WNC

Tax Credit Investments

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Asset Manager

Job Description:

The Asset Manager (AM) oversees a portfolio of Low-Income Housing Tax Credit (LIHTC) properties, acting in the capacity of a relationship manager and problem solver. The AM reports to the Vice President of Asset Management and works closely with the Portfolio Management department. He or she will conduct financial reviews; schedule and execute site visits and work closely with respective general partners and property managers to ensure long-term viability of the LIHTC asset. The AM will work to enhance WNC’s relations with General Partners. The AM will also be responsible for asset management concerns from stabilization through the life of the lower-tier partnership, to ensure the delivery of appropriate tax credit benefits.

Position Responsibilities:

  • Oversee a portfolio of approximately 70 LIHTC properties.
  • Work closely with Portfolio Management staff to assess financial performance; monitor budgets (comparing to actuals) and reviewing occupancy levels (rent rolls) as necessary, or in the case of tertiary properties, on a monthly basis, according to specified benchmarks. Monitor overall operational performance.
  • Review and approve annual budgets for reasonableness upon submission by general partner/property management.
  • Evaluate property management performance and capacity on an annual basis or as needed.
  • Develop “Action Plan” in conjunction with the general partner/property management for tertiary properties, monitoring effectiveness of “Plan” on a monthly basis.
  • Conduct a minimum of eight (8) site visits per month. Tertiary properties must be visited annually or as needed; and non-Watch List, stabilized properties are to be visited annually or every two years, as reflected in the partnership agreement and/or WNC’s EPIQ database.
  • Evaluate and monitor LIHTC compliance and other risk factors quarterly, or as needed.
  • Review partnership agreements, regulatory agreements, financing documents and other sources to determine financing structures and constraints, as needed.
  • Compare quarterly, or as needed, property performance in relation to the asset’s proforma.
  • Ascertain and work to resolve problems with LIHTC properties through collaboration with general partners, property managers and governmental/regulatory entities.
  • Analyze monthly, quarterly and year-end financial statements, as needed.
  • Review year-end financial audits for respective LIHTC partnerships.
  • Conduct annual follow-up and collection of the general partners’ Return-to-Owner (RTO) obligation.
  • Monitor reserve levels and oversee requests for release of replacement and operating reserves.
  • Complete a monthly tertiary and secondary report for properties determined to be at risk no later than the 24th day of each month. Identify issues such as under-funded reserves and significant variances in income and expense lines as compared to the approved budget.
  • Complete special projects that are communicated to the AM by the Vice-President of Asset Management.
  • Maximize total return for each assigned asset through the analysis of property efficiencies and identifying opportunities for improved performance.
  • Work closely with third party property managers and leasing agents to provide direction for and oversight of business plans, budgets, forecasts, leases, analysis and approvals.
  • Negotiate third party contracts.
  • Manage cash flow, distribution analysis and investment projections.
  • Develop and distribute periodic asset management reports to investors, consultants and other partners.

Qualifications:

  • Candidate must have financial analysis skills.
  • Must have Rural Development experience.
  • Knowledge of multifamily real estate operations, including property management; marketing and leasing; budgeting; capital needs planning; financial reporting and compliance with financing covenants or regulatory agreements preferred.
  • Must have strong computer skills and thorough knowledge of MS Word and Excel.
  • Must have excellent communication and organizational skills.
  • Must have the ability to multi-task and work in a fast paced environment.
  • Must have five to eight years of responsible experience in housing, asset management, property management or real estate finance. Knowledge of LIHTC preferred.
  • B.A. degree in accounting, real estate financial analysis skills, business, economics or related field; Master’s degree or CPM preferred.

WNC offers: medical, dental, vision, 401(k), vacation and sick pay, along with paid holidays. Please e-mail salary history along with resume to hr@wncinc.com.