Senior Associate, Underwriting

ImpactAlpha Inc.; Northern (KY); Hybrid; USD 120,000 - 180,000; Full time

Benefits offered by this job

Medical, Dental, Vision

Retirement plans

Professional development

Paid time off

Job summary

Local Initiatives Support Corporation (LISC) is seeking a Senior Associate, Underwriting & Fund Investments to independently manage underwriting of complex affordable housing transactions from intake through closing. The role requires strong credit judgment, financial analysis, and experience with HUD and multifamily programs.

You will collaborate with Fund Investments, Construction, Asset Management, and Legal teams across the national platform, travel rarely, and contribute to investment

Qualifications

• 6–8 years of relevant experience in affordable housing finance, commercial banking, or related field.
• Experience underwriting complex multifamily transactions from intake to closing.
• Strong proficiency in financial modeling, cash flow analysis, credit analysis, and Excel.

Responsibilities

• Independently manage screening and underwriting of active transactions across varying stages.
• Perform advanced financial and credit analysis including cash flow, budgets, and debt service metrics.
• Evaluate rents, income, vacancy, operating expenses, and market conditions for feasibility.
• Assess sponsor/developer capacity, structure, and transaction risks.
• Lead underwriting of HUD, Fannie Mae/Freddie Mac multifamily programs and related financing structures; tax credits and New Markets Tax Credits when applicable.
• Prepare memoranda, letters of intent, term sheets, and due diligence materials; present to Investment Committee.

Skills

Financial modeling

Cash flow analysis

Credit analysis

Excel

Communication skills

Job description

About Local Initiatives Support Corporation

Local Initiatives Support Corporation (LISC) is one of the country’s largest community development organizations, dedicated to helping forge vibrant, resilient communities across America. Founded in 1979, LISC works with residents and partners to close gaps in health, wealth, and opportunity so that people and places can thrive. The organization operates as a conduit for grants, loans, and equity capital while providing technical assistance and capacity building to locally rooted organizations that carry out transformative work in communities nationwide. LISC Fund Management (LFM) is a national impact investment platform and subsidiary of LISC that designs, raises, and manages mission-driven funds to expand access to capital for housing and small businesses in communities across the country. As an SEC-registered investment advisor, LFM connects private, public, and philanthropic capital to local initiatives that drive inclusive economic growth and long-term community stability. The platform operates with the belief that capital, when thoughtfully deployed, can be a powerful tool for advancing opportunity and strengthening communities. LFM operates as an integrated investment platform, aligning capital raising, investment execution, and long‑term fund stewardship to deliver measurable impact and responsible returns. The organization’s teams work collaboratively across the full fund lifecycle—from concept and capitalization through deployment, asset management, and reporting—ensuring continuity, accountability, and strategic alignment at every stage. The company brings funds to market through its Fund Development and Marketing department, builds strong investor partnerships, and clearly communicates both impact and performance metrics. LFM’s Fund Investment and Asset Management department ensures disciplined underwriting, active portfolio oversight, and long‑term value creation for communities and investors alike.

About this Role

The Senior Associate, Underwriting & Fund Investments is an experienced affordable housing underwriter responsible for independently managing complex multifamily transactions from initial intake through underwriting, Investment Committee approval, and closing. This position is expected to manage active transactions at varying stages, applying strong credit judgment and financial analysis to evaluate affordable housing investments across LFM’s national portfolio. The Senior Associate will lead lender‑side underwriting of affordable multifamily transactions, including analysis of project economics, sponsor capacity, market conditions, public subsidies, and financing structures. The role requires the ability to identify and articulate key risks, develop appropriate mitigants, anticipate Investment Committee questions, and clearly co‑present investment recommendations. Experience with HUD and Fannie Mae/Freddie Mac multifamily programs is particularly relevant, while experience with tax credits, New Markets Tax Credits, and equity investments is beneficial. This is a senior individual contributor role requiring substantial independence, sound judgment, and the ability to move multiple transactions forward with limited oversight. The Senior Associate will also serve as a thought partner to the Senior Director, Underwriting, and collaborate closely with Fund Investments, Construction, Asset Management, Fund Management, Legal, borrowers, lenders, and other transaction partners. Success requires both technical underwriting expertise and LFM’s mission‑oriented, collaborative approach to investment management. The position is expected to travel less than once per month, up to 15% annually.

Responsibilities

• Independently manage the screening and underwriting of active transactions at varying stages, primarily affordable multifamily rental housing investments
• Perform advanced financial and credit analysis, including historical and projected financial statements, project cash flows, sources and uses, development and operating budgets, debt service coverage, loan‑to‑value/loan‑to‑cost, and sensitivity analyses
• Evaluate proposed rents, income, vacancy, operating expenses, construction costs, market assumptions, and overall project feasibility
• Assess sponsor/developer capacity, organizational and ownership structures, market conditions, and transaction risks
• Evaluate complex affordable housing financing structures, including public subsidies and, as applicable, HUD, Fannie Mae/Freddie Mac multifamily programs, tax credits, New Markets Tax Credits, and debt and equity structures
• Review third‑party diligence, including appraisals, environmental assessments, property condition reports, and other transaction‑specific materials
• Identify material credit risks and recommend appropriate mitigants, including collateral structures, reserves, covenants, guarantees, and other structural protections
• Take ownership of assigned transactions across the full underwriting pipeline, from intake through Investment Committee approval and closing
• Prepare intake memoranda that clearly summarize the proposed transaction, preliminary structure, key risks, and recommendation for consideration by the intake committee
• Draft and review letters of intent, term sheets, and preliminary deal terms following intake approval
• Lead comprehensive due diligence and prepare credit memoranda that clearly articulate transaction structure, financial analysis, risks, mitigants, and investment recommendations
• Anticipate potential Investment Committee questions and areas of concern, conducting additional analysis as needed before presentation
• Co‑present investment recommendations to Investment Committee and respond effectively to questions regarding credit, structure, assumptions, and risk
• Coordinate with borrowers, lenders, co‑investors, counsel, local offices, and internal LFM teams to resolve diligence issues and keep transactions progressing efficiently toward closing
• Review closing statements and transaction documentation as appropriate and support accurate funding and transition to Asset Management
• Serve as a senior underwriting resource and thought partner to underwriting leadership, LISC local offices, and other LFM teams on transaction structure, credit considerations, and underwriting standards
• Manage assigned work independently, escalating material risks and issues appropriately and bringing forward potential solutions and recommendations
• Collaborate with Fund Investments, Construction, Asset Management, Fund Management, Legal, and other functions throughout the transaction lifecycle
• Support effective post‑closing handoffs to Asset Management and provide underwriting analysis for extensions, modifications, workouts, or other portfolio matters when needed
• Contribute to the refinement and consistent application of underwriting tools, templates, processes, and internal guidelines
• Participate in pipeline reviews and cross‑functional discussions related to deployment, transaction strategy, and portfolio performance
• Provide technical guidance, mentorship, or work review for more junior underwriting staff, as appropriate

Requirements

• Minimum of 6–8 years of relevant experience in affordable housing finance, commercial banking, community development lending, or a related field
• Significant experience underwriting affordable multifamily rental housing
• Demonstrated experience independently underwriting complex multifamily real estate transactions from initial evaluation through credit approval and closing
• Prior experience presenting or co‑presenting transactions to credit or investment committees
• Advanced proficiency in financial modeling, cash flow analysis, credit analysis, and Excel
• Demonstrated ability to independently manage multiple concurrent transactions and exercise sound credit judgment with limited oversight
• Strong written and verbal communication skills, including the ability to synthesize complex analysis and present investment recommendations clearly
• Availability to travel as some domestic travel is required, up to 15% annually

Benefits

• Medical, Dental, and Vision Coverage with comprehensive health plans for employees and their families
• Long‑term and Short‑term Disability Insurance
• 401(k) and 403(b) retirement savings plans
• Generous Holiday time
• Vacation, Paid Time Off, and Sick Days with flexible time‑off policies
• Tuition Assistance program to support educational goals
• Referral Program with rewards for referring qualified candidates
• Professional Development Opportunities with access to ongoing training and development programs tailored to career goals