Tax Credit Equity Underwriter
Locations: Boston, MA; Buffalo, NY
Employment Type: Full-time
Work Arrangement: Hybrid
Requisition ID: R83920
Role Summary
The Tax Credit Equity Underwriter will support various tax credit equity investments including LIHTC (Low Income Housing Tax Credit), HTC (Historic Tax Credit), NMTC (New Markets Tax Credit), and RETCs (Renewable Energy Tax Credit). This position will work with the Relationship Manager to underwrite and prepare drafts of internal bank investment approval memos, while interfacing with Credit Administration during screening and approval processes.
What You'll Do
Origination of New Investments
- Compile and analyze appropriate due diligence materials including market studies, cash flow pro formas, investment summaries, economic benefit schedules, and sponsor financial statements
- Attend customer calls, meetings, and site visits
- Work with RM to underwrite and prepare drafts of internal bank investment approval memos
- Interface with appropriate internal departments to have profitability models run on each prospective investment
- Interface with appropriate parties in Credit Administration during screening and approval processes
- Review term sheets and Letters of Intent
Closing of New Investments
- Aid RM in sending appropriate documentation to the Bank's legal counsel
- Review, from a financial perspective, draft funding/contribution and Operating Agreements
- Review draft Capital Call and Consent Agreements
- Coordinate distribution of required documents to internal Bank stakeholders including Accounting Policy Dept., Counsel's Office, Corporate Tax Dept., and CRA Dept.
- Coordinate with the Tax Credit Operations Manager relative to required document and data input feeds to the MRI vendor software system
Portfolio Maintenance
- Aid RM in sending appropriate documentation to the Bank's legal counsel
- Review, from a financial perspective, draft funding/contribution and Operating Agreements
- Review draft Capital Call and Consent Agreements
- Coordinate distribution of required documents to internal Bank stakeholders
- Coordinate with the Tax Credit Operations Manager relative to required document and data input feeds to the MRI vendor software system
Regulatory Requirements
- Work with both Tax Credit Operations Manager and external legal counsel in the preparation of regulatory applications to the Federal Reserve Bank of NY and NY Department of Financial Services
- Conduct the Bank's internal Regulatory Requirements Questionnaire
- Prior to closing any investment, confirm that all regulatory approvals have been obtained and that the type of investment is consistent with what was represented in the regulatory applications
- Adhere to applicable compliance/operational risk controls in accordance with Company or regulatory standards and policies
- Promote an environment that supports belonging and reflects the M&T Bank brand
- Maintain M&T internal control standards, including timely implementation of internal and external audit points
- Complete other related duties as assigned
Required Qualifications
- Bachelor's degree and minimum of 5 years relevant experience, or in lieu of a degree, a combined minimum of 9 years higher education and/or work experience including a minimum of 5 years' relevant experience
- Strong relationship building skills
- Strong stakeholder management skills
- Strong customer focus
- Strong verbal and written communication skills
- Proficient in use of pertinent MS Office, particularly Excel
- Proficiency with reviewing and analyzing developer-prepared projections, real estate and cash flow schedules, audited financial statements, tax credit applications, and Limited Partnership Agreements
Preferred Qualifications
- Sound experience showing fast response time, consistency, and success
- Excellent communication and relationship building skills
- Strong decision-making ability
- Ability to function in a high volume, fast-paced environment
Compensation
$103,900–$173,100
Additional Information
M&T Bank is committed to fair, competitive, and market-informed pay for our employees. The successful candidate's particular combination of knowledge, skills, and experience will inform their specific compensation.
