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