Here are some sample job advertisements for this type of role…
Community Lending and Investment – Tax Credit Asset Manager 3
Job Description
At Wells Fargo, we want to satisfy our customers’ financial needs and help them succeed financially. We’re looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you’ll feel valued and inspired to contribute your unique skills and experience.Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
At Wells Fargo, we want to satisfy our customers’ financial needs and help them succeed financially. We’re looking for talented people who will put our customers at the center of everything we do. Join our diverse and inclusive team where you’ll feel valued and inspired to contribute your unique skills and experience.Help us build a better Wells Fargo. It all begins with outstanding talent. It all begins with you.
Wholesale Banking provides financial solutions to businesses across the United States and globally. Our nine major business lines include Business Banking, Middle Market Banking, Government and Institutional Banking, Corporate Banking, Commercial Real Estate, Financial Institutions Group, Wells Fargo Commercial Capital, Wells Fargo Securities, and the Investment Portfolio. We also have groups in credit risk, group risk, finance, marketing, human relations, and the Wholesale Chief Operating Office that support our businesses.Wholesale Commercial Real Estate (WCRE) operates throughout the United States, as well as Canada and the United Kingdom, to deliver a comprehensive platform of financing and banking products for experienced commercial real estate companies including balance sheet lending, CMBS origination and distribution, loan servicing, agency financing for multifamily properties, and debt and equity capital for affordable housing.
Community Lending & Investment (CLI) specializes in helping developers and investors take advantage of tax credit opportunities by investing in Low Income Housing Tax Credits (LIHTC) for multifamily apartments and Historic Tax Credit properties. For more than 20 years, Wells Fargo has been investing in tax credits and is one of the few banks active in both direct and fund equity investments, increasing our opportunity to provide developers with needed capital.
This position is for a Tax Credit Asset Manager, managing equity investments in affordable housing. The Tax Credit Asset Manager will:
- May provide supervision and training of the tax credit asset managers
- Provide a single point of contact with general partners and internal departments regarding assigned assets
- Independently manage a portfolio of real estate investments that are under construction, in lease-up, or are stabilized
- Identify and analyze issues, and recommend and execute action plans
- Monitor investment and property performance, including construction and lease-up progress
- Present property performance reports to management at least once a month
- Analyze tax returns, property financial statements, and sponsor financial statements
- Review third-party inspection reports to ensure compliance with Low Income Housing Tax Credit (LIHTC) regulations
- Review requests for capital contributions and reserve releases
- Calculate adjustments to capital contributions based on credit delivery
- Underwrite general partner consent requests, including loan refinances and changes in partnership structures
- Perform site visits
- Negotiate and execute the exit of Wells Fargo from the investment partnerships
- Assess markets in which assets reside, identify market and sub-market risks and issues
- Participate and/or supervise projects related to asset management process improvement
- Track any work outsourced to third parties
Team members support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following, and adhering to all applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.
Required Qualifications
- 7+ years of experience in one or a combination of the following: Commercial Mortgage Backed Securities (CMBS) or agency commercial real estate asset management underwriting, commercial real estate, low-income housing tax credit investment asset management, underwriting, or workout
Desired Qualifications
- Customer service focus with experience actively listening, eliciting information, comprehending customer issues/needs, and recommending solutions
- Ability to read and understand complex commercial real estate loan documentation, securitization documents, including pooling and servicing agreements and related documentation
- Extensive knowledge and understanding of credit and income producing real estate
- Strong attention to detail and accuracy skills
Other Desired Qualifications
- Ability to read and understand commercial real estate financial statements, loan documentation, and operating agreements
- Experience with the Low Income Housing Tax Credit (LIHTC) program
- Intermediate Microsoft Office (Word, Excel, Outlook, and PowerPoint) skills
- Strong analytical skills with high attention to detail and accuracy
- Strong technical writing skills
- Excellent verbal, written, and interpersonal communication skills
- Solid problem solving and decision making skills
- Strong analytical skills with high attention to detail and accuracy
- Strong organizational, multi-tasking, and prioritizing skills
- Ability to work effectively in a team environment
- Bachelor’s degree in Accounting, Finance, Real Estate, or related field
Affordable Housing Asset Manager, LIHTC
Department: Raymond James Tax Credit Funds
Location: Raymond James Financial, Corporate Headquarters: St. Petersburg, FL
Relocation/Telecommuter: Relocation assistance may be provided; Telecommuting is not offered.
Job Summary & Responsibilities:
The #1 For-Profit Syndicator in the Low Income Housing Tax Credit Funds (LIHTC) industry, is hiring a Property Asset Manager to manage a portfolio of multifamily real estate partnerships to preserve the value of Investor Equity and the stream of benefits associated with that Investment.
The ideal candidate will:
- Monitor Low Income Housing Tax Credit (LIHTC) compliance and property management activities.
- Consult on property operations with a view to protect and insure the long term viability of portfolio assets.
- Have proven experience with institutional clients and ability to present information to investors.
- Workout experience preferred.
Essential Duties and Responsibilities:
- Oversees the investment properties that are directly assigned to their portfolio.
- Performs site visits to observe the physical conditions and management practices of LIHTC properties.
- Review and monitor quarterly operational reports and evaluate Partnership performance through pre-established standards and key indicators.
- Develops and maintains relationships with general partners/ developers, lenders, state agencies, and managing agents
- Exhibits market and investment knowledge when interacting with partners and investors.
- Provides support and analysis to general partners and management companies with the goal of increasing profitability and reducing risk.
- Provides advisory and support to facilitate the improvement and expansion of new business.
- Identify partnerships that require Watchlist status and develop strategies to address all issues.
- Maintains a thorough and current record of property activity in our proprietary database.
- Prepares investor and developer reports as necessary.
- Participate in and leads efforts relative to team initiatives
- Performs other duties and responsibilities as assigned.
Qualifications
Knowledge, Skills, and Abilities:
Knowledge of:
- Institutional asset management, LIHTC preferred.
- Advanced concepts, principles and practices of multi-family real estate/housing operations, including property inspections, property management, property maintenance, and compliance.
- Advanced concepts, principles and practices of LIHTC and compliance, preferred.
- Advanced knowledge of real estate finance.
- Knowledge of institutional investment strategies and partnership structures
- Accounting principles.
Skill in:
- Strong analytical skills & financial acumen Use of Asset Management system / database
- Excellent organizational and communication skills
- Document Management technology.
- Identifying the needs of customers through effective questioning and listening techniques.
- Detail orientation to ensure quality standards are met without impairing workflow.
- Communicating both orally and written.
- Follow-up to ensure resolution and completion of tasks.
- Demonstrating sensitivity to customer needs (both internal and external) and proactively address customer needs.
- Operating standard office equipment and using required software applications to produce correspondence, reports, electronic communication and spreadsheets.
Ability to:
- Communicate complex issues to others with a varied understanding of the subject matter.
- Interpret and apply policies and identify and recommend changes as appropriate.
- Organize, manage and track multiple detailed tasks and assignments with frequently changing priorities in a fast-paced work environment; and maintain accuracy on completed work.
- Proactively demonstrate readiness and ability to initiate action.
- Work independently as well as collaboratively within a team environment.
- Identify required tasks, develop timelines and execute.
- Establish and maintain effective working relationships at all levels of the organization, including negotiating resources.
- Project a positive, professional image both internal and with external business contacts.
- Convey information clearly and effectively through both formal and informal documents.
- Identify relationships, draw logical conclusions and interpret results for use in decision making.
Educational/Previous Experience Requirements:
Bachelor’s Degree (B.A.) in related field and a minimum of three (3) years of relevant real estate experience including physical property site inspections and interpreting financial statements.
MBS or MRE strongly preferred.
~or~
Any equivalent combination of experience, education, and/or training approved by Human Resources.
Licenses/Certifications:
Tax Credit Certification from a recognized agency, or ability to obtain in 6 months.