CIC Asset Manager III

Description: Preferred locations are Columbus, Cleveland, Detroit, Clayton MO, or Chicago but we will consider remote for the right candidate. The CIC Tax Credit Asset Manager III will manage a portfolio of closed debt and equity investments. The Asset Manager will analyze and timely report on asset performance, recommend timely action on customer requests, and ensure timely assessment and reporting of asset quality indices to Management and Credit. The Asset Manager will report to an CIC Asset Management Team Leader. CIC Asset Manager III can manage complex matters independently, will provide mentorship for less experienced Asset Managers. Ensure/monitor equity investment value and loan risk factors through the timely receipt and reporting of current and relevant information by developing and maintaining relationships with General Partners/developers, management agents, lenders, contractors, accountants, third-party consultants, and others. Structure appropriate action plans, obtain investor and/or credit approval, and ensure their correct implementation to preserve investor value, reduce risk of loan loss, and maintain compliance with current tax law and other affordable housing regulatory requirements. Assess project and partnership compliance with Low Income Housing Tax Credit and Historic Tax Credit provisions, terms of partnership agreement, loan documents, operational benchmarks, and financial covenants. Provide identification and reporting of risk factors which could result in non-compliance. Complete timely monthly, quarterly and annual reporting activities including; monthly and quarterly operating performance and asset quality index reviews. Manage collection of priority returns and asset management fees. Review, analyze, and report on required financial statements and tax returns including a 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 engagement of CPA firms and track progress of deliverables. Evaluate proposed annual budgets for trends in income, expenses, cash flow and debt service coverage. Review annual property operating budgets for performance in comparison to original projections and make inquiries as necessary. 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 potentially impacting the project's risk profile or investment return, including timing and amount of tax credit and tax loss benefits, ability to achieve stabilization, permanent loan conversion, and equity/grant/sub-debt pay-ins. Review capital calls from developer/GPs. Ensure required performance benchmarks are achieved and the requisite documentation is provided (in accordance with partnership agreement). Calculate annual tax credit amounts from final cost certification/8609s, and calculate first year tax credit delivery from actual lease-up figures. Prepare final upward or downward capital adjustments pursuant to the terms of the partnership agreement. Perform periodic property site inspections and identify potential issues. Maintain familiarity with regional and local economic and demographic trends within portfolio markets. Provide site visit reports and follow-up on findings. Evaluate physical condition of assets and determine future capital needs.

YesWorkplace Type: OfficeOur Approach to Office Workplace Type Certain positions outside our branch network may be eligible for a flexible work arrangement. We're combining the best of both worlds: in-office and work from home. Our approach enables our teams to deepen connections, maintain a strong community, and do their best work. Remote roles will also have the opportunity to come together in our offices for moments that matter. Specific work arrangements will be provided by the hiring team.