Development Underwriter

State of South Carolina; South Carolina; On-site; USD 60,000 - 85,000; Full time

Benefits offered by this job

Telecommuting options

Paid time off

Paid holidays

Health, dental, vision insurance

Job summary

SC Housing seeks a Development Underwriter to support its Development Finance Division in Columbia, SC. You will review multifamily housing proposals, analyze costs and funding structures, and prepare underwriting recommendations under LIHTC, HOME, and related programs.

The position requires an associate degree plus four years of experience, strong financial analysis and underwriting skills, and advanced Excel proficiency to build and maintain underwriting models and guidelines.

Qualifications

• Associate degree plus 4 years of experience in accounting, underwriting or related field
• Strong financial analysis and underwriting skills for multifamily housing
• Proficiency in Microsoft Excel and building underwriting models
• Ability to interpret housing program guidelines and regulatory requirements

Responsibilities

• Review multifamily housing development proposals seeking financial assistance by analyzing development costs, sources and uses of funds, operating budgets, rent projections, and financing structures; evaluate compliance with program requirements and underwriting standards, calculate key financial metrics, and prepare written underwriting summaries and recommendations for internal review and approval.
• Develop, update, and maintain Excel-based underwriting and financial analysis models used to evaluate multifamily rental housing proposals. Design and test formulas, assumptions, and calculations to ensure accuracy, consistency, and alignment with underwriting policies and program requirements.
• Assist in the development and revision of underwriting guidelines and policies used to evaluate multifamily rental housing applications. Analyze regulatory requirements and program needs, draft technical guidance, and support consistent application of underwriting standards.

Skills

Financial analysis

Underwriting skills

Problem solving

Time management

Communication skills

Excel

Education

Associate's degree in accounting/real estate/finance/economics/mathematics

Tools

Excel

Job description

Two (2) positions will be filled with this posting.

Are you looking for a purpose-driven career, not just the same old 9 to 5? One that gives you a reason to come to work beyond just receiving a paycheck? Well, look no further! The SC Housing Finance and Development Authority (SC Housing) is actively searching for a Development Underwriter for our Development Finance Division!

Why join SC Housing?

We know our employees work hard, so we work hard to encourage a culture that promotes work-life balance, well-being and employee engagement/recognition. We are a forward-thinking organization that is committed to changing lives by creating safe, decent, and affordable housing opportunities that fulfill dreams and inspire hope in our citizens. Our staff energizes the work that we do, and helps find solutions that make a difference in the lives of others. If you want to be part of an organization that allows you to connect your passion for improving the lives of others to purpose, we invite you to join our team of energetic housing champions!

How will you fit in?

As a member of the Development Underwriting team, you will work under the supervision of the Development Underwriting Manager. You will operate within the federal and state guidelines that regulate SC Housing’s Multifamily Development programs and utilize discretion and good judgment when performing feasibility analyses, determining funding awards, and solving technical issues.

What will you do?

SC Housing's Multifamily Development Division administers a diverse portfolio of housing development programs across the state of South Carolina to include Low Income Housing Tax Credit (LIHTC), HOME, SC Housing Trust Fund (SCHTF), National Housing Trust Fund (NHTF), Small Rental Development Program (SRDP), and Multi-Family Tax Exempt Bonds programs.

In this position, you will:

• Review multifamily housing development proposals seeking financial assistance by analyzing development costs, sources and uses of funds, operating budgets, rent projections, and financing structures. Evaluate compliance with program requirements and underwriting standards, calculate key financial metrics, and prepare written underwriting summaries and recommendations for internal review and approval.
• Develop, update, and maintain Excel-based underwriting and financial analysis models used to evaluate multifamily rental housing proposals. Design and test formulas, assumptions, and calculations to ensure accuracy, consistency, and alignment with underwriting policies and program requirements.
• Assist in the development and revision of underwriting guidelines and policies used to evaluate multifamily rental housing applications. Analyze regulatory requirements and program needs, draft technical guidance, and support consistent application of underwriting standards.

Agency Minimum Qualifications

An associate's degree in accounting, real estate, finance, economics, mathematics, or a related field of study and 4 years of full-time experience (to include internships) in accounting, auditing, finance, commercial loan underwriting, or a related field.

* Candidates must specifically meet the Agency Minimum Requirements or an equivalent combination of education and experience to be considered for this position.

Additional Requirements

• Strong financial analysis and underwriting skills, with the ability to assess complex rental housing developments
• Excellent problem-solving abilities and sound judgment in adapting to different circumstances
• Ability to manage multiple priorities and meet deadlines
• Exceptional verbal and written communication skills
• Proficiency in Microsoft Excel, including spreadsheet design and formula creation

Must be able to lift and carry files, books, and reports weighing up to 20 lbs. Must be able to perform filing, desk work, and operate general office equipment. Must be able to sit or stand for prolonged or intermittent periods of time while sharing, gathering, or presenting information to other staff members or external parties. The employee must be able to perform these tasks with or without reasonable accommodations. SC Housing is committed to a diverse workforce and does not discriminate on the basis of race, color, national origin, religion, age (40+) disability, or sex (including pregnancy, childbirth, or related medical conditions).

• Certifications in housing development finance or economic development finance are preferred.

What makes us Different?

We are a state governmental agency but one unlike you’ve encountered before. We operate much more like a private sector business. We are a completely self-sustaining operation that offers rental and homeownership products and services and we face many of the same regulatory, market, and financial hurdles of private sector financial institutions. Our clear advantage to employees is that we offer challenging, and meaningful work but with an appropriate work-life, home-life balance as well as excellent state government benefits. Now we’re looking to reinforce our team with a person who is energetic, brilliant, and talented.

Our Benefits Package

The South Carolina State Housing Finance & Development Authority offers an exceptional benefits package that includes:

• Telecommuting options
• Accrued Paid Time Off (15 days annual/vacation leave per year and 15 days sick leave per year)
• 13 paid holidays
• PEBA Health, dental, vision, long term disability, and life insurance for employees, spouses, and children
• PEBA Perks
• Free Telehealth Visits for State Health Plan members
• Free Health Coaching for State Health Plan members
• State Retirement Plan
• Deferred Compensation Programs 401k and 457 plans
• MoneyPlus ( tax-favored accounts program) Employee Assistance Program
• Employee Discount Programs (PerksCard, TicketsatWork, and WeSave)
• Casual Fridays
• Tuition Reimbursement Program (after 6 months of employment)

And much, much more!

Location, Location, Location

The Palmetto State offers something for everyone. Located in the Midlands, Columbia is both the state capital and South Carolina's second-largest city. It is just a short commute to the state's beautiful beaches and gorgeous mountains. Sunny summers and mild winters allow residents to experience the outdoors year-round, a plus considering that Lake Murray is just minutes away. Great universities and colleges, minimal commute times and friendly people make South Carolina the ideal place to build your future.

Click here to explore Columbia, SC and all it has to offer.