Overview
The Community Development Finance (“CDF”) team of First-Citizens Bank & Trust Company (the “Bank”), is responsible for executing the Bank’s Community Reinvestment Act (CRA) and Community Benefits Plan (CBP) strategies through the origination and management of Community Development Loans and Low-Income Housing Tax Credit (LIHTC) equity investments. The Bank currently has a national portfolio of $2.8+ billion in committed investments that support the new construction or rehabilitation of affordable housing for low-income seniors, families, veterans, individuals with special needs or disabilities, and the chronically homeless, and we are embarking on a massive effort to expand the Bank’s commitments to low- and moderate-income communities. Note that the Bank operates under the Silicon Valley Bank brand, as a Division of First-Citizens Bank & Trust Company, in the majority of the Bank’s California affordable housing markets.
In November 2023, the Bank announced a $6.5 billion additional commitment to an existing $16 billion commitment to build on our ongoing work to invest in low- and moderate-income (LMI) communities, increasing our investment in the cities and towns we serve and helping to grow vibrant and diverse communities and businesses. In total, the Bank is committed to dedicating $10.5 billion to community development lending and investments, including affordable housing opportunities and small business lending to nonprofits and small for-profit developers that support LMI communities.
Responsibilities
- Assisting Underwriters with reviewing new investment opportunities by preparing the initial deal review, sponsor underwriting and credit risk analysis.
- Assisting Portfolio Manager with the collection, data imputation and analysis for the quarterly portfolio review.
- Assisting Underwriters and the Closing Coordinator on fund closings by supporting the preparation of credit packages, leading due diligence review, supporting review of investment documentation, and performing sponsor entity reviews.
- Create presentations for new investment opportunities and portfolio-wide data.
- Collaborate with internal parties to prepare ad hoc reports and resolve data discrepancies.
The base pay for this position is relative to your experience, but the range is generally $26.44 to $48.08 per hour. This position is eligible for variable compensation, which may be in the form of incentive, bonus, or commission pay. First Citizens offers a competitive, comprehensive benefits program which you can review here: https://jobs.firstcitizens.com/benefits.
Qualifications
- Bachelor’s Degree in real estate, urban planning, finance, business or related field with relevant coursework.
- 1 year of experience related to affordable housing including underwriting and structuring loans and/or equity investments for multifamily housing funded with Low Income Housing Tax Credits (LIHTC). Applicable/transferable community development experience will be considered.
Additional Requirements:
- Ability to write in a clear and concise manner to convey complex information.
- Self-motivated and driven.
- Highly organized with excellent project management skills.
- Proven ability to work independently.
- Strong interpersonal skills including the ability to communicate effectively.
- Ability to travel up to 5%.
- Ability to collaborate with and learn from team members and internal and strategic partners.
- Ability to multi-task and juggle multiple closings and projects at the same time.
Preferred Qualifications:
- Minimum 2 years of experience related to affordable housing, with a preference for affordable housing experience LIHTC syndicator firm, or underwriting and structuring loans and/or equity investments for multifamily housing funded with Low Income Housing Tax Credits (LIHTC).
- Masters Degree or other advanced study in real estate, urban planning, finance, business or related field.
- Strong credit and financial analysis skills.
- Ability to provide effective data visualizations and power point presentations
- Advanced Excel skills.
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