Manager, New Marktes Tax Credits

Job Type

Full Time

Published

08/02/2018

Address

521 Fifth Avenue
Suite 625
New York
New York
10175
United States

Description

POSITION SUMMARY:

The Manager, New Markets Tax Credits (the “Manager”) is responsible for the underwriting and closing of transactions which use New Markets Tax Credit financing to support the development of charter school, community health care, child care, mixed-use and other community facilities. This involves structuring deals, securing internal approvals, leading the closing process and negotiating deal documentation for LIIF’s NMTC allocation. In addition, the Manager will also source, underwrite, and close a subset of stand-alone leverage loans that do not include LIIF’s NMTC allocation. In this function, the Manager with work closely with the Deputy Director of New Markets Tax Credits, the Chief Credit Officer, Finance and Regional Market teams.


As part of the Lending team, the Manager supports the achievement of regional and overall Lending work plan goals.


REPORTING RELATIONSHIPS:


The Manager reports to the VP of Structured Products and Capital Markets.


ESSENTIAL FUNCTIONS:


Underwriting & Closing


  • NMTC Allocation Underwriting & Closing: The Manager will work closely with the Director / Deputy Director to underwrite and close NMTC transactions. This includes assessing the deal structure, analyzing the project risks, and leading an internal cross-functional team through the closing process. The Manager will also be responsible for participating in closing calls, negotiating with other parties in the transaction, reviewing and commenting on legal documents, and working on NMTC compliance and due diligence issues. The Manager will draft and secure approval for NMTC-specific underwriting and will work closely with legal counsel to ensure the transaction is in compliance with NMTC regulations, LIIF’s Allocation Agreement and LIIF’s internal NMTC policies / procedures.


  • NMTC Loan Origination: The Manager will collaborate with Regional Market Directors to underwrite a subset of leverage loans (including source loans to leverage lenders) without LIIF’s credits. Responsibilities include: structuring loan terms; performing thorough due diligence review and evaluation of loan requests; assessing project risks and borrower organizational / financial capacity; preparing credit memo and securing appropriate level of staff or loan committee approval; and reviewing and negotiating legal documentation for loan closings


NMTC Program Support


  • NMTC Knowledge Leader – The Manager will be expected to develop an expertise in NMTC concepts and processes and to provide guidance, as appropriate, to the broader CIP team.


  • NMTC Transaction- & Organization-level Compliance: Working closely with the Director / Deputy Director of NMTCs, the Manager will provide support in ensuring LIIF and its projects are compliant with NMTC regulations and agreements. This includes: the completion of compliance-related underwriting for NMTC transactions; engagement in LIIF’s annual transaction-level reporting to the CDFI Fund; and participation in LIIF’s NMTC Advisory Board presentations.


  • NMTC Business Development: The Manager will play a critical role in NMTC business development, with tasks such as: support the development of LIIF’s annual NMTC application and represent LIIF at NMTC conferences and events.


SKILLS REQUIRED:

The ideal candidate for this position will have these key qualifications:

  • Five years of experience in real estate-based lending and/or business lending, including borrower contact, credit analysis, due diligence and loan documentation,
  • Proficiency in analyzing financial statements of for-profit and nonprofit organizations and their real estate operations. Familiarity with basic accounting principles including the ability to translate cash to accrual accounting and vice versa.
  • Familiarity with federal, state, and local government funding sources for capital and operating needs of multi-family housing, special needs housing, and community facilities (e.g., child care centers, educational programs, health clinics, etc.)
  • Working experience with both private sector financial institutions and public agencies
  • Basic familiarity with business law concepts including contracts, loan collateral, uniform commercial code, creditors' rights and forms of business organization and sufficient knowledge to review and negotiate loan documents.
  • Proficiency with Microsoft Office Suite Programs, and other database software
  • Excellent skills in managing multiple tasks requiring strong attention to detail
  • Prior exposure to the New Markets Tax Credit Program a plus

EDUCATIONAL AND OTHER REQUIREMENTS:

Educational background should include a bachelor’s degree; an advanced degree is a plus. In addition, the position requires a high degree of self-motivation, dedication, creativity, and perseverance; flexibility with time and willingness to accept a demanding (and personally satisfying) position. Excellent teamwork and strong time management skills are essential. Travel is required, and candidates must have a valid driver’s license.

Benefits

We offer excellent benefits. See our website for overview.

Professional Level

Professional

Minimum Education Required

4-year degree


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