Asset Manager, Development

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 $12.025 billion  - resulting in the formation of over 88,000 homes within 958 communities across the country. Thanks to the contribution of over 130 employees, CREA continues to look for talented and passionate individuals who are excited about opportunities to grow with us into the future. We are currently seeking a talented Asset Manager, Development, to join our Asset Management team. The position can be based in any of CREA’s local offices; however, Boston, MA, or Indianapolis, IN are preferred locations. 

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

Open to: All CREA offices. Boston or Indianapolis preferred. 

Reports to: Vice President, Development - Asset Management

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

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, the 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

Preferred

• Relatable experience working with Section 42 (low-income tax credit or other similar programs). Must possess and be able to demonstrate effectiveness with each of the following Core Competencies

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 on requests, projects, and problems to completion
• Ability to multitask, prioritize, and meet deadlines
• Ability to effectively manage and administer sensitive and confidential information
• Must have strong initiative and 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.