Appraiser

About the Organization

MassHousing confronts the Commonwealth's housing challenges to improve the lives of its people. Since its inception in 1966, MassHousing has provided more than $30 billion for 92,000+ rental units and 90,000+ home mortgage loans. Beyond lending, MassHousing promotes economic growth and empowerment for families, individuals, and businesses; helps communities increase their housing stock; provides hope and homes for vulnerable populations, and seeks new, cost-effective ways to provide equitable housing opportunities.

MassHousing invests in staff development and prioritizes individuals who align with its values, including an unwavering dedication to diversity, equity, and inclusion.

About the Role

The Appraiser provides independent technical expertise for all multifamily loan applications, with a focus on development and preservation project submissions. This role conducts site assessments, evaluates long-term market and income feasibility, and develops value estimates required for sound underwriting. The Appraiser plays a critical role in MassHousing’s credit decisions by preparing detailed financial and lease-up estimates and offering recommendations related to loan security requirements. This position reports to the Senior Manager of Appraisal & Marketing.

All positions at MassHousing require a customer service mindset in accordance with its values: Respect, Service, Empathy, Accountability, Collaboration, and Inclusion. MassHousing operates under a hybrid work model; employees are expected to work on-site according to a schedule determined in collaboration with their manager.

Responsibilities

• Internal Valuation
  • Prepare internal estimates of market and investment value for multifamily developments financed by, or seeking financing from, MassHousing.
  • Provide market rent determinations for proposed and existing multifamily developments to support underwriting and valuation analyses.
  • Conduct marketability analyses for multifamily developments financed by MassHousing.
• Appraisal & Market Study Review
  • Review third-party multifamily fee appraisals to assess the reasonableness, credibility, and supportability of appraisal assumptions, methodologies, market data, and conclusions of value in conformance with Uniform Standards of Professional Appraisal Practice (USPAP).
  • Ensure third-party appraisals and market studies comply with MassHousing’s regulatory requirements and lending standards.
  • Ensure compliance with regulatory requirements and lending standards of all MassHousing capital sources, including the U.S. Department of Housing and Urban Development (HUD), the Commonwealth of Massachusetts Executive Office of Housing and Livable Communities (EOHLC), and the Federal Financing Bank (FFB).
  • Act as a liaison between MassHousing and third-party appraisers, facilitating communication, resolving report deficiencies, and addressing valuation disputes.
  • Qualify and retain a list of third-party fee appraisal and market study professionals; prepare requests for quotes (RFQs), negotiate contracts, and review and approve all outside vendor appraisals and market studies.
• Regulatory Reporting and Specialized Review
  • Evaluate Rent Comparability Studies (RCS), pursuant to MassHousing's role as Section 8 Performance-Based Contract Administrator (PBCA).
  • Provide essential data and analysis to support the Agency’s critical determination of loan-loss reserves.
  • Prepare internal estimates of market value, provide market rent determinations, and conduct marketability analyses for under- and non-performing assets.
  • Review by-right appraisals, pursuant to MassHousing’s role as Subsidizing Agency under M.G.L. c.40B in determining Project Eligibility.
  • Advise on deal structuring and strategies for under-performing assets.
  • Monitor project marketing and rent-up data, identify outstanding issues, and address performance deficiencies.
• Security
  • Comply with MassHousing’s Information Security Program and all other Agency information security policies and procedures.
  • Take responsibility for any Agency assets assigned to you.
  • Promptly report any security events, incidents, or weaknesses to MassHousing’s Information Security Team.

Requirements

• Bachelor’s degree in Finance, Economics, Real Estate, Business Administration, or related field, or equivalent work experience.
• 5+ years of substantial, responsible, practical experience in real estate appraisal, market studies, and financing of medium-to-large-scale real estate proposals.
• Valid Massachusetts State Certified General Real Estate Appraiser license.
• Ability to meet all HUD-required qualifications, including those set forth in section 7.3 of the MAP Guide, to sign and review appraisal reports.
• Eligibility to work in, and travel freely to and from, the United States without sponsorship.

Preferred Qualifications

• Advanced degree in Finance, Economics, Real Estate, Business Administration or equivalent work experience.
• MAI designation or completion of advanced appraisal class curriculum with the Appraisal Institute (“AI”).
• Familiarity with federal Low-Income Housing Tax Credit (“LIHTC”) projects and the HUD Section 8 Policy Renewal Guide, including completion and/or review of Rent Comparability Studies and form HUD 92273-S8.

Skills

• Strong work ethic, fast learner, and a desire to learn appraisal review function under a variety of lending platforms.
• Independent thinker who sets timelines and outcomes while collaborating closely with internal and external partners.
• Exceptional oral and written communication with comfortability in communicating at all levels of the Agency.
• Excellent organizational skills and strong attention to detail.
• Comfortable multitasking, adjusts quickly to shifting priorities, and manages time efficiently in a fast-paced environment.
• Strategic thinker with the dual capacity to see the big picture and attend to details.

Benefits

• Tuition reimbursement up to $15,000 per calendar year.
• 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 and Long-Term Disability.
• Central Boston office location, convenient to public transportation and on-site amenities.

Pay

$103,312.74 - $134,306.46 per year.