Director, New Markets Tax Credit Program
Company: Philadelphia Industrial Development Corporation (PIDC)
Location: Philadelphia, PA
Job Function: Financial Services
Background
Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s public-private economic development corporation. Our mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. You can learn more about PIDC at www.pidcphila.com.
PIDC is committed to driving transformative growth for Philadelphians with a human-centered approach by directing our financial and real estate services, knowledge, and networks toward creating a vibrant and sustainable Philadelphia. To achieve this mission, PIDC focuses on five areas:
- CAPACITY: Create and sustain internal capacity and external partnerships to scale the availability and breadth of economic development resources and solutions.
- CAPITAL ACCESS AND SERVICES: Expand financing and business support services to benefit under-resourced communities and marginalized populations.
- LAND USE: Catalyze development of projects that create quality jobs, advance equity, and promote sustainability.
- KNOWLEDGE AND NETWORKS: Share knowledge and networks to respond to clients, partners, and market needs.
- EMPLOYEE WELL-BEING: Elevate the physical, mental, and financial well-being of PIDC employees and provide opportunity for each to thrive and grow professionally.
PIDC is governed by a thirty-member Board of Directors, appointed by the Mayor of Philadelphia and the President of the Greater Philadelphia Chamber of Commerce. The staff includes approximately 60 full-time employees, and PIDC’s current 9-member senior leadership team has a combined 140+ years of experience at PIDC. The organization’s annual budget of approximately $12M is funded by a combination from fees generated by PIDC’s transaction activities, service and management contracts, and contributed revenue.
Over the past 65 years, PIDC has settled over 13,000 transactions with a diverse range of clients – including more than $19 billion of financing and 3,350 acres of land sales – which have leveraged tens of billions of dollars in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia. For more information, please visit: www.PIDCphila.com.
Summary
As Director, you’ll be a vital member of the Financial Services Group, working closely with the Senior Vice President and Chief Credit Officer to advance PIDC’s NMTC activities and to ensure compliance with the CDFI Fund’s requirements for the NMTC Program. The Director of NMTC will focus on strengthening our NMTC Program practices with goals to annually win awards, manage compliance, and to improve our portfolio data collection and analysis.
Responsibilities
Specific responsibilities as Director of PIDC’s New Markets Tax Credit Program, comprising 100% of the time, include but are not limited to:
- Manage and oversee all functions of PIDC’s NMTC Program throughout the organization, as outlined in the NMTC Procedural and Compliance Manual. Coordinate all activities between internal and external teams, giving detailed attention to program strategy, program structure, compliance, delegation of roles, program implementation, and maintenance.
- Establish and maintain guidelines and compliance policies and procedures to effectively manage the program at PIDC.
- Facilitate and serve as subject matter expert to provide strategy, data, and secure all necessary support for completion of the annual New Markets Tax Credit application.
- Oversee organization-wide program compliance, team coordination, data integrity, and governance from allocation application to sub-allocation close-out, including internal (portfolio management loan servicing, watchlist transactions, workouts, covenant compliance, etc.) and investor and regulatory reporting.
- Facilitate the preparation of reports including PIDC’s Closed Project Matrix Report; management of advisory board meetings, minutes, and presentations; industry surveys; seminars and webinars; and marketing materials for website and general distribution.
- Assist lending teams with pipeline development, pipeline tracking, lending & program support including facilitating the collection and management of intake forms, interacting with potential borrowers for new business development and evaluating projects for alignment with PIDC’s mission and program goals, preparing material for NMTC applications, and providing administrative support.
- Deliver technical assistance and building capacity among clients to ensure program compliance.
- Facilitate collection, review, and analysis of community impact data.
- Represent PIDC at conferences and other events.
Requirements
- A Bachelor’s degree from an accredited college or university in Business or Finance with major coursework in economic or real estate development. (Master’s degree in Business, Finance, or related field preferred).
- A minimum of five years experience in community development lending and the New Markets Tax Credit program, including underwriting and deal structuring.
- Strong financial analysis skills, particularly in real estate financial proformas and both in for-profit and nonprofit GAAP accounting.
- Proficiency in MS Office Suite and Salesforce.
- Strong oral and written communication skills.
- Knowledge of, and commitment to, servicing and supporting minority-owned businesses of all revenue sizes.
- Demonstrated leadership skills and the ability to take ownership and lead assignments.
- Some travel may be required.
- Must be a resident of the City of Philadelphia or willing to relocate within six (6) months of employment.
Compensation and Benefits
PIDC offers a competitive compensation package that includes generous leave time and employer-paid benefits.
How to Apply
Interested applicants can apply by sending their resume and cover letter along with their annual salary requirement to careers@pidcphila.com.