Vice President, Underwriting | Affordable Housing & LIHTC

Vice President of Underwriting / Senior Project Manager

Affordable Housing & LIHTC Sector

Our Client
• This impressive, highly reputable national bank and its affiliates provide a comprehensive suite of products and services and operate more than 1,000 branches in 10+ states
• Strong appetite for growth
• Hired 32 people in 2 years
• Dedicated to helping improve communities by providing billions of dollars in financing for high-impact community development projects
• Provide construction and permanent financing, construction period private placement bonds, investment in 9% and 4% LIHTC, upper- and lower-tier equity bridge loans, access to Federal Home Loan Bank Affordable Housing (AHP) grant program, and pre-development loans for LIHTC projects
• Strong commitment to diversity, equity and inclusion

The Opportunity

Lead tax credit equity and debt underwriting and project management of LIHTC projects and manage the internal relationships with the closing teams and external developer relationships. Report to the Director of Project Management.

Scope of Responsibility:
• Independently lead underwriting and closing for debt facilities and equity investments
• Coordinate successful, timely closings with all internal and external groups (closers, loan administrators, RETS, third-party reports, counsel, other lenders, etc.)
• Train and mentor junior employees and Analysts
• Ensure proposed tax credit financed projects comply with all tax provisions required to maximize investment value, including 704(b) capital account analysis
• Work with counsel to negotiate partnership agreement terms that protect the Company’s ownership interest in LIHTC investments and ensure consistency between the Company’s lending documents and partnership documents
• Act as primary contact with the Developer during the underwriting and closing process with an emphasis on building strong relationships
• Responsible for financial modeling of tax benefits and capital account analysis, sources and uses, capital stack, development budget, operating budget pro forma, cash flow, benefit schedule, and other relevant analyses
• Demonstrate an advanced proficiency in understanding and identifying associated risks (especially those particular to tax credit developments and IRC Section 42), and the ability to describe and/or devise mitigants
• Draft and present comprehensive memoranda summarizing the transaction, including deal structure, budgets, guarantor analysis, compliance, risks and mitigants, risk ratings, and final recommendations
• Memos should be of high quality and based on sound underwriting
• Lead in the continuous improvement and development of various departmental infrastructure projects
• Proactively collaborate with other colleagues to create a Best in Class project management, underwriting, closing, and asset management platform
• Work with Business Development on analyzing and structuring opportunities prior to issuance of term sheets
• Act as a key point of contact with Credit in investments and loans via regular and substantive updates to key issues
• Demonstrate strong stewardship over the Company’s financial and community impact interests internally and in the communities where they invest
• Represent the Company at industry events and participate in industry-leading discussions, including policy

Our Firm – KM Partners

KM Partners’ national Executive Search and Professional Recruitment practice areas focus on high-growth, impact-investment-oriented businesses across relevant industries, including Investment Management, Real Estate, Clean Energy, Sustainable Infrastructure, and related Business and Professional Services. With a core focus in Tax Credits (LIHTC, NMTC, Historic, & Renewable), Multifamily, Affordable and Senior Housing, we partner with clients and place industry-specific professionals throughout the United States. We represent C-level Executive Leadership, Middle Management, and experienced Associates across industry professions.

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