Senior Credit Risk Manager

At the Vermont Housing Finance Agency (VHFA), we are on a mission to ensure all Vermonters have access to affordable housing. We are looking for a Senior Credit Risk Manager who is part premier technical authority, part strategic collaborator, and entirely impact-driven.

This isn't just an underwriting jobit’s a high-visibility leadership role that safeguards the financial resilience of our multi-family portfolio. If you excel at evaluating complex capital stacks, mastering layered transaction risks, and mentoring project finance teams, we want you on our team.

The ImpactYou’llMake

Advanced Underwriting & Financial Analysis

• Lead the financial, credit, and risk analysis of complex multifamily rental housing, preservation, mixed-income, and homeownership developments.
• Evaluate borrower capacity, development feasibility, operating pro formas, sources and uses, and long-term project sustainability.
• Prepare comprehensive underwriting memoranda and data-driven financing recommendations for internal review, the Credit Committee, and the Board of Commissioners.

Project Finance & Transaction Structuring

• Structure multifaceted financing transactions utilizing Low-Income Housing Tax Credits (LIHTC), tax-exempt bonds, state and federal funding, and public-private capital sources.
• Participate in high-level negotiations with developers, lenders, syndicators, investors, and public agencies to balance deal feasibility with prudent risk management.
• Support loan commitments, closings, and asset preservation workflows while coordinating with Legal, Finance, Compliance, and Asset Management staff.

Credit Policy & Technical Leadership

• Support the Vice President in maintaining, refining, and implementing agency underwriting standards, credit policies, and financial modeling tools.
• Serve as a senior underwriting resource, providing proactive mentoring, training, and constructive peer reviews to project finance staff.
• Monitor emerging pipeline risks, evaluate portfolio trend metrics, and participate in strategic workout or restructuring opportunities to protect Agency resources.

What You Bring to the Table

• At least 7 years of progressively responsible experience in commercial lending, affordable housing finance, real estate development, or credit analysis, OR an equivalent mix of advanced education and experience.
• Advanced proficiency in complex financial statement analysis, cash flow modeling, and Microsoft Excel.
• Deep structural knowledge of Section 42 Low-Income Housing Tax Credits, tax-exempt bonds, HUD programs, and layered housing finance structures.
• Top-tier verbal and written communication skills with a proven track record of presenting clear credit recommendations to loan committees, boards, or senior executives.
• A heart for community and a deep alignment with VHFA’s VIIBE values: Integrity, Innovation, Belonging, and Equity.

Work Environment & Flexibility

This position offers a hybrid work structure. You will work in our collaborative office environment at least 2 days per week (typically Monday through Thursday), with the flexibility to work remotely the remaining days once fully trained and coordinated with your supervisor. You will also join us in-person for required agency meetings and events.

The Perks

• A comprehensive benefits package including medical, dental, and vision coverage for you and the family or optional buy-out plan
• Flexible Spending Account & Dependent Care Account
• Company-sponsored Short and Long-Term Disability
• Company-sponsored Life Insurance
• Up to $4,000 educational assistance
• Employee Assistance Program
• Combined Time Off & Holiday Pay
• Up to 6 weeks of paid time off for parental and family leave
• Parking Reimbursement for designated lots
• 403b Savings Account & 457 Retirement Plan

Ready to help us build a stronger community?

Apply today to join our collaborative, solution-oriented team!