Job Description:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.
We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.
Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
Responsible for the oversight and management of a Direct Low Income Housing Tax Credit Portfolio up to approximately 60-70 Assets. The Portfolio will be a combination of Development and Stabilized Assets.
Responsibilities include:
- Identifying, classifying, quantifying and mitigating risk
- Monitor the Development Phase of the Asset through Conversion and Stabilization
- Conduct site visits according to risk classification
- Prepare semi-annual Watched Asset Reports and present during Watched Asset Meetings
- Analyze and negotiate all Capital Transactions such as Refinancing and Year 15 or Early Exits
- Analyze, negotiate and work with Counsel on Partnership Amendments
- Analyze and negotiate waivers, as needed
- Work with General Partners (and consultant, if needed) on any Compliance issues
- Review and analyze K-1s, Tax Returns and Audits, as per policy and procedures
- Prepare Tax Return and Audit Checklists for each Investment
- Prepare stay/leave analysis, as necessary
- Work with WCAAs to maintain accurate data in CARMA and EDR
- Maintain strong relationships with GP clients and deliver first-class service
- Work cross-divisionally with internal partners, as appropriate
Required Skills:
- Minimum 7 years Asset Management experience with at least 5 years in LIHTC Industry
- Strong understanding of real estate spread sheets, Audits and Tax Returns
- Ability to prepare meaningful proformas
- Strong understanding of Capital Accounts
- Strong negotiation skills
- Strong communication and inter-personal skills
- Strong understanding of LIHTC benefit schedules
- Ability to identify and find resolution to Compliance issues
- Completed at least 1 LIHTC compliance course
- Ability to work as a Team player
Desired Skills:
- BA / BS
- Experience in negotiating end of life of Assets
- Experience in workouts
- Experience with HTC and State Credits
Skills:
- Business Acumen
- Loan Structuring
- Product Management
- Risk Management
- Coaching
- Consulting
- Decision Making
- Influence
- Result Orientation
- Credit Documentation Requirements
- Portfolio Analysis
- Regulatory Compliance
- Stakeholder Management
- Underwriting
Shift:
1st shift (United States of America)Hours Per Week:
40Pay Transparency details
US - MA - Boston - 100 Federal St - 100 Federal St Lp (MA5100)Pay and benefits informationPay range$137,000.00 - $162,500.00 annualized salary, offers to be determined based on experience, education and skill set.Discretionary incentive eligibleThis role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.BenefitsThis role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.