Asset Manager, Development Job at CREA (IN) (Boston)

Job Description

This position will play an important role in managing a portfolio of assets in the Development phase within CREA, LLC’s portfolio of Section 42 low-income housing tax credit projects.

Job Responsibility

Maintain a detailed working knowledge of each property within the assigned portfolio
Oversee and monitor the achievement of benchmarks such as construction completion, initial lease-up, stabilization, permanent loan conversion, and receipt of executed 8609s
Lead Transition Calls for newly closed Partnerships within the assigned portfolio that are either a new relationship and/or an Acquisition Rehab in place
Track, monitor, and calculate credit delivery to include review of occupancy reports, cost certifications, and 8609s
Monitor properties for ongoing compliance with Partnership Agreements
Maintain a detailed working knowledge of Section 42 LIHTC program compliance requirements
Collect, review, and provide reporting on monthly, quarterly, and annual financial information.
Work with the Investment Central database system to track property data
Analyze benchmark and financial statements and perform risk rating analysis
Assist in collecting tax returns and audits, and coordinate review and approval through CREA’s Fund Management Group
Special projects and reporting as requested
Review GP requests on potential deal changes and prepare formal requests for Investor Relations.
Ensure projects remain in balance during the development process and identify potential solutions to keep properties in balance when needed
Coordinate compliance reviews with third-party compliance consultants and perform some compliance work in-house
Collect and review monthly construction draws and process periodic Equity Installments
Work with internal and external partners to project future equity timing and needs

Requirements

Bachelor’s degree with a major in accounting, finance, real estate, or another business-related field
A minimum of two years of working in the areas of asset management, accounting, the multifamily affordable industry, or development
Must be proficient with Microsoft Office Suite, with a heavy emphasis on Excel and Word
Must have excellent communication skills and the ability to comfortably interact with senior management internally and with a large external client base
The ability to identify and verbalize issues with the partners
Currently has or has the ability to receive a LIHTC Compliance Certification
A valid driver’s license is required for limited travel of up to 5% annually, with the potential for some overnight travel.

Nice to have

Relatable experience working with Section 42 (low-income tax credit or other similar programs). Must possess and be able to demonstrate effectiveness with each of the following Core Competencies: Excellent problem-solving, organizational, interpersonal, and time-management skills
Ability to identify, simplify, process, and resolve complex issues
Excellent oral and written communication skills
Ability to efficiently receive, monitor, and follow through on requests, projects, and problems to completion
Ability to multitask, prioritize, and meet deadlines
Ability to effectively manage and administer sensitive and confidential information
Must have strong initiative and work with minimal guidance & supervision
Commitment to excellence, attention to detail, and accuracy, providing high-quality work product

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Asset Manager, Development

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