Asset Manager – Construction Risk Management (32 views)

Irvine, CA
February 6, 2018 2018-04-07
Job Description

The Asset Manager (AM) for Construction Risk Management oversees a portfolio of Low-Income Housing Tax Credit (LIHTC) properties during the rehabilitation or new construction phase.  The AM reports to the Director – Construction Risk Management and works closely with the Underwriting, Fund Management and Compliance Departments.  Certain primary responsibilities include tracking and/or reviewing construction budgets, schedules, Schedule of Values (for deprecation purposes) and Sources & Uses during the construction phase.  In addition, the AM will review construction draws and process capital contributions for the respective property-partnerships.  The specific responsibilities for this position including the following:

           

Position Responsibilities:

  • Control construction phase risks to maximize construction quality, adherence to budget and timeliness of completion;
  • Work with local general partners to ensure timely construction completion, and assure the quality and longevity of buildings constructed;
  • Review documentation specified by Section 7.2 of the respective partnership agreements and process capital contributions to projects promptly at the specified intervals, or upon achieved benchmarks;
  • Monitor Sources & Uses of each project to ensure project is in balance at permanent loan conversion;
  • Work with the local general partners to insure the construction loan is retired in a timely manner;
  • Inform and make recommendations to local general partners to achieve investment performance targets (address timing issues that may result in adjusters);
  • Write status summaries for each property for investor reporting;
  • Work with the WNC Compliance Department to estimate tax credit delivery and any adjustments to capital contributions;
  • Report monthly to Stabilized Asset Management team status of construction completion, any issues and action plan related to CRM portfolio;
  • Work with Director – CRM and WNC’s IT Department to identify and implement efficiencies through technology;
  • Engage third-party engineers assigned to each project and manage site visit reporting; and
  • Perform site visits on assets that may require more involvement than routine monitoring.

 

Qualifications:

  • The ability to digest technical reports, budgets, schedules and analyses for construction monitoring;
  • Strong verbal and written communication skills;
  • Working knowledge in Excel, Word and Outlook; 
  • Ability to multi-task and manage multiple priorities;
  • The ability to discuss critical paths, and complex schedules and related matters with consultants and partners; and
  • Knowledge of LIHTC program preferred.

 


Education:

  • BA/BS degree in business and concentration in construction or development-related education; and/or
  • Three to five years of experience in a construction oversight related field.