Director, Head of Underwriting (CPC Climate Capital)

About CPC Climate Capital:

CPC Climate Capital is a new division within The Community Preservation Corporation (CPC) and a sub-award partner of Climate United Fund. CPC Climate Capital will support Calvert Impact in the deployment of approximately $2.5 billion in Greenhouse Gas Reduction (GGRF) funds by advancing the CPC Climate Capital Multifamily Decarbonization Strategy nationally. CPC Climate Capital was selected to administer a portion of the awarded GGRF funds on behalf of the Environmental Protection Agency (EPA) to provide subordinate debt financing to owners of multifamily housing nationally to reduce or eliminate on-site fossil fuels, thereby reducing greenhouse gas emissions. These climate goals will be simultaneously delivered against other critical national priorities, including the creation and preservation of affordable housing, promoting equity and environmental justice, and support of high-quality jobs.

For more information, please visit us at https://communityp.com/products-services/sustainability/climate-capital/

About Climate United:

Climate United is a partnership of three national non-profitsCalvert Impact, The Community Preservation Corporation (CPC) and Self-Helpthat are complementary in their expertise and like-minded about the imperative to make sure that all Americans, particularly those bearing the greatest burden from the climate crisis, participate in and benefit from the movement to reduce carbon emissions. Between them, the organizations have 120 years of experience directly deploying more than $30 billion in low-income communities that are disproportionately affected by climate change. The core partners will be joined by multiple deployment and implementation partners to assist with management and mobilization of $6.97 billion from the National Clean Investment Fund established by the federal government as part of the Inflation Reduction Act.

Role Summary:

CPC Climate Capital will fund subordinate mortgage debt behind both construction and permanent first mortgage loans secured by both affordable and conventional properties. The Head of Underwriting will be responsible for: Building out the Climate Capital underwriting platform; Provide leadership, guidance, support, training and direction to the underwriting team; Ensuring quality, completeness and accuracy of the underwriting teams work. This leadership role will facilitate timely and appropriate communication between all parties involved in the transaction.

What Youll do:

• Oversee the design and implementation of CPC Climate Capitals underwriting policies, processes and procedures.
• Ensuring the underwriting package meets CPC Climate Capital underwriting guidelines.
• Manage the underwriting teams workload to ensure quality and timely completion of loan applications and other assigned tasks.
• Cultivate and maintain strong relationships with Freddie Mac, Fannie Mae, Mortgage Banks and Portfolio Lenders to obtain lender consent for CPC Climate subordinate debt.
• Review loans prior to internal and agency submission providing feedback/approvals to the underwriting team.
• Ensure operating efficiencies and implement process improvements including maximizing the use of technology.
• Create and oversee training and professional development for all members of the team on an ongoing basis.
• Ensure that the team is clearly communicating to internal and external transaction working group members.
• Develop measurable team goals for each team member and ensure necessary resources are in place to support the achievement of all goals.
• Maintain effective controls and compliance including operating within CPC Climate Capitals policies and procedures and adhering to all legal, regulatory, and programmatic requirements.
• Demonstrated commitment to CPC Climates mission and objectives.
• Work on special projects as necessary.

• Perform other administrative duties, as directed.

Skills and Experience:

• 10+ years demonstrable experience in underwriting both construction and permanent loans secured by both affordable and conventional properties
• 5+ years management and leadership experience.
• BA / BS required. Graduate degree in Real Estate Finance / Development, Urban Planning / Policy, Affordable Housing, Community Development, or similar discipline preferred.

• Experience with both Freddie Mac/Fannie Mae conventional and affordable underwriting standards.
• Strong communication skills and interest in learning beyond their area of expertise.
• Highly developed analytical, research and written/oral presentation skills.
• Ability to problem-solve and exercise independent judgment while displaying a high degree of initiative and accuracy.
• Demonstrated ability to organize & prioritize projects; complete multiple tasks on schedule.
• Experience with green building standards, building decarbonization and sustainable housing.

What We Offer:

• Competitive compensation
• 401(k) retirement plans with employer match
• Medical, dental, and vision benefits for employees and their dependents
• Commuter benefits
• PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability
• Tuition assistance program
• Two work from anywhere weeks per year
• Summer Fridays
• Collaborative working spaces
• Service days to support our communities
• Employee development and engagement events
• More about our offerings and culture here

This is a hybrid role that can be based in either NYC and would work out of our Manhattan office 2 – 3 days a week or in Washington DC with willingness to work in a hybrid work environment, or ability to travel to the NYC office quarterly for team collaboration The salary range is $175,000 $200,000, dependent on experience.

The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.