Associate - Incentives, Strategic Investments Group
Our Vision: To make New York City the global model for inclusive innovation and economic growth, fueled by the City’s diverse people and businesses.
Our Mission: To create shared prosperity across New York City’s five boroughs by strengthening neighborhoods and growing good jobs.
The Strategic Investments Group (“SIG”) creates and structures impact investments to drive inclusive economic development by enhancing access to capital, mobilizing private investment and supporting the acceleration of EDC initiatives and strategic projects. To realize the vision of equitable, sustainable prosperity, SIG structures and implements impact investments utilizing an array of innovative financing solutions. SIG’s impact investment toolkit includes incentives, such as discretionary tax benefits, tax-exempt financing and tax credits, as well as the deployment of catalytic investment capital.
SIG manages several programs to facilitate the creation of quality paying and skilled jobs across all five boroughs of New York City including but not limited to:
- New York City Industrial Development Agency (“NYCIDA”) negotiates discretionary tax incentives on behalf of the City for job-generating commercial, industrial and food retail real estate projects.
- Build NYC Resource Corporation is a bond issuing authority for tax-exempt financing for 501(c)(3) organizations and exempt facility projects.
- NYC Neighborhood Capital Corporation secures and deploys New Markets Tax Credits to catalyze projects in underserved areas.
- Funds & Advisory (“F&A”) originates, structures and manages a diversified fund portfolio of credit enhancement, loan, hybrid investment and venture capital programs created to expand opportunities and enrich NYC’s economy aiming to beneficially blend positive financial, social and environmental outcomes. Additionally, F&A advises internal partners and engages external stakeholders on a range of high-impact strategic initiatives and financial topics.
These collective tools seek to provide much-needed investment and services to underserved areas, to generate high quality/accessible jobs, and to leverage billions of dollars of public and private sector investment.
Position Overview: The Associate - Incentives will work on projects in tax incentives, bond financing, NMTC financing or other relevant development finance tools.
Essential Duties & Responsibilities:
- Managing incentive transactions from origination through closing
- Reviewing applications for financial assistance from for-profit and not-for-profit clients, conducting financial analysis of applicant projects, conducting site visits, and facilitating other due diligence, including environmental, legal and background checks
- Using judgement and learned understanding of financial assistance programs to determine whether applicants are eligible for requested financial assistance, and clearly communicating informed judgements to senior staff
- Developing a thorough understanding of tax incentive and tax-exempt bond financing programs that are available through the New York City Industrial Development Agency, the Build New York City Resource Corporation and the NYC Neighborhood Capital Corporation, respectively, and then being able to communicate this information to potential applicants
- Analyzing and presenting findings and recommendations to project teams, senior staff and independent Board of Directors in written and verbal form and briefing senior officials of EDC and other City agencies
- Advise members of the real estate and business communities about incentives and programs available in New York City
- Design, research, and assist in the administration of new NYCEDC financial assistance programs; perform research and due diligence on new financial program design
- Collaborate with colleagues in other departments in EDC to develop new financial products and programs
- Support engagement with external parties, including start-ups, not-for-profits, developers, CDFIs, PE/VC, investment banks, consultants, industry associations/business groups, civic and community stakeholders and other agencies
- Prepare ad-hoc analyses to support the evaluation of new impact investment programs and strategic opportunities
- Other projects as needed
- Undergraduate degree required
- 2 to 3 years of relevant experience in (Finance, Real Estate, Public Policy, Urban Planning, City or State government)
- Proven strength in use of spreadsheet, database, and presentation applications including Excel and PowerPoint. Experience creating budgets or financial statements is a plus.
- Preference for candidates with demonstrated interest or experience in New York City, economic development, real estate or public policy issues.
- Strong written and oral communication skills, including public speaking
- Ability to prioritize competing needs and opportunities
- Understanding of economic development issues
- Project management experience
- Ability to work in a team-based environment as well as working independently
- Demonstrated ability to work independently
- New York City residence is required within 180 days
- As of August 2, 2021, al new hires must be vaccinated against the COVID-19 virus as defined by the CDC, unless they have been granted a reasonable accommodation for religion or disability.
About Us: New York City Economic Development Corporation is a mission-driven, nonprofit organization that creates shared prosperity across New York City by strengthening neighborhoods and creating good jobs. We work with and for communities to bring emerging industries to NYC, develop spaces and facilities for businesses; empower New Yorkers through training and skill-building; and invest in sustainable projects that make the city a great place to live and work.
NYCEDC offers many unique advantages for an exciting and fulfilling career. As part of our team, you’ll enjoy:
- The unique opportunity to make an impact on New York City
- Working on diverse, unique, and challenging projects
- Working closely with teams of creative, highly motivated, and passionate people
- Learning opportunities designed to enhance the practical skills and business knowledge of our employees
- Excellent benefits, including company-paid 401(a) pension plan, 457(b) tax-advantaged retirement savings plans, medical, dental and vision benefits, generous paid family leave and paid time off, and other perks
The New York City Economic Development Corporation is an Equal Opportunity Employer. Our diversity and inclusion mission is to attract, retain, and engage a diverse workforce comprised of talented people. NYCEDC employees can expect to work as part of a highly engaged, passionate and inclusive workforce where everyone’s contributions are valued, respected and make an impact on one of the best and most diverse cities in the world!
For more information, visit our website at edc.nyc.