Lihtc Underwriter Jobs in Riverside, CA (NOW HIRING)

Overview:

The Asset Manager (“AM”) position is an opportunity to work with an established, dynamic and rapidly growing real estate investment company that has provided affordable housing nationally since 1971.  The candidate may office remotely and not necessarily at the home office or one of WNC’s satellite offices.  

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 Vice President – Asset Management and works closely with other departments within the company.  The AM will be responsible for the cyclical reporting accountabilities and ongoing operational oversight of properties in both the stabilized team and structured assets (SAG).  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.  The AM will work to enhance WNC’s relations with local general partners and investors.  The AM will also be responsible for asset management concerns from initial stabilization through the life of the lower-tier partnership, to ensure the delivery of appropriate tax credit benefits.

Responsibilities:

·    Oversee a portfolio of approximately 65 LIHTC properties.
·    Oversee, analyze, and report on financial performance; monitor budgets (compared to actuals) and review occupancy levels (rent rolls) as necessary, or in the case of Watchlist/Workout properties, monthly, according to specified benchmarks. 
·    Monitor overall operational performance of regional portfolio and communicate progress and issues with Watchlist/Workout properties on an ongoing basis. 
·    Evaluate property management performance as required.
·    Conduct all necessary annual site visits (including tracking those outsourced).  Concerning properties must be visited more regularly; stabilized properties are to be visited annually or as reflected in the partnership agreement.
·    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.
·    Maximize total return for each assigned asset through the analysis of property efficiencies and identifying opportunities for improved performance.
·    Evaluate and monitor LIHTC compliance and other risk factors quarterly, or as needed.
·    Review 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.
·    Analyze quarterly and annual property performance compared to budget and underwriting, and report quarterly to investors through Fund Management. 
·    Ascertain and work to resolve issues through collaboration with general partners, property managers, internal committees, lenders, and governmental/regulatory entities.
·    Forecast and analyze benefit streams of lower tier partnerships for Fund Management and Accounting.
·    Management and collection of the partnership asset management fees and cash flow distributions (or Return-to-Owner obligation).
·    Monitor reserve balances and oversee requests for release of replacement and operating reserves.
·    Review and process investor capital calls and lower tier capital contributions.
·    Complete a monthly report for concern properties determined to be at risk. Identify issues such as under-funded reserves and significant variances in income and expense lines as compared to the approved budget. 
·    Develop and distribute periodic asset management reports to investors, consultants, and other partners.  Complete ad hoc assignments and/or projects required by the Asset Management Department.