At Regions, the RAH (Regions Affordable Housing) Affordable Housing Asset Manager is responsible for monitoring and measuring the financial performance of Low Income Housing Tax Credit investment assets to optimize value for investor and developer partners. The Asset Manager (“AM”) position is an opportunity to work with an established and dynamic real estate investment business unit within Regions Bank. The AM oversees a portfolio of Low-Income Housing Tax Credit (LIHTC) multi-family properties as relationship manager and problem solver. The AM reports to the Regional Team Leader and Director of Asset Management, and works closely with other departments within the company. In addition, the AM will perform financial analysis; schedule and execute site visits and work closely with respective general partners and property managers to ensure long-term viability of the LIHTC asset.
- Oversee a portfolio of stabilized LIHTC properties.
- Review and understand limited partnership agreements, regulatory agreements, financing documents and other sources to determine enforceability of terms, financing structures and constraints, as needed. Review year-end financial audits for respective LIHTC partnerships.
- Review quarterly financial statements and annual statements, perform income and expense analysis, balance sheet analysis and budget to actual comparisons, and report quarterly to investors.
- Identify properties with operational issues, investigate causes and facilitate problem resolution; work to resolve issues through collaboration with general partners, property managers, lenders, and governmental/regulatory entities.
- Conduct all necessary annual site visits; more frequently for properties with concerns.
- Evaluate property management performance as required.
- Monitor reserve balances and oversee requests for release of replacement and operating reserves.
- Assign risk ratings, prepare Watch List reports and ensure implementation of actions to correct problems.
- Meet with and respond to investor issues and inquiries as needed.
- Ability to understand underwriting, debt structures, loan agreements and limited partnership agreements.
- College degree
- 5+ years’ experience in real estate and/or multi-family housing as an asset manager with stabilized and/or special assets portfolio. Experience in LIHTC recommended.
- Ability to travel 15% of the time
- Candidate must have financial analysis skills.
- BA/BS degree in real estate, accounting, business, finance, engineering/architecture or urban planning
- Advanced degree in similar or related field is a plus; agency internships or work experience a major plus
- Knowledge of multi-family real estate operations, including property management; marketing and leasing; budgeting; capital needs planning; financial reporting and compliance with financing covenants or regulatory agreements preferred.
- Must have strong computer skills and thorough knowledge of Outlook, MS Word and Excel.
- Must have excellent communication and organizational skills.
- Must be proactive, and have the ability to multi-task and work in a fast pace environment.
- Must have ability to work closely with third party property managers and leasing agents to provide direction for and oversight of business plans, budgets, forecasts, leases, analysis and approvals.
- Knowledge of affordable housing/tax credit program a major plus
- Ability to work independently and travel as necessary to sites
- Understanding of national real estate markets
- Asset Management
- Portfolio Management
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