Description

National Equity Fund, Inc. (NEF), a leading non-profit syndicator of low-income housing tax credits (LIHTC), is seeking a Project Managerto 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 Project Managerwill manage and coordinate due diligence and underwriting process for lower tier Low Income Housing Tax Credit (LIHTC) project investments as assigned by the SVP Project Management. Responsible for ongoing communication with the designated VP Project Management, SVP Project Management, originators, and investor relations staff as issues emerge.

Essential duties:

• Upon securing a project by originations, coordinate due diligence and closing project meetings with developer including underwriting and originations (and investor relations where applicable).

• Lead role in arranging and reviewing third party market study. Work with third party market analyst to obtain a finished product in accordance with NEF specifications. May conduct/participate in project market visit, as assigned by supervisor.

• Prepare market write-up for investment proposal (IP). Recommend rent and income parameters (i.e. vacancy rate, other income, evaluation of area AMI’s, etc.) for assigned deals based upon market study, market due diligence, market site visit and other third party investigations, if applicable.

• Prepare operating expense analysis (OPEX) for IP. Coordinate with asset management and originations to evaluate proposed operating budget. Obtain operating expenses due diligence and discuss proposed budget with project sponsor and property manager, as needed, in coordination with designated VP Project Management and originator. Recommend expense parameters (i.e. changes to operating budget, tax abatement, changes in budget in after contract scenario etc.).

• Prepare the guarantor financial analysis (GFA) for the IP. Obtain guarantor due diligence and conduct initial guarantor and entity review, including online search. Prepare follow-up questions based upon initial review. In coordination with designated VP Project Management, originator, conduct a phone conversation with the guarantor to obtain additional information/clarification. Recommend guaranty parameters (i.e. entities to be required guaranty, additional liquidity/net worth covenant requirements, etc.).

• Review project due diligence and projections throughout closing process, with designated VP Project Management taking the lead. Participate in closing calls, as necessary. Monitor review of due diligence and completion of due diligence checklist. Responsible for responding to investor questions regarding specific investor requirements and third party due diligence reviews, as requested by investor relations, designated VP Project Management or supervisor.

• Provide assistance and support to asset manager and/or originator post- closing as needed; relating to modification to deal structure post-closing, monitoring construction and lease-up and assist in analyses at time of project conversion to perm loan, as assigned. 

• Other duties as assigned.

The ideal candidate:

• Bachelor’s degree in business, economics, urban planning or finance. Master’s degree preferred.

• 2-4 years’ experience in underwriting, structuring real estate projects and credit analysis.

• Ability to multi-task on numerous projects at the same time.

• Strong analytical skills and proficiency in Excel. Ability to work with complex Excel underwriting spreadsheets.

• Strong writing and communications skills.

• Ability to work effectively in a team setting.

• Prior experience with affordable housing loans or LIHTC investments and knowledge of state and local programs a plus.

• Understanding of non-profit housing and community development and commitment to working with diverse low income communities.

• Ability to travel as needed.

We offer a competitive salary, along with a comprehensive benefits package.

NEF IS AN EQUAL OPPORTUNITY EMPLOYER

Qualifications