Job Description

What is the opportunity?

RBC Capital Markets – Community Investments (www.rbccm.com/Community Investments or “RBCCI”), part of the Royal Bank of Canada (RBC) firm, is a leading national syndicator of Federal and State Low Income Housing Tax Credits (LIHTC), Historic Rehabilitation Tax Credits (HRTC), New Markets Tax Credits (NMTC), Renewable Energy Tax Credits (RETC) and Workforce Housing Investments (WFH).

RBCCI is expanding its housing platform targeting the fast-growing workforce housing segment, backed by private institutional and non-institutional (accredited) capital that is not reliant on tax credits or government subsidies for feasibilty. WFH investments for RBCCI include both new construction and value add/rehab multifamily housing assets (financed without tax credits) with the majority of units at rent restricted to and tenant incomes below 80% to 120% of Area Median Income (AMI); the balance of the units can be unrestricted and rented up to market achievable rents.

As part of the expansion of RBCCI’s affordable housing platform, the Director, Workforce Housing Investments will be responsible for the investment strategy, marketing plan and execution of WFH equity investments originating from RBCCI to institutional and non-institutional (accredited) originating from RBCCI. This individual will develop and manage investor relationships new to RBCCI, as well as serve as a liason between RBCCI and RBC Capital Markets for existing investor relationships within the bank.

What will you do?

• The Director, Workforce Housing Investments is responsible for new client development and retention of institutional and non-institutional (accredited) investors necessary to scale the WFH platform
• In cooperation with the Head of Originations and Syndications for RBCCI and the WFH team, jointly call on investor clients where cross-over between tax credit syndication and WFH investments may be possible
• The position will develop and execute an effective investment strategy, marketing and calling plan to targeted equity investors interested in multifamily affordable/workforce (WFH) housing real estate assets
• Development of a data/research driven framework reflecting the need for workforce housing within the United States to highlight the risk-adjusted return profile available to prospective investor clients
• Present investment opportunities to potential investors to secure investor commitments
• Manage the RCCCI’s WFH pipeline of potential investments for investor clients and funds
• Manage, coordinate and participate in investor sponsor reviews of RBC Community Investments
• Identify suggestions for improvement to the WFH underwriting process and deliverables to enhance materials for investors to facilitate a successful transaction and meet investor expectations
• Collaborate with teams and provide investor relationship management support on execution and closing of investments
• Communicate fund closings, structures and modeled pricing to applicable Construction Risk Managers, Asset Managers, Fund Managers and Financial Management through the Fund Management "hand-off" meeting process
• Review and comply with Firm Policies and regulatory requirements applicable to WFH business activities
• Contribute to an exceptional employee experience through strong people leadership practices that amplify our Collective Ambition and exemplify the Leadership Model to inspire, support and empower employees to achieve their potential
• Growth mindset and a focus on always learning; promotes a values-based and inclusive workplace; embraces diverse styles and perspectives; Actively mitigates bias and improves diversity representation

What do you need to succeed?

Must-have

• Individual must possess a Bachelors of Business Administration, Finance, Accounting or Economics, along with 7 to 10 years of experience in multifamily real estate finance/capital markets with a strong track record of fundraising and closing with a wide network of institutional and non-institutional (accredited) investors
• Proven experience raising capital with established investor relationships for multifamily real estate platforms – family offices, pensions, private equity funds, investment managers, capital advisory firms, etc.
• Position requires a thorough understanding of multifamily real estate finance, financial modeling, underwriting, corporate accounting and extensive financial analysis and negotiation skills
• In depth understanding of real estate debt and equity capital markets in a multifamily housing context
• Experience in assessing complex structures and making decisions with significant financial impact
• Inherent need for proficiency in MS-Office, MS-Outlook, strong interpersonal skills, and excellent verbal and written communication and presentation skills
• The ability to work independently, as well as collaboratively, with multiple individuals in multiple locations

Nice-to-have

• A strong preference for affordable/workforce housing experience necessary for effective client communication

What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.