Tax Credit Asset Specialist

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. Maintains a growth mindset staying current with developments and trends in areas of expertise influencing client satisfaction both internally and externally. Understands data, metrics and/or financial information, and how they tie to client satisfaction and business outcomes related to position, client and/or team. Nurtures client relationships by listening, prioritizing, and acting responsibly to meet client needs, mitigate risk and add shareholder value.

Qualifications, Education Requirements and Keys to Success:

• Bachelor's degree in business or related field or equivalent experience

• 3 or more years of experience in Tax Credit, Banking, Commercial Real Estate

• Accuracy and Attention to Detail

• Understands the necessity and value of accuracy and attention to detail; ability to process information with high levels of accuracy.

• Decision Making and Critical Thinking

• Understands the issues related to the decision-making process; ability to analyze situations fully and accurately and reach productive decisions.

• Managing Multiple Priorities

• Ability to manage multiple concurrent objectives, projects, or activities, making effective judgments as to prioritizing and time allocation.

• Knowledge of Financial Analysis

• Knowledge of the full spectrum of tax credit and real estate investment activities, practices, tools and considerations.

• Partnership Agreements and Real Estate Closings Documents

• Knowledge of and ability to read and interpret complex legal documents.

• Real Estate Development

• Knowledge of real estate development; ability to understand different aspects of the real estate development function, including construction monitoring, and monitoring leasing activities.

• Real Estate Property Data Analysis

• Knowledge of and ability to utilize diverse data analysis processes, techniques, and tools to analyze, interpret and manage property related data.

• Team Oriented Individual

• Understanding the Tax Credit Group is growing and willing to help as needed in any department.

Key Measures of Success/Key Deliverables:

• Achieve department goals for new loan/investment and fee production relative to ONB's tax capacity.

• Create value by assisting RMs across the footprint with tax credit and incentive structuring expertise.

• Promote tax credit product adoption and education across the ONB footprint.

Old National is proud to be an equal opportunity employer focused on fostering an inclusive workplace and committed to hiring a workforce comprised of diverse backgrounds, cultures and thinking styles.

As such, all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, protected veteran status, status as a qualified individual with disability, sexual orientation, gender identity or any other characteristic protected by law.

We do not accept resumes from external staffing agencies or independent recruiters for any of our openings unless we have an agreement signed by the Director of Talent Acquisition, SVP, to fill a specific position.

Our culture is firmly rooted in our core values. We are optimistic. We are collaborative. We are inclusive. We are agile. We are ethical.

We are Old National Bank. Join our team!