State of Arizona Hiring for UNDERWRITING OFFICER at Phoenix, AZ Full Time

The Arizona Department of Housing (ADOH) allocates Low Income Housing Tax Credits (LIHTC), State Tax Credits (STC) and loans Home Investment Partnership Program (HOME), National Housing Trust Fund (NHTF) and State Housing Trust Fund (HTF) monies through its Rental Development division. Under the supervision of the Rental Programs Administrator, Risk Assessors analyze rental development proposals to determine their financial feasibility and the extent to which they require LIHTC, STC, and ADOH financing.

Job Duties:
Risk Assessors analyze rental proposals using ADOH’s financial spreadsheet model (for cash flow, gap analysis) and by reviewing development budgets, operating proformas, partnership agreements, appraisals, market demand studies, capital needs assessments, equity commitments, private financing, and developer capacity. Risk Assessors regularly provide written and verbal analyses to the Rental Programs Administrator and work as part of the Rental Development team to determine which projects will receive funding awards.

The Risk Assessment Officer assists with the scoring of LIHTC, HTF, HOME and other rental development applications. This position conducts underwriting reviews corresponding to the following phases of development: Application; Carryover; Equity Closing; and the issuance of IRS Form 8609s. This position also prepares and obtains documents necessary to assist the Attorney General and Asset Manager with project changes, refinances, restructures and ownership changes. Risk Assessors conduct other Rental Development division duties such as assisting with LIHTC Workshops, meeting with developers, providing input into the Qualified Allocation Plan, updating policy documents and conducting research for special studies. Duties include occasional travel. Other duties as assigned.

Knowledge, Skills & Abilities (KSAs):
Qualified candidates will be detail-oriented, organized individuals with demonstrated ability to:

• Read and interpret the provisions of the following financial instruments as they pertain to commercial real estate transactions: partnership/operating agreement (along with its ancillary agreements), deed of trust, promissory note, loan agreement, Conditions Covenants and Restrictions (CC&R), Land Use Restriction Agreement (LURA), and subordination and inter-creditor agreements; and
• Read and interpret the provisions of the following ancillary reports as they pertain to commercial real estate transactions: title insurance commitments, hazard and liability insurance documents, market study, appraisal, and capital needs assessments; and
• Perform extensive spreadsheet modeling using Microsoft Excel; and
• Communicate effectively through verbal and written means (using Microsoft Word and G-Mail), and in a group environment; and
• Interpret and explain state and federal regulations; and
• Work amicably with other professionals in the role of providing an internal service to the agency; and

Preferred candidates will have a Bachelor’s Degree or higher in a field related to finance, real estate, construction, government or related field plus five or more years of successful experience in a similar role in a bank, government, or affordable housing development, or some combination of similar experience and education.

Highest qualified candidates will have direct experience analyzing complex financial structures of affordable multifamily housing developments subsidized through the LIHTC Program and other multifamily financing vehicles such as private activity bonds, HOME, and NHTF in combination with private financing, and other public subsidies and loans.

Selective Preference(s):
Pre-Employment Requirements:
Benefits:
The State of Arizona offers a comprehensive benefits package to include:

Sick leave

Vacation with 10 paid holidays per year

Health and dental insurance

Retirement plan

Life insurance and long-term disability insurance

Optional employee benefits include short-term disability insurance, deferred compensation plans, and supplemental life insurance

For a complete list of benefits provided by The State of Arizona, please visit our benefits page

Retirement:
Participation in the Arizona State Retirement System (ASRS) is required. New hires may be subject to a 27 week waiting period for enrollment.

Contact Us:
www.housing.az.gov