Real Estate Jobs To Do With A Law Degree – Community Development Jobs

Real Estate Jobs To Do With A Law Degree – Community Development Jobs


Marc Luber: Hey everyone – welcome to JD
CareersOutThere – where we get you career advice from fellow lawyers and non-practicing
lawyers – to help you find success and happiness in your career. I’m ML – and today we’re exploring the
career path of community development. We’re talking to my old friend from law
school, Marc Hirshman, who’s a Sr VP of US Bank in St. Louis, where he’s the Director
of Tax Credit Syndications and New Business Development for their US Bankcorp Community
Development Corporation. Here’s a little look at our discussion where
Marc explains what the community development path is all about. Marc Hirshman: Community development work
is a pretty broad category. It ranges really anywhere from doing real
estate development to kind of straight up economic development. It can range from work within municipalities,
work within private sector, and it could really encompass the actual development to the financing
to the other governmental incentives or programs that are utilized to make it happen. And we at – where I work, at U.S. Bank’s
Community Development Corporation, specifically do the tax credit equity investing in a number
of different Federal and State programs. Luber: Okay. So, I think what I get really excited about
is this tax credit equity investing. I want to learn about that and explain that
so everyone can get a good grasp here of what exactly that means. Marc Hirshman: So, essentially the Federal
government and often State and local governments utilize tax code to implement public policy. So, for instance, there’s a program called
the Affordable Housing or Low Income Housing Tax Credit Program, which has been around
for roughly 25 years. And what the government does is it creates
tax credits to provide economic benefit to encourage developers to develop through this
program to create affordable housing for low income families. Luber: Okay. So, now I want to make sure everyone gets
the fact that there’s a cool, do-gooder angle to this that I really like. So, you’re really helping in a sense, and
the tax code is set up to help society in this sense. So you guys will invest in affordable housing,
and help that get developed and help the renewable energy space get developed and help buildings
get rehabbed, refurbished for the purpose of helping the community and then in exchange
for that, getting a tax credit for the money that was put into that project. Is that right? Marc Hirshman: Exactly! So, really and that’s the reason that most
financial institutions, our financial institution, is involved in these programs is that, you
know, number one, there’s a community benefit to it and that’s what really drives a lot
of people within the industry and why people are interested in participating or being members
of the industry, is that at the end of the day, there’s a tangible benefit to society,
whether it’s the creation of a new business or a new building or a new renewable energy
source or affordable housing or, you know, saving a building that might otherwise be
torn down. So there’s that community aspect. There’s the financial benefits of by investing
these tax credits, the investments provide a good financial benefit to the investment
community, whether again, it’s a financial institution or a large – other large corporation
generally. And so you provide all of these things. And then for the banks, there is an additional
element or component of it: is that banks are subject to the Community Reinvestment
Act, or CRA. And this satisfies, whether it’s an investment
or a loan, it satisfies or helps fulfill the need to comply with the Community Reinvestment
Act. Luber: Okay. So, then your division, or your role, is helping
the community and then offsetting the tax burden that the bank has for other business
that they do. Marc Hirshman: Correct. Correct. Luber: I love the mix of the business and
the do-gooder angles for this career path. You guys can watch a full episode of Marc
and I going more in-depth into community development careers and you’re gonna learn more about
what he does, how you can do it, how you can break in – and how your JD applies to this
path. That’s gonna happen at JD-CareersOutThere.com
– or JDCOT.com for a shortcut. If you’re already at the site, you can scroll
down to the full version – be sure to become a member so you can watch the full interview
and get access to lots more exclusive content filled with great advice. Thanks again for watching everyone – I’m
Marc Luber and look forward to seeing you again soon. Take care.

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