Position Information

NY HELPNo

AgencyEmpire State Development, NYS

TitleDirector, New Markets Tax Credits

Occupational CategoryOther Professional Careers

Salary GradeNS

Bargaining UnitNone listed

Salary RangeFrom $90000 to $100000 Annually

Employment Type Full-Time

Appointment Type Permanent

Jurisdictional Class Non-competitive Class

Travel Percentage 0%

Schedule

Workweek Mon-Fri

Hours Per Week 37.5

Workday

From 9 AM

To 5:30 PM

Flextime allowed? No

Mandatory overtime? No

Compressed workweek allowed? No

Telecommuting allowed? No

Location

County New York

Street Address 655 Third Avenue

City New York

StateNY

Zip Code10017

Job Specifics

Duties Description *Applicants MUST submit a cover letter with resume to be considered.
*This position will require in-office presence. Hybrid work schedules may be possible based on specific job duties and consistent with ESD policy.
*Minorities, women, and individuals with disabilities are encouraged to apply. Please contact Human Resources if you require an accommodation.

BASIC FUNCTION:
The Director, New Markets Tax Credits (the “Director”) is responsible for the underwriting and closing of transactions which use New Markets Tax Credit (“NMTC”) financing. This involves structuring deals, securing internal approvals, leading the closing process, and negotiating deal documentation for Empire State New Market Corporation’s (“ESNMC’s”) NMTC allocations. The Director will also help manage the ongoing asset management, reporting and compliance activities of ESNMC’s NMTC investments. This work involves four major components: Asset Management, NMTC Compliance, Servicing, and Reporting to the CDFI Fund and internal/external stakeholders. The Director will have responsibility for making sure these aspects of ESNMC’s operations run smoothly, effectively, and in accordance with current rules and regulations, as well as with ESNMC and ESD policies and procedures. In this function, the Director will work closely and coordinate with the President of ESNMC, other ESD staff working on ESNMC’s activities as well as the Finance, Treasury, and Accounting teams, ESNMC’s Advisory and Governing Board members, and ESNMC’s consultants and legal counsel.

WORK PERFORMED:
• Lead various aspects of NMTC deployment, including the creation of project approval memorandums, asset management, compliance and impact reports and memorandums, database management and updates, and board documents and briefings.
• Assist with underwriting and structuring NMTC transactions.
• Assist with asset management and compliance issues, and community outcomes reporting.
• Prepare project recommendation memorandums.
• Prepare materials for Project Review Committee meetings and Advisory, Governing, ESNMC, and ESD board meetings.
• Conduct in-person and virtual site visits to assess potential projects and borrowers both before and after closing.
• Liaise with regional office staff to attain information on potential projects and assess project viability.
• Work with other ESD staff across NYS to source, structure, underwrite, and close NMTC transactions.
• Day-to-day responsibilities for coordinating invoicing, interest payment collections, and distributions from subsidiary Community Development Entities to investment funds with the Accounting team.
• Obtain and analyze financial statements/tax returns of real estate projects as well as corporate and not-for-profit entities and individuals.
• Review financial projections and create cash flow models for operating companies and real estate developments, including sensitivity analyses.
• Perform risk assessment of credit and collateral ensuring loan stability and sound credit quality.
• Prepare memoranda explaining corporate and project financial strength, credit risks and funding gaps.
• Review, analyze, and document community impacts and other relevant measures with ESNMC NMTC strategy.
• Assist with NMTC Application preparation.
• Lead review and approval of construction requisitions post-closing.

Minimum Qualifications Education Level required: Bachelor’s degree with a strong financial and economic development background. Professional degree, including master’s degree in business administration, law, accounting, or public administration, preferred.

Relevant experience required: Five (5) years of experience in finance (preferably community development finance serving low-income communities), real estate-based lending, and/or business lending, including borrower contact, credit analysis, due diligence, and loan documentation; direct experience with the NMTC program desirable.

Knowledge required: The ideal candidate will have proficiency in analyzing financial statements of for-profit and nonprofit organizations and their real estate operations; and familiarity with federal, state, and local government funding sources for capital and operating needs of mixed-use developments, housing, and community facilities (e.g., childcare centers, educational programs, healthcare facilities, etc.). This will include working knowledge of financial accounting, strong analytic abilities, facility with financial modeling, and excellent written and oral communication skills. Basic familiarity with business law concepts including contracts, loan collateral, uniform commercial code, creditors’ rights and forms of business organization and sufficient knowledge to review and negotiate loan documents. Excellent skills in managing multiple tasks requiring strong attention to detail.

Additional Comments Salary range as specified.
Comprehensive Benefits Package.

Some positions may require additional credentials or a background check to verify your identity.

How to Apply

Name Jane Martinez – HR Trainer/Talent Acquisition Specialist

Telephone N/A

Fax N/A

Email Address resumes@esd.ny.gov

Address

Street 655 Third Avenue

City New York

State NY

Zip Code 10017

 

Notes on ApplyingExternal Candidates: Please attach cover letter and resume. To apply copy & paste URL in browser: https://bit.ly/3APr8cp

Internal Candidates: Please apply through ADP using the Myself/Talent menu and submit your cover letter and resume for consideration

WE ARE AN EQUAL OPPORTUNITY EMPLOYER COMMITTED TO DIVERSITY