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Credit Officer - Community Development Banking

Boston, Massachusetts;

Job Description:

Bank of America’s Community Development Banking (CDB) group is seeking a Credit Officer to join our national team. CDB is part of the Commercial Real Estate Bank (CREB) and is committed to building thriving communities throughout the nation by providing financing solutions, including debt and equity investment financing, to for-profit and non-profit developers of affordable multifamily rental housing. 

Role Overview

The CREB Credit Officer (CO) role is a part of BofA’s Enterprise Credit organization.  The CDB Credit Officer is the primary equity investment and credit relationship contact with the client and is responsible for all debt and equity products (i.e., construction debt, non-FHA permanent debt, as well as all types of equity product solutions). The CO leads the structuring of tax credit financing and new credit originations in support of CDB clients, coordinating and collaborating with client management, credit risk, and the indirect syndications team.   The CO, with assistance from an assigned UW, will work directly with clients from deal structuring and modeling through final credit approval, legal document negotiations and closing. The CO will also assist and advise the CREB portfolio group with any post closing actions or modifications as needed.  The CO is a member of the CREB regional market team, is aligned to regions/markets and is assigned a portfolio of clients. The CO is typically an individual contributor who reports to a CREB Debt and Equity Executive. The CO holds credit approval authority. The CO maintains knowledge of other BofA products including Investment Banking and Treasury Management and leverages product expertise to deliver the best possible and optimally integrated strategic solution for the client or prospect. The role is balanced between analysis of clients and prospects and their industries, design and execution of solutions, and the active management of asset quality. Client facing, the CO collaborates with the Relationship Manager (RM), Treasury Solutions Officer (TSO), and other product partners, when needed, to assess client needs, design integrated solutions and deliver the bank to clients and prospects. Successful candidates will possess functional expertise and will have demonstrated strong performance track record with a focus on collaboration, driving operational excellence and the ability to influence leaders, peers, and clients.

Functional Role Description:

  • Originate and structure loans and tax credit equity investments
  • Manage underwriting and credit/investment approval process
  • Prepare / Circulate / present deal screens, investment recommendations, LOI and term sheets
  • Engage outside counsel / Lead document review and support underwriting and closing process

Role Qualifications:

  • 10+ years’ experience within a financial institution
  • Knowledge of the primary functions of the Commercial Real Estate Banking teams at Bank of America
  • Familiarity with core banking products
  • Understanding of the regulations that govern CRE lending
  • Solid experience in financial analysis, structuring, underwriting and portfolio management, strong communication and analytical/technical skills, including financial accounting, modeling and loan structuring.
  • Maintains knowledge of other BofA products including Investment Banking, Interest Rate Hedging, and Treasury Management that have credit exposure, and leverages product expertise to deliver the best possible and optimally integrated strategic solution for the client or prospect.

Additional Qualifications for CDB:

  • Strong knowledge of the primary functions of the Community Development Banking teams at Bank of America
  • Experience in tax credit investments, particularly LIHTC, HTC and NMTC
  • Experience structuring, underwriting, and closing construction and permanent debt and/or equity for affordable rental housing projects, financed using the federal LIHTC program as well as a thorough understanding of the regulations that govern affordable housing lending and/or investing
  • Understanding of the regulations that govern tax credit investments
  • Record of success in managing relationships with external accountants, attorneys, appraisers, and consultants who specialize in tax credit financing

Leadership Competencies:

  • Demonstrates strong business and financial acumen, while acting ethically and responsibly at all times
  • Ensures self and others maintain a strong focus on client needs
  • Manages client relationships in a manner that makes it easier to do business with our company
  • Leads the delivery of practical, innovative solutions to clients that meet their individual needs
  • Demonstrates and encourages collaboration, connection and teamwork within and beyond his/her team
  • Focuses on and recognizes team success
  • Actively builds and sustains long-term relationships, both internally and externally, based on mutual trust
  • Intellectually curious; constantly seeks to learn and advance his/her knowledge
  • Remains positive and focused during times of pressure, adversity, or change
  • Resilient; quickly adjusts behaviors in order to be successful.
  • Effective communication skills, both written and oral, using clear, concise and simple language 
  • Demonstrates a bias for action and a commitment to achieving sustainable results
  • Makes timely and fact-based decisions
  • Ensures rigorous thinking and analysis have been used in decision making

Job Band:

H4

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Bank of America’s Community Development Banking (CDB) group is seeking a Credit Officer to join our national team. CDB is part of the Commercial Real Estate Bank (CREB) and is committed to building thriving communities throughout the nation by providing financing solutions, including debt and equity investment financing, to for-profit and non-profit developers of affordable multifamily rental housing. 

Role Overview

The CREB Credit Officer (CO) role is a part of BofA’s Enterprise Credit organization.  The CDB Credit Officer is the primary equity investment and credit relationship contact with the client and is responsible for all debt and equity products (i.e., construction debt, non-FHA permanent debt, as well as all types of equity product solutions). The CO leads the structuring of tax credit financing and new credit originations in support of CDB clients, coordinating and collaborating with client management, credit risk, and the indirect syndications team.   The CO, with assistance from an assigned UW, will work directly with clients from deal structuring and modeling through final credit approval, legal document negotiations and closing. The CO will also assist and advise the CREB portfolio group with any post closing actions or modifications as needed.  The CO is a member of the CREB regional market team, is aligned to regions/markets and is assigned a portfolio of clients. The CO is typically an individual contributor who reports to a CREB Debt and Equity Executive. The CO holds credit approval authority. The CO maintains knowledge of other BofA products including Investment Banking and Treasury Management and leverages product expertise to deliver the best possible and optimally integrated strategic solution for the client or prospect. The role is balanced between analysis of clients and prospects and their industries, design and execution of solutions, and the active management of asset quality. Client facing, the CO collaborates with the Relationship Manager (RM), Treasury Solutions Officer (TSO), and other product partners, when needed, to assess client needs, design integrated solutions and deliver the bank to clients and prospects. Successful candidates will possess functional expertise and will have demonstrated strong performance track record with a focus on collaboration, driving operational excellence and the ability to influence leaders, peers, and clients.

Functional Role Description:

  • Originate and structure loans and tax credit equity investments
  • Manage underwriting and credit/investment approval process
  • Prepare / Circulate / present deal screens, investment recommendations, LOI and term sheets
  • Engage outside counsel / Lead document review and support underwriting and closing process

Role Qualifications:

  • 10+ years’ experience within a financial institution
  • Knowledge of the primary functions of the Commercial Real Estate Banking teams at Bank of America
  • Familiarity with core banking products
  • Understanding of the regulations that govern CRE lending
  • Solid experience in financial analysis, structuring, underwriting and portfolio management, strong communication and analytical/technical skills, including financial accounting, modeling and loan structuring.
  • Maintains knowledge of other BofA products including Investment Banking, Interest Rate Hedging, and Treasury Management that have credit exposure, and leverages product expertise to deliver the best possible and optimally integrated strategic solution for the client or prospect.

Additional Qualifications for CDB:

  • Strong knowledge of the primary functions of the Community Development Banking teams at Bank of America
  • Experience in tax credit investments, particularly LIHTC, HTC and NMTC
  • Experience structuring, underwriting, and closing construction and permanent debt and/or equity for affordable rental housing projects, financed using the federal LIHTC program as well as a thorough understanding of the regulations that govern affordable housing lending and/or investing
  • Understanding of the regulations that govern tax credit investments
  • Record of success in managing relationships with external accountants, attorneys, appraisers, and consultants who specialize in tax credit financing

Leadership Competencies:

  • Demonstrates strong business and financial acumen, while acting ethically and responsibly at all times
  • Ensures self and others maintain a strong focus on client needs
  • Manages client relationships in a manner that makes it easier to do business with our company
  • Leads the delivery of practical, innovative solutions to clients that meet their individual needs
  • Demonstrates and encourages collaboration, connection and teamwork within and beyond his/her team
  • Focuses on and recognizes team success
  • Actively builds and sustains long-term relationships, both internally and externally, based on mutual trust
  • Intellectually curious; constantly seeks to learn and advance his/her knowledge
  • Remains positive and focused during times of pressure, adversity, or change
  • Resilient; quickly adjusts behaviors in order to be successful.
  • Effective communication skills, both written and oral, using clear, concise and simple language 
  • Demonstrates a bias for action and a commitment to achieving sustainable results
  • Makes timely and fact-based decisions
  • Ensures rigorous thinking and analysis have been used in decision making

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-22084153

Band: H4

Manages People: No

Travel: Yes, 20% of the time

Manager:

Talent Acquisition Contact:

Adriana Shore

Referral Bonus:

0

New York City pay and benefits information

New York City pay range:

$125,000 - $200,000 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This 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.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, 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.