Keybank National Associationposted 26 days ago
Full-time • Mid Level
Albany, NY
Credit Intermediation and Related Activities

About the position

Key Community Development Corporation (KCDC) is seeking a self-starting associate to play a critical role in achieving KeyBank's goal of supporting affordable housing and community development throughout the country. This role will be responsible for the asset management of a defined portfolio of KCDC's equity investments. The Senior Asset Manager manages risks inherent in long term investments by analyzing property operations, financial results, sponsor information and market conditions. Analysis will include benefits schedules, financial statements, capital and operating budgets, and other relevant project data to ensure the flow of tax credit benefits to KCDC. This position would have primary responsibility for managing KCDC's investments in Low Income Housing Tax Credit (LIHTC) investments. This position works with KCDC team members and manages outside relationships with developers, management companies, accountants, and attorneys. The Senior Asset Manager also performs on-site property inspections to evaluate property condition and ensure tenant eligibility compliance and has a deep understanding of the various tax credit programs.

Responsibilities

  • Mitigate risk to the bank by properly evaluating the financial, leasing/occupancy, construction progress and other relevant data in order to properly risk rate the investments on a quarterly basis.
  • Collaborate with the underwriter to participate in equity deal underwriting and KCDC Investment Committee.
  • Obtain and review tax returns of operating partnerships for accuracy and return on equity investment.
  • Obtain and review property financial reports on a quarterly basis.
  • Perform on-site compliance audits, property inspections, management company reviews and review of applicable documentation.
  • Identify, pursue and resolve noted deficiencies or 8823 filings.
  • Review and approve requests for payment of capital contributions.
  • Act as a resource to general partners and property managers of operating partnerships.
  • Prepare and project equity adjusters as necessary based upon the delivery of tax credits to KCDC.
  • Maintain a thorough and up-to-date record of project activity and document management in the database (AIM).
  • Review and approve changes of accountant and property management companies.
  • Closely monitor project reserve accounts to ensure sustainability throughout the project compliance period.
  • Monitor and collect asset management fees and cash flow disbursements.
  • Compliance with internal risk rating standards to ensure an effective internal review.
  • Participate in team initiatives to improve portfolio monitoring, data integrity, and risk management processes and practices.

Requirements

  • Bachelor's degree in business, accounting, finance or a related field or a minimum of 5 years of experience in LIHTC Asset Management.
  • Expert understanding of financial reports/documents including operating statements, balance sheets, audits, tax returns, and budgets.
  • Strong understanding of and aptitude with technology and data management.
  • Ability to travel to project locations approximately 20-25% of the year.
  • Commitment to serving low- and moderate-income clients and neighborhoods through the LIHTC program.

Nice-to-haves

  • Advanced college degree (MBA preferred) and a minimum of 7 years of experience in LIHTC Asset Management.
  • Recognition as an affordable housing and/or economic development industry expert.

Benefits

  • A competitive base salary + discretionary bonus
  • Generous benefits - 401(k) matching (dollar-for-dollar up to 7%), PTO, comprehensive healthcare packages, fitness and tuition reimbursement and so much more.
  • Paid on the job training
  • Be part of a specialized team that values our client relationships by developing a deep understanding of their needs with a focus on the long-term, full solution.

Job Keywords

Hard Skills
  • Balance Sheet
  • Cash Flows
  • Financial Statements
  • IT Asset Management
  • Tax Credits
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