Director, Housing Transactions

ABOUT US | HR&A Advisors, Inc. (HR&A) is an employee-owned company advising public, private, non-profit, and philanthropic clients on how to increase opportunity and advance quality of life in cities.


We believe in creating vital places, building equitable and resilient communities, and improving people’s lives.

From Brooklyn to London, Medellin to Hong Kong, we have guided hundreds of clients in transforming real estate and economic development concepts, and public infrastructure, first into actionable plans and then into job-producing, community-strengthening assets.
Our clients include real estate owners and investors, hospitals and universities, cultural institutions and philanthropies, community development organizations, and governments.

HR&A has offices in Atlanta, Dallas, Los Angeles, New York, Raleigh, Washington D.C. and the Bay Area. We come from diverse backgrounds, have a breadth of lived experience, and share a passion for cities. We are former city officials, executive directors, planners, lawyers, architects, and economists.

Learn more about careers at HR&A on our website .

THE PRACTICE | The Housing Affordability Practice works at the state and community level to create and preserve homes that meet the needs of the community. We develop housing plans and strategies that address local housing needs and priorities. We design and implement solutions, from inclusionary zoning policies to affordable housing investment funds. And we underwrite and close housing transactions on behalf of public and private sector clients. This range of work, from planning to deal making, makes us better at designing policies and tools that achieve their goals in practice. We enjoy understanding and working with the complexities of the housing market to advance the public good in partnership with our clients.

Our work is changing how impact investors approach affordable housing fund design and deployment. Over the past several years we have launched several affordable housing funds and have facilitated over $300 million annually of impact-oriented debt for our clients and our underwriting is as much about maximizing impact and public good as it is about financial return. We represent several of the most catalytic impact investors in affordable housing and take ensuring their mission goals are met very seriously when negotiating with counterparties.

THE ROLE |The Housing Affordability Practice is seeking a full-time Director with a focus on housing transactions to structure funds and underwrite and close loans and investments in mixed-income and affordable housing developments. The Director will join our Los Angeles or San Francisco Bay Area office. We are also open to remote candidates located in the Seattle metro area. Directors are seasoned career professionals with 6-10 years of professional experience who will collaborate with the Partner-in-Charge of HR&A’s Housing Practice, other Directors and Principals, and direct the work of Analysts. Most work will be organized into small teams of three to five members. Teams are comprised of colleagues from across our offices. Day-to-day tasks will include:
Transaction Management

• Screen, underwrite, and close loans, grants, and investments in mixed-income and affordable housing acquisitions and developments.
• Manage relationships with project sponsors (typically for-profit and non-profit housing developers and owners).
• Structure and negotiate business terms of loans and investments to maximize public benefit and mission and mitigate risk based on established underwriting guidelines.
• Oversee the work of analysts assigned to transactions. Ensure the completeness and quality of all client deliverables including screening, underwriting, and closing memos and Excel financial underwriting models. Effectively present analysis and approval recommendations to internal investment committee and to clients.
• Collaborate with client’s business, legal and finance teams, as well as third parties including outside legal counsel, to conduct due diligence, review and approve third-party reports, and negotiate legal documents.
• Coordinate the closing process by working with project sponsors, lenders, and other stakeholders such as public agencies and subsidy providers.

Product Development

• Develop innovative housing investment vehicles that enable solutions identified in policy and planning processes.
• Work with current and potential clients to establish investment terms that balance financial return thresholds, risk tolerance and mission investing objectives.
• Conduct market research to identify and size gaps in the existing housing finance market for affordable and mixed-income housing.
• Support the negotiation of partnerships with other investors and public sector partners.
• Evaluate the feasibility of implementing and monitoring new investment vehicles.
• Organize workshops and outreach events with community, public sector, nonprofit and for-profit investors.
• Run request for proposal processes to select development partners.
• Support new business development opportunities through writing proposals and outreach to potential clients.

EXPERIENCE REQUIRED |Successful candidates will bring strong analytical, project management, relationship management and housing finance capabilities aligned with the roles and responsibilities described above. Most importantly they will bring a passion and interest in developing and implementing new programs and policies to address the housing challenges of communities across the country. Key experience includes:

• 6–10 years of work experience in housing finance, housing policy analysis and design, housing market analysis, affordable housing finance, and/or consulting in a related field.
• 5-7 years of experience in Real Estate Development or Finance, including 4+ years of real estate underwriting experience, preferably with affordable multifamily, and 2+ year of relationship management.
• Thorough knowledge of common underwriting practices and procedures.
• Thorough understanding of housing and affordable housing related market forces including general real estate principles, supply and demand economics and other multifamily demand drivers.
• A high degree of proficiency in real estate financial modeling, experience with affordable housing finance is a plus.
• Comfort synthesizing data and crafting a compelling narrative.
• Comfort presenting to internal senior leadership and external clients.
• Strong project management experience, including professional and interpersonal communication skills aligned with guiding teams.

HYBRID WORK POLICY | HR&A fosters a collaborative and flexible work environment through our hybrid work policy. Employees work from the office at least two days a week, which allows individuals the freedom to balance their professional and personal lives while maintaining a strong connection to their teams.

COMPENSATION |The base salary range for this position is $141,600–$163,779 , plus the opportunity for a discretionary year-end bonus. Where an offer falls inside this pay range is dependent on experience. We offer competitive compensation packages, based on qualifications and experience. We are an employee-owned company, meaning you will have the opportunity to benefit from the firm’s growth over time through participation in our Employee Stock Ownership Plan. Each year, the firm will contribute funds to this long-term wealth-building account and may make contributions to other retirement accounts. We also provide a comprehensive benefits package that goes well beyond coverage of 90-95% of healthcare premiums, including dental and vision coverage.

HOW TO APPLY | HR&A is committed to attracting and retaining a talented, diverse, competitive team of professionals dedicated to solving the challenges of urban life. Women, people of color, members of the LGBTQ community, individuals with disabilities, and veterans are strongly encouraged to apply.
To apply, click .

As part of our ongoing work to build a hiring system that mitigates bias and is based on candidate merit and performance, we ask that you submit a version of your resume and cover letter that has your school information removed . Please list your degree, e.g., B.A. Economics; however, remove all references to undergraduate and graduate schools you have attended .

All qualified candidates will receive consideration for employment without regard to their race, religion, ancestry, national origin, sex, sexual orientation, gender identity or expression, age, disability, marital status, medical condition, veteran status or any other basis as protected by federal, state, or local law.

For more information, please contact us at [email protected] .