LIHTC Manager, Asset Management

POSITION DESCRIPTION

The Manager will oversee and lead a team of LIHTC Asset Managers responsible for a portfolio of state Low-Income Housing Tax Credit (LIHTC) properties. The primary focus of the role is to ensure the successful transition of the LIHTC assets from the construction phase to stabilized operations. This role involves providing mentoring and support to the team while ensuring that all properties within the portfolio are effectively managed to meet financial, operational, and compliance goals. In addition to overseeing direct reports this individual will be responsible for managing their own portfolio of LIHTC assets directly.

DUTIES

·         Lead, mentor, and manage a team of LIHTC Asset Managers, providing guidance, support, and development opportunities to ensure high performance.

·         Set performance expectations and goals for the team, providing regular feedback, evaluations, and coaching to optimize individual and team effectiveness.

·         Manage properties in construction and lease-up (monthly construction draws, change orders, architect and inspector reports, construction schedules, leasing and traffic reports) to ensure delivery of tax credits in line with original credit projections

·         Monitor rent levels development sources and permanent loan requirements to assess the ability of a property to convert at expected permanent loan amount

·         Review capital call and benchmark documentation from developer/GPs. Ensure required performance benchmarks are achieved and the requisite documentation is provided in accordance with operating agreements

·         Calculate and approve calculations of  annual tax credit amounts from final cost certification/8609s, and calculate first year tax credit delivery from actual or estimated lease-up figures. Prepare or approve final upward or downward capital adjustments pursuant to the terms of the operating agreement

·         Develop and maintain relationships with General Partners/developers, management agents, lenders, contractors, accountants, and others to ensure the flow of current and relevant information

·         Know, understand, implement and train with respect to varied and state specific LIHTC housing rules and regulations, compliance requirements, and programs.

·         Complete data entry within MRI Investment Central; updating of asset management software through project’s life cycle is critical to ensure continued data integrity

·         Collect and oversee collection of annual K-1s and audited financial statements and other project level reporting

·         Generate invoices and manage receipt and tracking of asset management fees and cash flow distributions

Candidate requirements and qualifications:

·         Minimum of 7-10 years of experience in asset management, with at least 3-5 years of experience leading a team of asset managers, preferably within the LIHTC or affordable housing sector.

·         Strong background in financial analysis, compliance, and portfolio management within the context of LIHTC properties

·         Proven experience in team leadership, mentoring, and employee development.

·         In-depth knowledge of LIHTC regulations, compliance requirements, and state affordable housing programs.

·         Candidate should have a bachelor’s degree in a quantitative or analytical field, such as business, statistics, economics, finance, or accounting.

·         Strong aptitude in Microsoft Excel

·         Strong verbal and written communication skills are a must

·         Team player who enjoys diving into issues, brainstorming solutions, and learning new methods and tools to address problems

·         High degree of enthusiasm and drive

·         Good organization skills, attention to details and ability to produce and approve work with highest accuracy is essential