As part of the GIIN’s mission to accelerate the scale and effectiveness of impact investing, we publish job openings from members of the GIIN Investors’ Council and other impact investing leaders.

Underwriter, Community Development Finance

at Santander Bank in New York City

About the Job

Position Summary:
The Community Development Finance (CDF) Underwriter will be responsible for underwriting and reviewing Community Reinvestment Act (CRA) qualifying investments and loans associated with the following asset classes: i)multifamily developments financed with Low Income Housing Tax Credits (LIHTC), ii) community development financial institutions (CDFIs), iii) real estate private equity funds, iv) Small Business Investment Corporations (SBIC), iv) New Markets Tax Credits (NMTC), and v) other qualifying assets for Santander Bank, N.A.’s CRA Program. The underwriting process formally assesses the risk of the proposed loans and investments and ensures they conform to Santander's credit risk management standards. Duties includeanalyzing due diligence items such as market trends, sponsor strength and financial projections; preparing credit write-ups and presenting to approval committees. In addition to the underwriting and review of investments and loans, the CDF Underwriter will also be responsible for monitoring and reporting the existing portfolio to stakeholders within the Bank.

Position Duties/Responsibilities:
•Perform underwriting and credit analysis of CRA qualifying loans and investments. Ensure transactions adhere to the Bank’s credit policy. (40%)
•Prepare approval memos for and presents to various credit committees on current and prospective loans and investments. (35%)
•Monitor the risk profile of the portfolio including risk rating of loans and investments and enforces credit policy compliance, regulatory and legal compliance, credit transaction integrity and completeness of all transactions. (20%)
•Keeps abreast of overall trends and best practices in multifamily real estate and affordable housing. Review industry periodicals, Bank portfolio data and other materials/statistics to build and maintain current knowledge of factors that impact Bank’s underwriting of its real estate investments. (5%)


•Bachelor’s Degree in business, finance, accounting, mathematics or economics or another related field required.
•3 years of commercial real estate finance or community development experience.
•Minimum of 3 years hands-on project finance experience in real estate lending, credit and tax credit finance

Specialized Knowledge:
•Knowledge of real estate investments including community development financing such as Low-Income Housing Tax Credits, New Markets Tax Credits and Historic Tax Credits and CDFIs
•Strong analytical and financial skills. Knowledge of credit policy and asset management processes
•Strong verbal and written communication skills as well as strategic planning and management ability
•Ability to work with third party accounting and legal consultants as well as sophisticated project development consultants and advisors

To apply

Email info to Jessica Hilgendorf, or apply via

Santander Bank

Santander Bank, N.A. is one of the country’s largest retail and commercial banks with more than $79 billion in assets. The bank got its start in Spain, but has been serving customers in the Northeast since 2013. With its corporate offices in Boston, the Bank’s 9,700 employees, more than 650 branches, 2,100 ATMs, and 2.1 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN)—one of the most respected banking groups in the world with more than 125 million customers in the U.S., Europe, and Latin America. It is managed by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit

From how we talk and listen, to how we act, respect is in everything we do. And we’re recruiting people like you who want to strive to help people prosper every single day. At Santander, you’ll be rewarded with competitive compensation and market leading benefits. You’ll have access to comprehensive career development programs that empower you to grow and advance. You’ll discover a company where you can shape a bright future.


Respect adds up.