Community Development (CD) Fund Manager

Citizens Financial Group•Boston, MA

1d•Hybrid

About The Position

The Community Development (CD) Fund Manager is responsible for managing a portfolio of tax advantaged investments, primarily Low-Income Housing Tax Credits (LIHTC), ensuring that fund investment and portfolio performance remains consistent with original underwriting and asset quality remains strong. As necessary, Fund Manager will surface issues and collaborate with others on strategies and actions to limit risk and loss to the Bank. Role requires strong relationships with Corporate Tax and Accounting colleagues. Citizens execute fund investments on an indirect basis so strong working relationships and collaboration with external, syndicator partners are required. Portfolio may include other Public Welfare Investments which are non-Tax Advantaged. Fund Manager may also assist in underwriting new Public Welfare investments as needed. The CD Fund Manager is responsible for assisting in the closing, initial booking, funding, and the subsequent oversight and monitoring of performance and risk profile of the assigned portfolio. Additional responsibilities include completion of periodic assessments of fund investment, sponsors and syndicators through annual reviews and quarterly watch list reporting.

Requirements

3-4 years of experience and exhibited competency in tax advantaged real estate investments: LIHTC, NMTC, HTC.
Bachelor’s degree in business related field, accounting or finance or equivalent work experience
Displays ability to critically review, analyze, synthesize, compare and interpret information; draws conclusions from relevant and/or missing information and determines the follow-up needed to address issues for the credits contained within the portfolio to ensure continued compliance with credit and risk policies and practices
Ability to engage successfully with colleagues across lines of business including Corporate Tax, Accounting and Risk
Excellent oral and written communication skills in describing fund investments profiles and attributes
Flexibility and adaptability to change
Strong ability with numbers and calculations
Applicants, including current OPT, L and other visa holders, must be authorized to work in the U.S. without the need for new employer sponsorship for themselves or their spouses now and in the future.

Nice To Haves

Understanding of Community Reinvestment Act and Public Welfare Investments is beneficial
Commercial Real Estate experience – debt or equity analyst or in private development – is preferred

Responsibilities

Facilitating closing and booking of new investments, confirming wire instructions, closing benefit schedules (IRR) and validation of syndicators benefits schedule.
Review of quarterly fund financial reporting, including updated benefit schedules, lower tier asset performance; updating internal proprietary tools to compare actual to closing fund performance, assembling and review for approval capital call requests.
Prepare and present commentary on a quarterly basis for any underperforming properties or Funds in assigned portfolio.
Review and evaluate consent requests regarding fund investments, creating internal approval and supporting documentation as appropriate.
Annual review of sponsor (syndicator) and fund investment financials to provide assessment of sponsor capacity to oversee fifteen-year compliance period satisfactorily.
Manages compliance and control routines related to the investments contained in the assigned portfolio.