Overview:

Asset manager function will support various tax credit equity investments (e.g., LIHTC (Low Income Housing Tax Credit, HTC (Historic Tax Credit), NMTC (New Markets Tax Credit), and RETCs (Renewable Energy Tax Credit).

Position will work with the tax credits investment team to primarily: (1) order third-party reports (e.g., market study) required for underwriting of prospective investments; (2) maintain/track prospective investment due diligence list; (3) represent M&T on investment closing calls relating to status of required items on due diligence list; (4) track any required post-approval/pre-closing modification approval requirements; (5) track progress during a project’s construction phase, including interfacing with the Bank’s construction monitoring department; (6) ensure all required third-party reports (e.g., cost certification) are complete after a project’s construction phase; and (7) prepare an investment package for each investment for hand-off to the Tax Credit Equity Asset Managers handling post-stabilization asset management.

Primary Responsibilities:

Origination of New Investments

• Track, compile, and organize appropriate due diligence materials (e.g., market studies, cash flow proformas, investment summaries, economic benefit schedules, sponsor financial statements).
• Attend investment pre-closing calls, taking the lead in representing M&T as it relates to the due diligence list.
• Interface with appropriate internal departments relative to having profitability models run on each prospective investment.
• Ensure any required pre-closing modification memos have been properly approved prior to closing.
• Closing of new investments (once formal bank approval has been obtained)
• Aid Relationship Manager in sending appropriate documentation to the Bank’s legal counsel.
• Review, from a financial perspective, draft funding/contribution, and Operating Agreements.
• Coordinate distribution of required documents to internal Bank stakeholders (e.g., Tax Credit Operations, Accounting Policy Dept., Counsel’s Office, Corporate Tax Dept., CRA Dept.).
• Coordinate with the Tax Credit Operations Manager regarding documentation and data required for closing/commitment approval.
• Ensure all insurance requirements are in place, in accordance with established underwriting guidelines, policies, and procedures.

Portfolio Maintenance Through Project Stabilization

• Ensure and track required construction monitoring as well as environmental review requirements, including engagement of third-party reports.
• This required interfacing with various internal stakeholders/departments."
• Ensure requires post-construction third-party reports and tax forms (e.g., cost certification, IRS Form 8609) have been received and reviewed in accordance with established policies and procedures.
• Work to ensure that initial tenant files are inspected, in accordance with established policies and procedures.
• Prepare interim investment update memos consistent with established protocol.
• Review and approve site inspection overviews that are conducted by third-party vendors.
• Work with Relationship Managers to ensure all pre-conversion-to-permanent financial data has been collected and reviewed.

• Adhere to applicable compliance/operational risk controls in accordance with Company or regulatory standards and policies.
• Promote an environment that supports diversity and reflects the M&T Bank brand.
• Maintain M&T internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators as applicable.
• Complete other related duties as assigned.

Scope of Responsibilities:

Community Banking includes:

• Community Finance – individualized tax credit investment and specialty lending solutions to developers of affordable housing as well as other community activities
• Environmental Finance –individualized tax credit investment and specialty lending solutions to sponsors/developers of renewable energy and other environmental/ decarbonization projects.
• Impact Investing – venture capital equity investments to funds that invest in businesses that are social and/ or environmental impact oriented.
• Works closely with Relationship Manager, Bank’s Legal Counsel and Credit Administration during screening, approval and closing process.

Supervisory/ Managerial Responsibilities:

Input into the development of and training of junior/newly hired team members.

Education and Experience Required:

• Bachelor’s degree in Accounting, Finance, Economics or related field and minimum of 5 years relevant experience including previous tax credit asset management experience or in lieu of a degree, a combined minimum of 9 years higher education and/or work experience including a minimum of 5 years’ relevant experience including tax credit asset management experience.
• Excellent communication and relationship building skills.
• Strong customer focus.
• Solid decision-making ability.
• Ability to function in a high volume, fast-paced environment.
• Proficient in use of pertinent word processing, spreadsheet, and presentation software, as well as pertinent business systems.

Education and Experience Preferred:

Sound experience showing fast response time, consistency, and success.

Strong stakeholder management skills.

M&T Bank is committed to fair, competitive, and market-informed pay for our employees. The pay range for this position is $116,709.52 - $194,515.87 (USD). The successful candidate’s particular combination of knowledge, skills, and experience will inform their specific compensation.

Location

Boston, Massachusetts, United States of America