Portfolio Credit Associate, Community Development Banking - Commercial Bank - Chicago, IL
The Community Development Tax Credits (CDTC) mission is to invest the Bank's capital in earning assets that are tax-advantaged. Current assets are primarily equity investments into community development projects that meet specific criteria in order to generate New Markets Tax Credits (NMTCs).
The Portfolio Credit Associate will be joining a very successful team of 20 professionals who are dedicated to investing in commercial real estate projects. The Portfolio Credit Associate will be part of the team that manages the bank's New Market Tax Credits (NMTC), State Tax Credits, and Historic Tax Credit initiatives. The Portfolio Credit Associate acts as a primary point of contact for the Community Development Entities (CDEs) and project borrowers (QALICBs) post-closing of a New Markets Tax Credit transaction. Additionally, they act as the business-side liaison between our CDE and QALICB clients, and the internal groups that service our NMTC transactions. The successful candidate will work in a fast-paced, entrepreneurial atmosphere that requires flexibility and attention to detail.
Major Functions (Principal Duties and Responsibilities)
· Prepare credit approval documents for Community Development Tax Credit equity investments
· Closing execution with other Project team members
· Responsible for a portion of the portfolio of transactions and will act as the primary point of contact with CDEs, QALICBs during the seven year NMTC compliance period
· Complete required portfolio monitoring tasks to include: periodically collecting community impact, project status, compliance data, financial information from CDEs and QALICBs
· Work with the QALICBs, CDEs, and Lenders post-close to ensure accurate transaction flow during 7-year compliance period
· Closing executions with other Project team members
- 2-4 years of banking / lending / credit experience
- Real estate related project finance experience and tax credit project finance experience is highly desirable
- Strong analytic and writing skills
- Excellent interpersonal, communication and teamwork skills
- Strong computer skills, including Excel, Word and PowerPoint
- Demonstrated ability to work independently and within the context of a deal team
- Bachelor Degree required
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