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Real Estate Investment Underwriter

Date Posted:  Nov 17, 2023
Requisition ID:  434081

Indianapolis, IN, US, 46204

Work for Indiana

Grow your career with the State of Indiana! With more than 50 executive branch agencies, the State of Indiana is a diverse workforce offering employees stimulating and challenging projects across a broad scope of career opportunities. As a State of Indiana employee, you impact the well-being of Indiana’s communities every day.


At the State of Indiana, we don’t just talk about diversity and inclusion - Our goal is to create a welcoming, accessible, and equitable workplace, with a workforce that is representative of the State of Indiana population. As a proud equal opportunity employer, reasonable accommodations may be available to enable individuals with disabilities to complete the application and interview process, as well as perform the essential functions of a role.


Next Level benefits at the State of Indiana are here! Be sure to review our expanded benefit package offerings below.


About the Indiana Housing and Community Development Authority: 

The Indiana Housing and Community Development Authority (IHCDA) is a quasi-agency of the State of Indiana and is committed to serving the entire spectrum of housing, from homelessness to homeownership.  Our charge is to provide housing opportunities, promote self-sufficiency and strengthen communities, in order to build an Indiana with a sustainable quality of life for all Hoosiers in the community of their choice.  To learn more about IHCDA visit us at 

Salary Statement  

The salary for this position traditionally starts at $47,320 but may be commensurate with education or work experience.

Role Overview

The Real Estate Underwriter contributes to fulfilling the IHCDA mission and meeting strategic and annual IHCDA operational and program goals by (1) analyzing applications for federal and state funds utilizing established procedures and guidelines and (2) performing ongoing financial analysis for IHCDA funded developments, particularly HOME funded properties during their affordability periods.  A high level of critical thinking, accuracy and attention to detail is required in order to reach sound decisions.

A Day in the Life:


  • Review applications for financial assistance based on established criteria for all IHCDA Real Estate Department programs including, but not limited to, Section 42 low-income housing tax credits, HOME Investment Partnership Program, the National Housing Trust Fund, and the Indiana Affordable Housing Development Fund.
  • Analyze financial and operating data to ensure projects are financially feasible and sustainable, considering factors such as loan or grant structure, stability and sufficiency of NOI, condition of the property, rental or sale market, and project history.
  • Assess financial strength, experience, performance and capacity of borrowers, grantees, principals and sponsors.
  • Review market studies to assess demand and validate absorption rates.
  • Propose financing structures and loan terms that are in the best interests of the applicant as well as IHCDA.
  • Offer creative solutions when possible, if terms originally requested don’t adequately or appropriately address the project’s needs
  • Communicate effectively with applicants and other team members to resolve questions and obtain additional information to keep the application process moving in a timely manner.
  • Meet with developers and other partners to discuss potential projects, underwriting questions or concerns, etc.
  • Respond with technical assistance to applicants who fail to meet the established criteria.
  • Assist the Director of Real Estate Lending with preparing letters of interest, commitment letters, board memos, and other key documents as directed.
  • Research and compile information related to trends in market demand, rental rates, operating expenses and other data that will improve the underwriting knowledge base.  


Issuance of Form 8609

  • Review final tax credit applications and supporting documentation such as partnership agreements, loan documentation, and certificates of occupancy.  
  • Ensure that the final application accurately reflects the project as developed.
  • Ensure that project has received all necessary physical inspections and award monitoring clearances and that it meets all commitments applied at the time of project approval. 
  • Work with applicants on necessary revisions.
  • Prepare the IRS Form 8609.  Obtain necessary signatures and provide signed forms to applicant. Compile the documents necessary for IHCDA’s permanent records


Annual Financial Review for Rental Projects

  • IHCDA must receive and review annual financials for all HOME or HTF funded developments with 10 or more units
  • Utilize a modified AHIC risk-rating system to identify developments with higher risk
  • Develop work-out plans for high-risk developments and stay in more frequent communication with these owner/management teams
  • For all other IHCDA funded rental properties, if the compliance team identifies potential outliers, request and review financials and follow same protocol as utilized on HOME properties (as identified above)

A Day in the Life Continued:

Participate in weekly Loan Committee Meeting to assist in review of loan modifications and award extension requests and make recommendations to approve, modify, or deny the requests.


Policy and Process Responsibilities

  • Use financial review data to identify trends and inform underwriting decision making and procedures for future awards
  • Actively participate in annual review of IHCDA Real Estate Department application policy and procedure documents, including but not limited to, the Qualified Allocation Plan, HOME application policy, and the Development Fund and TCAP loan policies
  • Research statutory and regulatory program issues and changes as well as best practices from industry peers. Recommend and implement updates to asset management and financial review tools, processes, and procedures.


Misc. Responsibilities

  • Work with Loan Closing and Asset Management Analyst to share information and ensure information is consistent between applications/underwriting and loan closing.
  • Participate in training and continuing education opportunities to ensure that underwriting procedures and requirements are understood by partners.
  • Represent IHCDA through participation in site visits, meetings with external partners, open houses/ribbon cuttings, speaking at conferences, and serving on external committees as assigned.
  • Timely and accurately submit a weekly update report to the Director of Real Estate Lending.  
  • Participate in team meetings, including continuous improvement events and the weekly Loan Committee.
  • Perform other duties as assigned by the Director of Real Estate Lending, Rental Housing Tax Credit Manager, Director of Real Estate Production and/or Chief Real Estate Development Officer.

What You'll Need for Success:

  • Bachelor’s degree in finance, accounting, business, public administration, planning, or real estate development preferred. 
  • 1-3 years relevant job experience in commercial lending, credit analysis, affordable housing development, real estate finance, and/or real estate development preferred.
  • Experience in underwriting multifamily development preferred.
  • Experience with Low-Income Housing Tax Credits and the HOME Investment Partnership program, and possession of applicable certifications in these programs, is preferred.
  • Proficient knowledge of financial analysis, general accounting, and underwriting.  Able to analyze financial statements, balance sheets, development pro formas, etc.
  • Demonstrates effective verbal and written communication skills.  Able to effectively communicate with a variety of individuals with diverse backgrounds, education, and economic levels.
  • Demonstrates customer service orientation.
  • Able to think logically and analytically.
  • Proactive in anticipating and alerting others to problems with projects or processes.
  • High detail orientation and accuracy.
  • Takes initiative and needs little supervision.
  • Performs responsibilities efficiently and timely.  Able to juggle multiple requests and meet multiple deadlines.  Able to prioritize, organize tasks and time, and follow up.
  • Able to work well in a team environment and as part of a team.
  • Proficient in basic computer skills, i.e., Microsoft Word, Excel, PowerPoint, Internet usage, and e-mail.
  • Proficient in basic mathematics.

Supervisory Responsibilities/Direct Reports:

This role may be utilized in a supervisory capacity based on agency needs.

Benefits of Employment with the State of Indiana:

The State of Indiana offers a comprehensive benefit package for full-time employees which includes: 

  • Three (3) medical plan options (including RX coverage) as well as vision and dental plans
  • Wellness Rewards Program: Complete wellness activities to earn gift card rewards
  • Health savings account, which includes bi-weekly state contribution
  • Flexible work scheduling options, including the potential for hybrid remote work for employees whose work may be performed outside state facilities
  • Deferred compensation 457B account (similar to 401k plan) with employer match
  • Two (2) fully-funded pension plan options
  • A robust, comprehensive program of leave policies covering a variety of employee needs, including but not limited to:
    • 150 hours of paid new parent leave
    • Up to 15 hours of paid community service leave
  • Combined 180 hours of paid vacation, personal, and sick leave time off
  • 12 paid holidays, 14 on election years
  • Education Reimbursement Program
  • Group life insurance
  • Referral Bonus program
  • Employee assistance program that allows for covered behavioral health visits
  • Qualified employer for the Public Service Loan Forgiveness Program
  • Free Parking for most positions
  • Free LinkedIn Learning access


Equal Employment Opportunity:

The State of Indiana is an Equal Opportunity Employer and is committed to recruit, select, develop, and promote employees based on individual ability and job performance. Our policy is to provide equal employment opportunity to all people in all aspects of employer-employee relations without discrimination because of race, color, creed, religion, sex, national origin, ancestry, age, sexual orientation, gender identity, physical or mental disability, or veteran status. We will comply with the spirit as well as the letter of all applicable state and federal laws. 


If you are a qualified individual with a disability and require reasonable accommodation in completing this application, you can request assistance by contacting the Indiana State Personnel Department at [email protected].


The State of Indiana has established a culture that welcomes equity, inclusion, and opportunity for all employees and applicants. We encourage you to apply if you feel you have the transferrable skills to be successful in this position and we look forward to reviewing your application.


Current Employee? Click here to apply.

Nearest Major Market: Indianapolis