The Assistant Project Manager provides support to various Project Managers in the Underwriting Department in underwriting and closing equity investments on affordable housing communities throughout the nation, utilizing federal Low Income Housing Tax Credits (LIHTC). The position will be responsible for managing due diligence, assisting in the preparation of committee and investor packages for approval, managing third party vendors, and providing support to the Project Managers in enhancing existing and new relationships with the developers and investors WNC works with.
- Set-up files, and manage due diligence on a project from underwriting to close, which includes:
- Ensuring that all contracts and agreements (e.g. construction, property management, architect, tax credit reservation, etc.) provided as part of the due diligence is made out in the name of the partnership, are executed and still valid, and consistent with the terms reflected in the latest projections.
- Pro-actively manage open due diligence requests with developers on a weekly basis and ensure that it is saved on the server;
- Initiate and manage third party reports, such as market studies and construction plan and cost reviews. The APM will be required to:
- Confirm unit mix/ set-asides prior to ordering WNC’s market study
- Pull construction “promises” from the tax credit application and forward to WNC’s engineer as part of their Plan and Cost Review;
- Pro-actively follow up with the developer on outstanding items needed for the Plan and Cost Review to be completed within the timeline required;
- Ensure that the Phase 1 environmental report is within 6 months of closing prior to kicking off an environmental desk review. If there are any open issues noted in the Phase 1 as identified by the environmental desk review, the APM is to follow-up with the developer to get the environmental reports updated to ensure that any open issues are closed out and ASTM standards are met.
- Order PML reports for properties in California and other select states.
- Provide support to the Project Managers in preparing a package for Investment Committee. This will include:
- Completing a first draft of the Investment Package, with underwritten information on the development team and their experience, including financial capacity and real estate performance.
- The APM will be required to be pro-active in following up with the developers and closing out any outstanding items needed as part of the investment committee package (e.g. REO schedules, contingent liability schedules, credit authorization, etc.)
- Assist with closing, (such as reviewing insurance certificates, draft settlement statements, payment and performance bonds, etc. to ensure conformance with WNC’s requirements);
- Prepare funding packages for project closings and ensure a smooth closing by following up on any outstanding items still needed in order to fund;
- Assist with the transition to Asset Management, including closing out the project and ensuring all final agreeements, e.g. partnership agreement, loan documents and other relevant documents are in reflected in a closing folder as part of the transition.
- Other duties as assigned.
- Proficient in Microsoft Office
- Strong attention to detail and ability to manage and perform multiple tasks at the same time;
- Strong organizational skills required;
- Strong verbal, written and interpersonal communication skills and the ability to work well with others;
- 2 years of experience in real estate or affordable housing preferred, but not required;
- Bachelor’s Degree in Business, Economics, Finance, Real Estate or related field preferred.