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Vice President, Underwriting, Debt Products


This is a Full-time position in Elwell, MI posted June 9, 2021.

The Company

In 1993, Cinnaire founder and CEO Mark McDaniel launched a tax credit fund to support much needed affordable housing in Michigan with a table, a phone, and a Rolodex.

Since the first days, Cinnaire’s purpose has been about changing lives and transforming struggling neighborhoods into thriving communities.

Twenty-five years later, Mark is still at the helm and Cinnaire has expanded to more than 100 team members with six offices and programs in nine states.

Cinnaire has invested more than $4.2 billion in community revitalization and leveraged more than $7.3 billion in community impact across its territories, Michigan, Indiana, Illinois, Wisconsin, Minnesota, Delaware, Eastern Pennsylvania, New Jersey, and Maryland.

Cinnaire is a nonprofit, full-service financial firm providing lending, tax credit programs, real estate and community development consulting services, and commercial financing.

Lending Products

As a full-service Community Development Financial Institution (CDFI), Cinnaire Lending works with socially conscious investors and mission-focused organizations to create out-of-the-box lending options to support housing and community development work.

Its approach is based on nurturing partnerships and the ability to leverage donor and investment money and combine it with larger sources of capital.

Its primary debt products are pre-development loans, acquisition financing, permanent financing, and flexible financing leveraging its membership in Federal Home Loan Bank of Chicago.

Tax Credit Investment Tools

Cinnaire has directed more than $3.9 billion to over 700 development projects, building 47,000 units of affordable housing.

It invests in a range of developments that include affordable housing for families, homeless individuals and veterans, the elderly, and disabled.

Cinnaire currently has 61 tax credit equity funds under management.

Development Consulting Services

A nonprofit partner for its development clients, Cinnaire Solutions has evolved into a capable, effective agent throughout its footprint in the Upper Midwest and Mid-Atlantic.

Cinnaire Solutions has experience in historic adaptive reuse, acquisition and rehabilitation, mixed-use, technical consultation, LIHTCs, and market rate developments serving target populations.

Commercial Financing

In addition to affordable housing, Cinnaire provides financing for community facilities.

As a national, certified Community Development Financial Institution (CDFI), Cinnaire is a trusted partner with other nonprofits, government and mission-driven businesses to connect communities, with capital that generates economic opportunity and stability.

Its community facility loans prioritize projects that support social benefits to communities, includes senior debt, private equity investments, bridge financing, and mezzanine debt.

The Position

The Vice President, Debt Underwriting (VPDU) leads and mentors the team that performs analysis of real estate loan transactions, primarily associated with the Low Income Housing Tax Credit (LIHTC) program.

They will bring a deep knowledge of the full life-cycle of the program.

The VPDU assesses preliminary feasibility, adherence to underwriting guidelines and advances the transaction through underwriting process and closing.

This role plays a critical function as a liaison between the origination team and the internal approval, closing and portfolio management functions.

Cinnaire’s company culture emphasizes a focus on its clients and the VPDU is a key link between the client’s needs and delivering quality and sound loan transactions.

The VPDU will manage a team of four underwriters, analysts and closing coordinators.

They will have ongoing interaction and collaboration with the full team involved in business development and loan servicing.

Cinnaire recognizes the need to balance the prerequisites of its developer clients with the expectations of its funders of its lending programs.

The VPDU reports to the President, Cinnaire Lending and assists in delivering underwriting results that align with the organization’s strategic objectives.

Ideally, the VPDU will be based at one of Cinnaire’s primary offices, but they may also be based in one of their other offices including Grand Rapids, Indianapolis or Madison.

Essential Duties and Responsibilities

Manages, supervises, and supports the underwriters, analysts, and closing coordinators that make up the LIHTC
– related debt underwriting team.

Plans, implements, and oversees underwriting workflows, systems, and business processes in alignment with organizational goals and technology advancements in the organization.

Maintains debt underwriting guidelines in accordance with investor expectations and industry standards.

Maintains an efficient underwriting, credit approval, and closing process.

Develops and implements an effective training program for members of the underwriting team.

Manages contracts with third-party vendors.

Develops and monitors department and individual goals of the underwriting team.

Develops and maintains effective business relationships with developers, borrowers, funders, CDFIs, investors, accountants, attorneys, consultants, property managers, housing finance agencies, lenders, and other related parties.

Develops and maintains relationships with Cinnaire’s Business Development team.

Participates in Loan Committee and other committee meetings as needed.

Qualifications and Skills

Experience: Minimum 10 years’ experience in real estate development, lending, investment, and underwriting with a deep understanding of community development finance, affordable housing and the tax credit industry

Education: Bachelor’s Degree in real estate, finance, business, economics, or related field.

MBA desired but not essential.

Professional Experience
Expert knowledge of the Low Income Housing Tax Credit (LIHTC) program, including the technical legal and accounting regulations that govern its successful use, from both the lender and investor perspectives.

Ability to provide leadership development including coaching and developing others by seeking to understand their strengths and development areas.

Strong analysis and synthesis skills including interpreting data and information from multiple sources and translating them into coherent messages that inform decisions.

Personal Attributes
Ability to bring insight to action by acting on conviction and advancing from concept to implementation toward a goal; drawing upon knowledge and professional judgment to orchestrate the steps required to get results.

Someone who can bring intellectual agility by flexing and adapting thinking skills to meet the needs of different situations and circumstances; expanding problem solving to include multiple approaches or methodologies.


Cinnaire is prioritizing candidates located in key office locations including Lansing, Detroit, Chicago, Wilmington, DE, Indianapolis, or Milwaukee.

For more information on this opportunity or to share your resume, please contact Terra Search Partners:

Ally Sherman, Principal, or