Construction Risk Manager

National Equity Fund•Chicago, IL

77d•Onsite

About The Position

National Equity Fund, Inc. (NEF), a leading non-profit syndicator of low-income housing tax credits (LIHTC), is seeking a Construction Risk Manager to conduct a wide range of new business initiatives. The LIHTC program is the most important resource available today for creating affordable housing in the United States. NEF uses its extensive experience, talent, and resources to create sustainable affordable housing. The Construction Risk Manager will evaluate and manage construction-related risks across a diverse portfolio of projects that vary in complexity, typology, timeline, and geography. For investments of moderate to complex scope, they perform comprehensive underwriting functions for both new construction and existing developments, managing risk from pre-construction through lease-up and transition to permanent operations. They handle the administration of documentation and funding requirements, providing consulting support with a high level of professional service and conduct to both existing and potential customers. This role requires strong time management to balance underwriting deliverables with ongoing construction monitoring responsibilities across multiple concurrent projects. Reporting to the Managing Director of Construction Risk Management, the Construction Risk Manager works within NEF’s Asset Management department and, as part of a professional team, provides expertise and analysis to support real estate investment activities in affordable housing developments.

Requirements

Bachelor's degree in Architecture, Civil Engineering, Construction Management, or Construction.
Ten (10) years of progressively responsible experience in construction management, architecture, engineering, or project management, with at least two (2) years of experience in multi-family residential projects.
Extensive and relevant experience of ten (10) or more years may be considered as a substitute for the academic degree requirement.
Excellent oral and written communication and interpersonal skills.
Ability to communicate technical construction issues clearly to non-technical audiences (investors, asset managers, board members).
Ability to develop and maintain effective working relationships with NEF and LISC staff, developers, general contractors, architects, engineers, consultants, investors, lenders, local and state government officials, and other professional staff.
Strong analytical and problem-solving skills with ability to evaluate complex situations and recommend solutions.
Strong time management and organizational skills with ability to manage multiple concurrent projects of varying complexity and priority.
Attention to detail with ability to review extensive documentation and identify inconsistencies, gaps, or risks.
Demonstrated expertise in MS Office software (Word, Excel, PowerPoint); proficiency with spreadsheet modeling and data tracking.
Facility with electronic-based design and construction documentation (PDF, CAD drawings, specification platforms).
Proficiency with scheduling and project documentation software (Primavera, MS Project, or equivalent).
Comfortable learning and working with internal project management systems (SMT or equivalent).
Experience in and thorough knowledge of contract and construction document reviews (specifications, drawings, AIA contract forms).
Experience in development and presentation of value engineering alternatives and cost-saving recommendations.
Experience in and knowledge of construction progress tracking, payment application review, and cost reconciliation practices.
Experience in GC contract negotiation, scope clarification, and risk allocation.
Experience in overseeing the engagement, selection, management, and performance evaluation of third-party consultants (monitors, engineers, architects, cost estimators, environmental specialists).
Demonstrated ability to analyze construction documents for completeness, consistency, code compliance, and constructability.
Demonstrated ability to identify construction defects, deviations, quality concerns, and recommend remedial solutions.
Experience in site oversight and field reporting during active construction.
Proven knowledge of construction methods and practices, particularly in the areas of new residential construction, residential rehab, and renovation.
Knowledge of International Building Code Standards and accessibility requirements (ADA, Fair Housing Act).
Comprehensive understanding of architectural and engineering industry practices, drawing conventions, and specification standards.
Knowledge of operations and maintenance requirements for building systems (mechanical, electrical, plumbing, structural, roofing, waterproofing, etc.) and cost evaluations associated with repairs, replacement, and upgrades.
General knowledge of environmental issues related to development of contaminated properties for residential use and familiarity with Phase I/II environmental assessment standards and processes.
Basic understanding of LIHTC, HUD, Freddie Mac, and Fannie Mae underwriting requirements and regulatory compliance.
General knowledge of prevailing wage and labor compliance requirements and awareness of where labor oversight sits within the project delivery structure.

Nice To Haves

Experience with for-profit housing developers, nonprofit community development corporations, or the development of affordable housing is a plus.
Experience in LIHTC projects and affordable housing is highly valued.
Knowledge of various construction typologies (wood frame, CLT, concrete, adaptive reuse, etc.) is beneficial.
Experience in LIHTC projects and affordable housing is highly valued.

Responsibilities

Evaluate the development team’s qualifications, experience, and financial capacity relative to project scope and complexity.
Maintain ongoing coordination with the development team and NEF departments to identify performance concerns and implement appropriate corrective measures.
Review construction contracts, drawings, specifications, and related documents for scope, cost, schedule, compliance, constructability, and risk.
Identify deficiencies and recommend contract, scope, risk-mitigation, and value-engineering solutions as needed.
Conduct or oversee third-party construction due diligence, including environmental, PNA, feasibility, and cost reviews.
Manage consultant selection and performance, review findings and recommendations, and ensure deliverables meet NEF standards and timelines.
Monitor construction progress across multiple projects through site visits, third-party reports, payment applications, and budget tracking.
Identify schedule, cost, quality, compliance, and accessibility issues and coordinate appropriate corrective actions with project stakeholders.
Review change orders and scope amendments for necessity, cost, schedule impact, and potential scope creep.
Recommend approval, negotiation, value engineering, or alternatives, and track cumulative impacts on project budget and timeline.
Monitor construction and soft costs against the project budget, review payment applications for accuracy and completeness, and track schedule performance.
Identify cost variances or delays and recommend appropriate mitigation strategies.
Review equity disbursement and non-equity payment requests for alignment with construction progress, budget, and draw schedules.
Verify supporting documentation and identify discrepancies or concerns requiring further review.
Maintain working knowledge of labor, environmental, LIHTC, HUD, Freddie Mac, and Fannie Mae requirements affecting construction.
Coordinate with appropriate specialists, escalate compliance concerns, and ensure construction aligns with regulatory and permanent financing requirements.
Support construction closeout and transition to operations by coordinating inspections, punch lists, final payments, warranties, and required documentation with Asset Management and the development team.
Prepare clear reports and correspondence on construction progress, quality, risks, and recommendations.
Maintain accurate project records in SMT or other designated systems.
Provide training and technical support on construction procedures and best practices.
Assist with project issue resolution, building evaluations, capital repair recommendations, and preservation strategies.
Ability to travel as needed.
Other duties as assigned by the Managing Director of Construction Risk Management.