Senior Underwriter | LIHTC & Affordable Housing

KM Partners | Affordable Housing Solutions; United States; On-site; USD 85,000 - 115,000; Full time

Job summary

A leading national bank seeks to hire a Project Manager for LIHTC projects. The successful candidate will lead tax credit equity and debt underwriting, managing relationships with developers and ensuring compliance. Candidates should possess a bachelor's degree and at least 5 years of LIHTC experience. The role emphasizes financial modeling and negotiation skills. Join a reputable firm committed to community development and support diversity, equity, and inclusion.

Qualifications

• 5+ years of LIHTC experience.
• 4+ years of LIHTC or CRE underwriting and closing experience.
• Technical knowledge of the LIHTC program.

Responsibilities

• Lead underwriting and closing for debt facilities and equity investments.
• Negotiate partnership agreement terms with counsel.
• Financial modeling of tax benefits and capital structures.

Skills

LIHTC experience

Excel modeling

Presentation skills

Analytical skills

Education

Bachelor’s degree in Finance, Accounting, or Business

Job description

• This impressive, highly reputable national bank and its affiliates provide a comprehensive suite of products and services and operate more than 1,000 branches in 10+ states
• Strong appetite for growth with abundant support from executive and senior leadership to make it happen
• Hired 32 people in 2 years
• Dedicated to helping improve communities by providing billions of dollars in financing for high-impact community development projects
• Provide construction and permanent financing, construction period private placement bonds, investment in 9% and 4% LIHTC, upper- and lower-tier equity bridge loans, access to Federal Home Loan Bank Affordable Housing (AHP) grant program, and pre-development loans for LIHTC projects
• Strong commitment to diversity, equity and inclusion
• Great people, great company reputation

The Opportunity

Lead tax credit equity and debt underwriting and project management of affordable housing LIHTC projects and manage the internal relationships with the closing teams and external Developer relationships. The Project Manager will report to a Project Manager Team Lead.

Primary Responsibilities

• Lead underwriting and closing for debt facilities and equity investments, and coordinating successful, timely closings with all internal and external groups (e.g., closers, loan administrators, RETS, third-party reports, counsel, other lenders, etc.)
• Ensure proposed tax credit financed project complies with all tax provisions required to maximize investment value, including 704(b) capital account analysis
• Work with counsel to negotiate partnership agreement terms that protect the Banks' ownership interest in LIHTC investments and ensure consistency between the Bank’s lending documents and partnership documents
• Acting as primary contact with the Developer during the underwriting and closing process with an emphasis on building relationships
• Financial modeling of tax benefits and capital account analysis, sources and uses, capital stack, development budget, operating budget pro forma, cash flow, benefit schedule, and other relevant analyses
• Intermediate proficiency in understanding and identifying associated risks (especially those particular to tax credit developments and IRC Section 42), and the ability to describe and/or devise mitigants
• Drafting and presenting comprehensive memoranda summarizing the transaction, including deal structure, budgets, guarantor analysis, compliance, risks and mitigants, risk ratings, and final recommendations
• Memos should be of high quality and based on sound underwriting
• Assisting in continuous improvement and development of various CIC infrastructure projects
• Collaborating with other CIC colleagues to create Best in Class project management, underwriting, closing, and asset management platform
• Working with Business Development team to analyze and structure opportunities prior to issuance of term sheets
• Acting as a key point of contact with Credit in investments and loans via regular and substantive updates to key issues
• Training junior employees and Analysts
• Demonstrating strong stewardship over Company’s financial and community impact interests internally and in the communities where we invest
• Representing the Bank in industry events and participate in industry leading discussions, including policy

Preferred Qualifications & Characteristics

• Bachelor’s degree from accredited university; Finance, Accounting, or Business degree is ideal
• 5+ years of LIHTC experience
• 4+ years of LIHTC (or CRE) underwriting and closing experience
• Technical knowledge of the LIHTC program
• Familiarity with other tax credit programs such as State and Historic Tax Credits and debt products
• Intermediate proficiency in excel modeling of debt and equity investments
• Intermediate knowledge of limited partnership agreements and loan documents with focus on guarantees and security
• Intermediate understanding of analyzing sponsor financial statements, real estate owned schedules, contingent liabilities, organizational structures, and business plans
• Strong presentation skills to Credit and other internal stakeholders
• Embrace Company’s values of Can-Do Attitude, Forward Thinking, and Service Heart
• Focus on action
• A developed and focused growth mindset with the ability to pivot and be nimble in a growing division
• Knowledge of financial, accounting and/or technology systems
• Ability to work under tight deadlines and under pressure
• Ability to identify problems and recommend appropriate solutions
• Natural intellectual curiosity to assist in growing products and services

Our Firm – KM Partners

KM Partners’ national Executive Search and Professional Recruitment practice areas focus on high-growth, impact-investment-oriented businesses across relevant industries, including Investment Management, Real Estate, Clean Energy, Sustainable Infrastructure, and related Business and Professional Services. With a core focus in Tax Credits (LIHTC, NMTC, Historic, & Renewable), Multifamily, Affordable and Senior Housing, we partner with clients and place industry-specific professionals throughout the United States. We represent C-level Executive Leadership, Middle Management, and experienced Associates across industry professions.