LIHTC Industry Jobs:

Regional Asset Manager

 

Posting Date: July 11, 2008
Closing Date: Until filled

Title: Regional Asset Manager
Company: AIG SunAmerica - Affordable Housing
Location: Denver, Colorado

Purpose of the Position:
The Regional Asset Manager (RAM) is a key management position for the company. The RAM will assist in implementing the strategic direction for the department and will be responsible for maximizing the operating performance and value of the RAM s assigned portfolio. The RAM will report to, and work closely with, the Vice President of Asset Management, all internal departments, partners and managing agents.

The primary objectives of the RAM are to optimize and preserve the company s benefit stream of tax credits, net cash flow and net sales proceeds from existing developments and to analyze and help underwrite the company s investment in new developments. These objectives are achieved through effective monitoring, evaluation and analysis of general partner, managing agent, market conditions and property performance. Asset manager responsibilities will be assigned primarily by region or developer/manager relationships.

Primary Responsibilties:

• Understanding the fundamentals and complexities of tax credit real estate transactions
• Assisting Directors with the hands-on execution of transactions in various phases
• Managing transaction status and issues through all stages of execution
• Performing underwriting on assigned transactions
• Calling buyers throughout the U.S. to: introduce transactions, drive bids and/or assist in driving the market-making process
• Developing relationships with tax credit property owners
• Contributing to process improvements and service delivery to our clients

Essential Functions:

• Review monthly and year-to-date property and portfolio operating performance comparing actual to budget/proforma variances. Recommend methods to reduce variances and improve performance. Coordinate with managing agent to minimize operating deficits.
• Schedule and evaluate periodic Section 42 compliance reviews using contract consultants and follow up on corrective actions. Maintain competent understanding of Section 42 requirements and operating policies. Schedule, coordinate and attend tax credit workshops.
• Oversee operating conformance with appropriate provisions of the partnership and property management agreements.
• Review property budgets by property management companies and make recommendations to improve cash flow and value.
• Physically inspect each property at least once annually. Review the physical structure for unusual deterioration or mismanagement. Analyze neighborhood, market conditions, trends and their impact on the property. Prepare annual report regarding the financial and physical conditions, risks and opportunities for the properties and portfolio.
• Assist in the coordination of the physical needs assessment with assistance of Construction Services Department prior to expiration of the Operating Deficit Guarantee (ODG) period for each development.
• Assist in the preparation of investment recommendation reports for new construction and rehabs to include an evaluation of the surrounding marketplace, demographics, suitability of affordable housing, the developer and manager s capabilities, the proposed physical improvements and the operating proforma of the property.
• Assist in the periodic review property management company qualifications and evaluate on-site management personnel and their supervisors.
• Maintain effective lines of communication with all partners, managing agents and internal departments and comply with management policies and procedures.
• Sustain awareness of industry business practices by participating in local, regional and national real estate associations, and governmental agencies.
• Conduct business following the company s Vision, Mission, Values, Goals, Policies, Procedures and in compliance with all applicable laws and regulations.
  

Minimum Qualifications:

It is vitally important that the RAM possess excellent management and leadership capabilities. The RAM should contribute to the overall growth and success of the company. A strong working knowledge of property management, finance, tax credit requirements, and property operations is important. The RAM must be bright, have strong investment acumen, motivated and possess excellent communication skills.

The RAM must possess a high attention to detail with strong analytical skills and have the confidence that their work product is accurate and complete. The RAM should be an independent and flexible problem solver who can work in group settings with good political instincts and judgment. The willingness to accept responsibility for new projects and see existing projects through to completion is critical. The RAM must be skilled with spreadsheet analytical software and have a working knowledge of Excel, Word, Access, and other PC based software. The position entails extensive travel.

License required:

none

General education or equivalent:

Minimum 7 years of multifamily portfolio management experience. Experience in Section 42 housing required. BA degree required.

Physical demands:

Individual must be capable of sitting and working on a computer for prolonged periods of time. Must be able to speak clearly and understandably, hear communications by telephone and in person, type data into a computer and read data from a computer screen.

To Apply:
Please e-mail your resume to Charles Clark at cclark@sunamerica.com and apply online: www.aig.com/careers