Community Development Investment Manager

Community Development Investment Manager

The Community Development Investment Manager will support the Community Development Investment team in executing the Bank's CRA and tax-advantaged investment objectives. The Community Development Investment Manager will work independently and be able to step in immediately with primary responsibility for the underwriting and closing of low-income housing tax credit ("LIHTC") equity investments, as well as other community development investment vehicles. The qualified candidate must have excellent analytical, organizational, and communication skills; the ability to identify and manage risk; and the ability to interact comfortably with senior management and credit reviewers, as well as external parties such as tax credit syndicators, legal counsel, and real estate developers/sponsors. Deep working knowledge of the LIHTC program and a demonstrated track record as the lead underwriter/closer on LIHTC transactions are essential. Working knowledge of other federal and state tax credit programs is a plus.

Job responsibilities include:

• Lead the underwriting and execution of proprietary tax-advantaged equity investments (primarily LIHTC), including identification and management of key risks from diligence through closing
• Independently manage syndicator relationships, transaction diligence, underwriting, and internal credit approval, including preparation of complete investment packages and credit-ready materials
• Prepare and analyze financial models and projections for tax-advantaged equity investments, with a primary focus on LIHTC equity, and exposure to other programs such as Historic Tax Credits ("HTC"), New Markets Tax Credits ("NMTC"), and other special purpose tax credits
• Negotiate and oversee documentation for LIHTC and other tax credit investments, including upper- and lower-tier partnership agreements
• Analysis of the financial capacity of counterparties, including tax credit syndicators and lower-tier guarantors
• Drive the closing process end-to-end, coordinating with third parties including tax credit syndicators and outside legal counsel to resolve issues and meet closing timelines
• Special projects as assigned.

Job requirements include:

• Bachelor's degree. Accounting, finance or business major preferred.
• Minimum of 6-8 years of experience in tax-advantaged and community development investments, including significant direct experience underwriting and closing LIHTC equity investments in a primary/lead role at a bank investor or tax credit syndicator, and the ability to execute transactions independently from day one. Experience with HTC, NMTC, other special purpose tax credits, and community development investments such as SBICs and loan funds is a plus.
• Must be highly proficient with Microsoft Office Suite with a heavy emphasis on Excel and Word and the ability to prepare, analyze, and understand complex financial projections.
• Must demonstrate each of the following key attributes:
• Strong analytical and interpersonal skills.
• Effective oral and written communication skills.
• Ability to effectively manage and analyze large volumes of diligence, including sensitive and confidential information.
• Strong initiative and the ability to own complex projects and investment closings independently (including managing multiple workstreams and external parties), while maintaining focus on accuracy and attention to detail.
• Ability to excel and deliver quality work in a timely manner in a remote work environment.
• Team-first approach and strong sense of accountability.
• Professionalism/Ethics (Trust, Respect, Integrity, Attitude, Commitment).

Hours & Work Schedule: Hybrid- 4 days in the office, 1 working from home

•Hours per Week: 40

•Work Schedule: Monday-Friday

• 28 State St. Boston, MA

Pay Transparency

The salary range for this position is $128,000-$159,000 per year plus an opportunity to earn an annual discretionary bonus. Actual pay is based on various factors including but not limited to the budget, work location, and relevant skills and experience.

We offer competitive pay, comprehensive medical, dental and vision coverage, retirement benefits, maternity/paternity leave, flexible work arrangements, education reimbursement, wellness programs and more. Note, Citizens' paid time off policy exceeds the mandatory, paid sick or paid time-away policy of every local and state jurisdiction in the United States. For an overview of our benefits, visit

Required Skills

• Building Relationships
• Business Model Innovation
• Communicating Effectively
• Credit Analysis
• Credit Policy and Procedures
• Critical Thinking
• Curiosity
• Customer Due Diligence (CDD)
• Customer Journey Orchestration
• Customer-Centricity
• Data Analysis
• Diversity and Inclusion (D&I) Strategy and Policy
• Financial Analysis
• Financial Modeling
• Industry Insight
• Innovation
• Investment Analysis
• Motivating Others
• Organizational Knowledge
• Persistence and Tenacity
• Problem-Solving
• Product Knowledge
• Real Estate Compliance
• Risk Assessment

About Us

Equal Employment Opportunity

Citizens, its parent, subsidiaries, and related companies (Citizens) provide equal employment and advancement opportunities to all colleagues and applicants for employment without regard to age, ancestry, color, citizenship, physical or mental disability, perceived disability or history or record of a disability, ethnicity, gender, gender identity or expression, genetic information, genetic characteristic, marital or domestic partner status, victim of domestic violence, family status/parenthood, medical condition, military or veteran status, national origin, pregnancy/childbirth/lactation, colleague's or a dependent's reproductive health decision making, race, religion, sex, sexual orientation, or any other category protected by federal, state and/or local laws. At Citizens, we are committed to fostering an inclusive culture that enables all colleagues to bring their best selves to work every day and everyone is expected to be treated with respect and professionalism. Employment decisions are based solely on merit, qualifications, performance and capability.

Equal Employment and Opportunity Employer

Job Applicant Data Privacy Policy

Background Check

Any offer of employment is conditioned upon the candidate successfully passing a background check, which may include initial credit, motor vehicle record, public record, prior employment verification, and criminal background checks. Results of the background check are individually reviewed based upon legal requirements imposed by our regulators and with consideration of the nature and gravity of the background history and the job offered. Any offer of employment will include further information.

Job Info

• Job Identification 47202
• Job Category Credit, Underwriting & PM
• Locations 28 State Street, Boston, MA, 02109, US