Investment Associate – New Markets Tax Credits
Raza Development Fund, Inc. (“RDF”) is a Latino led and serving Community Development Financial Institution (“CDFI”) created to advance economic opportunity, social mobility, and racial justice. RDF was formed in 1999 by UnidosUS, (formerly, National Council of La Raza), the country’s largest and longest-serving Latino civil rights and advocacy organization. Since its inception, RDF has directly invested over a billion dollars in 38 states, leveraging over $6 billion in education, affordable housing, healthcare, social services, and entrepreneurship.
Our investment strategy is predicated on an ultra-high touch and value-added approach to supporting Latino owned and controlled organizations that prioritize premium outcomes benefiting low-income communities. RDF’s market position as a preferred capital partner enables superior project sourcing capabilities; and our team of impact investment professionals care deeply about the success of our clients. To that end, we bring more than just capital to the table – we make key connections; provide valuable advice; design and lead structured financings; and deliver innovative solutions. Operating as a non-regulated, specialty finance company, our due diligence process is decidedly values-based; fundamental, but forward looking; and we actively embrace complexity to capitalize on differentiated, impact investment opportunities.
Reporting to the Senior Director of New Markets Tax Credits, this position is responsible for providing support to RDF’s NMTC program, with a particular focus on sourcing, underwriting and closing investments that use the tax credit incentive as a means of financing community development projects in severely distressed communities, while furthering RDF’s mission.
The Investment Associate leads underwriting and closing of tax credit investments that align with RDF’s impact and strategy goals. The role will work externally with borrowers and financing partners to vet investment opportunities; provide technical assistance; conduct due diligence and financial analyses; draft credit memoranda; present and defend recommendations to credit committee(s); and oversee the documentation and closing of transactions. This position collaborates internally with RDF’s industry focused experts to achieve individual, team, and community development investment goals.
In this role, you will be expected to:
- Source, underwrite and close NMTC transactions
- Source qualifying community investment applicants and projects;
- Evaluate projects to determine NMTC program eligibility, community development alignment and anticipated impacts;
- Assess deal structure, financial modeling and due diligence criteria to ensure NMTC compliance and business / project viability;
- Provide underwriting support to RDF’s industry Senior Directors for any RDF-issued leverage debt or source loans;
- Prepare and present investment proposals to investment committees including an analysis of: community impact and RDF strategic alignment; historic financial performance of project sponsors and future operating pro-forma; strength of sponsor leadership; construction budget and developer financial and development capacity; appraisals, environmental and other real estate reports; market studies and project operational and financial feasibility; and NMTC structural and project-level compliance.
- Participate in transaction closing calls working with external consultants, legal counsel and financing partners;
- Review closing diligence items and lead the completion of closing tasks including, reviewing final project budget, construction documentation and legal documents;
- Coordinate closing of NMTC transactions ensuring all information and documentation required by the NMTC program is completed;
Support RDF’s internal operations and programmatic compliance:
- Adhere to RDF’s core values, including a commitment to working in economic development endeavors with diverse, under-resourced communities;
- Assist in the NMTC application process and compliance with allocation agreements;
- Attend industry conferences and maintain relationships with NMTC investors, consultants and CDEs;
- Prepare materials for – and present to – RDF’s NMTC Advisory Board;
- Support NMTC team in collecting impact data and submitting annual reporting to the CDFI Fund;
- Provide underwriting support to RDF’s industry Senior Directors of non-NMTC community facilities financing opportunities, especially in years in which RDF is not a NMTC award recipient;
- Perform other tasks, as assigned.
- Minimum five years of financial underwriting, real estate lending or other relevant experience
- Comprehensive, working understanding of community development finance or traditional credit products and processes
- Knowledge of and experience with New Markets Tax Credits a plus
- Demonstrated ability to manage and prioritize multiple, concurrent objectives, projects or activities
- Commitment to providing value-add, solutions-oriented internal and external client service and technical assistance
- Passion for mission-driven work
- Strong verbal and written presentation skills
- Bachelor’s Degree (or equivalent work experience)