LIHTC Tax Credit Equity Asset Manager

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Job description

Title: LIHTC Tax Credit Equity Asset Manager

Location: Baltimore, MD

LIHTC Tax Credit Equity Asset Manager

Asset manager function will support various tax credit equity investments.

Origination of New Investments

• Compiling and analyzing appropriate due diligence materials (e.g., market studies, cash flow pro formas, investment summaries, economic benefit schedules, sponsor financial statements);
• Attend customer calls, meetings, and site visits.
• Work with RM to underwrite and prepare drafts of internal bank investment approval memos;
• Prepare drafts of internal bank Letter of Credit & Construction loan approval memos, if applicable;
• Interface with appropriate internal department relative to having profitability models run on each prospective investment; and
• Interface with appropriate parties with Credit Administration during screening and approval processes, if applicable.
• Review term sheets and LOIs for LIHTC's

Closing of New Investments (Once Formal Bank Approval Has Been Obtained)

• Aid RM in sending appropriate documentation to the Bank's legal counsel;
• Review, from a financial perspective, draft funding/ contribution and Operating Agreements;
• Review draft Capital Call and Consent Agreements;
• Coordinate distribution of required documents to internal Bank stakeholders (e.g., Accounting Policy Dept., Counsel's Office, Corporate Tax Dept., CRA Dept.); and
• Coordinate with the Tax Credit Operations Manager relative to required document & data input feeds to the MRI vendor software system.

Portfolio Maintenance

• Prepare draft annual review memos of each investment and assign relevant risk ratings for RM review;
• Prepare draft portfolio-wide annual review executive summaries addressing investment portfolio quality and any relevant trends;
• Prepare draft review of third-party risk assessments in accordance with Bank policy;
• Prepare interim investment update memos consistent with established protocol;
• Analyze and prepare draft memos for any investment modification (e.g., adjustor relief, pre- mature capital installments);
• Review and approve site inspection overviews that are conducted by third-party vendors; and
• Review insurance renewals, waiver requests, etc. to the extent applicable.
• Conduct the analysis and processing of priority distributions, cumulative priority distributions, and asset management fees for direct projects.

Investment Dispositions

• Collect and source all applicable investment disposition related documents (e.g. Audits, Tax Returns, 8609s, LPA/OAs, and Various documents specific for that project);
• Review and analyze investment disposition requests;
• Aid RM in assessing preliminary disposition estimate;
• Create, update, and analyze the Portfolio's Disposition pipeline; and
• Prepare draft memos for investment exits.

Regulatory Requirements

• Work with both Tax Credit Operations Manager and external legal counsel in the preparation of regulatory applications to both the Federal Reserve Bank of NY and NY Department of Financial Services to the extent applicable;
• Conduct the Bank's internal Regulatory Requirements Questionnaire to the extent applicable; and
• Prior to closing any investment, work with the Tax Credit Operations Manager to confirm that all regulatory approvals have been obtained and that the type of investment is consistent with what was represented in the regulatory applications.

Interim Projects

• COVID-19 portfolio management for stabilized and construction properties, including a quarterly update memo that summarizes the latest trends of the LIHTC portfolio;
• MRI Project to optimize Investment Central for the LIHTC portfolio and incorporate Solar Tax Credits & NMTC into the database;
• Finalize the Bank's disposition guidelines and procedures; and
• Miscellaneous tasks.

Scope of Responsibilities:

Incumbent works under general supervision and will work very closely with Group Manager, Senior Credit Officer and RM in all aspects of the loan process.

Increased complexity and size of deals managed.

Impact extends to Bank's long-term operations, revenues and profitability.

Supervisory/ Managerial Responsibilities:

Not Applicable.

Education and Experience Required:

Bachelor's degree in Accounting/Finance or related discipline with a minimum of 4 years professional work experience or in lieu of a degree a combined minimum of 8 years higher education and/or relevant work experience.

Excellent analytical capability.

Knowledge of tax credit principles.

Highly motivated, detail-oriented self-starter.

Excellent communication and organization skills.

Ability to interact with external and internal personnel using tact and diplomacy.

Ability to work under critical time constraints.

Education and Experience Preferred:

6 years of Commercial lending underwriting experience.

Writing skills.

Thorough knowledge of various software programs Word, Excel and other departmental software.

Location

Baltimore, Maryland, United States of America