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Homes and Community Renewal


New York State Homes and Community Renewal (HCR) established the Municipal Finance Fellowship program in 1990. The Fellowship offers a year-long, full-time opportunity to gain real-world experience in public finance. Beginning in July of each year, HCR offers up to 4 Fellowships annually to students with interest in pursuing careers in finance and the public sector. The program strives to create a more inclusive and diverse workforce in the financial services industry.

Program Description

Fellows will work as an analyst at the HCR New York City office for a six-month term where they will be deeply involved with single-family and multi-family bond financings, real estate finance, and mortgage insurance.

Fellows will work as an analyst at one of our co-sponsoring investment banking firms (Morgan Stanley, Wells Fargo Securities, Samuel A. Ramirez & Co., Inc.) for a six-month term in the public-finance investment banking arena. Fellows will receive a compensation package with benefits.

Responsibilities may include:


  • Produce cash flows for new money issues and refundings
  • Prepare presentations to rating agencies and Board Members
  • Participate in bond pricing calls
  • Analyze retail & institutional orders and allocations
  • Evaluate developer proposals for affordable housing developments

Investment Bank

  • Prepare RFP responses, presentations and pitch books for potential clients
  • Gather market data to analyze trends, value and price transactions
  • Attend bond pricing calls and sales meetings
  • Create debt structures for bond issuers
  • Participate in the analyst training program



Application Materials and Deadline

Visit us at

Municipal Finance Fellowship Brochure