What is the opportunity?

RBC Capital Markets – RBC Community Investments (www.rbccm.com/communityinvestments), part of the Royal Bank of Canada (RBC) firm, is a leading syndicator of Low Income Housing Tax Credits (LIHTC), Workforce Housing Investments, Renewable Energy Tax Credits, Historic Tax Credits and State Tax Credits.

The Development Equity Analyst/Associate (“DEA/M”) will have a primary focus on oversight and facilitation of the equity contribution process, specifically for Final Closing and Stabilization. The DEA/M shall ensure timely and accurate engagement, review, completion and sign off on items required to effectuate the release of equity for Final Closing and Stabilization. While functioning in this capacity, this individual must manage the standards for risk mitigation demanded by both internal management and RBC’s investor partners, along with being responsive and attentive to the needs of the group’s developer partners.

What will you do?

• Participate in hand-off meetings with the Construction Risk Manager (“CRM”) once a property transitions to the lease-up phase. Once the DEM enters the operation, this individual will become responsible for overall management of the investment until Stabilization.
• Communicate regularly with the team on monthly lease-up progress and achievement of 100% qualified occupancy and that initial rental rates, fees, income limits and utility allowances conform with LIHTC compliance requirements and RBC underwriting criteria.
• Manage the debt service coverage calculation and communication of the equity adjusters with the developer partner.
• Manage the conversion timeframe required of RBC’s developer partners and ensure proper communication with all internal and external parties during the process.
• Review sources and uses for conversion from construction to permanent financing and verify compliance with terms of partnership agreement as it relates to sizing of permanent loan and permanent loan guarantee.
• Monitors the achievement of Final Closing and Stabilization as defined in LPA for preparation of the DCR Test Report.
• Complete the DCR Test report using RBC’s underwriting standards, knowledge of the deal and it’s financial structure. Submission of the DCR Calc for final approval to the Development Equity Management-Lead and Head of Underwriting and Construction.
• For underperforming investments that do not meet the DCR Test, the DEM, in concert with the Acquisition Manager (“AM”) and Regional Director (“RD”), shall retain primary responsibility for understanding and presenting to the Permanent Loan Committee the initial DCR Test analysis, current issues, timing, recommended solutions and the potential relationship impact.
• Verify compliance with terms of partnership agreement as it relates to construction completion guarantee, permanent loan placement, and tax credit guarantee.
• In concert with Fund Management, the DEA/M will manage the disbursement of equity for the assigned portfolio, which will include the final upward or downward capital adjustments pursuant to the terms of the partnership agreement and provide a source and use for each equity funding package.
• Assess project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions, terms of partnership agreement, loan documents, LURAs, QAPs, and tax credit application. In concert with the Compliance Analyst, pursue noted deficiencies on 8823 filings.
• Complete annual property inspections for early identification of potential issues. Follow up on code violations or other health and safety conditions and determine future capital needs and their financial impact.
• Expedite the receipt of financial and operational information from the lower tier partnerships on a monthly, quarterly, and annual basis. Identifies data and information which implies a developing pattern of problems and identifies the need for further investigation. Prepare informative narrative investor reports on property performance, complete the RBC risk ratings report, provide problem resolution and workout strategies, as applicable. Meet with investors as needed to discuss portfolio performance.
• Provide technical assistance in project performance and managerial strategy to ensure the continuous flow of tax credit benefits, net operating income and cash flow.
• Initiate communication with General Partners to ensure timely submission of tax returns and audits each year. Tracking the status of progress and providing periodic reminder notices as necessary.
• Review the annual operating budget for each property in portfolio for performance in comparison to original projections and evaluate for new trends in income and expense categories.
• Communicate issues that may place a project at risk to appropriate leadership in Development Equity Management and develop an action plan that will help mitigate the risk and protect the investment. Recommend the implementation of strategies to resolve operational, financial, and compliance related difficulties within your portfolio.
• Maintain a thorough and up-to-date record of property activity and document management in the database to maintain the integrity of the asset management database and other electronic systems.
• Maintain familiarity with regional and local economic and demographic trends within portfolio markets.
• Develop and maintain relationships with General Partners, management agents, lenders, contractors, third-party monitors, investors, local and state housing agencies, and others in the LIHTC industry to ensure the flow of current and relevant information.
• Proactively identify operational risks/ control deficiencies in the business.
• Review and comply with Firm Policies applicable to your business activities.
• Escalate operational risk loss events, control deficiencies and risks that you identify to your line manager and the relevant risk and control functions on a timely basis.
• Participate in hand-off meetings with the Stabilized Asset Manager (“SAM”) once a property achieves Stabilization.

What do you need to succeed?

• Candidate must possess a bachelor’s degree, preferably in Finance, Economics, Accounting, or Real Estate/Urban Planning. The ideal candidate may also possess an MBA or master’s in finance, Accounting or Real Estate.
• Experience in affordable housing, tax credit syndication, transaction processing, or real estate underwriting activities and financial modeling.
• Key skills include real estate concepts, financial analysis, and strong organization and prioritization.
• A strong interest in real estate investment and/or affordable housing, along with proficiency in MS-Outlook, MS-Excel and MS-Office applications.
• Excellent verbal and written communication skills are essential.

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.

• A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and stock where applicable
• Leaders who support your development through coaching and managing opportunities
• Ability to make a difference and lasting impact
• Work in a dynamic, collaborative, progressive, and high-performing team
• Opportunities to do challenging work
• Opportunities to building close relationships with clients

The good-faith expected salary range for the above position is $85,000- $125,000 depending on factors including but not limited to the candidate’s experience, skills, registration status; market conditions; and business needs. This salary range does not include other elements of total compensation, including a discretionary bonus and benefits such as a 401(k) program with company-matching contributions; health, dental, vision, life and disability insurance; and paid time-off plan.

RBC’s compensation philosophy and principles recognize the importance of a highly qualified global workforce and plays a critical role in attracting, engaging and retaining talent that:

• Drives RBC’s high performance culture
• Enables collective achievement of our strategic goals
• Generates sustainable shareholder returns and above market shareholder value

Job Skills

Adaptability, Critical Thinking, Customer Service, Detail-Oriented, Financial Engineering, Financial Statement Analysis, Investments Analysis, Personal Development, Personal Initiative, Teamwork

Additional Job Details

1801 CALIFORNIA STREET:DENVERDenverUnited States of America40Full timeCAPITAL MARKETSRegularSalaried2026-03-232026-06-01

Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above

Our Employment Opportunities

At RBC, we are guided by living shared values of Client First, Integrity, Collaboration, Respect and Excellence and winning together as One RBC. We believe an inclusive workplace that has diverse perspectives is core to our continued growth as one of the largest and most successful banks in the world. Maintaining a workplace where our employees feel supported to perform at their best, effectively collaborate, drive innovation, and grow professionally helps to bring our Purpose to life and create value for our clients and communities. RBC strives to deliver this through policies and programs intended to foster a workplace based on respect, belonging and opportunity for all.

RBC is presently inviting candidates to apply for this existing vacancy. Applying to this posting allows you to express your interest in this current career opportunity at RBC. Qualified applicants may be contacted to review their resume in more detail.