Asset Manager - Construction Risk Management

Job Description

Job Description

Salary : $80,000 - $100,000

Overview :

The Asset Manager for Construction Risk Management (CRM) position is an opportunity to work with an established, dynamic and rapidly growing real estate investment company that has provided affordable housing nationally since 1971. The candidate may office remotely and not necessarily at the home office or one of WNCs satellite offices.

The Asset Manager for CRM oversees a nationwide portfolio of Low-Income Housing Tax Credit (LIHTC) multi-family properties during the rehabilitation or new construction phase. The Asset Manager reports to the Vice-President of CRM and works closely with the Stabilized Asset Management, Underwriting, Fund Management, and Compliance Departments. Certain primary responsibilities include tracking and / or reviewing construction budgets and schedules, Schedule of Values (for depreciation purposes), and Sources & Uses during the construction phase. The Asset Manager will also review construction draws and process capital contributions for the respective partnerships.

Responsibilities :

• Work with Underwriting Project Managers to review due diligence documentation including third-party Plan and Cost Reviews, construction schedule, and tax credit delivery projections.
• Control construction phase risks maximizing construction quality and accessibility compliance, adherence to budget and timeliness of completion.
• Develop and maintain relationships with Local General Partners and enforce requirements of the Limited Partnership Agreement for timely construction completion, construction quality and longevity of buildings constructed.
• Process capital contributions to partnerships promptly upon achieved benchmarks.
• Monitor Sources & Uses of each property to ensure it is in balance.
• Inform and make recommendations to local general partners to achieve investment performance targets.
• Determine risk rating and draft narratives for each Watchlist property for quarterly investor reporting.
• Collaborate with the WNC Compliance Department to estimate tax credit delivery and any adjustments to capital contributions.
• Complete monthly internal status reporting of construction completion, including issues and action plans related to the portfolio.
• Engage third-party engineers assigned to each property and manage site visit reporting.
• Perform site visits prior to closing as well as visits to properties that may require more involvement beyond routine monitoring.

Qualifications :

Education & Experience :

The above information is intended to describe the general nature and level of work being performed by employees assigned to this job. It is not intended to be an exhaustive list of all responsibilities, duties, and skills required.

Benefits & Opportunities :

The compensation listed represents the expected salary for this position. A candidate's work experience and other job-related factors will also be considered.