Vice President I, Community Development Finance

First Citizens Bank hiring for Vice President I, Community Development Finance jobs in Raleigh, NC, US

The Community Development Finance (“CDF”) team of First-Citizens Bank & Trust Company (the “Bank”), is responsible for executing the Bank’s Community Reinvestment Act (CRA) and Community Benefits Plan (CBP) strategies through the origination and management of Community Development Loans and Low-Income Housing Tax Credit (LIHTC) equity investments. The Bank currently has a national portfolio of $2.8+ billion in committed investments that support the new construction or rehabilitation of affordable housing for low-income seniors, families, veterans, individuals with special needs or disabilities, and the chronically homeless, and we are embarking on a massive effort to expand the Bank’s commitments to low- and moderate-income communities. Note that the Bank operates under the Silicon Valley Bank brand, as a Division of First-Citizens Bank & Trust Company, in the majority of the Bank’s California affordable housing markets.

The Vice President I is a Relationship Manager responsible for maintaining a portfolio of client relationships, and originating and managing CRA-eligible community development loans, and associated proprietary fund investments, in order to achieve the Bank’s CRA goals. The VPI is supported by the team Associate and Loan Operations team but is ultimately responsible for all aspects of all loans under their management until they are repaid.

Client management:

• Maintain contacts within client organizations, ranging from assistant project managers, project managers, real estate directors, and CFOs on deal-specific matters and broader organizational condition and initiatives.
• Prepare, or oversee Associate in the preparation of, annual Sponsor Reviews, including reviewing financial reports, real estate schedule, pipeline report, strategic plan, etc., confirming current deal status, coordinating call with CFO/RE Director to discuss financial and strategic initiatives, confirming Sponsor tier ranking tool, and setting client TPL management strategy

Loan origination:

• Develop pipeline of deals in market that fit the credit risk profile and strategic goals of the Bank, and develop strategy for securing such financing opportunities.
• Prepare, or oversee Associate in the preparation of, preliminary deal underwriting and credit approval process for funding application support and RFP responses, and commitment letter and term sheet submittals.
• Prepare, or oversee Associate in the preparation of, credit approval packages, including affirming credit risk rating, covenant and reporting requirements, Sponsor review, underwriting model, and deal summary. Validate all key metrics, including market rents, cap rates, LTV, LTC, etc.
• Confirm Credit Risk Rating and other deal risks & mitigants,
• Conduct analyses of deal structure, including researching and inputting valid market assumptions (growth rates, cap rates, expense comparables, and market rent comparables),
• Prepare, or oversee Associate in the preparation of, term sheets and commitment letters, and
• Prepare, or oversee Associate in the preparation of, credit approval packages through all phases of loan origination process (i.e. Commitment, Final Approval to Close, Approval Addendum, and/or Correction CARs).

• Oversee construction loan disbursement process, in collaboration with Loan Operations Officer, by reviewing and approving monthly draws,
• Monitor covenant and reporting compliance, and
• Track construction completion progress through regular attendance of payment draw meetings and sponsor communication.

Industry Engagement:

• Represent the Bank in industry conferences, trainings, and other networking opportunities to raise Bank profile in relevant settings and gain insights into current market and industry conditions.

Bachelor's Degree and 3 years affordable housing industry experience or banking experience.  

Preferred Qualifications:

• Advanced Degree preferred. 
• Non-Profit volunteer or board service.
• Community Development Banking of LIHTC syndication credit training preferred. 
• Based in North Carolina 

Other:

• Good knowledge of North Carolina affordable housing landscape with some existing client relationships.
• Advanced knowledge of real estate and/or affordable housing development and/or finance, including underwriting concepts and key risks/mitigants.
• Advanced knowledge of LIHTC program application and regulations.
• Advanced knowledge of State and local subsidy program application and regulations.
• Advanced knowledge of applicable banking regulations, including Reg B (ECOA), Reg C (HMDA), Reg BB (CRA), and Reg H (Flood).
• Proficiency in Microsoft Office.
• Understanding of Banking Protocols, including Departmental procedures, Credit Authority, Departmental Delegated Administrative Action Authority, (AAA’s) Total Probable Loss (TPL), Single Name Limit (SNL).
• Understanding of Bank’s core business, profitability drivers, and objectives.