Tax Credit Equity Asset Manager

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.

• 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.

• 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.

• 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.

• 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.

• 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…