The Asset Manager (AM) for Construction Risk Management oversees a portfolio of Low-Income Housing Tax Credit (LIHTC) properties during the rehabilitation or new construction phase. The AM reports to the Director – Construction Risk Management and works closely with the Underwriting, Fund Management and Compliance Departments. Certain primary responsibilities include tracking and/or reviewing construction budgets, schedules, Schedule of Values (for deprecation purposes) and Sources & Uses during the construction phase. In addition, the AM will review construction draws and process capital contributions for the respective property-partnerships. The specific responsibilities for this position including the following:
- Control construction phase risks to maximize construction quality, adherence to budget and timeliness of completion;
- Work with local general partners to ensure timely construction completion, and assure the quality and longevity of buildings constructed;
- Review documentation specified by Section 7.2 of the respective partnership agreements and process capital contributions to projects promptly at the specified intervals, or upon achieved benchmarks;
- Monitor Sources & Uses of each project to ensure project is in balance at permanent loan conversion;
- Work with the local general partners to insure the construction loan is retired in a timely manner;
- Inform and make recommendations to local general partners to achieve investment performance targets (address timing issues that may result in adjusters);
- Write status summaries for each property for investor reporting;
- Work with the WNC Compliance Department to estimate tax credit delivery and any adjustments to capital contributions;
- Report monthly to Stabilized Asset Management team status of construction completion, any issues and action plan related to CRM portfolio;
- Work with Director - CRM and WNC’s IT Department to identify and implement efficiencies through technology;
- Engage third-party engineers assigned to each project and manage site visit reporting; and
- Perform site visits on assets that may require more involvement than routine monitoring.
- The ability to digest technical reports, budgets, schedules and analyses for construction monitoring;
- Strong verbal and written communication skills;
- Working knowledge in Excel, Word and Outlook;
- Ability to multi-task and manage multiple priorities;
- The ability to discuss critical paths, and complex schedules and related matters with consultants and partners; and
- Knowledge of LIHTC program preferred.
- BA/BS degree in business and concentration in construction or development-related education; and/or
- Three to five years of experience in a construction oversight related field.