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Asset Manager, Stabilized

  • Reports To
    Vice President, Asset Management
  • Location
    WFH Flexible - Any CREA Office Location
  • Date
    April 2022
CREA, LLC is a full-service Low Income Housing Tax Credit (LIHTC) Syndicator forming long-term relationships with investors and developers that cultivate success and improve lives. As CREA marks over 20 years in business, $8.3 billion of total equity has been raised, contributing to the formation of over 70,000* homes within 770* properties. Approaching 150 employees, we continue to look for talented and passionate individuals who are excited about opportunities to grow with into the future. We are currently looking to add talent for the position of Asset Manager to join the Asset Management team.
Position Summary:
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.
Primary Responsibilities:
Primary responsibilities will include but are not limited to the following:
Portfolio Management:
  • Oversee and monitor LIHTC projects from receipt of executed 8609s or final release of equity through the end of the 15-year compliance period.
  • Maintain a detailed working knowledge of each project within the assigned portfolio.
Reporting & Compliance:
  • Collect, review, and provide reporting on monthly, quarterly, and annual basis for the lower tier partnerships.
  • Analyze partnership financial statements and perform risk rating analysis.
  • Perform cash flow analysis and ensure distributions are made timely and in accordance with agreements.
  • Collect tax returns and audits from the lower tier partnerships and coordinate review and approval through CREA Fund Management Group.
  • Monitor projects for compliance with partnership agreements.
  • Maintain a detailed working knowledge of Section 42 LIHTC program compliance requirements.
  • Verification that real estate property taxes are paid current and insurance coverage is adequate and up to date.
  • Coordinate annual compliance reviews with third party compliance consultants and perform some compliance work in house 
Technology & Special Projects:
  • Work with centralized database system to track project data.
  • Special projects and reporting as requested.
Site Visits:
  • Perform annual site visit to each apartment complex and follow up on deferred maintenance comments until corrected.

Job Requirements:

A minimum of two years of direct experience working with Section 42 (low-income tax credit) properties in the areas of asset management, public accounting, multifamily property management or development required.  Bachelor’s degree is preferred, but not required, with a major in accounting, finance, real estate, property management or business.  A working understanding of how to read various legal agreements, compliance of those agreements and the ability to identify and verbalize issues/concerns is preferred.  Must be proficient with Microsoft Office, Adobe, 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 20% with some overnight.  Some overtime is required periodically throughout the year. Must possess and be able to demonstrate effectiveness with each of the following Core Competencies:
Core Competencies:
  • Strong analytical, organizational, interpersonal, and time management skills
  • 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
  • Professionalism/Ethics (Trust, Attitude, Commitment, Honesty, Collaboration & Approachability)
Our Values:
  • We work as a family, investing in each other, worthy causes, and the communities we serve. 
  • We have integrity in all that we do; we embrace differences and treat others with kindness and respect. 
  • We believe that, with teamwork, we can accomplish anything and pursue inventive solutions for our clients.

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