As an Originator with PNC Tax Credit Capital you will originate investments, interim and permanent financing in multi-family housing qualifying for the federal low-income housing tax credit for PNC sponsored institutional tax credit programs and PNC qualifying CRA areas. Your responsibilities will include:
* Evaluate, structure and negotiate terms for new tax credit acquisitions, interim and permanent financing for PNC sponsored institutional tax credit funds and PNC CRA transactions.
* Solicit and manage new relationships with developers of affordable housing properties.
* Manage relationships with existing (generally speaking with your existing clients who may become PNC clients) developers of affordable housing.
* Perform initial screening and evaluation of new tax credit acquisition opportunities.
* Issue, in conjunction with various program policies and procedures, pre-application letters for equity and debt investments on behalf of PNC, and its parent PNC Bank.
* Structure and draft terms of Letters of Intent pursuant to acquisition criteria established for any particular PNC program, regarding salient business terms and deal points to be contained ultimately in the Operating Partnership Agreement.
* In conjunction with Director of Underwriting and assigned underwriting team, evaluate and resolve significant business points in connection with the negotiation of the Operating Partnership Agreement. Assist in the preparation of preliminary approval documentation for each transaction. Assist in the preparation of the final approval forms for each transaction (the ARC Form). Present, with assistance from underwriting team, transactions at both the preliminary approval proceedings and the final committee (ARC) proceedings.
* Maintain a thorough understanding of acquisition criteria for various PNC financing programs, and related debt programs through PNC, TRI Capital or others as developed.
* Work closely with the Sales and Marketing group to assist in the distribution of tax credit equity investments to institutional investors.
* Participate in regularly scheduled weekly pipeline meetings to discuss status of various negotiations on specific transactions as well as new PNC initiatives.
* Participate from time to time and as needed in various industry functions including marketing and educational events either sponsored by PNC or attended by PNC in various locations.
* Make referrals to other areas of the bank for related products and services such as HTC, NMTC, agency debt programs, real estate banking, and capital markets.
In this role you will:
* Participate as a key member of the PNC originations team.
* Assist senior management in the development of strategic relationships with its developer clients.
* Assist senior management in the evaluation and identification of industry trends.
* Identify key community oriented forums for PNC participation.
* Identify potential industry forums for PNC participation.
* Interact with PNC Community Development bankers in connection with all of the aforementioned activities.
* Promote PNC as dedicated and responsible members of the affordable housing community.
* Develop annual marketing plans to be used as a guide in marketing toward existing clients, prospects, allocating agencies and issuers of tax-exempt bond volume cap.
SKILLS AND QUALIFICATIONS:
BS degree in Finance or Real Estate. Experience will be considered in lieu of education
At least 8-10 years sales/origination experience in one or more of the products offered, i.e. multifamily construction lending, permanent lending through Fannie Mae or Freddie Mac, low income housing tax credit investment funds.
Strong understanding of Real Estate Finance.
Experience working for a financial institution or tax credit syndicator with focus on lending and investing activities.
Ability to travel up to 60% of time as necessary.