New Market Tax Credits Program Associate

Company: Reinvestment Fund

Locations: Philadelphia, PA; Baltimore, MD; Atlanta, GA

Job Function: Other



Headquartered in Philadelphia, Reinvestment Fund operates nationally with regional offices in Baltimore, MD, and Atlanta, GA. Reinvestment Fund is a national mission-driven financial institution that creates opportunity for underserved people and places through partnerships. We marshal the capital, analytics, and expertise necessary to build strong, healthy, and more equitable communities.

As a federally certified community development financial institution (CDFI), our job is to make finance an agent of positive change and equitable growth. We provide loans, grants, and technical assistance to businesses and nonprofits. Our borrowers and grantees educate students, support local economies, and create jobs. They build affordable housing and provide community goods and services that include access to nutritious food, hunger relief, physical and mental health care, and other social services.






Reinvestment Fund 

Position Description 

 Job Title:              New Markets Tax Credits (NMTC) Program Associate

Department:        Lending & Investments

Location:              Philadelphia, PA – Atlanta, GA – Baltimore, MD

Reinvestment Fund is currently hiring a New Markets Tax Credits (NMTC) Program Associate within the Lending and Investments department. This individual will be a key team member to advance Reinvestment Fund’s NMTC activities. Reinvestment Fund has received over $663 million of NMTC allocations since the program’s inception. Reinvestment Fund’s NMTC strategy is centered in racial equity, community engagement, climate justice and catalytic impact – for community-based organizations, development partners and the communities they serve.

At Reinvestment Fund, you’ll be part of a talented and passionate team of communicators and business development staff, lenders, portfolio managers, analysts, grant program managers, accountants, and policy researchers who bring their unique talents to our mission.


Reinvestment Fund has three offices located in Philadelphia, Baltimore, and Atlanta and provides a flexible work arrangement of two days onsite and three days remote allowing for face-to-face interactions. Remote applicants located on the East Coast, preferably within proximity of Reinvestment Fund’s Atlanta, Baltimore, or Philadelphia office locations will be considered. Depending on the nature of the job, a more flexible work schedule may be considered.


Reinvestment Fund is seeking an enthusiastic, results-oriented individual, as NMTC Program Associate, reporting to the Senior Director, NMTC, and working closely with other lending and finance staff to ensure compliance with the CDFI Fund’s requirements for the NMTC Program. The NMTC Program Associate will primarily focus on strengthening our NMTC intake and asset management practices with the goals of providing better customer service, managing compliance and credit risk, and improving our portfolio data for application and impact analysis.


Pipeline Development, Lending & Program Support

  • Collect and manage intake forms, initial data collection for impact assessment and compilation of reports out to the Community Advisory Board.
  • Support the implementation of a Racial Equity matrix for the NMTC program in program communications and initial project screening process.
  • Assist with planning, data collection and analysis for the organization’s NMTC application and in finalizing related allocation agreements.
  • Support Senior Director, NMTC with pipeline communications.
  • Provide administrative and logistical support to Senior Director, NMTC for Community Advisory Board meetings, including preparation of presentation material, meeting agendas and minutes.
  • Assist Senior Director in developing a predevelopment loan and coordinated technical assistance product for large community transformational projects that anticipate the use of NMTC and/or other subsidy programs.
  • Support underwriting and closing of small, but very flexible predevelopment loans.
  • In conjunction with Portfolio Management team, conduct semi-annual or as-needed check-ins with predevelopment borrowers to identify predevelopment milestones and opportunities to support project development.
  • Underwrite potential loans relevant under RF’s NMTC program, as assigned under supervision of Senior Director. Learn loan policies and procedures and loan programs and products for loan origination.
  • Work in partnership with Department Management, portfolio managers and peer lenders to maintain underwriting standards, evaluate risks, and apply an impact framework (including applying a racial equity lens) to potential loans.
  • Prepare credit approval memos and present to approval authorities, including Senior Management as required under Loan Policy.

Borrower Technical Assistance.

Develop and implement processes for new borrowers under the NMTC program, including pre-closing program education and technical assistance, post-closing initial set up into internal systems and communicating with borrowers on expectations regarding reporting, compliance, deliverables, and payments, with the objective of building capacity of borrowers under NMTC program, and to ensure program compliance as well as to maximize impact.

  • Prepare various post-close NMTC compliance packets and communication to ensure borrower compliance with flow of funds, debt servicing, NMTC compliance and reporting obligations.
  • Provide reasonable ongoing support and technical assistance to NMTC borrowers within the first 12 months after closing, including borrowers’ questions on reporting and loan servicing.
  • Serve as the primary contact for borrowers for projected and actual outcomes, and project information.

Impact Reporting and Program Compliance

Collect, review, and analyze community impact reporting from annual Community Benefit Reports and other information received from projects. Analyze portfolio-wide impact data, and develop review process, to annually communicate project outcomes to internal and external stakeholders.

  • In coordination with Portfolio management team, collect quarterly compliance certificates and other investor requests that require direct information from the borrower. Review of borrower financial statements and compliance certificates.
  • Review of periodic reporting from NMTC borrowers (community benefit agreements, compliance certificates financials, etc.), to ensure projected community benefits and other project milestones are on track as underwritten.
  • Ensure major issues are communicated and coordinated with Portfolio Management team. Coordinate with lending, operations and finance staff on compliance matters including annual reporting to the CDFI Fund.
  • Coordinate with Senior Director to identify and address compliance issues, in coordination with investors and other financing partners/co-lenders, as they arise, identify strategies and implement procedures to mitigate risks and/or problem solve.



To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and ability required. 

  • Associate degree in relevant field (business, accounting, public administration or similar field) or 3-years minimum experience in project management, non-profit lending, consulting, community development and/or asset/portfolio management.
  • Familiarity with community and economic development programs is a plus. Prior experience with New Markets Tax Credits or real estate financing is preferred, but not required.
  • Candidates must be organized, analytic, detail-oriented, and comfortable working with numbers/data, with an aptitude for managing multiple assignments and meeting deadlines.


  • Strong project management skills and track record of managing complex, multifaceted projects, with attention to detail.
  • Strong time management, multi-tasking, and organizational abilities among conflicting demands and deadlines.
  • Excellent verbal and written communication skills in working with borrowers, internal teams and external partners.
  • Personal qualities of integrity, credibility, and a commitment to and passion for Reinvestment Fund’s mission and work.
  • Strong customer service orientation including willingness to problem-solve with borrowers and consultants around financing structures.
  • Possess good networking, relationship management and interpersonal skills that build and nurture work relationships.

Reinvestment Fund uses E-Verify to validate all new hires’ ability to legally work in the United States. Reinvestment Fund is an Equal Opportunity Employer.

Reinvestment Fund does not discriminate in hiring or employment practices on the basis of race, color, religion, gender, age, sexual orientation, marital or familial status, national origin, non-job-related disabilities, or status as a veteran.

Compensation and Benefits

Reinvestment Fund offers a competitive salary based on experience and skills, as well as an excellent benefits package including employer-paid health, disability and life insurance, 401(k) savings plan with employer match, flexible spending accounts (medical, dependent care and transportation), tuition reimbursement, reimbursement for accreditation re-certifications, paid time off, and EAP program.

How to Apply

Reinvestment Fund, Inc. has an affiliate, RF Impact Advisers, Inc. (“RFIA”) which is a state-registered investment adviser. In order to advance compliance with and prevent violations of federal and state securities laws and to avoid even the appearance of a conflict of interest, RFIA has adopted a Code of Ethics to govern certain conduct of its staff, including certain staff of Reinvestment Fund because Reinvestment Fund is an advisory affiliate of RFIA. As part of this Code of Ethics, there are specific personal reporting and other requirements and disclosures of personal financial and/or securities transactions information. For certain individuals, this reporting will extend to your household members. You may be subject to a background check.

*COVID-19 Vaccination Policy: We value the safety and well-being of our RF Community, which includes staff and beyond. As such, our team has chosen to require all staff, interns, and contractors to be fully vaccinated as a contingency of employment. Fully vaccinated is 1 or 2 vaccinations (according to pharmaceutical and 1 booster) Exemptions for Religious and Medical requests will be reviewed. * RF’s Covid-19 Policy remains in full effect, please read this carefully prior to making application.     


Please apply to:  Job Information: New Market Tax Credits (NMTC) Program Associate Job ( attach your resume and a cover letter with your salary requirement.

Special Note: In order to attach both your resume and cover letter, use one page submittal with both documents. 

 Thank you for your interest in Reinvestment Fund and its NMTC Program Associate position!