Our client is a privately held, regional financial services company with over $15 billion in assets and headquartered in St. Paul, Minnesota. They provide a comprehensive range of banking, mortgage, investment, wealth management, and insurance products and services throughout Minnesota and neighboring states. Clients include small businesses, mid-sized corporations, agribusinesses, nonprofits, public and government entities, and individuals and families.
This position sits within the Capital Markets group; their objective is to enhance the value of traditional banking by supporting our commercial and ag clients with capital solutions, risk management, and trade finance products and services.
This position is responsible for originating and servicing tax credit financing and equity investments, including New Market Tax Credits (NMTC), Low Income Housing Tax Credits (LIHTC), Historic Tax Credits (HTC) and Renewable Energy Tax Credits (ITC) and leading the administration of New Market Tax Credit allocations. The role is responsible for sourcing, due diligence, underwriting, approval, documentation, closing, and servicing tax credit equity investments to meet the bank’s investment objectives.
Roles and Responsibilities:
The primary accountabilities for the role include:
- Lead the development, management, and administration of the Bank's tax credit investment program, which includes NMTC, HTC, LIHTC, and ITC. Responsibilities include transaction structuring and financial modeling, negotiating, monitoring compliance and performance reporting.
- Provide recommendations and advise senior management on various tax credit investment opportunities in conjunction with the Bank’s CRA and economic development activities.
- Assure the Bank’s tax credit investments comply with federal and state statutes, regulations, and internal policies.
- Develop and maintain project pipeline through cultivating relationships with tax credit consultants, relationship managers and community-based organizations.
- Perform site visits, gather project due diligence, prepare underwriting memorandums, and obtain approval from appropriate investment committee and CDE governing and advisory boards.
- Review and negotiate transaction documents between multiple parties, including borrower, attorneys, consultants, and other transaction participants.
- Review and evaluate reports from borrowers to proactively identify potential areas of vulnerability and risks; develop and implement measures to address potential non-compliance and workout situations.
- Collaborate with and oversee the work of industry partners and internal staff who will assist with servicing transactions, monitoring borrower loan covenants and compliance with reporting requirements.
- Review and approve loan construction draw requests in collaboration with the construction loan administration group.
- Manage the community impact reporting process, which includes collection, analysis, and reporting of all borrower and tenant community impact data.
- Review and analyze financial statement and participate in the audit process.
- Assist in the preparation and submission of the NMTC Application for tax credit allocation.
- Prepare CE Board materials and lead the governing and advisory board meetings.
- Work with the Marketing and Communications groups to implement NMTC communications, marketing materials, and initiatives.
- Train and educate team members and relationship managers to develop skills in all aspects of Community Development Finance.
- Contribute to strategic planning, direction, and goal setting for the department or function in collaboration with senior management.
- Establish departmental policies, practices, and procedures that have a significant impact on the organization.
- Adhere to all policies, procedures, and regulatory compliance requirements and perform other related duties and projects as assigned.
- Travel required up to 10-20% of the time.
Required Skills and Experience:
- Bachelor’s degree in in real estate, finance, accounting, or related discipline with a minimum of 10 years’ experience in the field or in a related area
- Extensive knowledge of credit underwriting and lending practices.
- Knowledge of New Market, Low Income Housing, Historic and other tax credit programs
- Knowledge of financial accounting and tax practices related to investments in partnerships
- Understanding of complex legal and financial documents related to tax credit programs
- Knowledge of economics and finance, including IRR, NPV, ROE and other measures for evaluating profitability
- Outstanding analytical and organizational skills with a high degree of intellectual curiosity
- Capable of performing complex financial calculations and modeling various tax credit investments and loan structures
- Capable of effective negotiation and support within a wide range of management levels
- Excellent written and oral communication and presentation skills
- Must be able to work independently and have the ability to balance competing priorities, manage multiple projects and tight deadlines, and have the ability to effectively collaborate across teams
- Proven leadership skills, with the ability to develop and mentor others
- Advanced Excel, Word, Access, and PowerPoint skills
Versique is a high-performance recruiting firm based in Minneapolis, MN specializing in interim solutions, direct hire, and executive leadership search. We believe people are the ultimate business advantage. Our experienced functional recruiting teams work within a variety of areas of expertise (HR, Finance & Accounting, Demand Generation, IT, and Engineering) and broad industries (Healthcare, Banking, Consumer Packaged Goods, Manufacturing, Private Equity, and Family-Owned). Voted as a “Star Tribune Best Places to Work” three years in a row by our employees, Versique is one of the largest and fastest growing staffing and recruiting firms in the Midwest. The Versique brand represents a powerful combination of “versatile” and “unique” as it hints at the concept of “search” in its pronunciation: ver-seek.
Versique is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability, or veteran status, among other factors.