Real Estate Development Officer
RIHousing – Real Estate Development Officer
RIHousing is committed to creating a diverse environment and is proud to be an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.
What it’s all about:
This position is accountable for reviewing, underwriting, and closing loan applications in a prudent, timely and cost effective manner to build, rehabilitate and/or transfer multifamily rental properties in accordance with applicable laws/regulations and RIHousing program requirements.
What you’ll do on a daily basis:
- Perform all functions necessary to review and analyze development proposals and make recommendations for funding based on prudent credit and underwriting standards and RIHousing’s funding policies and priorities.
- Perform necessary follow-up to correct errors or deficiencies in development proposals and prepare required file documentation in an accurate and timely manner.
- Respond to inquiries regarding RIHousing funding programs in a timely, courteous, and professional manner to promote a positive public image of RIHousing.
- Perform specialized, technical, administrative and/or reporting functions in an accurate and timely manner to ensure compliance with appropriate guidelines/policies as assigned.
Typical developments are characterized by complex, multi-source financing involving taxable or tax exempt bond financing, housing tax credits, federal HOME funds, and other debt and equity sources. Given the highly negotiated structure of this financing and the wide range of clients with whom RIHousing works, excellent communications skills and an ability to work with a variety of constituents, including non-profit sponsors, for profit developers, investors, and public organizations, is essential.
Based on his/her area(s) of expertise and RIHousing's funding policies and priorities, the incumbent is assigned specific development proposals (including production proposals, loan restructurings and transfers of physical assets) to review, underwrite and close. At any given time, the incumbent works on 7 to 10 proposals with an average total development cost of between $2.5 million and $15 million. A sampling of specific activities is as follows:
The incumbent reviews and analyzes development proposals and makes recommendations for funding based on prudent credit and underwriting standards. This includes determining the completeness of the application and its compliance with applicable regulations and program requirements; evaluating site suitability, marketability, development team capacity and overall
project feasibility; coordinating review of proposals with other staff to ensure underwriting issues are identified and addressed; consulting with local project officials, regulatory agencies, and others, and working with applicant to resolve issues/deficiencies in funding proposals; preparing presentations for Board approval; drafting commitment letters; and monitoring/coordinating internal processes for loan closing.
Prepares correspondence, technical reports, status reports and schedules as required to implement and complete project assignments, and documents decisions and files.
Promotes Rhode Island programs by disseminating information to RIHousing clients through correspondence, meetings, and public forums in a timely, courteous, and professional manner.
Participates in the development of new loan programs and revisions of underwriting guidelines and procedures in preparation of RFPs as assigned.
Performs special assignments in various program areas such as single-family construction loan program, federal tax credit programs, housing preservation, loan restructuring or financial/database modeling as assigned.
Because of the diverse nature of this position, the incumbent prioritizes assignments to meet predetermined deadlines. While ultimate decision-making on project approval rests with others, poor underwriting judgments could have significant consequences on RIHousing earnings potential, bond/credit ratings and public perception.
What you’ll need to succeed:
- Minimum of five years experience in commercial real estate lending and/or real estate development with concentration in underwriting, appraisal review, documentation and closing
- Working knowledge of federal and state housing subsidy programs
- Excellent communications, negotiations, analytical, supervisory, organizational, and problem-solving skills
- Strong computer skills, including spreadsheet and report writing applications
- Bachelors degree in business administration, real estate or related field (Masters preferred)
- Competitive salary
- Parking Stipend
- Medical/Dental/Vision/Life Insurance
- Paid Time Off
- Retirement Options
- Education Reimbursement
- Onsite Fitness Classes
- Volunteer Days
- Winner of “Best Places to Work” 2016, 2018, 2019, 2021
- Worksite Health Award 2013-2021
To achieve our mission, we:
- Offer fair, affordable, and innovative lending programs.
- Provide housing-related education to consumers and others.
- Promote and finance sensible development that builds healthy, vibrant communities.
- Provide housing grants and subsidies to Rhode Islanders with the greatest need.
- Team up with partners to improve everything we do.
Apply online at www.rihousing.com