Senior Director, New Markets Tax Credit

Company: Accion Opportunity Fund

Location: San Jose, All

Job Function: Financial Services


Background

Small business owners uplift communities and anchor local economies, while creating opportunities for themselves, their families, their employees, and our neighborhoods. Yet entrepreneurs who are people of color, women, and immigrants often struggle to secure capital and resources, as they are systematically shut out from traditional financing.

Accion Opportunity Fund Community Development is an unparalleled financial support system that provides these small business owners with access to capital, networks, and coaching. We work to build inclusive and accessible options for these determined business owners. For over 25 years we have served a client base that is nearly 90% women, people of color, or immigrants.

In addition to providing resources and loans to small businesses, we also conduct original research, advocate for policy changes, and finance community construction projects in low-income neighborhoods through our New Markets Tax Credit program.

Together, we are building a diverse, vibrant community where opportunity, knowledge, and access to capital are within reach.

For more information about us, visit https://aofund.org/

Summary

The Senior Director, New Markets Tax Credits position is responsible for evaluating and developing New Markets Tax Credit projects that finance community facilities, overseeing the asset management and compliance of a portfolio of New Markets Tax Credits loans, and preparing the annual NMTC application for tax credit allocation. Duties include developing relationships with project partners, building the project pipeline, evaluating, and underwriting potential transactions, leading loan closings, reviewing and approving construction loan draws, overseeing loan servicing functions, overseeing borrower and investor reporting, and overseeing the program’s social impact and social impact reporting. The position reports to the Chief Financial and Operating Officer and supervises a team of 3-5 staff.

Responsibilities

Lending 60%

  • Source, evaluate, underwrite, and originate NMTC loans that finance construction or rehabilitation of non-profit sponsored community facilities
  • Lead loan closing process, which involves managing borrower, investor, attorney, NMTC consultant, and accountant interactions and sometimes negotiating between the parties. Loan closing process includes analysis of borrower financial statements and financial model, real estate and NMTC tax structure, construction issues, and pertinent NMTC and IRS regulations
  • Review proposed loan legal documents to ensure proper management of risks, for compliance with NMTC and IRS regulations, and for investor requirements
  • Cultivate relationships with investors, NMTC consultants, and project partners to build future project pipeline

NMTC Application 15%

  • Prepare and submit the annual NMTC Application for tax credit allocation issued by the CDFI Fund

Asset Management 20%

  • Supervise a team of 3-5 FTE finance and compliance staff who are responsible for loan servicing, asset management, and financial and compliance reporting
  • Review and approve NMTC loan construction draws for projects under construction
  • Monitor portfolio of NMTC projects to identify and mitigate any financial or compliance risks
  • Oversee the servicing of quarterly or annual NMTC loan and fee payments
  • Review NMTC program financial reporting including audited financial statements and tax returns
  • Review and submit NMTC program compliance reporting
  • Develop policies and procedures as program grows and evolves
  • Oversee reporting of all borrower and tenant social impact data

Other 5%

  • In coordination with the IT department, maintain NMTC program database and propose improvements as program grows and evolves
  • Oversee development of NMTC marketing and communications
  • Coordinate with industry associations to advocate for NMTC program improvements
  • Lead team meetings and other internal meetings as necessary

This position requires travel to occasional industry conferences and project site visits. Travel is cyclical but averages out to approximately a 2-4 days out of every month.

Requirements

  • Minimum of 7-10 years in related professional experience required, with at least 5 years of previous experience in the field of community development or community development finance (these can overlap)
  • Consideration will be given to individuals with project finance and structured credit experience
  • Experience analyzing financial statements and building or understanding financial models
  • Understanding of and familiarity with real estate financing transactions, including legal documentation
  • Familiarity with the issue areas of healthcare, education, housing, and healthy food and how they promote healthy communities
  • A high attention to detail and strong organizational and project management skills.
  • Proficiency with MS Office (Word, Excel, Outlook, PowerPoint), Salesforce; able to learn and adopt new tech tools easily
  • Demonstrated ability to organize, plan, and carry out activities independently to meet specific, competing timelines and goals under pressure.
  • Ability to self-motivate, identify challenges and opportunities, multi-task and set work assignment priorities.
  • Strong written and verbal communications skills.
  • Strong contributor within a team environment with a positive and productive attitude.
  • A passion for Accion Opportunity Fund’s mission of advancing the economic well-being of underserved communities.

Compensation and Benefits

Our mission is what motivates us to come to work each day. We know that happy employees are productive employees, which is why we offer a comprehensive benefits package that includes:

  • Competitive salary commensurate with experience.
  • An environment that values work-life balance and monthly remote work reimbursements.
  • 100% company-funded Medical, Dental, Vision, Life & Disability coverage for employees (Based upon your plan selection). 90% company-funded dependent coverage (Based upon your plan selection) as well as Flexible Spending Accounts.
  • Voluntary benefits with payroll deduction for Supplemental Life & AD&D insurance and legal plans.
  • Tax deferred & Roth 403(b) Retirement Plan with employer match.
  • Unlimited vacation days, 12 paid holidays, 1 floating holiday, 10 Sick days, and paid parental leave.

How to Apply

Please apply directly through our company website: https://workforcenow.adp.com/mascsr/default/mdf/recruitment/recruitment.html?cid=6be2a3bd-828e-4396-a00e-cfcfc31e5685&ccId=19000101_000001&jobId=534267&lang=en_US