Underwriting Associate

LISC is one of the country’s largest community development organizations, helping forge vibrant, resilient communities across America. LISC works with residents and partners to close gaps in health, wealth, and opportunity so that people and places can thrive. We do this by acting as a conduit for grants, loans and equity--and by providing technical assistance and capacity building--to locally rooted organizations that carry out the work in communities.

About LISC Fund Management – Where community and capital grow together

LISC Fund Management (LFM) is a national impact investment platform that designs, raises, and manages mission-driven funds to expand access to capital for housing and small businesses in communities across the country. Drawing on LISC’s deep expertise in community development financing, LFM (a LISC subsidiary), connects private, public, and philanthropic capital to local initiatives that drive inclusive economic growth and long-term community stability.

As an SEC-registered investment advisor, LFM partners with cities, investors, developers, and community stakeholders to deliver innovative public-private solutions that balance measurable impact with responsible financial returns. Our work is grounded in the belief that capital, when thoughtfully deployed, can be a powerful tool for advancing opportunity and strengthening communities nationwide.

Our Vision

To become a national investment partner — delivering innovative public-private solutions that scale local investment, drive high impact, and generate responsible returns.

Our Mission

Harnessing LISC’s expertise in community development financing to expand investment opportunities in housing and small business — connecting capital to community initiatives and driving sustainable growth nationwide.

Our Core Values

Partnership • Opportunity • Performance • Stewardship • Innovation

These values guide how we collaborate, invest, manage risk, and measure success — ensuring accountability to our investors, partners, and the communities we serve.

How We Work

LFM operates as an integrated investment platform, aligning capital raising, investment execution, and long-term fund stewardship to deliver measurable impact and responsible returns. Our 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.

We bring funds to market through our Fund Development and Marketing department, building strong investor partnerships and clearly communicating both impact and performance. Our Fund Investment and Asset management department ensures disciplined underwriting, active portfolio oversight, and long-term value creation for communities and investors alike. Fund Management and Finance provides the financial rigor, transparency, and fiduciary oversight required of an SEC-registered investment advisor, while Operations and Administration ensure compliance, governance, and scalable internal systems that support sustainable growth.

Together, this integrated approach allows LFM to connect capital to community initiatives efficiently and responsibly — turning local investment into lasting, national impact.

Position Description

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. The 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.

Responsibilities

Underwriting and Financial Analysis (45%)

• Independently manage the screening and underwriting 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.

Credit Presentation and Transaction Execution (40%)

• 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.

Collaboration and Technical Leadership (15%)

• 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.

This position is expected to travel less than once per month, up to 15% annually.

Qualifications

• Minimum of 6–8 years of relevant experience in affordable housing finance, commercial banking, community development lending, or a related field, including significant experience underwriting affordable multifamily rental housing.
• 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.
• Preferred
  • Experience underwriting transactions across multiple U.S. markets or geographies.
  • Experience with LIHTC, New Markets Tax Credits, or other public subsidy structures.
  • Experience underwriting equity investments in addition to debt.
  • Experience mentoring or supervising junior analysts.

Compensation

LISC provides a competitive salary ($105k-$130k) and excellent fringe benefits for this position. 

*Actual salaries may be based on several factors including, but not limited to, a candidate's skill set, experience, education, work location and other qualifications.

Our benefits include: 

Medical, Dental, Vision Coverage: Comprehensive health plans for you and your family's well-being; Disability Insurance: Long-term and short-term coverage for peace of mind; Retirement Savings: Secure your future with our 401(k) and 403(b) plans; Generous Holidays: Enjoy ample time off to recharge and celebrate; Vacation, PTO, and Sick Days: Take advantage of flexible time-off policies to maintain work-life balance; Tuition Assistance: Pursue your educational goals with support from our tuition assistance program; Referral Program: Earn rewards for referring qualified candidates to join our team; Professional Development Opportunities: Grow and advance in your career with access to ongoing training and development programs tailored to your goals.

LISC is an equal opportunity employer. LISC does not discriminate in employment on account of actual or perceived race, color, creed, religion, national origin, ancestry, citizenship status, age, sex or gender (including pregnancy, childbirth, lactation and related medical conditions), gender identity or expression (including transgender status), sexual orientation, marital status, military status or veteran status, unfavorable discharge from military service, physical or mental disability, protected medical condition as defined by applicable state or local law, genetic information or any other characteristic protected by applicable federal, state or local laws and ordinances.

We will endeavor to make a reasonable accommodation to the known physical or mental limitations of a qualified applicant with a disability unless the accommodation would impose an undue hardship on the operation of our business.