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Senior Equity Analyst


TITLE:                                 Senior Equity Analyst
REPORTS TO:                Director of Acquisitions and Investor Relations
PREPARED DATE:      January 2, 2020
JOB LOCATION:          Oakland, CA

About Merritt Community Capital Corporation: Merritt Community Capital Corporation is a non-profit corporation that provides equity capital for affordable housing throughout California, revitalizing neighborhoods through construction, rehabilitation, and long-term asset management. Since 1989, the company has financed approximately 9,000 affordable homes with $900 million in equity raised across 21 separate funds. Given the imperative for more affordable housing in California and the state’s $500 million increased support in 2020 we anticipate expanding the organization.

Merritt offers a collaborative culture with a passionate team focused on our mission. We provide excellent benefits, including paid time off, employee/family health coverage, 401(K) contributions, commuter support and performance bonuses. To learn more about Merritt please visit

Position Summary: As the Senior Equity Analyst for Merritt you will have significant impact on the affordable housing projects that we fund. With a moderate level of supervision and a reasonable degree of independent judgement, the Analyst implements policies and procedures for acquiring, underwriting, and closing low-income housing tax-credit investments. In addition, the Analyst provides a wide range of support to investor relations. Success in the Analyst position may lead to rapid growth with the opportunity for promotion to either the Director of Acquisitions or Director of Investor Relations position.

Essential Duties and Responsibilities:

Acquisitions, Underwriting, and Closing

  •  Underwrite tax credit investments, with support from Director of Acquisitions, including completion of the following underwriting tasks: sponsorship analysis, market analysis, project financial projections, sources and uses and capital structure analysis, income and expense underwriting, and tax credit documentation analysis. As part of processing of each transaction, obtain and review due diligence materials from client, conduct site visits as needed, review project loan documents and LP agreement for material business terms, participate in conference calls with customers, prepare and present project investment summaries and approval packages for investment committee approval including narrative descriptions, charts, graphs and tables illustrating the proposed investment.
  • Under direction of Director of Acquisitions, communicate and manage customer expectations through the underwriting process by negotiating and problem solving to enable repeat opportunities.
  • Provide regular communication to Director of Acquisitions regarding deal underwriting progress including process checklist review, due diligence review, transaction timing, and issue identification.
  • Assist with and attend deal closings or other client engagement opportunities.
  • Help to complete and organize closed deal files for transition to Asset Management.

Investor Relations:  Supports investor relations with:
▪ Developing strategies, materials and marketing plan to market Merritt funds to potential investors.
▪ Maintaining relations with existing investors and developing new relations with potential investors.
▪ Ensuing open dialogue with our existing/potential investors.

  • Providing continuous information on the accomplishments of Merritt’s funds.
  • Understanding and communicating fund performance, including investors’ schedules of benefits.
    ▪ Monitoring Merritt’s competitive position in the LIHTC investor market with respect to fund business terms, pricing decisions, and investor appetite.
    ▪ Managing Merritt’s marketing communications (e.g., website, PR, social media).
  • Other tasks as assigned.

Position Requirements: The Senior Equity Analyst will be highly motivated, able to work independently, solve complex problems and employ strong written and oral communication skills. The Analyst will possess strong customer relations skills, good judgment and initiative with the ability to manage multiple tasks effectively under significant time pressure to meet deadlines. The Analyst will enjoy maintaining a big picture perspective while attending to detailed work.

Education and/or Experience: Bachelor’s degree in Business, Accounting or Finance, or related field required; Master’s degree preferred. A minimum of 5+ years’ experience in real estate finance, affordable housing and/or LIHTC program, apartment market dynamics in both urban and suburban areas, and familiarity with industry policies, issues, and programs. Experience in closing real estate transactions is highly desired.


Language/Presentation Skills: Very strong writing/editing skills needed to produce correspondence, reports, persuasive writing, and marketing material. Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, project level General Partners, property managers, non-profit housing organizations, etc..

  • Mathematical Skills: Ability to develop and use with financial models. Expertise in basic financial analysis (e.g., IRR, probability).
  • Reasoning Ability: Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
  • Computer Skills: Strong Excel modeling skills required. Proficient knowledge of Word and Power Point a plus.
    Other Qualifications: Must have knowledge of the regulations governing the Section 42 Low Income Housing Tax Credit program, and a general knowledge of corporate income tax policies and procedures. May have experience working for or with non-profit housing organizations, developers, investor institutions, banks, and Community Development Financial Institutions. Knowledge of the affordable housing industry in California is desirable.

Physical Demands: While performing the duties of this Job, the employee is regularly required to sit, talk or hear. The employee is occasionally required to stand, walk and reach with hands and arms. The employee must occasionally lift and/or move up to 15 pounds. Specific vision abilities required by this job include close vision, distance vision and ability to adjust focus. The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Work Environment: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate