Director, Economic Development - (New Market Tax Credits) - New Jersey Community Capital

New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides an innovative toolkit of financial products, programs, and services to advance equity and opportunity in the communities we serve.

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Program Director, Economic Development (New Markets Tax Credits)

New Brunswick Office - 5 Days a week in office

At New Jersey Community Capital (NJCC), our Lending Department is committed to empowering local communities by providing innovative and flexible financing solutions to small businesses, real estate developers, and nonprofit organizations. As a mission-driven lender, our loan programs are designed to preserve affordable housing, increase access to quality education and healthcare, stimulate economic growth, and catalyze community investments. By investing in education, arts, and community infrastructure, we help build vibrant, resilient communities across the country.

The Program Director, Economic Development position is a member of the Lending Team and is responsible for business development, relationship management, and portfolio monitoring and compliance in assigned sectors or geographies primarily focused on state-wide economic development lending, business lending, and the New Markets Tax Credit (NMTC) Program.

The person in this role works to ensure that existing products and services are relevant to market needs and to develop new products and services when needed. Performance contributes to the establishment and maintenance of the organization's position as a leader in the community development finance industry. The position additionally collaborates with other members of the Lending and Compliance Team to provide NMTC-specific expertise.

Frequent and substantive contact with existing and potential clients, Executive Management, NMTC Advisory Board, foundations, governmental agencies, other external stakeholders and partners, and all members of staff.

Qualifications:

• 5 years of experience working with New Market Tax Credits in relation to both transactions and compliance.

• 5 years of credit underwriting experience.

• 5 years of experience in community development.

• Effective relationship management skills.

• Bachelor's degree required; master's degree preferred.

• Strong financial and analytical skills, including an ability to analyze audits, tax returns, and credit reports. Proven ability to originate, structure, and complete transactions.

• Knowledge of financial markets and financial institutions.

• Commitment to teamwork and ability to work collaboratively.

• Ability to prioritize and manage multiple and diverse projects on an ongoing basis.

• Knowledge of federal, state, and local subsidy and technical assistance programs required, including (but not limited to) NMTCs, USED credit enhancement program, LIHTC, HOME Funds, NRTC, and others.

• Proficient in computer applications used by the organization including spreadsheets and databases.

• Travel required.

Duties and Responsibilities

Business Development:

• Market and deliver New Jersey Community Capital's (NJCC) financial products and services to organizations which are aligned with NJCC's mission and demonstrate impact, including (but not limited to) meetings with Borrowers regularly and attending relevant conferences.

• Work with the Managing Director, Lending to implement annual lending strategies and action plan to ensure established goals are achieved.

• Work with the Managing Director, Lending to develop and deliver financial solutions based on market needs.

• Develop, maintain, and manage a pipeline of potential clients and investors sufficient to deliver desired production and impact results, specifically including the NMTC program.

• Provide technical assistance to borrowers and potential borrowers, as needed.

• Work with the Managing Director, Lending to define, identify and quantify existing and potentially high impact' customers and communities.

• Identify opportunities to market new programs, products, and tools.

• Collaborate with other Directors to achieve organizational lending goals.

• Represent NJCC at events, conferences, and panels to increase its visibility, position, and presence in the community.

Loan Processing and Closing:

• Perform complete and accurate mission, financial, and impact analysis for each viable applicant.

• Propose a pricing structure for loan proposals that are consistent with NJCC's budget guidelines.

• With the underwriter(s), review applications for completeness and prepare credit approval memorandum. Appropriately identify transactional and Borrower risks and develop appropriate solutions.

• Present loan proposals to Credit Committee.

• Review commitment letters.

• In conjunction with the Loan Closing Officer, work with closing attorney and Loan Closing Officer in reviewing closing documents; approve proceeds to be disbursed at closing; approve any subsequent loan advances. Manage the loan disbursement process.

Relationship Management:

• Proactively review and manage assigned relationships.

• Periodically meet with borrowers to discuss progress and developments.

• Collaborate with borrowers on payoffs, renewals, and modifications.

• Adhere to NJCC's General Loan Policy and Loan Policies and Procedures when managing the client relationship.

• Evaluate program and project outcomes to determine impact and level of success.

Loan Portfolio Management and Compliance:

• Recommend appropriate changes to policies and procedures.

• Review and risk rate assigned relationships to mitigate potential problems/risk.

• Address past due and workout situations, including developing and enacting a plan of action in relation to troubled loans.

NMTC Program Management:

• Collaborate with Community Lending Officer and others to deploy NJCC's NMTC allocation in compliance with the federal tax Code and in coordination with NMTC counsel.

• Coordinate annual application for NMTC allocation internally and externally, and work with external legal counsel to finalize allocation authority, if applicable

• Work with the Managing Director, Lending on developing pipeline and selecting transactions for further review.

• Arrange ad-hoc Advisory Board meetings to review, provide feedback, and approve transactions as needed and ensure the Board membership is in compliance with NJCC's allocation agreement.

• Work with Compliance Manager and provide guidance on NMTC compliance related to the QALICB and Investor, and asset management. Ensure that NJCC stays in compliance with the provisions of its allocation agreements.