CIC Asset Manager III

Overview

Preferred locations include Columbus, Cleveland, Detroit, Clayton, MO, or Chicago. Remote work may be considered for the right candidate.

This role manages a portfolio of closed debt and equity investments under the company’s Community Investment/Tax Credit Asset Management function. The Asset Manager analyzes and reports on asset performance, recommends timely actions in response to customer/investor requests, and ensures timely assessment and reporting of asset quality indices to Management and Credit.

The Asset Manager reports to an Asset Management Team Leader. This role can manage complex matters independently and provides mentorship for less experienced Asset Managers.

Exempt Status: Yes (not eligible for overtime pay)

Workplace Type: Office. Certain roles outside the branch network may be eligible for a flexible work arrangement; specific work arrangements are provided by the hiring team.

Responsibilities

• Monitor equity investment value and loan risk factors by obtaining and reporting current, relevant information.
• Maintain relationships with General Partners/developers, management agents, lenders, contractors, accountants, third-party consultants, and other relevant parties.
• Develop action plans, obtain investor and/or credit approval, and ensure implementation to:
  • Preserve investor value
  • Reduce risk of loan loss
  • Maintain compliance with current tax law and other affordable housing regulatory requirements
• Assess project and partnership compliance with Low Income Housing Tax Credit (LIHTC) and Historic Tax Credit (HTC) provisions, partnership agreements, loan documents, operational benchmarks, and financial covenants.
• Identify and report risk factors that could result in non-compliance.
• Complete timely monthly, quarterly, and annual reporting activities, including:
  • Monthly and quarterly operating performance reviews
  • Asset quality index reviews
• Manage collection of priority returns and asset management fees.
• Review, analyze, and report required financial statements and tax returns, including comparison to original cash flow and debt service coverage projections.
• Ensure expected tax benefits are properly claimed on partnership tax returns through timely review and comment.
• Annually confirm CPA firm engagement and track deliverables progress.
• Evaluate proposed annual budgets for trends in income, expenses, cash flow, and debt service coverage.
• Review annual property operating budgets against original projections and make inquiries as needed.
• Monitor and analyze construction and lease-up progress to project tax benefit delivery and update rates of return to the bank or investors.
• Review monthly construction draws, change orders, architect and inspector reports, construction schedules, leasing, and traffic reports.
• Identify and report issues affecting risk profile or investment return, including:
  • Timing and amount of tax credit and tax loss benefits
  • Ability to achieve stabilization
  • Permanent loan conversion
  • Equity/grant/sub-debt pay-ins
• Review capital calls from developer/General Partners.
• Ensure required performance benchmarks are achieved and that requisite documentation is provided in accordance with the partnership agreement.
• Calculate annual tax credit amounts from final cost certification/8609s.
• Calculate first-year tax credit delivery from actual lease-up figures.
• Prepare final upward or downward capital adjustments per the partnership agreement.
• Perform periodic property site inspections, identify potential issues, and document findings.
• Maintain familiarity with regional and local economic and demographic trends within portfolio markets.
• Evaluate physical condition of assets and determine future capital needs.

Basic Qualifications

• Bachelor’s Degree
• 12+ years of Tax Credit investment experience with focus on asset management preferred

Preferred Qualifications

• Strong understanding of Tax Credit investments and associated legal/regulatory environment, including limited partnership agreements and loan documents with focus on guarantees and security
• Strong analytical and problem-solving skills, with careful attention to detail
• Demonstrated experience forming and presenting data-driven conclusions to Credit Administration and other internal stakeholders
• Proven track record working successfully with clients, team members, and management
• Strong time management and organizational skills
• High level of emotional intelligence in a division undergoing change
• Advanced degree or certification (e.g., JD, MBA, CPA, CFA, etc.) or equivalent experience
• Strong experience with LIHTC, with reasonable exposure to HTC and NMTC preferred
• Relevant real estate experience with focus on asset management
• Prior experience working with a national tax credit syndicator is a plus
• Understanding of the bank’s credit profile, credit policies, and risk management objectives commensurate with experience

Compensation & Benefits

• Compensation range: $93,000.00 - $189,000.00 Annual Salary
• This range represents the anticipated low and high end of the base compensation range for this position.
• Actual compensation will vary based on factors including location, experience, and education.
• Colleagues in this position may be eligible to participate in an applicable incentive compensation plan.
• Benefits may include health insurance coverage, wellness program, life and disability insurance, retirement savings plan, paid leave programs, paid holidays, and paid time off (PTO).