Company: Minnesota Housing Finance Agency
Job description:
This position requires an employee to be onsite at 400 Wabasha Street North, St Paul, Minnesota at least 50% of the time, with some opportunity to perform work from a telework location.
- Telework is available on a limited basis.
- Only candidates residing in Minnesota or a state bordering Minnesota (Iowa, North Dakota, South Dakota, or Wisconsin) within 50 miles of the work address listed above are eligible for telework.
- Candidates residing in Minnesota and more than 50 miles from the primary/principal work address above may be eligible to telework more than 50%.
- Candidates residing 50 miles or more from the primary/principal work address in a state bordering Minnesota (Iowa, North Dakota, South Dakota, or Wisconsin) are not eligible to be hired, unless planning to relocate within 50 miles of the work location.
The work you’ll do is more than just a job.
At the State of Minnesota, employees play a critical role in developing policies, providing essential services, and working to improve the well-being and quality of life for all Minnesotans. The State of Minnesota is committed to equity and inclusion, and invests in employees by providing benefits, support resources, and training and development opportunities.
Minnesota Housing is hiring! We’re a mission-focused financial institution looking for a RFA Team Lead/Underwriter candidate to be part of a team of three staff who review all the Requests for Action and loan servicing requests to Minnesota Housing. The team manages a high volume of work on a year-round basis. RFAs include changes in ownership, assumptions, subordinations, debt modifications and workouts of Agency loans on existing multifamily projects.
This position will make and present recommendations to internal committees for approval, and occasionally present to the Board of Directors.
Essential Job Duties
- Review and process Requests for Action (RFAs) and loan servicing requests, which involve the review of Agency loan documents.
- Assign RFA submissions to team members for processing. Mentor and guide other team members in reviewing RFAs.
- Collect and analyze submitted due diligence for complex RFAs. This involves working with external customers and funders to obtain information and answer questions, as well as with other Agency staff across the division (e.g. supportive housing, asset management, legal, closing).
- Lead negotiations with current borrowers, property purchasers and other funders to determine the best solution that balances mission, business needs, and RFA considerations.
- Underwrite complex RFA requests — assess financial feasibility and possibility of repayment, scenario analysis and sensitivity analysis.
- Write and present clear recommendations on complex RFAs to Agency committees and occasionally to the Board of Directors.
- Perform other duties as assigned.
Minimum Qualifications
To be qualified for and considered for this position, applicants must meet all of the minimum qualifications listed below. Ensure that your resume contains descriptions of your work experiences sufficient for comparison against the requirements stated below and indicate the beginning and ending month and year for each job held.
Only applicants whose resumes clearly demonstrate fulfillment of each of these minimum qualifications will be considered for this position.
- Four (4) years of professional level experience in affordable housing including multifamily underwriting, loan origination, credit analysis, program administration or closely related work. Affordable *multifamily real estate development or project management experience is also acceptable.
- A Bachelor’s degree in Business Administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning, or a related field may substitute for one (1) year of professional experience;
OR
-
- Master’s degree in Business Administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning, or a related field may substitute for eighteen (18) months.
* For this role, multifamily generally means rental properties containing more than 12 units. Single family lending experience or mortgage banking experience is insufficient.
In addition to the qualifications listed above, the following is also required:
- Demonstrated knowledge of multifamily financing structures and funding sources (such as governmental or bank financing, bond financing and Low-Income Housing Tax Credits).
- Demonstrated ability to analyze underwriting proposals with the most complex financial deal structures.
- Interpersonal skills to develop strong collaborations as well as manage internal and external relationships.
- Ability to negotiate legal agreements and business points with developers and other funders.
- Ability to master details of multiple projects, while managing multiple projects strategically.
- Demonstrated organizational, time management, interpersonal skills and dependability.
- Cultural competency as demonstrated by skills for communication and interaction across cultures and awareness of one’s own world view and that different world views exist.
Preferred Qualifications
- Experience with one or more of the following federal and state affordable housing funding resources: federal Low-income Housing Tax Credit (LIHTC); HUD Risk-share first mortgage program; federal HOME & National Housing Trust Fund programs; and state funding programs that may include the Economic Development Housing Challenge (EDHC) loan program, Preservation Affordable Rental Investment Fund (PARIF) loan program, and/or Housing Infrastructure Bonds (HIBs).
- Our employees are dedicated to ensuring cultural responsiveness. Preferred candidates will have a variety of experiences working effectively with others from different backgrounds and cultures.
- Master’s degree in Business Administration, Finance, Accounting, Housing, Real Estate, or Community Development/Planning AND two (2) years of demonstrated experience in multifamily underwriting, multifamily loan servicing or affordable housing finance or program experience or closely related work. For this role, single family lending experience or mortgage banking experience is insufficient.
Additional Requirements
This position requires successful completion of the following:
- Reference Checks.
- Job related background checks.
- Conflict of Interest Disclosure.
Physical Requirements
Requires moving office items such as file folders and small office tools.
A certain amount of walking and standing is often necessary in carrying out job duties.
How to Apply
External candidates: Select the link where it says “apply”. If you have questions about applying for jobs, contact the job information line at 651-259-3637 or email careers@state.mn.us. For additional information about the application process, go to http://www.mn.gov/careers.
Internal candidates: Go to Employee Self Service > Careers and search for Job ID 87989
Please note that this position closes on Monday, August 25, 2025.
Contact
If you have questions about the position, contact us at: Minnesota.Housing.Human.Resources@state.mn.us.
To receive consideration as a Connect 700 Program applicant, apply online, email the Job ID# 87292, the Working Title, and your valid Proof of Eligibility Certificate by the closing date to Minnesota.Housing.Human.Resources@state.mn.us.
About Housing Finance Agency
At Minnesota Housing, we know that affordable housing is an essential part of Minnesota’s infrastructure. When you work here, you’re helping to build stronger communities. We have a national reputation as one of the finest housing finance agencies in the country.
Working together to improve the state we love.
What do Minnesota’s State employees have in common?
- A sense of purpose in their work.
- Connection with their coworkers and communities.
- Opportunities for personal and professional growth.
Benefits
As an employee, you’ll have access to one of the most affordable health insurance plans in Minnesota, along with other benefits to help you and your family be well.
Your benefits may include:
- Paid vacation and sick leave.
- 12 paid holidays each year.
- Low-cost medical, dental, vision, and prescription drug plans
- Fertility care, including IVF.
- Diabetes care.
- Dental and orthodontic care for adults and children.
- 6 weeks paid leave for parents of newborn or newly adopted children.
- Pension plan that provides income when you retire (after working at least three years).
- Employer paid life insurance to provide support for your family in the event of death.
- Short and long-term disability insurance that can provide income if you are unable to work due to illness or injury.
- Tax-free expense accounts for health, dental, and dependent care.
- Resources that provide support and promote physical, emotional, social, and financial well-being.
Support to help you reach your career goals:
- Training, classes, and professional development.
- Student Loan Reimbursement (pilot program)
- Tuition Assistance Program
- Federal Public Service Loan Forgiveness Program (Some positions may qualify for the Public Service Loan Forgiveness Program. For more information, visit the Federal Student Aid website studentaid.gov).
Employee Assistance Program (EAP) for work/life support:
- A voluntary confidential program that helps employees and their families with life challenges that may impact overall health, personal well-being, or job performance.
- Common sources of stress can be addressed through the EAP: mental health, relationship challenges (personal and work), grief and loss, finances, and legal issues.
- Daily Living/Convenience Services: Chore services, home repair, trip planning, child/elder care.
Programs, resources, and benefits eligibility varies based on type of employment, agency, funding availability, union/collective bargaining agreement, location, and length of service with the State of Minnesota.
EQUAL OPPORTUNITY EMPLOYERS
Minnesota state agencies are equal opportunity, affirmative action, and veteran-friendly employers. State agencies are committed to creating a workforce that reflects the diversity of the state and strongly encourages persons of color and Indigenous communities, members of the LGBTQIA2S+ community, individuals with disabilities, women, and veterans to apply. The varied experiences and perspectives of employees strengthen the work we do together and our ability to best serve Minnesotans.
All qualified applicants will receive consideration for employment without regard to race, color, creed, religion, national origin, sex (including pregnancy, childbirth, and disabilities related to pregnancy or childbirth), gender identity, gender expression, marital status, familial status, age, sexual orientation, status regarding public assistance, disability, veteran status or activity in a local Human Rights Commission or any other characteristic protected by law.
APPLICANTS WITH DISABILITIES
Minnesota state agencies make reasonable accommodations to their employees and applicants with disabilities. If you have a disability and need assistance in searching or applying for jobs with the State of Minnesota, call the job information line at 651-259-3637 or email careers@state.mn.us, and let us know the support you need.
Job type: Full Time
Fully remote: Hybrid
Salary range: $35.43 – $52.53 / Hourly – $73,978 – $109,683 / Yearly
Location: St. Paul Minnesota