Tax Credit Equity Underwriter

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

Job summary

M&T Bank in Boston is seeking an Asset Investment Associate to support origination, underwriting and closing of tax credit equity investments (LIHTC, HTC, NMTC, and RETCs). Primary duties include preparing investment memos, coordinating with RM, credit, and legal teams, and ensuring regulatory approvals are documented.

The role emphasizes accurate due diligence, risk assessment, and portfolio maintenance, with opportunities to contribute to annual reviews and dispositions.

Qualifications

• Bachelor’s degree with at least 5 years of relevant investment experience.
• Ability to build relationships and manage stakeholders.
• Strong customer focus and communication skills.
• Proficient with word processing, spreadsheets, and presentation software.
• Experience with regulatory and credit approval processes is a plus.

Responsibilities

• Originate and analyze due diligence for investments.
• Attend calls, meetings, and site visits.
• Underwrite and draft investment memos.
• Prepare and review letters of credit and construction loan memos.
• Interface with Credit Administration and other internal departments.
• Review term sheets and LOIs.
• Coordinate with legal counsel and tax operations during closing.
• Prepare annual review memos and risk ratings.
• Prepare disposition memos and monitor portfolio performance.

Skills

Relationship building

Stakeholder management

Customer focus

Verbal & written communication

Microsoft Office

Education

Bachelor's degree

Tools

Banking systems

Job description

Overview:

Asset manager 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 to include Letter of Credit & Construction loan approval memos. Will interface with Credit Administration during screening and approval process as applicable. Responsible for portfolio maintenance to include preparation of annual review memos for each investment and assignment of relevant risk ratings for Relationship Manager review. 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.
• Prepare drafts of internal bank Letter of Credit & Construction loan 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

• 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.
• 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.
• 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.
• 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 to include Letter of Credit & Construction loan approval memos.

Works closely with Relationship Manager, Bank’s Legal Counsel and Credit Administration during screening, approval and closing process.

Managerial/Supervisory Responsibilities:

N/A

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 word processing, spreadsheet, and presentation software, as well as pertinent business systems.

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