Excited to grow your career?
We value our talented employees, and whenever possible strive to help one of our associates grow professionally before recruiting new talent to our open positions. If you think the open position you see is right for you, we encourage you to apply!
Our people make all the difference in our success.
About Citi Community Capital
Citi Community Capital (CCC) is a leading national financier of affordable housing and community development projects. We work with public and private sector clients to provide innovative and comprehensive financing solutions that support the creation and preservation of affordable housing, economic development, and revitalization efforts in communities across the country.
Job Summary
The Affordable Housing Construction Budget Closer plays a critical role within Citi Community Capital's lending operations, specializing in the financial oversight and closing of complex affordable housing construction projects. This position is responsible for meticulously reviewing, analyzing, and finalizing construction budgets to ensure alignment with project scope, financing terms, and regulatory requirements. The ideal candidate will possess a deep understanding of affordable housing finance structures, construction project dynamics, and the intricacies of multi-layered capital stacks.
Key Responsibilities
- Budget Analysis & Adherence: Thoroughly review construction schedules, timelines, construction sources and uses, and other relevant project documentation. Assure that the construction budget accurately reflects and adheres to the terms and conditions outlined in each source document, including but not limited to loan agreements, equity commitments, grant agreements, and subordinate financing instruments.
- Financial Calculations: Accurately calculate and verify complex financial components, such as interest reserves and deferred developer fees, ensuring their proper inclusion and allocation within the overall project budget.
- Capital Stack Expertise: Demonstrate a comprehensive understanding of diverse affordable housing financing mechanisms, including tax-exempt and taxable bond financing, Low-Income Housing Tax Credits (LIHTC), various grants, and subordinate debt. Ensure the budget properly integrates and accounts for all components of the capital stack.
- Client Collaboration: Work closely and proactively with clients (developers) to review, negotiate, and finalize construction budgets, ensuring mutual understanding and agreement on all financial aspects prior to closing.
- Closing & Funding Management: Facilitate the seamless closing of construction loans, coordinating the initial draw and subsequent funding processes according to established timelines and legal documentation.
- Stakeholder Coordination: Act as a central point of contact and collaborate effectively with a diverse group of internal and external stakeholders, including internal and external legal counsel, the Underwriting team, Relationship Bankers, and the broader closing team, to ensure efficient execution and successful project closings.
- Risk Mitigation: Identify potential budgetary discrepancies, risks, or compliance issues and work collaboratively to resolve them before project closing
Qualifications
- Experience: Minimum of 5+ years of experience in affordable housing finance, real estate development, construction finance, or a related field, with a focus on financial analysis and budget management.
- Technical Skills: Strong analytical and financial modeling skills, with proficiency in Microsoft Excel and other relevant financial software.
- Industry Knowledge: Deep understanding of affordable housing programs, regulations, and financing structures, including LIHTC, tax-exempt bonds, grants, and various forms of subordinate financing.
- Construction Acumen: Familiarity with construction processes, budgeting, scheduling, and cost estimating within the context of real estate development.
- Communication: Excellent verbal and written communication skills, with the ability to articulate complex financial concepts clearly to diverse audiences.
- Interpersonal Skills: Proven ability to build strong working relationships and collaborate effectively with clients, internal teams, and external partners.
- Organizational Skills: Highly organized, detail-oriented, and capable of managing multiple priorities in a fast-paced, deadline-driven environment.
- Problem-Solving: Strong problem-solving abilities and a proactive approach to identifying and resolving issues.
Education
Bachelor's degree in Finance, Real Estate, Accounting, Business Administration, or a related quantitative field. A Master's degree or relevant professional certifications (e.g., CPA, CFA) is a plus