Community Development Fund Manager II

Description

The Community Development (CD) Fund Manager is responsible for managing a portfolio of tax advantaged investments, primarily Low-Income Housing Tax Credits (LIHTC), ensuring that fund investment and portfolio performance remains consistent with original underwriting and asset quality remains strong.  As necessary, Fund Manager will surface issues and collaborate with others on strategies and actions to limit risk and loss to the Bank.  Role requires strong relationship with Corporate Tax and Accounting colleagues. Citizens executes fund investments on an indirect basis so strong working relationships and collaboration with external, syndicator partners is required.

Portfolio may include other Public Welfare Investments which are non-Tax Advantaged.  Fund Manager may also assist in underwriting of new Public Welfare investments as needed.

The CD Fund Manager is responsible for assisting in the closing, initial booking, funding, and the subsequent oversight and monitoring of performance and risk profile of the assets within assigned portfolio. Additional responsibilities include completion of periodic assessments of fund investment, sponsors and syndicators through annual reviews and quarterly watch list reporting.  Duties to include:

• Facilitating closing and booking of new investments, confirming wire instructions, closing benefit schedules (IRR) and validation of syndicators benefits schedule.
• Review of quarterly fund financial reporting, including updated benefit schedules, lower tier asset performance; updating internal proprietary tools to compare actual to closing fund performance, assemble and review for approval capital call requests.
• Prepare and present commentary on a quarterly basis for any underperforming properties or Funds in assigned portfolio.
• Review and evaluate consent requests regarding fund investments, creating internal approval and supporting documentation as appropriate.
• Annual review of sponsor (syndicator) and fund investment financials to provide assessment of sponsor capacity to oversee fifteen-year compliance period satisfactorily.

Qualifications

• 5-7 years of experience and exhibited competency in tax advantaged real estate investments: LIHTC, NMTC, HTC.   
• Bachelor’s degree in business related field, accounting or finance or equivalent work experience

• Understanding of Community Reinvestment Act and Public Welfare Investments is beneficial
• Commercial Real Estate experience – debt or equity analyst or in private development – is preferred 
• Displays ability to critically review, analyze, synthesize, compare and interpret information; draws conclusions from relevant and/or missing information and determines the follow-up needed to address issues for the credits contained within the portfolio to ensure continued compliance with credit and risk policies and practices
• Ability to engage successfully with colleagues across lines of business including Corporate Tax, Accounting and Risk
• Excellent oral and written communication skills in describing fund investments profiles and attributes
• Flexibility and adaptability to change
• Strong ability with numbers and calculations 
• Manages compliance and control routines related to the investments contained in the assigned portfolio
• Ability for some travel is required

Hours and Work Schedule

Hours per Week:  40

Work Schedule:  Monday - Friday