Real Estate Development Officer - RIHousing

Sate Housing Finance Agencies (HFAs); Providence, Northern (RI, KY); Hybrid; USD 75,000 - 105,000; Full time

Benefits offered by this job

Parking stipend

Paid time off

Retirement options

Flexible work hours

Education reimbursement

Onsite fitness classes

Job summary

RIHousing seeks a Real Estate Development Officer to support the review, underwriting, and closing of multifamily development loans in Rhode Island. This hybrid role is based in Providence, with strong in-person collaboration on the Development team.

You will manage several active proposals, coordinate with nonprofit and for-profit sponsors, and prepare funding recommendations and documentation to ensure timely closings and compliance with program requirements.

Qualifications

• Minimum of five years of experience in commercial real estate lending and/or real estate development, with underwriting/closing experience preferred.
• Knowledge of federal and state housing subsidy programs is a plus.
• Excellent communication, negotiation, analytical, supervisory, organizational, and problem-solving skills.
• Strong computer skills with spreadsheet/report-writing applications.
• Bachelor’s degree in business, real estate, or related field; master’s degree preferred.

Responsibilities

• Review, underwrite, and close development proposals following prudent credit and funding policies.
• Analyze applications for completeness, site feasibility, marketability, and project viability.
• Manage multiple development proposals with multi-source financing.
• Coordinate with diverse stakeholders to facilitate project review and completion.
• Prepare funding recommendations, board materials, and closing documents.

Skills

Real estate lending

Underwriting

Financial analysis

Communication

Project management

Education

Bachelor’s degree

Master’s degree (preferred)

Tools

Spreadsheet software

Report writing

Job description

What we are all about:

We are seeking a dynamic professional to serve as a Real Estate Development Officer within RIHousing’s Real Estate Development Department. This position is accountable for reviewing, underwriting, and closing loan applications in a prudent, timely, and cost-effective manner to support the construction, rehabilitation, and/or transfer of multifamily rental properties in accordance with applicable laws and regulations and RIHousing program requirements.

This is a hybrid position based in Providence, Rhode Island, where you will be an integral part of our Development team. The role is designed for in-person collaboration and active engagement within our office environment.

What you’ll do daily:

• Review, underwrite, and close assigned development proposals, including production proposals, loan restructurings, and asset transfers, in accordance with prudent credit and underwriting standards, applicable regulations, and RIHousing funding policies and priorities.
• Analyze the completeness and compliance of applications and evaluate site suitability, marketability, development team capacity, financial feasibility, and overall project feasibility; identify and resolve underwriting issues and deficiencies in collaboration with applicants and internal staff.
• Manage approximately 7–10 active development proposals at a time, with typical total development costs ranging from $2.5 million to $15 million. Proposals generally involve complex, multi-source financing, including taxable or tax-exempt bonds, housing tax credits, federal HOME funds, and other debt and equity sources.
• Coordinate with applicants and a diverse range of stakeholders, including nonprofit sponsors, for-profit developers, investors, local officials, regulatory agencies, and public organizations, to facilitate successful project review and completion.
• Prepare funding recommendations, Board presentations, commitment letters, correspondence, technical and status reports, schedules, and other documentation necessary to support project approval, closing, and ongoing file management.
• Monitor and coordinate internal processes to facilitate timely and effective loan closings and ensure project assignments are completed in accordance with established deadlines.
• Promote RIHousing programs by communicating program information to clients and stakeholders through correspondence, meetings, public forums, and other outreach activities in a timely, courteous, and professional manner.
• Participate in the development and implementation of new loan programs and revisions to underwriting guidelines, policies, and procedures, including preparation of Requests for Proposals (RFPs), as assigned.
• Perform special assignments across various program areas, which may include single-family construction lending, federal tax credit programs, housing preservation, loan restructuring, and financial or database modeling.
• Prioritize and manage multiple assignments in a complex, highly negotiated financing environment while exercising sound judgment and meeting established deadlines. Underwriting decisions can have significant implications for RIHousing’s financial performance, bond and credit ratings, and public reputation.
• Perform other duties as assigned.

What success looks like in this position:

• Minimum of five years of experience in commercial real estate lending and/or real estate development, with experience in underwriting, appraisal review, loan documentation, and closing preferred.
• Working knowledge of federal and state housing subsidy programs preferred.
• Excellent communication, negotiation, analytical, supervisory, organizational, and problem-solving skills.
• Strong computer skills, including proficiency with spreadsheet and report-writing applications.
• Bachelor’s degree in business administration, real estate, or a related field required; master’s degree preferred.

Not sure if you meet all the qualifications? Let us decide!

Why RIHousing:

• Mission-Driven Organization
• Lunch and Learn Series
• Employee Recognition Programs
• Dedicated Workforce
• Parking Stipend
• Paid Time Off
• Retirement Options
• Flexible Work Hours
• Education Reimbursement
• Onsite Fitness Classes
• Winner of “Best Places to Work” 2016, 2018, 2019, 2021 – 2026
• Greater Providence Chamber of Commerce Worksite Health Award 2013 – 2026
• PBN’s Healthiest Employers of RI 2025 & 2026

About RIHousing:

RIHousing works to ensure that all people who live in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing provides loans, grants, education, and assistance to help Rhode Islanders find, rent, buy, build, and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations.

Salary:

$75,222.00 – $105,310.00 Please note: This pay range represents the base annual full-time salary for all positions within this job grade. The actual salary offered will depend on factors such as experience and other job-related qualifications.

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