VP I, Equity Originations, CDF Investments

3 weeks ago

San Francisco, California, United States First Citizens Bank Full time
Overview:

This is a remote role that may be hired in various markets across the United States.

The Community Development Finance ("CDF") team of First-Citizens Bank & Trust Company (the "Bank"), is responsible for executing the Bank's Community Reinvestment Act (CRA) and Community Benefits Plan (CBP) strategies through the origination and management of Community Development Loans and Low-Income Housing Tax Credit (LIHTC) equity investments. The Bank currently has a national portfolio of $2.8+ billion in committed investments that support the new construction or rehabilitation of affordable housing for low-income seniors, families, veterans, individuals with special needs or disabilities, and the chronically homeless, and we are embarking on a massive effort to expand the Bank's commitments to low- and moderate-income communities. Note that the Bank operates under the Silicon Valley Bank brand, as a Division of First-Citizens Bank & Trust Company, in the majority of the Bank's California affordable housing markets.

The Vice President I is responsible for assisting with originating, underwriting and closing CRA-eligible LIHTC fund investments, which include both multi-investor fund investments, as well as strategic proprietary investments in conjunction with debt opportunities with top tier sponsors in the Bank's most competitive CRA footprints in order to achieve the Bank's CRA and Community Benefits Plan goals.

Responsibilities:
  • Assist with originations and closings of multi-investor and proprietary fund investments by: underwriting upper-tier Fund structure, underwriting lower-tier proprietary investments, assisting with the credit approval process, working with team members on the review and negotiation of upper-tier Fund documentation and engagement of outside counsel, and collaborating with internal partners to ensure the investment is properly documented and closed.
  • Collaborate with senior equity staff and internal debt partners to efficiently originate CRA eligible debt-equity projects. Provide timely insights to proposed debt-equity bids on lower tier investments in order to meet commitment deadlines.
  • Assist in conducting annual reviews of syndicator performance providing analytical information on syndicator's underwriting, asset management, portfolio performance and financial capacity.
  • Work jointly with portfolio management in identifying ongoing market risks and underwriting considerations. Review past fund performance and investment considerations for future funds with various syndicator partners. Assist Portfolio Management with special servicing of past investments on an as-needed basis.

The base pay for this position is relative to your experience, but the range is generally $80,000 to $150,000 per year. This position is eligible for variable compensation, which may be in the form of incentive, bonus, or commission pay.First Citizens offers a competitive, comprehensive benefits program which you can review here: .

Qualifications:
  • Minimum 3 years of experience related to affordable housing including underwriting and structuring equity investments for multifamily housing funded with Low Income Housing Tax Credits (LIHTC).
  • Strong knowledge of the Low-Income Housing Tax Credit program with a strong understanding of financing structure, tax considerations, and compliance requirements.
  • Bachelor's Degree in relevant field
  • Ability to collaborate with and learn from team members and internal and strategic partners.
  • Highly organized with excellent project management skills with the ability to juggle multiple closings and projects at the same time.
  • Advanced Excel and PowerPoint skills.
  • Ability to write in a clear and concise manner to convey complex information.
  • Strong credit and financial analysis skills.
  • Self-motivated, driven, and ability to work independently
  • Strong interpersonal skills including the ability to communicate effectively.

Preferred Qualifications:

  • Masters Degree or other advanced study in real estate, finance, business or related field.
  • 5+ years of experience related to affordable housing including underwriting and structuring equity investments for multifamily housing funded with Low Income Housing Tax Credits (LIHTC).
  • Experience in multiple areas of LIHTC program, including underwriting, asset management, investment management, construction, and/or development
  • Experience drafting and presenting investment packages for credit review preferred

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