Vice President, Real Estate Work Out/Asset Risk Manager

Royal Bank of Canada • Chicago, IL

22d • $110,000 - $130,000

About The Position

Real Estate Work Out/Special Assets Manager – Chicago, IL What is the opportunity? RBC Capital Markets – RBC Community Investments (www.rbccm.com/communityinvestments), part of the Royal Bank of Canada (RBC) firm, is a leading national syndicator of State and Federal Low Income Housing Tax Credits (LIHTCs), Historic Rehabilitation Tax Credits (HRTCs), New Markets Tax Credits (NMTCs) and Workforce Housing Investments. The Asset Risk Manager is responsible for maintaining a collection of real estate assets invested through the Section 42 (LIHTC) affordable housing tax credit program and/or the programs listed above to ensure the continuous delivery of tax credit benefits and passive losses. What will you do? The asset risk manager will have a primary focus on oversight of a portfolio of underperforming multi-family real estate assets and issues resolution to drive improved performance where possible and risk mitigation against credit risk.

Requirements

• Bachelor’s degree, preferably in finance, accounting or real estate. The ideal candidate may also possess an MBA or master’s in finance, accounting or real estate.
• Eight or more years’ experience in affordable housing, tax credit syndication, transaction processing, or multifamily real estate underwriting and/or financial modeling.
• Strong consideration for candidates with 4 or more years in work out, special assets or credit risk experience.
• Key skills include real estate concepts, financial analysis, ability to prioritize and understand critical pressure points in negotiations and presentation of creative solutions.
• A strong interest in real estate investment and/or affordable housing, along with proficiency in MS-Outlook, MS-Excel and MS-Office applications.
• Excellent verbal and written communication skills are essential.

Nice To Haves

• Prior experience as a LIHTC Asset Risk Manager/Special Assets/Work Out is highly preferred.

Responsibilities

• Complete detailed workout analyses to prepare asset specific risk management plans and loss mitigation plans on higher risk rated assets.
• Review of either original underwriting cash flow projections or most recent stabilization cash flow projection. Compare against actual results and determine causes of variances.
• For deals with remaining equity, review sources and uses of funds to identify gaps and assist in the resolution of capital shortfalls.
• Analyze reports to confirm the feasibility of project stabilizations plans – including market analyses, operating budgets, rent levels, AMI set-asides, expenses and capital improvements.
• Interact and negotiate with managing members, developers, lenders, contractors, investors, local and state housing agencies and other stakeholders to analyze means to improve risk profile of assigned assets.
• Prepare stabilized, interim and long-term budget proformas.
• Prepare formal narrative risk management plans.
• Provide oversight of assets by analyzing performance data on monthly or quarterly basis and assign risk ratings quarterly or in response to significant events.
• Conduct physical site inspections pursuant to the risk management plan for the asset.
• Assess project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions, terms of partnership agreement, loan documents, LURAs, QAPs, and tax credit application.
• Expedite the receipt of financial and operational information from the lower tier partnerships on a monthly, quarterly and annual basis.
• Identifies data and information which implies a developing pattern of problems and identifies the need for further investigation.
• Prepare informative narrative investor reports on property performance, complete the RBC risk ratings report, provide problem resolution and workout strategies, as applicable.
• Initiate communication with General Partners to ensure timely submission of tax returns and audits.
• Review the annual operating budget for each property in portfolio for performance in comparison to original projections and evaluate for new trends in income and expense categories.
• Communicate issues that may place a project at risk to appropriate leadership in Asset Management and develop an action plan that will help mitigate the risk and protect the investment.
• Recommend the implementation of strategies to resolve operational, financial, and compliance related difficulties within your portfolio.
• Maintain a thorough and up-to-date record of property activity and document management in the database to maintain the integrity of the asset management database and other electronic systems.
• Maintain a in depth understanding of regional and local economic and demographic trends within portfolio markets sufficient to address and report asset issues to bring forth resolution where possible.
• Develop and maintain relationships with General Partners, management agents, lenders, contractors, third-party monitors, investors, local and state housing agencies, and others in the LIHTC industry to ensure the flow of current and relevant information.

Benefits

• A comprehensive Total Rewards Program include competitive compensation and flexible benefits, such as 401(k) program with company-matching contributions, health, dental, vision, life, disability insurance, and paid-time off.
• Leaders who support your development through coaching and managing opportunities.
• Ability to make a difference and lasting impact.
• Work in a dynamic, collaborative, progressive, and high-performing team.
• Opportunities to do challenging work.
• Opportunities to build close relationships with clients.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees