We are thankful for the overwhelming interest in this role, however, we are no longer screening newly submitted applications. If you decide to submit an application, and there is a need for additional candidates, we will reach out considering your skills and the requirements for this role. We will keep all submissions on file for future opportunities.
Position Reports to: Director, New Markets Tax Credit
Location: Remote or based out of any one of NFF’s office locations (Boston, Los Angeles, New York, Oakland, and Philadelphia); strong preference for New York City or Philadelphia
Department: Financing – New Markets Tax Credit
The COVID crisis and the uprising for racial justice have shone national light on both the urgent work required to build a more just and vibrant society for all Americans and the potential for positive action when our communities mobilize. In most cases, these efforts are spearheaded by nonprofits, community organizations, and their heroic staff who deliver essential services like affordable housing, social justice advocacy, health, youth development, and the arts. Yet these nonprofits and the communities they support operate within a flawed, inequitable funding system that controls their access to resources, impeding their ability to make a difference.
Nonprofit Finance Fund (NFF) is setting out to change that. We know that nonprofit leaders have power when they have access to capital and financial knowledge. Our strategy focuses on helping to shift that power by changing funding and financing practices so more money flows equitably and with less restriction to community-centered organizations led by and serving people of color, so they can be the drivers of their own change.
Read about our commitment to Diversity, Equity, and Inclusion here.
About the Opportunity:
NFF’s Financial Services team provides nonprofit organizations with capital for their facilities and operational needs. We are committed to ensuring communities of color and their leaders have access to and control of the capital they need to meet their goals. We do this by partnering with organizations to ensure our financing products meet their needs now and as they evolve over time. NFF’s New Markets Tax Credit (NMTC) program is one of the ways we deliver on this commitment by providing nonprofit organizations with tax credits to attract lower cost capital for their high impact projects located in economically underserved areas.
We are seeking a Manager, New Markets Tax Credit (NMTC) Compliance and Portfolio Management to join our NMTC team. The Manager, NMTC Compliance and Portfolio Management, will play a central role in the success and growth of NFF’s NMTC program. They will oversee NMTC compliance and portfolio management, including internal (loan servicing, addressing workouts, covenant compliance, etc.) and investor and regulatory reporting. The Manager will also assist with the development and monitoring of the impact of community outreach programs. This is an exciting opportunity for a passionate changemaker who is looking to deploy funding and resources into economically distressed communities and working directly with community-centered nonprofits led by and serving Black, Indigenous, and person of color (BIPOC) communities.
This position can be remote or based out of any one of NFF’s office locations which are in Boston, Los Angeles, New York, Oakland, and Philadelphia. There is a strong preference for this role to be based out of New York City or Philadelphia. Our offices have re-opened, and staff can opt into in-person work.
There is a potential for up to 20% travel once it’s safe to do so. Travel will mainly consist of client site visits and NMTC events and conferences within the region. There will be limited overnight travel required.
The Manager, NMTC will report to the Director, NMTC who is based in New York, NY.
What you’ll do:
Portfolio Management and Loan Servicing
- Partner with the NMTC and other Financing staff during underwriting and closing to underwrite the risks associated with potential NMTC investments, including review of real estate due diligence and assessment of financial feasibility
- Perform risk rating for the NMTC portfolio and prepare summary memo for community impacts of potential projects and present potential projects to NFF’s NMTC Advisory Board for approval
- Prepare project summaries and other marketing materials for website and general distribution, and represent NFF at NMTC conferences, trainings, and other events
- Support the advancement of NFF’s strategic priorities and goals and assist the NMTC team with NFF’s annual NMTC application to the CDFI Fund
Compliance and reporting
- Monitor and review required compliance reporting to ensure timely reporting is in accordance with all reporting requirements such as collecting and managing community impact reporting and overseeing the annual Community Investment Impact System (CIIS) reporting to the Department of the Treasury’s CDFI Fund
- Collaborate with different internal and external partners to review financial statements, monitor overall project performance against projections, identify and address compliance issues, and implement procedures to improve project performance and/or mitigate risks
- Work across different teams to review and monitor compliance, disbursement, and transfer of funds for construction projects and finance-related aspects of our NMTC program, including loan servicing, financial review and reporting, and audit and tax return preparation
- Review NMTC financial model and loan documents to ensure that NFF’s fees and expenses, and required reporting, disbursement procedures, closing conditions, and covenants are included and comply with requirements
- Approve loan invoices and investor distributions to ensure compliance with partnership agreements and tax credit regulations
- Prepare for and carryout the successful unwind of NMTC structure at the end of the NMTC compliance term
- Create and maintain reports and data on closed projects for presentations to management, NMTC Advisory Board, investors, and CDFI Fund, as needed
Who you are:
- You have a minimum of five years of relevant professional work experience, including structuring, underwriting, closing, and / or asset managing NMTC transactions
- You have a strong relationship-building approach with the ability to center the needs of clients and communities while balancing credit and compliance requirements
- You have strong analytical skills and can present complex analytics in an accessible manner
- You have the ability to move thoughtfully through priorities with great attention to detail
- You are highly organized and possess excellent project management skills
- You are a self-starter who can move complex projects forward without heavy oversight
- You proactively look for new ideas and ways to improve products, services, and work processes
- You are a collaborator and demonstrate the ability to work across all levels of an organization and functions
- You have an aptitude for problem-solving and are able to identify challenges and provide solutions
- You have experience in compliance or asset management (strongly preferred)
- You have experience in one or more NFF’s core sectors -- charter schools, community health centers, human services, and supportive housing (strongly preferred)
- You embody NFF’s mission, core values and commitment to equity
At NFF, we are invested in discussing the depth and breadth of each candidate’s background and experience during the interview process and using that information to determine the best offer while considering internal pay equity. The salary range for this position is $95,000-$112,000. If provided an offer, NFF will determine salary compensation based on skills and years of experience. NFF takes into consideration internal equity of our existing team members as part of the offer stage. The range mentioned is the full base salary range for the role. We typically do not hire at the maximum range in order to allow for salary growth. NFF provides an attractive benefits package that currently includes up to 18 paid holidays, 3 floating holidays, unlimited vacation time off, health insurance with NFF funded health reimbursement account on medical plan, 2% match and 4% non-match employer contributions toward retirement plan. In addition, NFF provides flexibility to work remotely and access to a “work from home” fund, and flexible spending accounts including commuter benefits.
Applicants must be authorized to work for any employer in the U.S. We do not currently sponsor for immigration or work permit applications.
All salaries are commensurate with experience and include an attractive benefits package.
Nonprofit Finance Fund is committed to diversity, equity, and inclusion in its workforce. We encourage candidates that will help us live out this commitment to apply.
NFF is an equal opportunity employer and does not discriminate against any applicant or employee because of race, color, religion, sex, sexual orientation, gender identity, national origin, disability, genetic information, age, or military or veteran status in accordance with federal law. In addition, NFF complies with applicable state and local laws governing non-discrimination in employment in every jurisdiction in which it maintains facilities. NFF also provides reasonable accommodation to qualified individuals with disabilities in accordance with applicable laws. If you require assistance and/or accommodation to use our online tools to search and/or apply for jobs, please contact firstname.lastname@example.org. We would be happy to work with you.
This job posting provides a general list of the essential responsibilities and qualifications required for this position. It does not represent a contract for employment and NFF reserves the right to change the description and/or posting at any time without notice.
When applying, please DO NOT include any of the following information with your job application: Social Security number; driver's license number or state-issued identification card number; financial account number, or credit or debit card number.