Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients.
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Citi Community Capital - LIHTC Origination Associate
Citi Community Capital (“CCC”) is the community lending and investing arm of Citi. It is housed in the Municipal Securities Division 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 investments, designed to create strong communities and contribute toward Citi’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, LIHTC equity, and governmental and private subsidies. The projects we finance serve the homeless, seniors, those with disabilities, as well as low income families and individuals. They may also include workforce housing or market rate units and other commercial uses. We are among the largest Fannie Mae and Freddie Mac mortgage bankers in this sector in addition to being a balance sheet lender. We are the leading investment banker, lender or equity provider in many of the areas in which we participate, and are generally acknowledged to be among the most creative and innovative firms in the industry.
We work throughout the country from 13 offices and, according to Affordable Housing Finance Magazine, have been the #1 affordable housing lender in the United States in each of the past seven years. That success is due in large part to having the strongest, most innovative team of professionals in the country. With Citi’s capital committing capability and team of experienced professionals, we are able to provide creative financing solutions that are specifically designed to meet each client’s needs.
CCC is looking to add a LIHTC Origination Associate; the experienced professional will be responsible for and possess the following qualifications:
The primary functions of this position will be modeling, underwriting, performing due diligence and closing of new Low Income Housing Tax Credit equity investments originated and offered by CCC.
Key responsibilities will include:
- Preparing financial models and benefits schedules to price prospective new LIHTC investments.
- Analyse financial feasibility of new LIHTC investments, including sponsorship analysis, market analysis, sources and uses and capital structure analysis, income and expense underwriting, and tax credit documentation analysis.
- Review transactions for internal and external (local laws and regulatory) policies.
- Provide regular communication regarding updates on due diligence collection and review and any issues uncovered during the review. Help to coordinate such due diligence reviews with the sponsors and origination team.
- Review project loan documents and LP agreements for material business terms.
- Create and present comprehensive investment underwriting packages for review and approval by Internal Risk Management and Business Credit Officers.
- Work with Production, Transaction Management, and Asset Management teams during closing of new transactions.
- Liaise among internal Legal, Operations, Technology, Production and Credit Risk Management.
- Travel to markets throughout the United States to conduct site inspections, meet with internal and external clients, and participate in conferences and training opportunities.
- Candidate is required to have a BA/BS with a minimum of 2 years in LIHTC modeling and underwriting.
- Strong credit and financial analysis skills
- Proficiency in Microsoft Excel, with particular emphasis on LIHTC modeling
- Individual must have excellent written and oral communication, organizational and interpersonal skills, as well as the ability to multi-task under tight deadlines.
- Strong motivation, with the ability to work without supervision. Keen judgment, a strong work ethic and pay for performance attitude.
- High attention to detail and the desire to take ownership of a process to drive towards resolutions.
- Ability to travel nationwide (20% of time) on short notice necessary.
EEO Statement: Citi is an equal opportunity and affirmative action employer. Minority/Female/Veteran/Individuals with Disabilities/Sexual Orientation/Gender Identity
- Pay Transparency: Citi won’t discriminate against anyone for discussing pay, but those with access to pay data in their work can’t disclose it unless responding to complaints/investigations or legal requirements.
- Primary Location: NAM-USA-NY-New York
- Other Locations: NAM-USA-CA-San Francisco
- Job Category: Institutional Banking
- Schedule: Full-time
- Education Level: Bachelor's Degree
- Shift: Day Job
- Employee Status: Regular
- Travel: Yes, 25 % of the Time
- Office Location / Address: 388 Greenwich Street, New York, NY