Job Description

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Bank of America’s Community Development Banking (CDB) group, part of the Commercial Real Estate Bank (CREB), is committed to strengthening communities nationwide through financing that supports affordable housing and broader community development. From 2020–2025, CDB provided more than $42 billion in debt and equity financing, creating and preserving over 74,000 affordable housing units across 335 cities in 40 states. CDB partners with for‑profit and nonprofit developers using Low Income Housing tax credits (LIHTC), Historic Tax Credits (HTC), New Market Tax Credits (NMTC), debt, and non-tax-credit equity to support housing that revitalizes neighborhoods, expands economic opportunity, and promotes long‑term community stability. CDB advances this work in some of the nation’s most competitive housing markets by providing equity investments for workforce and middle‑income housing delivering high‑quality, attainable homes for individuals and families through BACDC.

Bank of America Community Development Company (BACDC) is seeking a Senior Development Manager to oversee project selection, investment underwriting and execution for community-based real estate investments and developments. Projects are complex housing transactions and mixed-use developments with Joint Venture Partners, and are focused on housing affordability and community revitalization. The Senior Development Manager will be responsible for real estate underwriting, deal structuring (often times in collaboration with outside counsel), transaction management, ongoing investment management, and will be the direct point of contact with Joint Venture Partners (JV). They will work across all CDB and CREB regions and in collaboration with the clients’ internal teams.

Core Responsibilities

• Origination, Partnerships & Client Growth Manage relationships with existing Joint Venture Sponsors and work with clients teams to identify new opportunities.
• Underwriting & Execution Origination and assessment of new direct and construction JV projects for non-tax credit multi-family investments, including deal underwriting and coordination of due diligence and preparation and presentation of internal approvals.
• Investment Management and Strategy On-going management of investments in conjunction with portfolio management teammates including the direction of annual reviews, valuations and impairment assessments, and collaboration on portfolio-wide strategies including target markets, concentration (whether geographically, by JV partner, or investment type) and Operational Excellence initiatives.
• Internal Leadership: Work closely with internal team members to facilitate the assessment of debt maturity risk, project level reserves, distribution payout levels, debt and equity adequacy and refinancing and recapitalization alternatives. Effectively communicate with JV partners as it relates to the Bank’s appetite to equity investment and development risk.
• Cross business collaboration: Coordinate with Risk, Finance, Legal, Enterprise Credit, Operations and internal teammates to ensure processes are effectively followed and monitored and to drive a culture of continual improvement.
• Communication & National Initiatives Ensure strong communication with regions and leadership; partner with the CDB and CREB teams to plan, deliver, and scale national projects and initiatives; monitor progress and share best practices.

Qualifications:

• Must have 10+ years of experience in real estate finance with a strong understanding of multi-family finance and underwriting.
• Ability to assess and mitigate equity risk through debt and partnership structuring.
• Proven ability to work collaboratively with outside counsel in deal structuring.
• Adept at reviewing and interpreting detailed Excel equity investment models.
• Strong negotiation and communication skills.
• Proven ability to proceed independently and work collaboratively in a team, especially when facing uncertainty.
• Demonstrated leadership ability.

• Bachelor’s degree or advanced credentials (MBA, MPA, JD, CPA) strongly preferred.

Travel:

• Approximately 15–25% for market visits, partner meetings, conferences, and internal collaboration.

Shift:

1st shift (United States of America)

Hours Per Week:

40

Pay Transparency details

US - IL - Chicago - 110 N Wacker Dr - Bank Of America Tower Chicago (IL4110)Pay and benefits informationPay range$85,100.00 - $190,000.00 annualized salary, offers to be determined based on experience, education and skill set.Discretionary incentive eligibleThis role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.BenefitsThis role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.