Vice President, Director of Affordable Housing
Company: First Republic Bank
Location: San Francisco
Posted on: March 20, 2023
Job Description:
Vice President, Director of Affordable Housing InvestmentsAt
First Republic, we care about our people. Founded in 1985, we offer
extraordinary client service in private banking, private business
banking and private wealth management. We believe that personal
connections are everything and our success is driven by the
relationships we form with our colleagues and clients. You'll
always feel empowered and valued here.Impact in the Community,
Affordable Housing InvestmentsAffordable housing makes our
communities more inclusive by providing housing for people from a
broader range of economic backgrounds. We believe that we can have
the greatest impact on our communities by leveraging our strength
and expertise as a leading financial institution.The Affordable
Housing Investment Team manages all aspects of FRB's Low Income
Housing Tax Credit (LIHTC) portfolio. Since 2010, the Bank has
committed nearly $3 billion to LIHTC syndicated funds, directly
contributing to the development of 150,000 affordable rental units
for low-income tenants nationwide, the majority of whom are
minorities. The fast growing portfolio has a track record of
delivering strong economic returns, as well as positive social,
environmental and economic impact in the community. This involves
the crossfunctional collaboration with many stakeholders, including
credit, investments, tax, finance, CRA compliance, legal, audit,
accounting, regulators, and the Board's Investment Committee.Common
goals, uncommon potentialColleagues in this position will work in a
dynamic environment with departments throughout the Bank in
evaluating, underwriting, monitoring and maintaining the overall
credit quality of new and existing LIHTC Funds. The Vice President,
Director of Affordable Housing Investments is primarily responsible
for evaluating new fund investments, monitoring of the existing
portfolio and coordinating reporting requirements related to FRB's
LIHTC portfolio. They may also assist on special projects.
Experience in this industry is required.This a collaborative team
environment where constant communication with team members is
critical to achieving the goals of the team. The position is part
of a small core team, thereby providing ample opportunities for
learning and exposure.Duties and ResponsibilitiesWhat you'll do as
a Vice President, Director of Affordable Housing Investments:
- Evaluate and recommend LIHTC investment opportunities. As part
of fund due diligence, the Team reviews each of the properties in a
multi-investor LIHTC fund. Property due diligence tasks may include
review of the syndicator's investment package for a property,
third-party reports, site visits and discussions with the
syndicator and/or developers. Once due diligence is completed
satisfactorily, the team prepares a memorandum for presentation to
the Board's investment committee. For each new fund investment, the
team works with outside legal counsel to review and negotiate legal
documentation.
- Review of quarterly fund reports. This involves
tracking/obtaining quarterly reports on the bank's fund
investments, communicating with the syndicator regarding any
questions (particularly on watch list properties), and preparing a
quarterly update for the Board's investment committee.
- Conduct annual review of syndicators. This includes review of
the syndicator's financial performance and portfolio performance.
The memorandum for the Board's investment committee for new
investments includes financial analysis of the syndicator. The Team
also conducts annual reviews of the syndicators for which the bank
is not making new investments regularly. The syndicator review may
include a visit to the syndicator's office.
- Develop and maintain portfolio management tools and reports to
ensure effective risk management. This includes working with a
third-party database software platform used for portfolio reporting
to various levels of senior management. The Team looks for
opportunities to improve the data integrity and value of the
reporting for the portfolio properties and to create appropriate
reporting for risk management, CRA compliance and marketing.
- Stay current on the industry. Additional duties will also
include networking in the market (attending conferences, meeting
developers, syndicators, etc.) in order to evaluate sector trends
and investment opportunities.QualificationsYou could be a great fit
if you have:
- Deep experience in the Affordable Housing industry
- LIHTC industry knowledge
- Successful experience being a collaborative contributor in a
small team environment.
- A commitment to extraordinary internal and external client
service
- Demonstrated ability to work independently
- Willingness to further the First Republic Bank culture and
values
- 8 plus years of experience with all of the above
capabilities
- Bachelor's Degree required, Masters Degree is a plusJob
Demands:
- Must be able to review and analyze data reports and manuals;
must be computer proficient.
- Must be able to communicate effectively via telephone, video
and in person.
- Travel is required for property site visits, industry events
and syndicator meetings.Own your work and your career - apply
nowAre you willing to go the extra mile because you love what you
do and how you can contribute as a team? Do you want the freedom to
grow and the opportunity to take charge of your own career? If so,
then come join us.We want hard working team players. You'll have
the independence to learn, lead and drive change. A culture of
extraordinary service, empowerment and stability - that's the First
Republic way.First Republic is subject to federal laws that
restrict the employment of individuals with certain types of
criminal histories, including FDIA Section 19 and FINRA. To the
extent not inconsistent with our obligations under those federal
laws and regulations, First Republic will consider qualified
candidates with criminal histories in a manner consistent with the
Los Angeles and San Francisco ban-the-box laws.Base salary
range$150,000 - $180,000 annuallySalary may vary depending on
job-related factors including, but not limited to, skills and
experience. Full-time employees may be eligible for a comprehensive
benefits package that includes: medical, dental and vision
coverage, 401(k), life insurance, paid time off and a Wellness
Program. Annual bonus, incentive pay and/or equity may also apply
depending upon the role.We're always on the lookout for top talent
and are adding new jobs every week.
Keywords: First Republic Bank, San Francisco , Vice President, Director of Affordable Housing, Executive , San Francisco, California
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