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About the Role
The CIC Tax Credit Asset Manager III will manage a portfolio of closed debt and equity investments. This role involves analyzing and reporting on asset performance, recommending actions on customer requests, and assessing asset quality. The Asset Manager will also mentor less experienced team members and manage complex matters independently.
Responsibilities
- Analyze and timely report on asset performance.
- Recommend timely action on customer requests.
- Ensure timely assessment and reporting of asset quality indices to Management and Credit.
- Manage complex matters independently.
- Provide mentorship for less experienced Asset Managers.
- Ensure/monitor equity investment value and loan risk factors through the timely receipt and reporting of current and relevant information.
- Develop and maintain relationships with General Partners/developers, management agents, lenders, contractors, accountants, third-party consultants, and others.
- Structure appropriate action plans, obtain investor and/or credit approval, and ensure their correct implementation to preserve investor value, reduce risk of loan loss, and maintain compliance with current tax law and other affordable housing regulatory requirements.
- Assess project and partnership compliance with Low Income Housing Tax Credit and Historic Tax Credit provisions, terms of partnership agreement, loan documents, operational benchmarks, and financial covenants.
- Provide identification and reporting of risk factors which could result in non-compliance.
- Complete timely monthly, quarterly and annual reporting activities including; monthly and quarterly operating performance and asset quality index reviews.
- Manage collection of priority returns and asset management fees.
- Review, analyze, and report on required financial statements and tax returns including a comparison to original cash flow and debt service coverage projections.
- Ensure expected tax benefits are properly claimed on partnership tax returns through timely review and comment.
- Annually confirm engagement of CPA firms and track progress of deliverables.
- Evaluate proposed annual budgets for trends in income, expenses, cash flow and debt service coverage.
- Review annual property operating budgets for performance in comparison to original projections and make inquiries as necessary.
- Monitor and analyze construction and lease-up progress to project tax benefit delivery and update rates of return to the bank or investors.
- Review monthly construction draws, change orders, architect and inspector reports, construction schedules, leasing and traffic reports.
- Identify and report issues potentially impacting the project’s risk profile or investment return, including timing and amount of tax credit and tax loss benefits, ability to achieve stabilization, permanent loan conversion, and equity/grant/sub-debt pay-ins.
- Review capital calls from developer/GPs.
- Ensure required performance benchmarks are achieved and the requisite documentation is provided (in accordance with partnership agreement).
- Calculate annual tax credit amounts from final cost certification/8609s, and calculate first year tax credit delivery from actual lease-up figures.
- Prepare final upward or downward capital adjustments pursuant to the terms of the partnership agreement.
- Perform periodic property site inspections and identify potential issues.
- Maintain familiarity with regional and local economic and demographic trends within portfolio markets.
- Provide site visit reports and follow-up on findings.
- Evaluate physical condition of assets and determine future capital needs.
Requirements
- Bachelor's Degree
- 12+ years of Tax Credit investment experience with focus on asset management preferred
- Strong understanding of Tax Credit investments and associated legal/regulatory environment, limited partnership agreements and loan documents with focus on guarantees and security.
- Strong analytical and problem-solving skills commensurate with experience, with careful attention to detail.
- Demonstrated experience forming and presenting data driven conclusions to Credit Administration and other internal stakeholders.
- Proven track record of working successfully with clients, team members and management.
- Strong time management and organizational skills.
- High level of emotional intelligence in a division undergoing change.
- Advanced degree or certification (e.g., JD, MBA, CPA, CFA, etc.) or equivalent experience
- Strong experience with LIHTC, and reasonable exposure to HTC and NMTC preferred.
- Relevant real estate experience with focus on asset management.
- Prior experience working of a national tax credit syndicator is a plus.
- Understanding of bank’s credit profile, credit policies, and risk management objectives commensurate with experience.
Skills
- Tax Credit investments
- Asset management
- Legal/regulatory environment
- Limited partnership agreements
- Loan documents
- Guarantees
- Security
- Analytical skills
- Problem-solving skills
- Attention to detail
- Data driven conclusions
- Client relations
- Teamwork
- Management
- Time management
- Organizational skills
- Emotional intelligence
- LIHTC
- HTC
- NMTC
- Real estate
- Bank credit profile
- Credit policies
- Risk management objectives
Location
- Columbus
- Cleveland
- Detroit
- Clayton MO
- Chicago
- Remote
Work Type
- Office
- Hybrid
- Remote
Experience Level
- 12+ years of Tax Credit investment experience
- Commensurate with experience
Education Level
- Bachelor's Degree
- Advanced degree or certification (e.g., JD, MBA, CPA, CFA, etc.) or equivalent experience
Salary/Compensations
- $93,000.00 - $189,000.00 Annual Salary
Benefits
- Health insurance coverage
- Wellness program
- Life and disability insurance
- Retirement savings plan
- Paid leave programs
- Paid holidays
- Paid time off (PTO)
About the Company
- Huntington is an Equal Opportunity Employer.
- Tobacco-Free Hiring Practice: Visit Huntington's Career Web Site for more details.
- Note to Agency Recruiters: Huntington will not pay a fee for any placement resulting from the receipt of an unsolicited resume. All unsolicited resumes sent to any Huntington colleagues, directly or indirectly, will be considered Huntington property. Recruiting agencies must have a valid, written and fully executed Master Service Agreement and Statement of Work for consideration.
Equal Opportunity
- Huntington is an Equal Opportunity Employer.