Open to: Any CREA Office location: Indianapolis, IN. or Boston, MA., Portland, OR., New York, NY., San Diego, CA.

Asset Manager - Development

Location:

Open to: Any CREA Office location: Indianapolis, IN. or Boston, MA., Portland, OR., New York, NY., San Diego, CA.

Reports to:

Vice President, Asset Management

Physical Presence:

In-Office | Tue – Thu; Flexible | Mon & Fri

Date:

March 2024

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. With over 20 years in affordable housing, CREA has raised $11 billion - resulting in the formation of over 83,000 homes within 906 communities across the country. Thanks to the contribution of over 155 employees, CREA continues to look for talented and passionate individuals who are excited about opportunities to grow with us into the future.

Position Summary

This position will play an important role in managing a portfolio of assets in the Development phase within CREA, LLC’s portfolio of Section 42 low-income housing tax credit projects. Specific tasks will include:

Primary Responsibilities

Portfolio Management

Maintain a detailed working knowledge of each property within the assigned portfolio.
Oversee and monitor the achievement of benchmarks such as construction completion, initial lease-up, stabilization, permanent loan conversion, and receipt of executed 8609s.
Lead Transition Calls for newly closed Partnerships within the assigned portfolio that are either a new relationship and/or an Acquisition Rehab in place.
Track, monitor, and calculate credit delivery to include review of occupancy reports, cost certifications, and 8609s.
Monitor properties for ongoing compliance with Partnership Agreements
Maintain a detailed working knowledge of Section 42 LIHTC program compliance requirements.

Reporting & Technology

Collect, review, and provide reporting on monthly, quarterly, and annual financial information
Work with the Investment Central database system to track property data
Analyze benchmark and financial statements and perform risk rating analysis
Assist in collecting tax returns and audits and coordinate review and approval through CREA’s Fund Management Group
Special projects and reporting as requested

Risk Management

Review GP requests on potential deal changes and prepare formal requests for Investor Relations
Ensure projects remain in balance during the development process and identify potential solutions to keep properties in balance when needed
Coordinate compliance reviews with third-party compliance consultants and perform some compliance work in-house

Draws & Funding

Collect and review monthly construction draws and process periodic Equity Installments
Work with internal and external partners to project future equity timing and needs

Job Requirements

Essential

Bachelor’s degree with a major in accounting, finance, real estate, or another business-related field
A minimum of two years of working in the areas of asset management, accounting, multifamily affordable industry, or development.
Must be proficient with Microsoft Office Suite with a heavy emphasis on Excel and Word.
Must have excellent communication skills and the ability to comfortably interact with senior management internally and with a large external client base.
The ability to identify and verbalize issues with the partners
Currently has or has the ability to receive a LIHTC Compliance Certification.
A valid driver’s license is required for limited travel of up to 5% annually with the potential for some overnight.
Must possess and be able to demonstrate effectiveness with each of the following Core Competencies

Preferred

Relatable experience working with Section 42 (low-income tax credit or other similar programs)

Core Competencies

Excellent problem-solving, organizational, interpersonal, and time-management skills
Ability to identify, simplify, process, and resolve complex issues
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
Commitment to excellence, attention to detail, and accuracy, providing high-quality work product

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.

Apply Now

CREA believes in rewarding the hard work of all those that make our mission possible. Learn about our competitive employee benefits at MyCREABenefits.com.