Job Description

Director, Underwriting and Closings

CAHEC is a non-profit community investment organization based in Raleigh, NC, dedicated to expanding access to affordable housing and creating life-changing opportunities across the Southeast and Mid-Atlantic. Our work spans housing tax credit investments, loan programs, affordable housing development, property management services, and wellness and education initiatives for residents. Guided by a vision of thriving, vibrant communities, we strengthen neighborhoods through collaborative partnerships, innovative investments, and supportive services.

The Director, Underwriting & Closings, is a working manager who supervises and guides a team of Project Managers and other assigned support staff in the final underwriting and closing of tax credit investments for CAHEC’s equity funds. The position participates in and leads a functional group responsible for the scheduling and closing of complex, real estate transactions in a manner that respects industry relationships and standards. In addition to supervisory and coaching responsibilities for the closing team, the Director, Underwriting and Closing, is part of the department and company leadership teams which includes strategic planning and active participation in the development and implementation of policies and procedures. The Closing team works in tandem with the Risk Management team to prepare and present investment reports to obtain required closing approvals. The employment classification of this position is exempt.

Some specific functions include:

• Managing the day-to-day operations of the team and recruiting, supervising, coaching, and mentoring team members.
• Actively participating in strategic planning for the department as well as the continual enhancement of policies and procedures.
• Establishing and communicating with participants a closing schedule and key deliverables to meet equity closing objectives.
• Coordinating with development team, internal staff, and CAHEC counsel to manage the collection and review of due diligence while maintaining quality control over the process.
• Collaborating with internal staff to prepare investment reports, to review key analytics and underwriting, and to obtain required approvals for equity closings.
• Collaborating with CAHEC counsel to produce and finalize equity closing agreements consistent with the approved investment conditions.
• Closing equity investments and transitioning closed investments to CAHEC’s Asset Management group.

Education Requirement

Bachelor’s degree in project management, operational research, real estate, finance, business, city planning, or related field; or an equivalent combination of education and comparable work experience.

Work Experience

Minimum five (5) years progressively responsible work experience relevant to commercial real estate development, finance or lending; and direct work experience and knowledge of multi-family housing development and minimum two (2) years progressively responsible work experience relevant to the management functions of supervising and coaching direct reports, operational planning, and budgeting.

Knowledge, Skills, and Abilities

General knowledge of commercial real estate development, construction, corporate structuring, taxation, property management, and the Low-Income Housing Tax Credit Program (Section 42 of the IRC) is required. The ability to manage multiple, current priorities and easily adapt to changing priorities is necessary as is the ability to think analytically to develop and recommend effective solutions is needed. Proven ability to analyze and develop complex financial models in MS Excel as well as negotiating complex transactions tactfully is required. Excellent interpersonal and communications skills (written and verbal) are needed as is the ability to foster effective working relationships with peers and partners.

Work Environment

This position is based out of CAHEC’s corporate office in Raleigh, NC. Travel, typically by either commercial airline or automobile, is required for at least 10% of this position. Certain objectives require working on-site at various locations, such as potential investments and properties in CAHEC’s investment portfolio, and some professional training and networking opportunities may also require travel. This position is classified as fully remote and reports to CAHEC’s corporate office in Raleigh, NC as needed.

Compensation and Benefits CAHEC is an equal-opportunity employer that offers a competitive compensation package which is based on a hiring range that is commensurate on experience, education, and level of responsibility. CAHEC also offers a very competitive benefits package.

For more information and how to apply: please visit www.cahec.com