What will you do?
- 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 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.
What do you need to succeed?
- Bachelor’s Degree and five years 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.
- Prior experience as a LIHTC Asset Manager is highly preferred.