Reports ToVP, Asset Management - Development
LocationIndianapolis, IN; Boston, MA; New York, NY; Portland, OR; Sarasota, FL or San Diego, CA
CREA, LLC (CREA) is a full service LIHTC Syndicator with tax credit equity financing in excess of $6 billion since inception in 2001. CREA was founded on the “Real Estate First” philosophy that behind every exceptional real estate investment is fundamentally sound real estate; our team pledges to provide innovative real estate investment solutions. While CREA has continued to grow to around 120 employees we continue to look for talented and passionate individuals who are excited about opportunities to grow with into the future. With offices headquartered in Indianapolis, IN, CREA’s Asset Management department is growing and looking to add talent for the position of Asset Manager – Development.
This position will play an important role in managing assets in the Development phase within CREA, LLC’s portfolio of Section 42 low income housing tax credit projects. Specific tasks will include:
- Portfolio Management
- Maintain a detailed working knowledge of each project within the assigned portfolio;
- Oversee and monitor achievement of benchmarks such as construction completion, qualified occupancy, stabilization and permanent loan conversion of LIHTC projects from close through receipt of executed 8609s or final release of equity.
- Reporting & Technology
- Collect, review and provide reporting on monthly, quarterly and annual financial information for the lower tier partnerships;
- Work with centralized database system to track project data;
- Analyze partnership benchmarks and financial statements and perform risk rating analysis;
- Collect tax returns and audits from the lower tier partnerships and coordinate review and approval through CREA Fund Management Group
- Verification that real estate property taxes are paid current and insurance coverage is adequate and up to date;
- Special projects and reporting as requested.
- Compliance and Tax Credit Delivery
- Coordinate compliance reviews with third party compliance consultants and perform some compliance work in house;
- Track, monitor and calculate credit delivery for partnerships;
- Monitor projects for compliance with partnership agreements;
- Maintain a detailed working knowledge of Section 42 LIHTC program compliance requirements
- Draws & Funding
- Process monthly construction draws and periodic Equity Installments;
- Work with internal and external partners to project future equity needs.
Bachelor’s degree with a major in accounting, finance, real estate, property management or business is preferred. A minimum two years of experience working with Section 42 (low income, tax credit) projects in the area of asset management, public accounting, multi-family property management or development required. A working understanding of compliance and limited partnership agreements and the ability to identify and verbalize issues with the partners is strongly preferred. Must be proficient with Microsoft Office Suite with a heavy emphasis on Excel and Word. Candidate must have excellent communication skills and the ability to comfortably interact with senior management internally and a large external client base. A valid driver’s license is required for limited travel of up to 5% with potential for some overnight. Some overtime is required periodically throughout the year. Must possess and be able to demonstrate effectiveness with each of the following Key Attributes:
- Strong analytical, organizational, interpersonal, and time management skills;
- Ability to identify, simplify, process and solve complex issues;
- Excellent oral and written communication skills;
- Ability to efficiently receive, monitor and follow through requests, projects and problems to completion;
- Ability to multi-task, prioritize and meet deadlines;
- Ability to effectively manage and administer sensitive and confidential information;
- Must have strong initiative and can work with minimal guidance & supervision;
- Commitment to excellence, attention to detail and accuracy, providing high quality work product;
- Professionalism/Ethics (Trust, Attitude Commitment, Honesty, Collaboration& Approachability).