Local Initiatives Support Corporation
POSITION TITLE:Community Development Assistant for Lending
REPORTS TO: LISC NYC Director of Lending
JOB CLASSIFICATION: Non-Exempt / Full Time
LOCATION: New York City
What We Do
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families.
Strategies We Pursue
- Equip talent in underinvested communities with the skills and credentials to compete successfully for quality income and wealth opportunities.
- Invest in businesses, housing and other community infrastructure to catalyze economic, health, safety and educational mobility for individuals and communities.
- Strengthen existing alliances while building new collaborations to increase our impact on the progress of people and places.
- Develop leadership and the capacity of partners to advance our work together.
- Drive local, regional, and national policy and system changes that foster broadly shared prosperity and well-being.
Over the last 39 years, LISC and its affiliates have invested approximately $20 billion in businesses, affordable housing, health, educational mobility, community and recreational facilities, public safety, employment and other projects that help to revitalize and stabilize underinvested communities. Headquartered in New York City, LISC’s reach spans the country from East coast to West coast in 32 markets with offices extending from Buffalo to San Francisco. Visit us at www.lisc.org.
The New York City office of the Local Initiatives Support Corporation (LISC NYC) seeks a professional to fill the position of Community Development Assistant for Lending. This position reports to the LISC NYC Director of Lending and works closely with a team of Community Development Officers. The local New York City program, LISC NYC, works with nonprofit, community-based organizations to develop affordable housing, commercial enterprises and community facilities. Since its founding in 1979, LISC NYC has invested over $2.7 billion, leveraging an additional $6 billion in low-income communities. This has resulted in nearly 40,000 affordable homes built and preserved as well as 1.8 million square feet of retail and community space created. We also invest in health, economic development, financial well-being and environmental sustainability so that the communities our partners serve are good places to live, work, do business and raise children. For more information visit http://www.lisc.org/nyc/.
- Assist LISC NYC lending staff in underwriting all types of real estate transactions requiring LISC pre-development, acquisition construction, or permanent loans, tax-exempt bond financing, Low Income Housing Tax Credit (LIHTC) and New Markets Tax Credit (NMTC) financing. Conduct financial modeling and presentations to affordable housing development sponsors.
- Assist LISC NYC staff in presenting loan recommendations to LISC’s credit committee. Perform credit analysis, including analyzing borrower operating performance, project financial performance, borrower management capacity, and project feasibility of affordable housing, economic development and mixed-use real estate projects.
- Coordinate with client organizations and internal stakeholders at LISC National regarding all aspects of loan origination and asset management, including assembling and synthesizing due diligence information, preparing credit memos for approval, generating closing checklists and project managing loan closings, and working with LISC asset management to monitor loans post-closing.
- Support LISC local program staff to develop and maintain relationships with client community partners and local government, among others.
- Assist LISC NYC staff in providing technical assistance to LISC NYC’s partners, including nonprofit community development corporations and private entrepreneurs, seeking to develop affordable housing, community facilities, and other types of community development real estate. Assistance includes the preparation of applications and documentation necessary for debt and equity financing, government subsidies, and rental contract maintenance.
- Work in cross functional teams under deadlines with private and nonprofit real estate developers, attorneys, governmental agencies, lenders, equity investors and other entities to structure and close affordable housing transactions.
- Support the launch and implementation of LISC NYC’s New York Land Opportunity Program (NYLOP) 2.0, which provides technical support to owners of HUD 202 senior housing seeking to preserve and possibly develop new affordable senior housing.
- Provide logistical and programmatic support to LISC NYC special events such as meetings, convenings, conferences, training workshops and tours.
- Perform other special projects and related duties as assigned.
- Associates or Bachelor’s degree from an accredited college or university in real estate, finance, urban planning, public policy or related field preferred.
- One or two years of professional work experience in lending, finance, community development or related field preferred.
- Comfort with financial analysis and excellent writing skills, with demonstrated ability to synthesize complex quantitative and qualitative information from multiple sources.
- Demonstrated ability to manage multiple, complex transactions at various stages and coordinate with multiple internal and external parties to meet approval and closing deadlines.
- Commitment to the community development sector and the critical role of nonprofit organizations in driving social change, preserving affordable housing and fostering inclusive economic development.
- Conscientious and very detail oriented.
- Ability to simultaneously work on multiple tasks and set priorities for a challenging work load.
- Excellent technical skills, including competency in full Microsoft Office suite, particularly modeling in Excel.
LISC offers a competitive salary and excellent benefits.
Please send cover letter and resume via e-mail to:
501 Seventh Avenue, 7th Floor
New York, NY 10018