Assistant Vice President, Special Assets

Job Title:                 Assistant Vice President, Special Assets

Functional Area:     Special Assets

Report To:               Senior Vice President, Special Assets

Location:                 Indianapolis, Boston, New York, or Portland, MA

Date:                        January 2021

CREA, LLC is a full service LIHTC Syndicator with tax credit equity financing in excess of $7 billion since inception in 2001. CREA was founded on the “Real Estate First” philosophy that behind every exceptional real estate investment is fundamentally sound real estate; our team pledges to provide innovative real estate investment solutions. While CREA has continued to grow to well over 100 employees we continue to look for talented and passionate individuals who are excited about opportunities to grow with into the future.  With offices headquartered in Indianapolis, IN, we are currently looking to add talent for the position of Assistant Vice President, Special Assets in our Special Assets department.

Position Summary:

This newly created position will play an important role in workouts/challenges within CREA’s portfolio of Section 42 low income housing tax credit projects. The incumbent will assist with Partnerships assigned to Special Assets (SA) Portfolio by providing support with any problems, issues, workouts, litigation, and obtain Investor Consent where appropriate.  In collaboration with the SVP of Special Assets, the specific tasks related to the job are as follows:

• Strategize, negotiate, and implement plans to preserve tax credits for Investors without loss
• Oversee and monitor LIHTC projects during time maintained in the Special Assets Portfolio
• Collect and review monthly, quarterly and annual financial information for the lower tier partnerships in Portfolio, including the verification of property taxes are current and insurance coverage is adequate and up to date
• Provide reporting on monthly, quarterly, and annual basis
• Work with centralized database system to track project data
• Analyze partnership data and perform risk rating analysis
• Work closely with General Partners, third party accountants and third-party property managers who oversee the lower tier partnerships
• Process monthly construction draws and periodic Equity Installments when necessary
• Collect tax returns and audits from the lower tier SA Partnerships and coordinate review and approval through CREA Fund Management department
• Perform, at minimum, annual site visits to each apartment complex in Portfolio and follow up on deferred maintenance comments until corrected
• Coordinate compliance reviews with third party compliance consultants
• Monitor projects for compliance with partnerships agreements

• Other duties and special projects as driven by CREA business needs

Requirements:

Bachelor’s degree preferred in the areas of accounting, real estate, finance, or business; a minimum of 5 years’ experience working with Section 42 (low income, tax credit) projects is required. Multi-family property management experience and LIHTC Compliance Certification is a plus.  Must possess a working understanding of compliance and Limited Partnership Agreements and have the ability to identify and verbalize issues with the partners. Must be proficient with Microsoft Office Suite with a heavy emphasis on Excel and Word. Candidate must the ability to comfortably interact with senior management internally and a large external client base. Up to 20% travel with most involving overnight. Overtime may be necessary throughout the year driven by business needs.  Must possess and be able to demonstrate effectiveness with each of the following Key Attributes:

Key Attributes:

• Strong analytical, negotiation, organizational, interpersonal, and time management skills
• Interact and collaborate with other departments and contributors within the organization
• Excellent oral and written communication skills  
• Ability to effectively manage and administer sensitive and confidential information
• Must have strong initiative and be able to work with minimal guidance & supervision
• Ability to maneuver through demanding and at times difficult conversations
• Professionalism/Ethics (Trust, Attitude, Commitment, Honesty, Collaboration and Approachability)