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Internship Program

2014 Diversity Internship Program

Recognizing that internships are often the foundation of informed career choices, the New York State Homes and Community Renewal Diversity Internship Program was established in 1990. Today, with the co-sponsorship of J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Samuel A. Ramirez & Co., Inc. and Wells Fargo Securities, these internships provide an established point of entry into the business of public finance. 

Beginning in July of each year, up to four interns are selected for the year-long program which includes two six-month terms. One term is spent working at the New York State Homes and Community Renewal on single-family and multifamily debt issuance, real estate finance, and mortgage insurance issues.  For the other term, the interns will work at one of the co-sponsoring private sector firms where they function as analysts in the public finance arena. After admission to the Program, each intern is assigned a mentor, enrolled in a finance course and given the opportunity to be involved in all aspects of housing finance.   

Responsibilities can include, but are not limited to:

  • analyzing a developer’s proposal for a low-income housing development,
  • producing cash flows for new money issues and refundings,
  • preparing presentations to credit rating agencies,
  • organizing the mailing of offering documents for a bond issue,
  • participating in bond pricing calls,
  • reviewing documents for, and assisting at, bond closings, and
  • assessing the creditworthiness of a housing development and underwriting it for mortgage insurance. 

The program is open to students who expect to receive, a baccalaureate degree in May/June 2014.  To be eligible, a student must be a New York State resident who is a permanent resident of the United States.  Individuals with advanced degrees or who are in advanced degree programs are not eligible.   This is a program for Students who are members of a group that has been historically under-represented in the financial services industry. 

Qualifications: Interest in finance, be familiar with governmental institutions, and have the willingness to work hard in the furtherance of an exciting and rewarding career.  Quantitative ability, as demonstrated in courses such as economics, business administration, or mathematics, is important, but it is not necessary to have majored in one of these areas. 

To apply for the Diversity Internship Program, please submit the following on/or before April 11, 2014:

  • A cover letter of introduction which outlines your interest in public finance, how the       internship relates to your academic and/or career goals, why you would like to participate, and what qualifications distinguish you from other potential interns;
  • Your resume;
  • Unofficial college transcript;
  • A list of three references; and
  • An essay of no more than 500 words, which describes the ways in which your diverse background would contribute to the professional environment.  You may discuss your ethnic, racial, cultural, familial, economic and/or other biographical factors as they have impacted on your life and accomplishments. 

Please send all materials and refer all questions to:
Maria Berrios
Telephone: 212-480-6731
e-mail: diversityinternship@nyshcr.org

Last updated: 01/06/14


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