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About the Role
National Equity Fund, Inc. (NEF), a leading non-profit syndicator of low-income housing tax credits (LIHTC), is seeking an Asset Manager-East to conduct a wide range of new business initiatives. The Asset Manager-East will be a member of a Transaction and Asset Operations Team and will be a high-caliber relationship manager and problem solver responsible for all property and asset management issues throughout the life of the lower-tier partnership to ensure the continuous delivery of tax credit benefits and projected passive losses.
Responsibilities
- Analyze the financial feasibility of investment proposals from the standpoint of property and asset management.
- Coordinate with other team members to review and analyze all transactional plans related to on-time delivery of units and long-term operating success.
- Work with the Team throughout the acquisitions process to identify and mitigate risks in such areas as operating budgets, reserves, and development timelines.
- Establish and maintain relationships with General Partner’s staff to ensure mutual expectations are met.
- Communicate and interpret the management, documentation, and reporting obligations as specified in the partnership agreement.
- Manage construction, lease-up schedule, cost certification, and 8609 executions to assure on-time delivery of first-year credits and intervene when appropriate.
- Manage disbursement of construction, developer fee, and reserve funding equity payments.
- Manage operations through statistical analysis and on-site inspections for early identification of potential issues.
- Provide technical assistance in project performance and related managerial reports to ensure continued receipt of reliable information, especially as it pertains to tax credit benefits.
- Designate an appropriate risk rating based on NEF’s criteria and develop action plans to mitigate identified risks.
- Manage the assigned Asset Management Analyst, overseeing their financial analyses, documentation, data input, and work outputs.
- Mentor Analysts in identifying, interpreting, evaluating, and mitigating risks and issues.
- Continually assess project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions and partnership agreement conditions.
- Oversee compliance reviews and follow up on deficiencies or 8823 filings.
- Assure that insurance coverage is adequate and continuously in force, mortgages are not in default, and there are no mechanic liens or other non-permitted encumbrances.
- Perform project inspections, follow up on code violations or other health and safety conditions, and determine future capital needs and their financial impact.
- Establish strong, productive working relationships with project sponsors, lenders, and municipal and allocating agencies.
- Cultivate relationships conducive to information sharing and problem-solving.
- Provide exemplary customer service and employ customer retention strategies.
- Undertake special projects as assigned.
Requirements
- Minimum 5 years’ responsible experience in asset management, property management, or real estate finance.
- Ability and willingness to travel.
- Must be willing to tolerate ambiguity and risk.
Skills
- Strong track record of asset management.
- Knowledge of multifamily real estate operations, including market analysis; property management; finance; marketing and leasing; budgeting; financial reporting; and compliance with financing covenants or regulatory agreements.
- Keen analytical skills.
- Proven ability to readily recognize, investigate, interpret and communicate warning signs of potential problems.
- Strong financial analysis knowledge and skills.
- Proven problem-solving abilities to devise intervention strategies.
- Demonstrated successful relationship building with colleagues and customers.
- Computer skills in word-processing, spreadsheet, and presentation software.
- Experience with or technical knowledge of Section 42 is preferred.
- Self-starter – exhibits the drive and resourcefulness to work with minimal direction.
- Creative problem solver – ability to quickly grasp business issues and develop solutions.
- Team-oriented – collaborative individual motivated by working effectively with others.
- Leader – ability to influence others, with self-confidence and perseverance.
- Strong presentation skills – outstanding communicator, both in writing and verbally.
- Relationship builder – strong relationship-building and networking skills.
- Diverse and adaptable – comfortable working in a fast-paced, multi-task environment within a cross-functional team.
Location
- Corp. Office- New York - New York, NY
- western region
Work Type
- Full Time
Experience Level
- Minimum 5 years’ responsible experience
Education Level
- 4 Year Degree
- Master’s degree preferred
Benefits
- comprehensive benefits package
About the Company
- National Equity Fund, Inc. (NEF), a leading non-profit syndicator of low-income housing tax credits (LIHTC), is seeking an Asset Manager-East to conduct a wide range of new business initiatives.
- The LIHTC program is the most important resource available today for creating affordable housing in the United States.
- NEF uses its extensive experience, talent, and resources to create sustainable affordable housing.
Equal Opportunity
- NEF IS AN EQUAL OPPORTUNITY EMPLOYER