Appraiser

Title:   Appraiser

Organization:  MassHousing

Location:  One Beacon Street, Boston, MA  02108

Posting Closes:  Close of Business on May 17, 2024

Website:  https://www.masshousing.com

MassHousing recently affirmed its longstanding commitment to diversity and inclusion in its 5-year Strategic Goals, see https://www.masshousing.com/-/media/Files/Corporate/MH-5yr-Strategic-Business-Goals.ashx.

THE ORGANIZATION

MassHousing will confront the housing challenges facing the Commonwealth to improve the lives of its people.  A bold mission for an innovative agency.  Since its inception in 1966, MassHousing has provided more than $27.5 billion for more than 125,000 apartments and more than 105,000 home mortgage loans.  Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, cost-effective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives.  

We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts.  We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion. 

As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck.  MassHousing’ s total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

• Tuition reimbursement up to $10,000 per calendar year
• A 35-hour work week and a Hybrid work schedule
• Back up Child/Elder Care
• Retirement Savings including a pension and a deferred compensation plan (with a match)
• Comprehensive health, dental and vision plans
• 12 paid Holidays per year and generous sick, vacation, and personal time
• Short-Term Disability 
• Central Boston office location, convenient to public transportation and amenities on site

If you’re ready to join our dynamic team of mission driven professionals, this might be the job for you! Interested candidates should send a letter of interest and a resume to MassHousing by logging in to https://prd01-hcm01.prd.mykronos.com/ta/6003873.careers?CareersSearch

Position Summary

The Appraiser is responsible for providing independent technical expertise for all multifamily loan applications, with a special focus development and preservation project applications, conducting site assessments, determining long-term project market and income feasibility, and developing value estimates required for sound project underwriting. The Appraiser plays a critical role in the credit decisions of MassHousing. This individual provides detailed financial and lease-up estimates and corresponding recommendations for loan security requirements. The Appraiser participates in monthly meetings with Directors and Senior Managers to discuss pipeline activity, assists in the structuring of deals within the context of general market conditions, as well as strategies for dealing with under- and non-performing assets. The Appraiser routinely works with originators and underwriter on deal specific matters, providing critical feedback on market rental, project feasibility and project lease-up/stabilization assumptions and identifying potential risks. This individual maintains data and reports on project marketing and rent-up, identifying and resolving outstanding marketing issues and problems. 

Specific Duties and Responsibilities

• Prepares internal estimates of market value, provide market rent determinations, and conduct marketability analysis for all multifamily development projects being financed with MassHousing. 
• Provides essential risk management contributions to the Agency’s underwriting process by reviewing, evaluating and approving all third-party multifamily fee appraisals based on the data and analysis presented in conformance with Uniform Standards of Professional Appraisal Practice (“USPAP”).
• Ensures compliance with the regulatory requirements and lending standards of MassHousing which are critical to the Agency’s third-party credit ratings with S&P, Fitch, and other rating agencies.
• Ensures compliance with the regulatory requirements and lending standards of all MassHousing capital sources in effect from time-to-time including:
• U.S. Department of Housing & Urban Development (“HUD”), which is essential to the Agency’s status as a Risk Share lender;
• the Commonwealth of Massachusetts Executive Office of  Housing and Livable Communities (“EOHLC”);
• Federal Financing Bank (“FFB”); and 
• American Federation of Labor and Congress of Industrial Organizations (“AFL-CIO”) Housing Investment Trust (“HIT”).
• Qualifies and retains independent appraisal and marketing contract professionals, preparing RFQ’s, negotiating contracts, and reviewing and approving all outside vendor appraisals and market studies.
• Provides rental analyses and recommendations on existing MassHousing portfolio developments in connection with HUD Section 8 contract renewals and rent increase requests.
• Provides essential data and analysis to the Finance group in support of the critical determination of the Agency’s loan loss reserves. 
• Prepares internal estimates of market value, provide market rent determinations, and conduct marketability analysis for under- and non-performing assets, and facilitate outside vendor appraisals and market studies.
• Performs other appraisal-related duties, as required.

Knowledge, Skills and Abilities Required

• Must be well-versed in all appraisal methodologies.

• Detailed understanding of the multiple derivations of market capitalization rates.

• Demonstrated ability to gauge the impact of specified construction/property improvements on future rental levels.

• Must have broad knowledge of government and private financing programs, including State and Federal insurance and subsidy programs.

• Must be HUD approved to perform all HUD appraisal, rent comparability and review functions. Including working knowledge HUD Section 8 Renewal Policy Guidebook (Chapter Nine – Rent Comparability Studies). 

• Must be able to perform and/or review market feasibility studies and demographic analysis.

• Excellent written, oral and computer skills required.

• Ability to work effectively and independently with little or no supervision.

Minimum Education and Training

• Bachelor’s Degree with Master’s Degree or equivalent work experience preferred
• Five to seven years of substantial, responsible, practical experience in real estate appraisal, market studies and financing of medium-to-large scale real estate proposals.
• Must hold a current Massachusetts State License as a State Certified General Real Estate Appraiser.
• Must be certified and trained in USPAP requirements, including the Competency Rule set forth therein.
• Must meet all HUD qualifications, including requirements set forth in section 7.3 of the MAP Guide, to sign and review appraisal reports. 
• Preference for applicants holding or actively pursuing an MAI or AI-GRS designation with the Appraisal Institute (“AI”).

Salary Range:  $101,287 - $131,673  

All positions at MassHousing require a customer service mindset, in accordance with our values:  Integrity, Excellence, Collaboration, Respect, Accountability and Service.  Inherent in these values is our commitment to diversity, equity, and inclusion for all.

MassHousing is an Equal Opportunity Employer