Our world-class Finance organization is dedicated growing the Enterprise from top to bottom. We invest in the business and prioritize new growth opportunities, setting us on the path to long term sustainable growth. By anticipating trends and forecasting market changes, Finance continually finds ways to fund the growth of the company and in turn to better serve our customers and enterprise colleagues.

The Impact Investment Strategy team is responsible for managing an enterprise network of senior leaders across the organization including the Health Care Business (Aetna Commercial, Medicare and Medicaid), Pharmacy Benefits Management, and CVS Health Retail business units as well as the Government Affairs, ESG/CSR/Foundation, Strategic Diversity Management and Health Equity teams.

The strategy to make critical and timely investments is a significant obligation that supports each group above in its business growth and to retain existing Aetna & CVS business across the US. Making key housing investments (aka Affordable Housing Investments (“AHI”)) in cities and states allows the company to demonstrate its social impact and benefits to each community so that all state agencies and other key constituents understand our willingness to support safe and heathy communities.

The Impact Investment Strategy “(IIS”) team is 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 health equity while helping CVS Health’s business units achieve their goals.

This function is critical to the enterprise given the strong efforts to meet the Board of Directors’ goal of investing $600M to fulfill the company’s public commitment to Social Justice & Equity efforts in Black communities across the US; $400M of the $600M was earmarked for affordable housing due to the high impact of recent investments and the hope and improvement for the Black community.

The IIS team leads enterprise efforts to show how our company supports our local communities by not only making the significant and critical investments in affordable housing, but also by bringing CVS Health assets, programs, and services to the affordable housing space. The IIS team works with the CVS Health foundation to sponsor hundreds of free mobile health screenings at affordable housing properties. The team also work closely with the workforce initiatives team to bring their programs to affordable housing residents and locate places and partners in strategic areas for the Workforce Innovation and Talent Centers.

In addition, The IIS team works closely with the retail acquisition/development teams on store closings. Openings, mixed use developments and most recently on the enterprise strategy to become a large primary care/mental health provider.

The IIS team is responsible for the portfolio management of the low-income housing tax credit (“LIHTC”) portfolio which has grown significantly in the past 3 years including planning, forecasting, budgeting, compliance, monitoring and maximizing investment impacts.

You'll make an impact by:
Possessing specialized knowledge and skills in real estate, tax law, accounting, asset management and must use these skills to manage a highly experienced team of real estate professionals in the analysis and underwriting of proposed affordable housing investments and provide support to the Real Estate Investments team through the acquisitions process for each new investment including final negotiations and closing.

Other key responsibilities include maintaining working relationships and open communication with internal stakeholders, developers, non-profits, co-investors, government agencies and others to maximize the on-site programs and services, marketing, impact stories, promotional events, media coverage and efforts to measure the impacts of these investments on resident and communities including improved health access and outcomes, lowered healthcare costs, improvements in health and well-being by addressing challenges created by systemic racism, etc.

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 leadership position requires assembling, motivating, and leading a high caliber team of individuals to achieve the most appropriate, risk- adjusted investments with the highest local social impact for the company. This position requires exceptional skills in organizational management, collaboration, communications, innovative thinking, adaptability, breaking down silos, and leading by example.

Pay Range
The typical pay range for this role is:
Minimum: 170,000
Maximum: 325,000

Please keep in mind that this range represents the pay range for all positions in the job grade within which this position falls. The actual salary offer will take into account a wide range of factors, including location.

Required Qualifications
The successful candidate will have a strong work ethic, be a self-starter, and able to be highly productive in a dynamic, collaborative environment. The ideal candidate will have the following experience / knowledge / ability:

• 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.
• 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.
• Experience 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 as well as training and supervising colleagues performing these functions
• Strong skills and experience in the underwriting, due diligence and acquisitions of affordable housing investments.
• Demonstrate strong financial, quantitative, and analytical skills.
• Proven ability to identify and monitor emerging LIHTC industry developments and trends.
• 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.
• 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.
• Participate in industry organizations that deal with the LITHC industry including ongoing compliance.

Preferred Qualifications
- Advanced Degree - Finance, Accounting, or Economics

• 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.
• 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.
• Develop and oversee innovative programs to address local community needs and help grow CVS Health’s presence and impact.
• 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.

Education
Bachelor’s Degree - Finance, Accounting or Economics

Business Overview
Bring your heart to CVS Health Every 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. We proudly support and encourage people with military experience (active, veterans, reservists and National Guard) as well as military spouses to apply for CVS Health job opportunities.