Associate – Stabilized Asset Manager

Associate – Stabilized Asset Manager

Requirements

• 3-5 years of experience in Low Income Housing Tax Credits (LIHTC) real estate.
• Bachelor’s degree and five years of experience in real estate, accounting, finance, or property management.
• Key skills include real estate concepts, financial analysis, and strong organization and prioritization.
• A strong interest in real estate investment and/or affordable housing.
• Proficiency in MS-Outlook and MS-Office applications.
• Excellent verbal and written communication skills.

Responsibilities

• Assess project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions, terms of partnership agreement, loan documents, LURAs, QAPs, and tax credit application.
• Calculate annual tax credit amount from final cost certification and 8609s and calculate first year credit delivery from actual lease-up figures.
• Manage the disbursement of equity for the assigned portfolio.
• Provide oversight of project by analyzing performance data on a monthly, quarterly, or annual basis as applicable.
• Complete detailed “workout” analyses to prepare asset-specific Risk Management Plans and Loss Mitigation Plans on higher risk-rated assets.
• Complete annual property inspections or more frequently as needed.
• Expedite the receipt of financial and operational information from the lower tier partnerships on a monthly, quarterly, and annual basis.
• Initiate communication with General Partners to ensure timely submission of tax returns and audits.
• Review the annual operating budget for each property in the assigned portfolio.
• Communicate issues that may place a project at risk to appropriate leadership in Asset Management, and develop an action plan that will help mitigate the risk and protect the investment.
• Assist with the disposition of assets at the end of the affordable housing tax credit period or other dissolution event.
• Participate in team initiatives.
• Maintain a thorough and up-to-date record of property activity and document management in the database.
• Maintain familiarity with regional and local economic and demographic trends within portfolio markets.
• Develop and maintain relationships with General Partners, management agents, lenders, contractors, third-party monitors, investors, local and state housing agencies, and others in the LIHTC industry.

Preferred Qualifications

No preferred qualifications provided.