|
Position Purpose:
RBC Capital Markets - Tax Credit
Equity Group (www.rbccm.com/tceg), part of the Royal Bank of Canada (RBC)
family, is a leading national syndicator of State and Federal Low Income
Housing Tax Credits (LIHTCs), Historic Rehabilitation Tax Credits (HRTCs),
and New Markets Tax Credits (NMTCs). We are seeking an Asset Risk Manager
in either our Chicago, IL or Charlotte, NC location. This position reports
to the VP- Asset Risk Management.
Key Accountabilities:
The Asset Risk Manager is
responsible for maintaining a portfolio of approximately 20
under-performing real estate assets invested through the Section 42
(LIHTC) affordable housing tax credit program and/or the historic tax
credit program.
* Participate in hand-off meetings with Development
Risk Management (DRM) or Stabilized Asset Management teams; address risks
already identified and what mitigation strategies have been employed prior
to assignment in or out of Asset Risk Management group.
* Complete
detailed workout analyses to prepare asset-specific Risk Management Plans
and Loss Mitigation Plans on higher risk-rated assets. Communicate
relative risk accurately and develop appropriate plans to mitigate risks
and better protect the investment. Recommend implementation of strategies
to resolve financial, real estate/LIHTC compliance, and ownership issues
on assets. Within the process completing:
o Review of original
underwriting cash flow projections and scheduled equity payments. Compare
against actual results and determine causes of variances.
o Review
sources and uses of funds to identify gaps and assist in the resolution of
capital shortfalls.
o Analyze reports to confirm the feasibility of
project stabilization plans - including market analyses, operating
budgets, rent levels, rental AMI set-asides, expenses, and capital
improvements.
o Interact and negotiate with General Partners, lenders,
contractors, market consultants, CPAs, investors, local and state housing
agencies, and others in the LIHTC industry to analyze means to improve
risk profile of assigned assets.
o Prepare stabilized, interim and long
term budget pro formas.
o Prepare formal narrative Risk Management
Plans.
* Provide oversight of assets by analyzing performance data on
monthly or quarterly basis and assign risk ratings quarterly or in
response to significant interim events.
* Conduct site inspections
within approximately 60 days of asset assignment to Asset Risk Management
portfolio and thereafter according to specific asset's Risk Management
Plan.
* In concert with Fund Management, manage the disbursement of
remaining equity or additional fund or LP advances per agreed plans and
prepare upward or downward equity adjustments when necessary.
*
Expedite the receipt of financial data and information from the lower tier
partnerships on a quarterly and annual basis. Prepare informative
narrative Watch List reports on property performance, problem resolution
and workout strategies.
* Initiate communication and take extra steps
on underperforming assets to ensure General Partners' timely submission of
tax returns and audits each year.
* Participate in team initiatives to
improve overall RBC portfolio monitoring; peer review risk ratings on
other assigned portfolios within quarterly risk rating process.
*
Maintain up-to-date record of property activity and document management in
database.
* Review and process permanent loan conversion items when
needed.
* Calculate annual tax credit amount from final cost
certification and 8609s and calculate first year credit delivery from
actual lease-up figures. Compare the tax credit calculations with original
projections and the tax credit guarantees in the partnership agreement.
* Oversee compliance reviews and pursue noted deficiencies.
*
Assist with the disposition of assets at the end of the affordable housing
tax credit period or other dissolution event.
Job Requirements: (Knowledge/ Experience):
Candidate
must possess a Bachelor's Degree and five years experience in real estate,
accounting, finance, or asset management. Prior experience the LIHTC
and/or workouts field is highly preferred. Key skills include real estate
concepts, financial analysis, risk management, and strong organization and
prioritization. A strong interest in real estate investment and/or
affordable housing, along with proficiency in MS-Outlook and MS-Office
applications, and excellent verbal and written communication skills are
essential.
Required Skills/ Competencies/ Attributes:
See Above
Education:
BA/BS
Required Accreditation(s):
Special Conditions:
n/a
Diversity:
Diversity in the workplace, one of our
shared values, lies at the heart of our rewarding, open, supportive and
inclusive work environment. We respect and respond to the many competing
and evolving priorities in our lives so you can focus on what you can do
best - put clients first.
EOE/M/F/D/V
|
