Appraiser

MassHousing; Boston (MA); Hybrid; USD 103,000 - 134,000; Full time

Benefits offered by this job

Tuition reimbursement up to $15,000

35-hour work week

Hybrid work schedule

Retirement savings with pension and 1x

12 paid holidays

Disability protection

Central Boston office

Job summary

MassHousing seeks an Appraiser to provide independent technical expertise for multifamily loan submissions, focusing on development and preservation projects in a hybrid work setting in Boston.

The role requires 5+ years in real estate appraisal, market analysis, and underwriting support, with HUD MAP Guide 7.3 qualifications to sign reports. MassHousing emphasizes an inclusive culture and a broad benefits package.

Qualifications

• Bachelor’s degree or equivalent in a related field and five+ years of real estate appraisal experience.
• Experience handling market studies, rent determinations, and underwriting support for multifamily developments.
• Ability to meet HUD MAP Guide 7.3 qualifications to sign and review appraisal reports.
• Eligibility to work in the United States without sponsorship.

Responsibilities

• Prepare internal estimates of market and investment value for multifamily developments financed by MassHousing.
• Provide market rent determinations to support underwriting and valuation analyses.
• Conduct marketability analyses for developments financed by MassHousing.
• Review third-party appraisals for reasonableness and credibility per USPAP and MassHousing standards.
• Ensure third-party appraisals and market studies comply with regulatory lending requirements.
• Qualify and retain a list of third-party appraisal vendors; manage RFQs and contract reviews.
• Monitor and address performance issues in project marketing and rent-up data.

Skills

Real estate appraisal

Market studies

Underwriting support

Regulatory compliance

Education

Bachelor’s degree in Finance, Economics, Real Estate, Business Administration, or related field

Advanced degree in Finance, Economics, Real Estate, Business Administration or equivalent

MAI designation or completion of advanced appraisal class curriculum

Job description

Posting Closes: Close of Business on August 11, 2026

Website: www.masshousing.com

The Organization

MassHousing will confront the Commonwealth's housing challenges to improve the lives of its people. A bold mission for an innovative agency. Since its inception in 1966, MassHousing has provided more than $30 billion for 92,000+ rental units and 90,000+ home mortgage loans. Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, cost-effective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives.

We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts. We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion.

As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck. MassHousing's total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

• Tuition reimbursement up to $15,000 per calendar year
• A 35-hour work week and a hybrid work schedule
• Back up Child/Elder Care
• Retirement Savings including a pension and a deferred compensation plan (with a match)
• 12 paid Holidays per year and generous sick, vacation, and personal time
• Short-Term and Long-Term Disability
• Central Boston office location, convenient to public transportation and amenities on site

Position Summary

The Appraiser provides independent technical expertise for all multifamily loan applications, with a particular focus on development and preservation project submissions. This role conducts site assessments, evaluates long-term market and income feasibility, and develops value estimates required for sound underwriting. The Appraiser plays a critical role in MassHousing’s credit decisions by preparing detailed financial and lease-up estimates and offering recommendations related to loan security requirements. This position reports to the Senior Manager of Appraisal & Marketing.

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

MassHousing operates under a hybrid work model; therefore, employees are expected to work on-site according to a schedule determined in collaboration with their manager and based on the needs of the role. To support effective onboarding, new employees may be required to work in the office more frequently during their first 90 days.

Essential Functions

Internal Valuation

• Prepare internal estimates of market and investment value for multifamily developments financed by, or seeking financing from, MassHousing
• Provide market rent determinations for proposed and existing multifamily developments to support underwriting and valuation analyses
• Conduct marketability analyses for multifamily developments financed by MassHousing

Appraisal & Market Study Review

• Review third-party multifamily fee appraisals to assess the reasonableness, credibility, and supportability of appraisal assumptions, methodologies, market data, and conclusions of value in conformance with Uniform Standards of Professional Appraisal Practice (USPAP)
• Ensure third-party appraisals and market studies comply with MassHousing’s regulatory requirements and lending standards
• Ensure compliance with regulatory requirements and lending standards of all MassHousing capital sources in effect from time-to-time, including the U.S. Department of Housing and Urban Development (HUD), the Commonwealth of Massachusetts Executive Office of Housing and Livable Communities (EOHLC), and the Federal Financing Bank (FFB)Act as a liaison between MassHousing and third-party appraisers, facilitating communication, resolving report deficiencies, and addressing valuation disputes in a professional and timely manner
• Qualify and retain a list of third-party fee appraisal and market study professionals; prepare requests for quotes (RFQs), negotiate contracts, and review and approve all outside vendor appraisals and market studies

Regulatory Reporting and Specialized Review

• Evaluate Rent Comparability Studies (RCS), pursuant to MassHousing's role as Section 8 Performance-Based Contract Administrator (PBCA)
• Provide essential data and analysis to support the Agency’s critical determination of loan-loss reserves
• Prepare internal estimates of market value, provide market rent determinations, and conduct marketability analyses for under- and non-performing assets
• Review by-right appraisals, pursuant to MassHousing’s role as Subsidizing Agency under M.G.L. c.40B in determining Project Eligibility
• Advise on deal structuring and strategies for under-performing assets
• Monitor project marketing and rent-up data, identify outstanding issues, and address performance deficiencies

Security

• Comply with MassHousing’s Information Security Program and all other Agency information security policies and procedures
• Take responsibility for any Agency assets assigned to you
• Promptly report any security events, incidents, or weaknesses to MassHousing’s Information Security Team

Minimum Qualifications

• Bachelor’s degree in Finance, Economics, Real Estate, Business Administration, or related field, or equivalent work experience
• 5+ years of substantial, responsible, practical experience in real estate appraisal, market studies, and financing of medium-to-large-scale real estate proposals
• Ability to meet all HUD-required qualifications, including those set forth in section 7.3 of the MAP Guide, to sign and review appraisal reports
• Eligibility to work in, and travel freely to and from, the United States without sponsorship

Preferred Qualifications

• Advanced degree in Finance, Economics, Real Estate, Business Administration or equivalent work experience
• MAI designation or completion of advanced appraisal class curriculum with the Appraisal Institute (“AI”)
• Familiarity with federal Low-Income Housing Tax Credit (“LIHTC”) projects and the HUD Section 8 Policy Renewal Guide, including completion and/or review of Rent Comparability Studies and form HUD 92273-S8
• Strong work ethic, fast learner, and a desire to learn appraisal review function under a variety of lending platforms
• Independent thinker who sets timelines and outcomes while collaborating closely with internal and external partners
• Exceptional oral and written communication with comfortability in communicating at all levels of the Agency
• Excellent organizational skills and strong attention to detail
• Comfortable multitasking, adjusts quickly to shifting priorities, and manages time efficiently in a fast-paced environment
• Strategic thinker with the dual capacity to see the big picture and attend to details

Salary Range: $103,312.74 - $134,306.46

MassHousing is an Equal Opportunity Employer