Director, New Markets Tax Credit

Company Overview:

TruFund was established in 2005 as a national nonprofit organization that advances economic opportunity for people, businesses, and communities in need. As a nonprofit, mission-driven entity, TruFund offers affordable loan capital to small businesses and nonprofit organizations that are financially viable but have difficulty accessing capital from banks or other conventional lenders. TruFund offers more than a loan – we provide an opportunity for underserved small businesses and low-income communities to thrive.

TruFund is a Community Development Financial Institution “CDFI”. The New Markets Tax Credit program is part of the portfolio of products and services that TruFund offers to enable access to private investment in distressed communities. The program is designed to connect community-owned businesses with private capital to enable community economic development and wealth creation in underserved communities.

Position Summary:

Under the direction of the Chief Operating Officer, the Director, New Market Tax Credits (NMTC will lead TruFund’s community development and revitalization efforts with a particular focus on structuring and closing investments that use tax credit incentives as a means of financing projects in underserved communities. By partnering with investors, the CDFI Fund, Community Development Entities (CDEs), and other financial institutions, the Director, New Market Tax Credits will be responsible for identifying, evaluating and managing a pipeline of NMTC financing opportunities with a focus on long term project and developer success. The Director of New Market Tax Credits oversees a team responsible for asset management of completed investments, compliance and investment performance, tracking and analysis. Finally, the Director, New Market Tax Credits represents this TruFund program to external stakeholders and partners including community leadership, municipal and state government partners, the CDE community and financial institutions participating in the program.

Primary Job Functions:

• Drive TruFund’s end-to-end NMTC program for community development projects seeks NMTC financing.
• Lead the NMTC application process by managing consultants, staff and applicants.
• Manage relationships with commercial banks, financial entities and CDEs participating in the NMTC program.
• Represent NMTC in partnership meetings with external funders and stakeholders which may include presenting formal pitches
• Sourcing and qualify community investment applicants and projects
• Review and approve prospective NMTC projects, including deal structure, financial modeling and due diligence criteria to ensure business and project viability.
• Structure NMTC transactions according to established underwriting guidelines and pricing parameters
• Assist in underwriting NMTC transactions with a focus on the review and analysis of construction budget, operating pro-forma, appraisals and market studies and developer financial and development capacity.
• Apply applicable real estate underwriting and financing criteria for investment recipients and borrowers based on NMTC and/or CRA requirements
• Coordinate the closing of each NMTC transaction to ensure that all information, data, and documentation required is obtained as part of the external closing checklist.
• Participate in transaction closing calls working with external consultants, legal counsel and deal partners
• Provide ongoing analysis and reporting on NMTC fund and investees’ and/or borrowers’ performance to internal and external partners
• Lead NMTC strategy development including due-diligence, deal structuring, managing process to deadlines and all applicable reporting and/or reconciling requirements
• Create and implement financial management and reporting infrastructure
• Monitor and measure the social and financial impacts of the NMTC portfolio, as well as disseminate results and learnings to executive leadership while recommending action plans
• Benchmark and apply national economic, equity, industry and impact outcomes to ensure best in class approaches to NMTC funding ensuring a competitive product that adds value to our investees and/or borrowers and investors

Education and Related Work Experience:

• Bachelor’s degree required. Masters in Public Administration, Management, Business Administration, Urban Planning , Economics or Real Estate preferred
• Prior experience with managing a New Markets Tax Credit program
• Minimum of 10 years in commercial banking, equity investment, commercial real estate transactions, corporate banking, community development or social impact investing including the CDFI sector
• Prior experience in real estate development
• Formally credit trained or proven ability to underwrite and manage debt or equity structures is highly desired
• Familiarity with residential and affordable housing structures including other tax credit programs like LIHTC and NMTC structures
• Proven track record in community economic development lending or finance along with strong relationship building skills is preferred
• Strong verbal and written communication and presentation skills required
• Capacity to work independently and motivation to achieve goals with minimal supervision is required
• Commitment to working in community economic endeavors with diverse, low-income communities

Annual Salary Range: $125,000-150,000

For more information contact:
Lynell James: ljames@jamesgoodeassociates.com
Stephanie Goode: scgoode@jamesgoodeassociates.com

Disclaimer:
The statements herein are intended to describe the general nature and level of work being performed by the employee in this position. These statements are not intended to be construed as an exhaustive list of all responsibilities, duties, and skills required of a person in this position.

TruFund Financial Services is proud to be an Equal Opportunity and E-Verify Employer