Tax Credit Equity Underwriter

M&T Bank Corporation; Boston (MA); On-site; USD 104,000 - 173,000; Full time

Benefits offered by this job

Medical benefits

Retirement plan

Volunteer time off

Job summary

M&T Bank Corporation in Boston, MA is seeking an experienced professional to underwrite and manage tax credit equity investments, including LIHTC, HTC, NMTC, and RETCs. You will work with Relationship Management to prepare internal investment memos and ensure regulatory alignment.

The role requires strong financial analysis, regulatory awareness, and collaboration with multiple internal teams. It offers a clear career path within a large financial institution and competitive benefits.

Qualifications

• Bachelor’s degree or equivalent; minimum 5 years relevant experience.
• Strong relationship-building skills.
• Strong stakeholder management skills.
• Strong customer focus.
• Strong verbal and written communication skills.
• Proficient in MS Office, especially Excel.
• Experience reviewing developer projections, real estate and cash flow schedules; tax credit applications; and limited partnership agreements.

Responsibilities

• Originate and analyze new investments, compiling due diligence materials such as market studies, pro formas, investment summaries, schedules.
• Attend customer calls, meetings, and site visits.
• Underwrite and prepare drafts of internal bank investment approval memos with RM.
• Coordinate with Credit Administration during screening and approval processes.
• Review term sheets and letters of intent.
• Assist RM in closing investments and corresponding with legal counsel.
• Review financials, funding/contribution and operating agreements from a financial perspective.
• Coordinate document distribution to internal stakeholders and MRI data feeds.

Skills

Relationship building

Stakeholder management

Customer focus

Verbal and written communication

MS Office Excel

Education

Bachelor’s degree + 5 years experience

Tools

MS Office Suite

MRI software

Job description

Overview: Underwriter function will support various tax credit equity investments (e.g. LIHTC (Low Income Housing Tax Credit, HTC(Historic Tax Credit), NMTC(New Markets Tax Credit), and RETCs(Renewable Energy Tax Credit ). Position will work with Relationship Manager to underwrite and prepare drafts of internal bank investment approval memos. Will interface with Credit Administration during screening and approval process as applicable. Confirm that all regulatory approvals have been obtained prior to closing and that the type of investment is consistent with what was represented in the regulatory applications.

Primary Responsibilities

• Origination of New Investments Compile and analyze 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.
• Interface with appropriate internal department relative to having profitability models run on each prospective investment.
• Interface with appropriate parties with Credit Administration during screening and approval processes as applicable.
• Review term sheets and Letters of Intent.
• 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.).
• Coordinate with the Tax Credit Operations Manager relative to required document & data input feeds to the MRI vendor software system.
• Portfolio Maintenance 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.).
• Coordinate with the Tax Credit Operations Manager relative to required document & data input feeds to the MRI vendor software system.
• 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.
• 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.
• Adhere to applicable compliance/operational risk controls in accordance with Company or regulatory standards and policies.
• Promote an environment that supports belonging and reflects the M&T Bank brand.
• Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
• Complete other related duties as assigned.

Scope of Responsibilities

• This position is responsible for preparing drafts of internal bank investment approval memos.
• Works closely with Relationship Manager, Bank’s Legal Counsel and Credit Administration during screening, approval and closing process.

Education and Experience Required

• Bachelor’s degree and minimum of 5 years relevant experience or in lieu of a degree, a combined minimum of 9 years higher education and/or work experience including a minimum of 5 years’ relevant experience.
• Strong relationship building skills.
• Strong stakeholder management skills.
• Strong customer focus.
• Strong verbal and written communication skills.
• Proficient in use of pertinent MS Office, particularly Excel Proficiency with reviewing and analyzing developer-prepared projections, real estate and cash flow schedules; audited financial statements. tax credit applications, and Limited Partnership Agreements.

Education and Experience Preferred

• Sound experience showing fast response time, consistency, and success.
• Excellent communication and relationship building skills.
• Strong decision-making ability.
• Ability to function in a high volume, fast-paced environment.

M&T Bank is committed to fair, competitive, and market-informed pay for our employees. The pay range for this position is $103,900.00 - $173,100.00 Annual (USD). The successful candidate’s particular combination of knowledge, skills, and experience will inform their specific compensation.

Location

Boston, Massachusetts, United States of America

Great companies have an enduring sense of purpose. At M&T, our purpose is a simple one: make a difference in people’s lives and uplift the communities we serve. M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s affiliates offer advice, guidance, expertise and solutions across the entire financial spectrum, combining M&T Bank’s traditional banking services with the wealth management and institutional capabilities offered by Wilmington Trust. M&T Bank has a network of over 1,000 branches and 2,200 ATMs that span 12 states from Maine to Virginia and Washington, D.C. For more than 165 years, M&T has strived to take an active role in our communities and build long-lasting relationships with our customers. We are a bank for communities–combining the capabilities of a large bank with the care of a locally focused institution.

As an employer of choice, we are proud to offer competitive benefits ranging from medical and retirement to forty hours of paid volunteer time, each year.

Our core values – integrity, ownership, collaboration, curiosity, and candor – drive the work we do. We seek to further build upon our record of success by bringing in top talent and fresh skill sets while continuing to support the growth and development of all our team members. View M&T’s Human Capital Report to learn more.

M&T Bank is unwavering when it comes to providing equal employment opportunities to all employees and applicants without regard to race, color, national origin, religion, ethnicity, sex, gender identity, age, disability, citizenship, pregnancy, veteran status, military status, marital status, sexual orientation, genetic information or any other characteristic protected under applicable federal, state or local laws.

M&T Bank Corporation has policies and procedures in place to promote a drug free workplace.