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Multifamily Underwriter

Published on February 19, 2021
Organization: Minnesota Housing


Minnesota Housing MNHousing

Minnesota Housing is hiring! Minnesota Housing is a mission focused bank that is seeking a qualified Underwriter candidate in the Multifamily Underwriting team.

The position is responsible for processing funding applications to determine if submitted projects meet Agency guidelines and strategic priorities. The position will apply the Agency’s underwriting standards and review applications to assess financial feasibility and strength. Once selected for funding, the position will review and approve due diligence, assess financial feasibility as the project moves through to closing, test assumptions, analyze various financial scenarios, and problem solve. The position will also create and present initial selection funding recommendations as well as the final mortgage credit and board recommendations. You’ll have the opportunity to work with a great team of professionals that create and preserve multifmaily affordable rental housing for Minnesotans.

Essential Job Duties:

  • Oversee all steps in the underwriting process that includes: sizing amortizing debt, soft debt, and  tax credits, working with external customers and funders, and working with Agency staff across the division (e.g. supportive housing, asset management, legal)
  • Validate submitted applications for adherence to scoring categories and conduct feasibility analysis on proposals
  • Compare proposals to program regulations and determine the best financing options, including funding source and deal structure. Understand and analyze multiple funding sources that have varying degrees of financial risk.
  • Generate and test multiple assumptions, trends, financing scenarios and review financial feasibility
  • Act as the Agency point of contact for applicants and developers
  • Problem solve and collaborate with the developer and other funders as a project moves to closing
  • Provide technical assistance as needed to potential applicants, to facilitate applications that are competitive and meet Minnesota Housing selection and funding criteria

Minimum Qualifications
To be qualified for and considered for this position, applicants must meet all of the minimum qualifications listed below. Ensure that your resume contains descriptions of your work experiences sufficient for comparison against the requirements stated below and indicate the beginning and ending month and year for each job held.

Only applicants whose resumes clearly demonstrate fulfillment of each of these minimum qualifications will considered for this position:

  • Bachelor’s degree in Business Administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning, or a related field AND two (2) years of demonstrated experience in multifamily underwriting, multifamily loan servicing or affordable housing finance or program experience. For this role, single family lending experience or mortgage banking experience is insufficient.


  • Three (3) years of demonstrated experience as described above will substitute for a bachelor’s degree

In addition to the qualifications listed above, the following is also required:

  • Experience in Microsoft Word, Excel and Outlook.
  • Knowledge of multifamily financing structures and funding sources (such governmental or bank financing, bond financing and Low-Income Housing Tax Credits)
  • Ability to analyze underwriting proposals that involve multiple financing sources and complex financial deal structures
  • Interpersonal skills to develop strong collaborations as well as manage internal and external relationships
  • Ability to negotiate legal agreements and business points with developers and other funders
  • Ability to master details of multiple projects while managing multiple projects strategically
  • Ability to work successfully with diverse populations and demonstrated commitment to promote and enhance diversity, inclusion, and equity
  • Demonstrated organizational, time management, interpersonal skills, and dependability
  • Demonstrated verbal and written communication skills, including the ability to comprehend and communicate complex information in plain language
  • Possess thoroughness and attention to detail

Preferred Qualifications

  • Master’s degree in Business Administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning, or a related field
  • Four (4) years of demonstrated experience in multifamily underwriting, multifamily loan servicing or affordable housing finance or program experience
  • Commitment to and experience with diversity, inclusion and equity

Physical Requirements
Transport equipment (i.e. file folders, ledgers, and small tools) across building. Maintain a stationary position for long periods of time. 

Additional Requirements
This position requires the successful completion of the following:

  • Reference Check
  • Job- related Criminal Background Check

Annual Salary Range: $26.59 – $39.25/hourly; $55,250 – $81,954/annually

To Apply:
External candidates should click here to apply or copy and paste this text into your browser:

Internal candidates should go to Employee Self Service > Careers and search for Job ID: 43908 

Why Choose Minnesota Housing?
Our culture consists of passionate, mission-driven employees focused on delivering the best programs possible to help Minnesotans access safe, affordable housing. We invest in our employees’ futures by providing a variety of professional development opportunities. We’re committed to providing employees with work-life balance by offering many work schedule options, flexible schedules and limited overtime. That’s why our average employee tenure is 11 years.

At Minnesota Housing, we know that affordable housing is an essential part of Minnesota’s infrastructure. When you work here, you’re helping to build stronger communities. We also have a national reputation as one of the finest housing finance agencies in the country.

Our top notch benefits include extremely inexpensive health insurance for employees and dependents, generous vacation and sick leave plans, eleven holidays per year, and tuition assistance. We offer a defined benefit pension plan with a guaranteed, life-long benefit based on tenure plus pre-tax and ROTH options to supplement the pension.  For more information, visit our website at

Affirmative Action/ Equal Opportunity Employer

This information can be made available in alternative formats to individuals with disabilities by calling (651) 259.3637 or (651) 282.2699 (TTY).