Senior Director of Investments. The ideal candidate shares our values of equity and community self-determination.

Primary responsibilities will include the following:

• Serve as underwriter for Bay Area LISC Loans, including working with borrowers to structure transactions, conducting due diligence and financial analyses, and drafting credit memoranda.
• Present loan recommendations to LISC's credit committee and Board of Directors, as applicable.
• Facilitate loan closings by working with counsel and borrowers on loan documentation and ensuring that all closing conditions have been satisfied.
• Support the Senior Director of Investments with investor relations and coordination with LISC Fund Management (LFM), including preparation of investor materials and presentations.

In close collaboration with the Bay Area LISC team, primary responsibilities will include:

• Conduct business development by identifying potential loan clients and providing technical assistance and partnership to colleagues as needed.
• Develop, launch, and manage new loan products and initiatives, and provide support to team members as necessary during development and fundraising process.
• Strengthen and expand the Bay Area community-based organization ecosystem. This will involve building relationships and providing support to community development partner organizations to position their organizations to successfully implement more complex real estate developments. It will also involve working with organizations to identify their needs and deploy existing LISC resources where available, to co-creating pilot programs and capital funds.
• Develop programs with non-profit, private and public sector agencies at the local, state, and federal levels that leverage LISC's capabilities and national platform, utilizing National LISC as needed.

Additional responsibilities will include:

• Represent LISC Bay Area at conferences, in collaborative spaces with other CDFIs and local Bay Area partners, at Local Advisory Committee meetings, etc.
• Periodic evening and weekend work to accommodate our local stakeholders. Interested candidates must be comfortable traveling and working within a wide range of neighborhood and professional settings.
• Potential supervision of junior staff.
• Other related duties as needed.

QUALIFICATIONS:

• Minimum seven (7) years real estate lending or credit review experience at a nonprofit financial intermediary, bank or similar institution. Previous experience with affordable housing, green financing, nonprofit commercial real estate, community facilities (early childhood education, health centers) a plus.
• Bachelor's degree from an accredited college or university or relevant related work experience.
• Strong capacity in transaction structuring and underwriting, including ability to analyze financial statements, project development budgets, and project operating pro forms.
• Deep knowledge of financing products such as predevelopment, acquisition, construction, bridge and permanent loans; lines of credit; and tax credit equity.
• Demonstrated ability to manage multiple complex transactions at various stages and coordinate with multiple internal and external parties to meet approval and closing deadlines.
• Strong familiarity with government subsidies and tax credit programs for community facilities and housing.
• Demonstrated commitment to racial and economic equity.
• Excellent interpersonal skills and ability to work effectively across the LISC network of local and national programs and affiliates, including Strategic Investments (SI) and Broadstreet.
• Good organizational abilities, including ability to work independently and to manage multiple assignments simultaneously.
• Strong written and oral communication skills and excellent attention to detail.

COMPENSATIONS & BENEFITS:

LISC offers a competitive salary of $107,100 - $133,900 commensurate with experience and location and excellent fringe benefits. The position is based in Oakland, CA and is a hybrid position, with an expectation of two (2) days in office or in the field. Candidate must reside in the Bay Area.