Tax Credit Asset Manager

Background

Are we a bank? Absolutely. But when it comes to careers, you’ll find that there’s a lot more to our business than you might expect. We’re passionate about helping customers throughout Minnesota, Wisconsin and North Dakota succeed and grow. Our commitment to authentic and enduring relationships starts by taking  time to listen and learn about our customers’ goals, and innovate to solve their challenges, not only through financial resources but also deep knowledge, insights and ideas.

We expect, encourage and reward entrepreneurial thinking from our employees. We have a shared purpose of cultivating thriving communities, inspired by our founder, Otto Bremer, who spent his lifetime supporting the communities that his banks served in new and unexpected ways. That commitment to community and creative problem-solving contributes to Bremer’s culture.

If you want the next chapter in your story to be one where you make a real difference for our customers, communities and economies, we’re the bank to join. We foster diversity, equity and inclusion, building on the legacy of our immigrant founder. If you’re curious, enjoy collaborating, and start each day with the customer in mind, we invite you to join our team!

Our Values

Collaboration: We work elbow-to-elbow with our customers, making a difference for them in good times and bad. We share our skills, knowledge and experience to support each other every day.

Commitment: We’re deeply invested in the places we live and work, and we’re always ready to do whatever it takes to help our neighbors and communities thrive and grow.

Creativity: Imagination and innovation are essential to helping our customers and Bremer succeed. If there’s a better way to do something, we’ll find it or create it.

COMPANY BACKGROUND:
Bremer Financial Corporation is a privately held, regional financial services company with $16.2 billion in assets, jointly owned by the Otto Bremer Trust and Bremer employees. Founded in 1943 by Otto Bremer, the company is headquartered in St. Paul, Minnesota and provides a comprehensive range of banking, mortgage, investment, wealth management, and insurance products and services throughout Minnesota, North Dakota, and Wisconsin. Clients include small businesses, mid-sized corporations, agribusinesses, nonprofits, public and government entities, and individuals and families.

DEPARTMENT OVERVIEW:
The Capital Markets group’s objective is to enhance the value of traditional banking by supporting our commercial and ag clients with capital solutions, risk management, and trade finance products and services. Our work focuses on expanding relationships and managing risk by providing guidance, support, and efficient execution of capital markets solutions across Bremer’s footprint. We do this while continuing to focus on our customers’ objectives and needs first.

Summary

This position has primary asset management responsibilities over a portfolio of tax credit financing and equity investments, including New Markets Tax Credits (NMTC), Low Income Housing Tax Credits (LIHTC), Historic Tax Credits (HTC) and Renewable Energy Tax Credits (ITC) from closing through the compliance period and exit.

Responsibilities

KEY ACCOUNTABILITIES

Oversee multiple investments and/or partnership relationships within Bremer’s pipeline and portfolio of closed tax credit financing, including:

• Participate in and cultivating the ongoing relationships with the managing members/developers/sponsors, lenders, investors, CDE partners, tax credit consultants, attorneys, property management staff, and accounting staff for each project.

• Collect third party due diligence reports, including intake forms, appraisals, market assessments, plan and cost reviews, and environmental reports to determine transaction viability and appropriate financing structure.
• Assist with underwriting of memorandums and obtaining approval from appropriate investment committee, CDE governing, and/or CDE advisory boards.
• Manage the due diligence and closing process.

• Ensure sponsor/developer are aware of all reporting requirements and all required reporting is collected from each project in a timely manner.
• Monitor and follow up on all post-closing terms and requirements for each project, including outstanding closing items.
• Proactively guide managing member through the collection of the benchmarks necessary to facilitate equity payments, timetables for project completion, tax credit delivery, establishment of reserves, and loan conversion or refinancing requirements.
• Collect and analyze all information submitted by the sponsor/developer for each project, including construction progress and change order reports, draw requests, development sources and uses, lease-up reports, monthly, quarterly, and annual reporting, and audited financial statements and tax returns.
• Maintain quarterly risk ratings for assigned community tax credit finance and equity portfolios.
• Proactively identify and escalating potential problems, as well as developing and implementing remediation measures, including potential non-compliance and workout situations.
• Perform tax credit program compliance testing at deal level.
• Collect data points for CIIS and assist with completing annual CIIS reporting and other CIIS or IRS reporting, as may be required.
• Perform site visits as needed.
• Ensure the qualifications for NMTC compliance have been met by project during the NMTC recapture period..
• Monitor the collection of priority return, residual cash flow, asset management fees, and tax payments required of each project.
• Manage the exit process of each project.

• Implement and maintain a comprehensive risk management framework, including standardized policies, processes and procedures for tax credits that have a significant impact on the organization.

• Assist in maintaining Bremer’s CDE status and meeting regulatory requirements.

• Assist in the preparation of the CDE’s NMTC Application for tax credit allocation.
• Stay informed about industry best practices, market developments, and regulatory requirements related to tax credits.
• Adhere to all policies, procedures, and regulatory compliance requirements and perform other related duties and projects as assigned.
• Travel required up to 10-15% of the time.

Requirements

QUALIFICATIONS:
-Bachelor’s degree in in real estate, finance, accounting, or related discipline.
-Minimum 5 years of professional/industry experience in community development finance, tax credit finance, CDE/CDFI Lending.
-Experience with New Market Tax Credits program compliance, including solid understanding of the legal and regulatory frameworks.
-Knowledge of tax credit finance reporting required, with specific experience with CDFI Fund’s AMIS reporting strongly preferred.
-Exhibit strong interpersonal and client service skills with the ability to cultivate long term relationships and influence others internally and externally.
-Understanding of legal and financial documents related to tax credit programs.
-Ability to provide creative and flexible solutions to potential customers by identifying relevant risks and mitigation factors.
-Outstanding analytical and organizational skills with a high degree of intellectual curiosity
-Excellent written and oral communication and presentation skills.
-Must be able to work independently and have the ability to balance competing priorities, manage multiple projects and tight deadlines, and have the ability to maintain a strong attention to detail.
-Team player with ability to facilitate strong partnerships and effectively collaborate across teams.
-Proven leadership skills, with the ability to develop and mentor others.
-Advanced Excel, Word, Access, and PowerPoint skills.
-Dedication to fostering an inclusive culture and value diverse perspectives.

Compensation and Benefits

This is an exempt/competitive salaried position.

Our Benefits

At Bremer, we are committed to supporting and growing the communities we call home. Our people understand that they represent our name and reputation in every conversation, and that they’re backed by an organization that values finding a better way to get things done. Let’s talk about benefits. Not just the 401(k), pension plan, healthcare, and vacation kind (we’ve got those), but the kind of everyday benefits that get you excited for what each day holds.

How to Apply

Apply at https://careers.bremer.com  Job Code: 8067

Bremer Bank is committed to a diverse and inclusive workforce. We’ve built an organization of experienced, intelligent and collaborative people from a range of all backgrounds, and all of them contribute something essential to helping our customers thrive and grow.

All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age, or any other characteristic protected by applicable law.

For your reference, here are additional details for your awareness:
Know Your Rights: Workplace Discrimination is Illegal (dol.gov)
Family and Medical Leave Act (dol.gov)
Employee Polygraph Protection Act rights (dol.gov)

Miscellaneous Items to Note

• Must be legally authorized to work in the U.S. without Bremer sponsorship for employment visa status (e.g., H1B status, 0-1, TN, EB-2)
• Notice to California Applicants – for your awareness, please see Bremer Bank California Notice at Collection and Privacy Policy
• Accessibility Commitment – Bremer is committed to accessibility, diversity and inclusion for all our applicants. We believe everyone should be able to have equal and effective access to our websites and our services. We have worked very hard to ensure that our website and digital content meet the needs of our applicants and visitors. Click here for more information on our accessibility and how to get in touch with us.
• Notice to Third Party Recruiters – Bremer Bank, National Association, including its affiliates, does not accept unsolicited resumes from recruiters or employment agencies. In the absence of a signed agreement for recruiting or placement services, Bremer will have no obligation and will not agree to pay any referral or recruiting fee. In the event a recruiter or agency submits a candidate for consideration, Bremer explicitly reserves the right to pursue and/or hire any such candidate(s) without any financial or other obligation to the recruiter or agency. Any unsolicited resumes, including those submitted to hiring managers, will be deemed to be the property of Bremer.