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Sr Investment Portfolio Manager, Community Development Finance

Employer
First Citizens Bank
Location
San Francisco, USA
Salary
Competitive
Closing date
Oct 3, 2024
View more categoriesView less categories
Job Function
Accounting/Audit/Tax
Industry Sector
Finance - General
Employment Type
Full Time
Education
Bachelors
Overview

This is a hybrid role, with the expectation that time working will regularly take place inside and outside of a company office.

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.

FCB invests in both proprietary and multi-investor funds through several tax credit syndicators for Community Reinvestment Act (CRA) and Community Benefits Plan (CBP) purposes. Position is responsible for the asset and portfolio management of Community Development Finance (CDF) Low Income Housing Tax Credit (LIHTC) investment funds, including tracking fund performance, ensuring syndicator reviews are updated on an annual basis, and producing quarterly/periodic Watch List reviews and Annual LIHTC Asset Management Report. Provides ongoing recommendations, presentations, and expertise to achieve Bank CRA investment objectives, while minimizing potential risk.

Responsibilities

  • Portfolio Management - Leads the preparation of Annual FCB CDF LIHTC Asset Management Report, reviewing industrywide trends and FCB LIHTC portfolio trends (including syndicator diversification, funded vs. committed equity and book value of investments) and portfolio performance (including quarterly review of watch list projects, which might require additional oversight).
  • Asset Management Oversight - Leads the monitoring and review of post-closing changes to proprietary investments. Coordinates with relationship managers to provide updates on closed projects, operational risks, and relationship history. Provides guidance to associates on escalated and complex asset management issues for lower tier projects, including review and monitoring of any restructuring or improvement plans for higher risk rated projects. Identifies and mitigates risk by ensuring operational compliance with all applicable credit policies, regulations, laws, and Bank policy.
  • Portfolio Strategy - Develops strategy for ongoing oversight and management of syndicator relationships. Implements and enforces department processes, policies, and procedures.
  • Participates in meetings, trainings (inclusive of Bank required compliance courses) and other duties or special projects as assigned by senior leadership and management team.

Qualifications

Bachelor's Degree and 6 years of experience in LIHTC Investment Asset or Portfolio Management

OR

High School Diploma or GED and 10 years of experience in LIHTC Investment Asset or Portfolio Management

Preferred Education: Masters Degree

Preferred Area of Study: Business, Finance, Economics, Real Estate, Public Policy/Planning

Preferred Area of Experience: Finance, Banking, Affordable Housing Development, Public Policy/Planning

Skill(s): LIHTC Investment Asset Management, LIHTC credit training experience, Mentoring

The base pay for this position is generally between $171,000/yr and $190,000/yr. Actual starting base pay will be determined based on skills, experience, location, and other non-discriminatory factors permitted by law. For some roles, total compensation may also include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.

First Citizens benefits programs are designed to meet our associates where they are in life. Full-time associates (20+ hours) are offered a comprehensive benefits program, with customized offerings, including those designed to support families, however defined. More information regarding our benefits offerings can be found here: https://jobs.firstcitizens.com/benefits.

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