at Old National Bank in ChicagoChicago, Illinois, United States
Job Description
Tax Credit Asset Specialist
Job Locations
US-IL-Chicago
Category/Function
Lending/Commercial/Consumer/Credit
Position Type
Regular Full-Time
Requisition ID
2024-14825
Workplace Type
On Site
Overview
Old National Bank has been serving clients and communities since 1834. With $48 billion in total assets, we are a regional powerhouse deeply rooted in the communities we serve. As a trusted partner, we thrive on helping our clients achieve their goals and dreams, and we are committed to social responsibility and investing in our communities through volunteering and charitable giving.
Our team members are our greatest asset, and we continually invest in their growth and development. We offer a variety of Impact Network Groups led by team members who are passionate about driving engagement, creating awareness of diverse backgrounds and experiences, and building inclusion across the organization.
Old National Bank is seeking to fill the position of Tax Credit Asset Specialist. The Tax Credit Asset Specialist will be an integral part of the Tax Credit Team and will be required to demonstrate extensive organizational, analytic and multi-taking capabilities. The Tax Credit Asset Specialist will assist in portfolio monitoring for LIHTC, NMTC and HTC deals including financial analysis of operating statements, reviewing tax returns, construction administration, preparing annual reviews and other general departmental support. Successful execution will require effective communication with Tax Credit team members, clients and professional partners.
Key Accountabilities
Portfolio Monitoring
Maintain excel models for LIHTC and HTC tax credit investments in our Prolink Software incorporating:
Annual Operating Statements
Tax credit calculations
Cost allocations for depreciation
Partner-level benefits and basis
Compare assumptions with other projects and industry standards including:
Tax credit pricing
Adequacy of project sources, uses, and reserves
Operating expenses
Investment returns
Record minutes for advisory and approval committees
Portfolio Servicing
Assists in maintain portfolio level reports for tax credit capacity, financial returns, and pipeline projects
Monitor project lease-up
Collect, review and organize financial statements
Maintain a tracking system for financial statements, insurance requirements, cash flow distributions, fees, and key project dates
Collect and review project tax returns, K-1s, and investment LLC tax returns
Compare actual investment results to projections
Track and bill ongoing fees and priority returns
Assist with the preparation of portfolio reviews
Perform quarterly transactions based on NMTC Flow of Funds
Construction Administration
Monitor the construction progress from pre-construction through completion
Maintain monthly construction budgets identifying sources and uses by draw
Obtain and review title policies and insurance
Review third party reports by inspector, GC, and client
Review sworn statements, confirm lien waivers, and obtain title endorsements for each draw
Compare actual draws to construction budget to ensure adequacy of remaining funding sources and timing
Monitor contingency and reserves
Key Competencies for Position
Strategy in Action - Build your strategic mindset capability. Breaks down larger goals into smaller achievable goals and communicates how they are contributing to the broader goal. Actively seeks to understand factors and trends that may influence role. Anticipates risk and develop contingency plans to manage risks. Identified opportunities for improvement and seeks insights from other sources to generate potential solutions. Aligns activities to meet individual, team and organizational goals.
Compelling Communication - Openly and effectively communicates with others. Effectively and transparently shares information and ideas with others. Tailors the delivery of communication in a way that engages the audience and that is easy to understand and retain. Unites others towards common goal. Asks for others' opinions and ideas and listens actively to gain their support when clarifying expectations, agreeing on a solution and checking for satisfaction.
Makes Decisions & Solves Problems - Seeks deeper understanding and takes action. Takes ownership of the problem while collaborating with others on a resolution with an appropriate level of urgency. Collaborates and seeks to understands the root causes of problems. Evaluates the implications of new information or events and recommends solutions using decisions that are sound based on what is known at the time. Takes action that is consistent with available facts, constraints and probable consequences.
Delights Clients - Continuously seeks and applies knowledge leading to a best-in-class client experience. Passionately serves internal/external clients with excellence.... For full info follow application link.
EOE/Minorities/Females/Vet/Disability
