Community Development Banking Underwriter

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Community Development Banking Underwriter

Bank of America’s Community Development Banking (CDB) team is seeking underwriters to play an important role in financing affordable housing solutions that strengthen our communities.

The CDB Underwriter will be joining a nationally recognized team known for developing project finance expertise for affordable housing and other commercial, retail and residential real estate projects that utilize tax credit equity. From 2005 to 2022, our team has financed over 273,000 housing units, with $7.85 billion invested in U.S. neighborhoods in 2022 alone. We specialize in debt financing and tax credit equity for projects that serve a range of affordable housing needs from individuals, families, seniors, students and veterans, to the formerly homeless, those with special needs and other at-risk groups.

Job Responsibilities

The CDB Underwriter will work with Credit Officers and other members of the client coverage team to manage the underwriting process for both debt and equity investments in affordable housing projects, from deal screening to deal closing, and serves as a key client point of contact on the coverage team for credit actions.

Responsibilities will include:

• Conducting analysis of client materials for new investment and lending opportunities

• Working with proprietary analytical tools to understand project economics and terms for both debt and equity investments, preparing sensitivity and market analyses

• Guarantor and sponsor review including financial statements and spreads, risk analysis

• Leading underwriting and due diligence for all aspects of the deal including appraisal and rent/market analysis, general contractor and project budget sources and uses, operating proformas and reserves, closing calls, working with legal counsel and documentation

• Preparing approval packages for presenting to approvers and senior executives

• Ensure compliance with applicable regulatory requirements and Bank policies and procedures

• Identifying risk profile of existing and prospective investments, evaluating and structuring mitigants for both debt and equity investments

• Post closing work as needed to advise, restructure or resolve in partnership with portfolio management, asset management and operations

• Collaborate with partners in Finance, Risk, Portfolio Management, Asset Management, Relationship Management, Loan Administration, and Community Development Banking management

• Attention to collect and maintain quality data in multiple systems through the deal life-cycle

• Use relevant Bank systems including CreditCenter (Salesforce) for managing the underwriting workflow

• Respond to client inquiries regarding the underwriting process

Required Qualifications

• Bachelor’s degree in business, finance, accounting, commercial real estate, urban planning, economics, or related field

• At least 2 years experience in commercial real estate underwriting, or low-income housing tax credit underwriting

• Proficiency with MS Office products

• Experience working with large Excel spreadsheets

• Strong written and verbal communication skills

and at least two of the following

• 2+ years in tax credit analysis, tax analysis, tax preparation, or related field

• Commercial credit training; and/or

• Strong financial modeling skills, including MS Excel proficiency

Preferred Qualifications - One or more of the following:

• At least 4 years experience as a development analyst, underwriter, asset manager, portfolio manager, and/or syndicator of debt and/or equity investments in commercial multi-family projects

• Experience working in the low-income housing tax credit industry

• Experience working in commercial real estate

• Experience working with Salesforce (CreditCenter) or a similar product

• Graduate degree in business, finance, accounting, real estate, urban planning, economics, public policy, or related field

Shift:

Hours Per Week: