CIC Asset Manager III

Huntington National Bank•Minneapolis, MN

22d•$93,000 - $189,000•Onsite

About The Position

The CIC Tax Credit Asset Manager III manages a portfolio of closed debt and equity investments. The role analyzes and reports on asset performance, recommends action on customer requests, and assesses and reports asset quality to Management and Credit. The position reports to a CIC Asset Management Team Leader. It independently handles complex matters and mentors less experienced Asset Managers. The Asset Manager monitors equity investment value and loan risk by obtaining current information and maintaining relationships with general partners and developers, management agents, lenders, contractors, accountants, consultants, and other parties. The role develops action plans, obtains investor and/or credit approval, and oversees implementation to preserve investor value, reduce loan-loss risk, and maintain compliance with tax law and affordable housing requirements. The role assesses project and partnership compliance with Low Income Housing Tax Credit and Historic Tax Credit provisions, partnership agreements, loan documents, operating benchmarks, and financial covenants. It identifies and reports potential compliance risks; completes monthly, quarterly, and annual reporting; manages collection of priority returns and asset management fees; reviews financial statements and tax returns; and confirms expected tax benefits are properly claimed. It also confirms CPA engagements and tracks deliverables. The Asset Manager evaluates annual budgets and property performance against original projections, monitors construction and lease-up progress, and reviews construction draws, change orders, project reports, schedules, and leasing activity. It identifies issues affecting project risk or investment returns, reviews capital calls, verifies performance benchmarks and documentation, calculates tax-credit delivery, and prepares capital adjustments under partnership agreements. The position conducts periodic property inspections, follows up on site-visit findings, monitors regional and local economic and demographic trends, evaluates asset condition, and determines future capital needs. Preferred locations are Columbus, Cleveland, Detroit, Clayton, Missouri, or Chicago; remote work may be considered for the right candidate. The stated workplace type is Office, with some positions potentially eligible for a flexible work arrangement; specific arrangements are provided by the hiring team.

Requirements

Bachelor's degree.
12+ years of tax-credit investment experience, with a focus on asset management preferred.
Strong understanding of tax-credit investments and their legal and regulatory environment, limited partnership agreements, and loan documents, particularly guarantees and security.
Strong analytical and problem-solving skills and careful attention to detail.
Demonstrated ability to form and present data-driven conclusions to Credit Administration and other internal stakeholders.
Proven ability to work successfully with clients, team members, and management.
Strong time-management and organizational skills.
High emotional intelligence in a division undergoing change.
Understanding of the bank's credit profile, credit policies, and risk-management objectives commensurate with experience.

Nice To Haves

Advanced degree or certification (e.g., JD, MBA, CPA, CFA) or equivalent experience.
Strong experience with LIHTC and reasonable exposure to HTC and NMTC.
Relevant real estate experience focused on asset management.
Prior experience working for a national tax-credit syndicator.

Responsibilities

Manage a portfolio of closed debt and equity investments and analyze and report on asset performance.
Recommend timely action on customer requests and report asset quality indices to Management and Credit.
Mentor less experienced Asset Managers and independently manage complex matters.
Maintain relationships with general partners, developers, management agents, lenders, contractors, accountants, third-party consultants, and other parties to obtain current asset information.
Develop action plans, obtain investor and/or credit approval, and oversee implementation to preserve investor value, reduce loan-loss risk, and maintain compliance.
Assess project and partnership compliance with tax-credit provisions, partnership agreements, loan documents, operational benchmarks, and financial covenants; identify and report potential risks.
Complete monthly, quarterly, and annual reporting, including operating performance and asset-quality reviews.
Manage collection of priority returns and asset management fees.
Review, analyze, and report on financial statements and tax returns; compare results with original cash-flow and debt-service coverage projections.
Review and comment on partnership tax returns to ensure expected tax benefits are properly claimed; confirm CPA engagements and track deliverables.
Evaluate annual budgets and property operating performance against original projections; make inquiries as necessary.
Monitor construction and lease-up progress, estimate tax-benefit delivery, and update rates of return to the bank or investors.
Review construction draws, change orders, architect and inspector reports, construction schedules, leasing reports, and traffic reports.
Identify and report issues that may affect project risk or investment return, including tax benefits, stabilization, permanent loan conversion, and equity, grant, or sub-debt pay-ins.
Review developer/general partner capital calls and verify required performance benchmarks and documentation under partnership agreements.
Calculate annual tax-credit amounts from final cost certifications and Forms 8609, calculate first-year credit delivery from actual lease-up figures, and prepare final capital adjustments under partnership agreements.
Conduct periodic property site inspections, prepare site-visit reports, and follow up on findings.
Monitor regional and local economic and demographic trends in portfolio markets; evaluate asset condition and future capital needs.