The professionals at Greenwich Street Community Capital (“GSCC”), a dedicated subsidiary of Situs Group, underwrite and close construction and permanent loans that are used to finance the new construction and preservation of affordable and workforce rental housing for Citi Community Capital (“CCC”). CCC is the community lending and investing arm of Citigroup, housed in the Municipal Securities Division of Citi’s Institutional Clients Group. Unique among its peers, CCC provides a comprehensive array of financial products from investment banking to lending and equity investment designed to create strong communities and contribute toward Citigroup’s Community Reinvestment Act performance. Employees of GSCC are fully integrated with Citi employees at Citi locations.
CCC works with for-profit and non-profit developers, as well as state and local government agencies on both straightforward and highly structured transactions that may use a combination of taxable and tax-exempt loans or bonds, Low Income Housing Tax Credit equity, and governmental and private subsidies. The projects CCC finances serve the homeless, seniors, those with disabilities, as well as low-income families and individuals. They may also include workforce housing, market rate units and other commercial uses. CCC is an Agency lender with Freddie Mac and Fannie Mae, in addition to being a balance sheet lender.
CCC works throughout the country from 13 offices and, according to Affordable Housing Finance Magazine, have been the #1 affordable housing lender in the United States in 11 of the past 12 years. That success is due in large part to having the strongest, most innovative team of professionals in the country. Citi’s capital-committing capability and team of experienced professionals are able to provide creative financing solutions that are specifically designed to meet each client’s needs. CCC closed 229 transactions in 2017 and will close 220 in 2018.
GSCC/CCC is looking to add an appraiser to our 35 member underwriting team, likely at the Vice President level, in our Nashville office. This position will report directly to the Chief Underwriter who is the group head of the Underwriting Department and a Managing Director. The experienced professional will be responsible for and possess the following qualifications.
- Interface with Citi Origination and GSCC Underwriting teams as well as Citi Risk Managers and very specifically with the Independent Risk Office of the Chief Appraiser (OCA).
- Advocate, on behalf of the business, for appraisal and environmental report completeness and accuracy.
- Job responsibilities will include the smooth flow and delivery of appraisals and environmental reports created by our vendors and to review appraisals for completeness and accuracy on an exception basis.
- Understand Agency (Fannie Mae, Freddie Mac) appraisal requirements and help insure that OCA engages these with specific instructions relevant to those Agency requirements.
- Consult with the Underwriting Department and OCA on the qualifications and engagement of external appraisers and environmental vendors.
- Manage the appraisal and environmental due dates and information flow through the OCA on behalf of the CCC business.
- Advise on the appraisal engagement process to insure accurate and complete initial drafts.
- Must be detailed oriented with the ability to manage multiple projects at once and well organized to make sure deadlines are met.
- Adherence to Citi and Agency credit policies, bulletins and product programs
- Bachelor Degree
- Candidate must have a good working knowledge of the nuances of Multi-family Affordable Housing. Preference would be for someone with 2 to 5 years’ experience with Section 42 Low Income Housing Tax Credit valuation.
- Confirmed Membership in the Appraisal Institute is preferred but a qualified State certified appraiser could be acceptable.
- Individual must have excellent communication, organizational and interpersonal skills, as well as the ability to work under tight deadlines and manage priorities for loan closings.
- Travel is a requirement as our lending footprint is National in scope.
- Pay scaled to experience and ability.
5+ to 7 years