Job Title

Job Description The Affordable Housing Investment ("AHI") Lead Director and the Impact Investment Strategy "(IIS") team are charged with targeting and customizing affordable housing investments to align with CVS Health's strategic imperatives while maximizing social impacts and business benefits. The IIS team's work addresses Social Determinants of Health and promotes social justice and equity (SJE) while helping CVS Health's business units achieve their goals related to membership growth and retention. In addition, the IIS team is responsible for working with Real Estate Investments (REI) to perform the asset management functions to monitor and report on the low-income housing tax credit ("LIHTC") portfolio which has grown significantly in the past 2 years. Given current internal guidance from the CIO, this portfolio will grow to $700M by YE 2022. The AHI Lead Director will be required to use specialized knowledge and skills obtained through training, education, and work experience to assist the REI team in making enhancements to the affordable housing (LIHTC) asset management and reporting functions. This position will be required to perform the financial analysis and underwriting of proposed affordable housing investments and provide support to the REI team through the acquisitions process including structuring the final partnership agreement, gaining Investment Committee approval and the acquisition or closing of each new investment. A key responsibility will be to assess the current financial reporting process including all external information being received and how best to utilize this information to prepare and provide accurate and timely financial reports to senior management. This position will be required to maintain key external and internal relationships and to provide timely communications to all internal stakeholders and external groups such as developers, non-profits, co-investors, government agencies and others to support CVS Health's purpose of bringing our hearts to every moment of your health and to promote business brand trust and loyalty. A successful candidate must be passionate and have a deep commitment to our mission and the communities we serve. The position requires knowledge of the most important housing issues facing low-income and vulnerable communities and the program innovations and policies that can help - solutions such as preservation, supportive housing, fair housing, economic mobility, resilience, and sustainable and equitable development. This position requires enthusiasm and excellent analytical, organizational, collaboration, and communication skills. The AHI Lead Director will report to the Head of Impact Investments Strategy and be encouraged to lead, contribute, and generate ideas within a team environment.Required QualificationsKnowledge of: In-depth knowledge of the most relevant housing issues facing low-income and vulnerable communities and the program innovations and policies that can help provide timely solutions such as supportive housing, economic mobility, health equity, and sustainable and equitable development. Expert knowledge of the Low Income Housing Tax Credit "(LIHTC") program including all Section 42 LIHTC program compliance requirements. Thorough understanding and experience with upper-tier and lower-tier financial models and partnership agreements. Subject matter expert on all elements of LIHTC reporting requirements including forecasting, quarterly financials, annual budgets and annual tax returns/audits, along with experience in managing a large portfolio of affordable housing investments. Extensive experience in supervising a staff of asset managers and performing all related functions to ensure the operational success of each property asset including the timely receipt and review of all property reports, tax returns and financial audits. Strong skills and experience in the underwriting, due diligence and acquisitions of affordable housing investments. 10-15 years of experience in real estate development finance, investment, underwriting and asset management.Skill In: Demonstrate strong financial, quantitative, and analytical skills. Proficient in relationship management with strong oral and written communication skills. Track record of strong cross-functional collaboration and partnerships. Proven ability to identify and monitor emerging LIHTC industry developments and trends. A minimum of 7 years managing a large and highly experienced asset management team with advanced reporting criteria. Provide affordable housing investment strategy recommendations and decisions to support Head of Impact Investment Strategy. Ability to analyze all implications of affordable housing investments in terms of portfolio objectives and performance. Experience with fund financial models that include investor capital payments, tax credits, distributions, property cash flows, fund-level expenses, and other tax benefits, as well as verifying the accuracy of such financial models. Collaborate with senior leaders across the company to understand specific needs and ensure the investment strategy meets those needs. Develop and maintain effective business relationships with syndicators, developers, accountants, attorneys, consultants, property managers, housing finance agencies, lenders, and other related parties that will enhance the asset management functions of the portfolio Review and assist in the preparation and distribution of financial and portfolio reports for senior leaders and board meetings. Proficient in MS Office SuiteAbility To: Demonstrate professionalism, diplomacy, composure, flexibility, and ability to adapt to a variety of situations. Work independently with the ability to understand, analyze and present complex information as needed. Coordinate complex activities, prioritize conflicting demands, and meet deadlines with a quality, accurate work product. Proven ability to excel through effective planning, organizing, evaluating, decision making, and balancing the needs of multiple stakeholders Ability to maintain big picture focus and produce detailed work product and accurate documentation. Maintain a detailed working knowledge of each project within the assigned portfolio. Collect, review and provide reporting on quarterly and annual financial information for the lower tier partnerships. Update and ensure adequate database and reporting systems are in place to track each asset's performance. Analyze partnership benchmarks and financial statements and perform risk rating analysis. Collect tax returns and audits from the lower tier partnerships and coordinate review and approval. Monitor projects for compliance with partnership agreements.COVID RequirementsCOVID-19 Vaccination RequirementCVS Health requires certain colleagues to be fully vaccinated against COVID-19 (including any booster shots if required), where allowable under the law, unless they are approved for a reasonable accommodation based on disability, medical condition, religious belief, or other legally recognized reasons that prevents them from being vaccinated. You are required to have received at least one COVID-19 shot prior to your first day of employment and to provide proof of your vaccination status or apply for a reasonable accommodation within the first 10 days of your employment. Please note that in some states and roles, you may be required to provide proof of full vaccination or an approved reasonable accommodation before you can begin to actively work.Preferred QualificationsKnowledge of: Understanding of the meaning of Social Determinants of Health including the pursuit of health equity, Diversity and Inclusion and social justice and equity initiatives as well as ESG investing concepts. A keen understanding that that housing is health and how housing combined with supportive services can make significant positive impacts on residents' health and well-being. 10-15 years of real estate asset management, finance, investment, and underwriting experience required, partnership accounting, real estate analysis/forecasting and experience in negotiating legal documentation to create limited partnerships.Skill in: A talent for compelling storytelling and an ability to connect with a variety of audiences, both internal and external. Demonstrated commitment to racial equity and social justice and focus on maximizing positive environmental, social and governance benefits. Measuring the impacts of housing and supportive services on health outcomes and healthcare costs. Prior experience in working with mortgage loan document and industry underwriting standards for multifamily properties. Negotiating business terms for partnership agreements with developer/syndicator partners, including equity pay-in structure, cash flow waterfall, and specific guaranty and reserve requirements.Ability To: Develop and oversee innovative programs to address local community needs and help grow CVS Health's presence and impact. Deep commitment to CVS Heath's purpose and strategic direction. Apply knowledge of business and the marketplace to advance the organization's goals. Paint a compelling picture of the vision and strategy that motivates others to action. Intellectual Agility: Flexing and adapting thinking skills to meet the needs of different situations and circumstances; expanding problem solving to include multiple approaches or methodologies to resolve issues.EducationBachelor's Degree10-15 years of Related Work ExperienceBusiness OverviewBring your heart to CVS HealthEvery one of us at CVS Health shares a single, clear purpose: Bringing our heart to every moment of your health. This purpose guides our commitment to deliver enhanced human-centric health care for a rapidly changing world. Anchored in our brand - with heart at its center - our purpose sends a personal message that how we deliver our services is just as important as what we deliver.Our Heart At Work Behaviors support this purpose. We want everyone who works at CVS Health to feel empowered by the role they play in transforming our culture and accelerating our ability to innovate and deliver solutions to make health care more personal, convenient and affordable. We strive to promote and sustain a culture of diversity, inclusion and belonging every day. CVS Health is an affirmative action employer, and is an equal opportunity employer, as are the physician-owned businesses for which CVS Health provides management services. We do not discriminate in recruiting, hiring, promotion, or any other personnel action based on race, ethnicity, color, national origin, sex/gender, sexual orientation, gender identity or expression, religion, age, disability, protected veteran status, or any other characteristic protected by applicable federal, state, or local law.