National Trust Community Investment Corporation (NTCIC), an affiliate of the National Trust for Historic Preservation, is among the most active tax credit syndicators in America. The organization supports the country’s architectural heritage, community development, and renewable energy initiatives through the provision of and investment in federal and state tax credits.
NTCIC is seeking an Asset Manager to have primary asset management responsibilities over a portfolio of historic tax credit (HTC) and/or new markets tax credit (NMTC) debt and equity investments from closing through the compliance period and exit.
Oversee multiple investments and/or investor relationships within NTCIC’s portfolio of closed equity investments, including:
- Participating in and cultivating the ongoing relationships with the managing member/developer partner, construction lender, SHPO/historic consultant, property management staff, and accounting staff for each project
- Ensuring sponsor/developer is aware of all reporting requirements and all required reporting is collected from each project
- Monitoring and following up on all post-closing terms and requirements for each project, including outstanding closing items
- Proactively guiding managing member through the collection of the benchmarks necessary to facilitate equity payments, timetables for project completion, tax credit delivery, establishment of reserves, and loan conversion or refinancing requirements
- Reviewing and analyzing all information submitted by the sponsor/developer for each project, including construction progress and change order reports, draw requests, development sources and uses, lease-up reports, monthly, quarterly, and annual reporting, and audited financial statements and tax returns
- Identifying potential problems and develop and implementing measures to address such problems, including potential non-compliance and workout situations, subject to seeking investor approval
- Timely producing quarterly reports to investors and ensuring benefits schedules are updated and accurate
- Performing site visits as needed and ensuring compliance of each project with the Secretary of the Interior’s Standards and the terms and conditions of the project documents
- Ensuring the qualifications for NMTC compliance have been met during the NMTC recapture period as well as reviewing all investor, IRS, and CDFI Fund reporting material
- Monitoring the collection of priority return, residual cash flow, asset management fees, and tax payments required of each project
- Managing the exit process of each project
Demonstrate strong communication and organizational skills by:
- Anticipating and communicating lead time items to developers and regularly following up with responsible parties to ensure accountability
- Preparing thorough, well-drafted memos or other documentation setting forth various project-related requests and/or proposal requests
- Regularly updating and maintaining all asset management systems, including files, databases, reports, and tickler systems
- Ensuring electronic integration of closing projections into the asset management systems, project-level reporting (including audits and tax returns), and upper-tier fund-level reporting (including assisting accounting with the Fund audits and tax returns)
Demonstrate teamwork and collaboration by:
- Coordinating with NTCIC’s accounting department on the collection and review of audits and tax returns, outstanding fees, or other deliverables, as needed
- Assisting the New Markets Compliance Manager in maintaining NTCIC’s CDE status and meeting investor requirements
- Supporting, training, learning from, and sharing lessons learned with the NTCIC team
- Collaborating with acquisitions and project management staff in evaluating potential investments, if necessary, by providing actual project and market feedback
- Completing special projects as requested
- Bachelor’s degree with an emphasis in real estate or finance (or equivalent work experience) and either a master’s degree in business, finance, or real estate (or equivalent) or more than 5 years of experience
- At least 5 years of real estate investment analysis/asset management experience
- Experience with real estate structured finance
- Strong financial analysis and Excel skills
- Expertise in legal, tax, and accounting aspects of real estate projects
- Excellent writing skills
- Demonstrated ability to work well in a team setting
- Willingness to travel
- Knowledge of historic and new markets tax credits preferred
Pay & Benefits:
Hiring Range: $115,000 – $125,000 per year
This is a full-time, exempt-level position, eligible for full benefits, including health, dental and life insurance, retirement benefits, and 3+ weeks of vacation, plus sick time and holidays. Remote candidates from US locations will be considered.
The National Trust and its subsidiaries require all staff to show proof of COVID-19 vaccinations and boosters (with limited exceptions for religious or medical reasons).
National Trust Community Investment Corporation is an equal opportunity organization and does not discriminate on the basis of race, color, religion, national origin, sex, age, sexual orientation, veteran status, or disability. The National Trust Community Investment Corp. actively seeks opportunities to include members of these groups in its programs and activities.