Description
Our Client, Citi Community Capital (“CCC”), originates, underwrites and closes construction and permanent loans that are used to finance the new construction, rehabilitation and preservation of affordable and workforce rental housing. CCC is the community lending and investing arm of Citigroup, housed in the Global Spread Products Group of Citi’s Institutional Clients Group. Unique among its peers, CCC provides a comprehensive array of financial products from investment banking to lending and equity investment designed to improve neighborhoods, create jobs, or improve the health care services or educational opportunities available to the communities we serve as well as contribute toward Citigroup’s Community Reinvestment Act performance.
CCC works with for-profit and non-profit developers, as well as state and local government agencies on both straightforward and highly structured transactions that may use a combination of taxable and tax-exempt loans or bonds, Low Income Housing Tax Credit (“LIHTC”) equity, and governmental and private subsidies. CCC is a balance-sheet construction lender and a permanent lender, a Fannie Mae and Freddie Mac mortgage banker, and principal in unique equity investments.
CCC works throughout the country and, according to Affordable Housing Finance Magazine, has been the #1 affordable housing lender in the United States for 11 of the past 12 years. This success is due in large part to having the strongest and most innovative team of professionals in the industry. Citi’s team of experienced professionals, coupled with its capital-committing capability, is able to provide creative financing solutions that are specifically designed to meet each client’s needs. CCC closed over 200 transactions in 2020.
The Citi Community Capital (CCC) Business within Citi’s Global Spread Products (“GSP”) Municipal Finance Division, is seeking to hire a Tax Credit Asset Manager that will be responsible for managing post-closing equity investments. CCC provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance, and acquire affordable multifamily housing across the country. Committed to the communities we serve, CCC finances both straightforward and highly structured transactions for non-profit and for-profit affordable housing developers, Community Development Financial Institutions, and state and local government agencies.
The individual will be responsible for multiple, essential portfolio analyses related to equity investments that include Low Income Housing (LIHTC), Historic (HTC) and New Market (NMTC) Tax Credits as well as other private equity and structured lending commitments. The candidate should have some knowledge or experience within the various investment types to ensure that CCC remains within its economic, legal and compliance period thresholds outlined in the agreements. It is the mission of CCC to be the preferred financial partner for affordable housing developers, non-profits and governmental entities that focus on community development. We provide our clients with a distinctive, remarkable experience based on world class responsiveness, customer service, creativity and superior execution. This mission will be accomplished while delivering superior financial performance for Citi, consistent and impactful CRA results, and an inclusive and rewarding experience for our employees.
Position Responsibilities:
- Analyze and manage the critical risks associated with CCC equity investments
- Perform the timely completion of quarterly investment reviews and classification reporting.
- Monitor communications from external syndicator and fund manager partners for any structure modification and/or legal consent requests
- Prepare and present credit recommendations to senior risk and business management
- Proactively and independently monitor the status of underlying real estate investments and propose actions to maintain performance and preserve return on assets
- Interact with sponsors, syndicators, fund managers and other external parties to assess the presence of factors that could contribute to asset impairment
- Assist in the completion of semiannual equity portfolio reviews pertaining to FR Y-10 regulatory reporting requirements
- Effectively communicate with senior business managers to highlight potential impacts to profits and losses
- Effectively communicate with internal risk, control, finance and legal teams to drive portfolio efficiencies.
Qualifications:
- BA/BS with a minimum of 3+ years of experience in Community and Affordable Housing Developments Real Estate and Tax Credit Asset Management
- Experience with developments that are sourced through tax credit equity and financed with tax-exempt multifamily housing bonds
- Individual must have excellent communication, organizational, analytical and interpersonal leadership skills, as well as the ability to multi-task under tight deadlines
- Proficiency in MS Office applications is preferred
- Must have strong attention to detail, be self-motivated, inquisitive, team and solutions oriented
- Adhere to and promote a culture of excellence, ethics and regulatory compliance
- Desire to work in a fast-paced environment
About SitusAMC
SitusAMC is the leading provider of consulting, outsourcing, talent and technology solutions, supporting institutional lenders and investors, across the life cycle of commercial and residential real estate debt and equity. The firm employs more than 3,300 employees with offices in 27 markets across the U.S., Europe and APAC.
SitusAMC brings together the industry’s top talent, unparalleled platform and innovative technologies to help clients optimize returns, identify risk, transform processes and infrastructure, and ultimately, realize opportunities in their businesses.
SitusAMC is an Equal Opportunity Employer. Qualified applicants will receive consideration for employment without regard to race, color, religion, age, sex, national origin, disability, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.
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EOE/M/F/D/V
Experience
2+ to 5 years
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