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Job Description SummaryEnterprise Housing Credit Investments seeks a Director of Acquisitions to originate investments in affordable multifamily developments utilizing Low-Income Housing Tax Credits. We are a seeking a driven and experienced real estate professional with exceptional leadership skills who will prosper in a fast-paced, entrepreneurial atmosphere and is able to balance the financial and social mission goals of the business. Applicants must demonstrate strong interpersonal, management, financial, real estate and analytical skills and relevant experience.
Salary Range: $155,000-$165,000
- Build and maintain relationships with developers/project sponsors
- Independently model with precision LIHTC equity transactions, draft Preliminary Investment Review forms and present transactions to Enterprise's Deal Screening Committee
- In close coordination with multiple internal stakeholder groups (Investor Relations, Credit, Structuring Services, Legal, Asset Management, Finance), structure and propose LIHTC equity pricing and terms and debt products that enhance overall project financing and optimize outcomes for development, investor and Enterprise.
- Secure the exclusive right to syndicate the Low-Income Housing Tax Credits for selected developments by negotiating and executing letters of intent (LOIs) with project developers
- Assist project underwriters to trouble-shoot issues and challenges that arise during the underwriting, closing, and investor placement processes
- Utilize Salesforce tools to facilitate internal communication, track project progress, and document feedback and decision-making on deals for reference through an investment's lifecycle.
- Identify process and system improvements that benefit the entire business line and assist in developing and implementing such improvements.
- Effectively manage multiple and complex projects, relationships, expectations, requests, etc., while exercising intensive attention to detail, good judgment and compliance with Company policies and procedures
- Contribute to fostering a diverse, equitable and inclusive workplace.
Additional Responsibilities may include:
- Supervise a team of underwriters and analysts that:
- Model LIHTC transactions and evaluate potential investments
- Prepares submissions to Deal Screening and Credit Committees
- Manages project closings on behalf of our investors with deal level attorneys, accountants, developers, lenders and internal groups
- Originate and close transactions that amount to $200 - $300 million in gross equity annually, comprised of approximately 12-18 transactions; achieve production revenue target
- Effectively manage the goals and performance of direct reports (leadership, team strategy)
- Develop, track and operate within departmental budget.
- Take on special projects/initiatives for the acquisitions team or Enterprise-wide, as assigned.
- BS/BA in Finance, Real Estate or Urban Planning or related field, preferably with experience in real estate financial analysis; Masters degree strongly preferred.
- At least four years prior experience in performing financial analysis of Low-Income Housing Tax Credit transactions required.
- Prior LIHTC acquisitions origination experience strongly preferred
- Strong financial and analytical skills as well as communication, organization, relationship management, and writing skills.
- In-depth, current expertise in the complex mechanics and dynamics of the federal Low-Income Housing Tax Credit (LIHTC) as well as state low-income housing tax credit programs, federal and state historic credits, and federal and state energy credits
- Active, current knowledge of trends in the affordable housing development and finance industry, including real estate trends; debt and equity products, markets, and competitive landscape; state HFA LIHTC and bond allocation priorities; lending products;
- Ability to maintain big picture focus while attending to detailed work and providing thorough documentation.
- Ability to identify and resolve issues independently and proactively.
- Ability to optimize deal structure for competitiveness of proposals and best overall net proceeds for the developer, achieving investor yield hurdles and Enterprise revenue targets, and meeting investor underwriting requirements.
- Ability to proactively anticipate and address concerns of target investors.
- Able to consistently, accurately and independently deliver investment grade Preliminary Investment Reports and models, at significant volume and on deals with varying levels of complexity.
- Consistently exhibit an understanding of broader real estate investment concepts as well as LIHTC-specific concepts, including tax matters;
- Exhibit judgment about when to raise a potential risk (financial, relationship, fiduciary, reputational, et al.) to a supervisor vs handling it independently;
- Full mastery of Excel required; experience with platforms Salesforce, Teams (OneNote), SharePoint, Workday et al desirable;
- Ability to work evening and weekend hours during peak periods.
- Ability to travel for flights up to 6 hours, or in automobile, or train.
- Ability to climb stairs offsite at project sites.
- When visiting project sites, incumbent may be exposed to varying environmental conditions (e.g. outdoor weather, dirt, dust, and other construction work site conditions).
- Reliable transportation required