Community Development Investment Director
Fifth Third · Detroit, United States +4 · 1mo ago
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GENERAL FUNCTION:
Develop relationships with developers (for profit & not-for-profit) of low income housing tax credit projects and historic tax credit projects which will lead to investment opportunities in all Fifth Third markets; this position is accountable for monitoring the underwriting of the investment, presentation of the investment to Loan Committee, and closing the investment. The position is also responsible for the ongoing monitoring of the investments within their assigned portfolio.
Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Develop and maintain relationships with real estate developers in the low income housing tax credit and historic tax credit industry.
- Develop a procedure to uncover investment opportunities within the Fifth Third Bancorp delineated market area.
- Establish and maintain excellent relationships and communications with key external and internal individuals and groups that deal with tax credits. These would include but not limited to: state housing finance agencies, state housing equity funds, accountants, attorneys, compliance auditors, commercial and real estate lenders, CRA Officers.
- Gather and analyze all necessary information to perform a thorough analysis of the investment.
- Make a formal recommendation as to invest or not invest; if not to invest, must make recommendation as to what changes would need to be made or conditions would need to be met in order to make a recommendation to invest.
- As directed, make presentation to loan committee on investment recommendation.
- As directed, concentrate on developing investment opportunities in key Fifth Third markets.
- Negotiate with developer’s investment terms and conditions that provide an acceptable return and protects the banks interest.
- As an officer of the CDC, as directed, execute documents to admit the CDC into the investment.
- Work with internal and external partners to ensure completion of appropriate documents to close investments in a timely manner.
- Complete all ongoing monitoring of assigned portfolio and maintain written reports as outlined in the CDC's policies and procedures manual. Work with management to assign appropriate risk ratings and monitor continuously.
- As directed, make presentations to community groups, Fifth Third affiliates or other organizations concerning tax credit investments and the role of the CDC.
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
- Must have 5 to 7 years commercial lending, real estate lending, small business lending or a combination thereof; or, 3 to 5 years of proven low income housing tax credit investment experience.
- Strong communication and business development skills required.
- Ability to travel 3 to 10 days a month.
- Strong computer skills preferred
- MBA strongly preferred.
At Fifth Third, we understand the importance of recognizing our employees for the role they play in improving the lives of our customers, communities and each other. Our Total Rewards include comprehensive benefits and differentiated compensation offerings to give each employee the opportunity to be their best every day.
The base salary for this position is reflective of the range of salary levels for all roles within this pay grade across the U.S. Individual salaries within this range will vary based on factors such as role, relevant skillset, relevant experience, education and geographic location. In addition to the base salary, this role is eligible to participate in an incentive compensation plan, with any such payment based upon company, line of business and/or individual performance.
Our extensive benefits programs are designed to support the individual needs of our employees and their families, encompassing physical, financial, emotional and social well-being. You can learn more about those programs on our 53.com Careers page at: https://www.53.com/content/fifth-third/en/careers/benefits.html or by consulting with your talent acquisition partner.
LOCATION -- Detroit, Michigan 48226Attention search firms and staffing agencies: do not submit unsolicited resumes for this posting. Fifth Third does not accept resumes from any agency that does not have an active agreement with Fifth Third. Any unsolicited resumes – no matter how they are submitted – will be considered the property of Fifth Third and Fifth Third will not be responsible for any associated fee.
Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status.