• Director, Asset Manager - LIHTC

    Job Locations US-IL-Chicago
  • LivCor is a real estate asset management firm headquartered in Chicago, Illinois.  Formed in 2013 as a portfolio company of The Blackstone Group (NYSE: BX), LivCor specializes in hands-on asset management of multi-family properties throughout the U.S.  In collaboration with its operating partners, LivCor oversees the management of its properties furthering a mission of maximizing return for investors while offering best in class service to residents.

     

    The successful candidate will be responsible for the financial and operational performance of a multifamily portfolio, including properties subject to Section 42 Low Income Housing Tax Credit (LIHTC) regulations.  This individual will develop and execute an asset management strategy encompassing property leasing, capital expenditures, and third-party manager relationships.  The Asset Manager will also collaborate with Blackstone representatives on regional investment activities, including due diligence efforts, investment market assessments and property underwriting assumptions.  This person will have regional responsibility and will manage through third party service providers, including property management firms and leasing brokers.  He/she will be a member of the asset management team and will have a significant responsibility for, and impact on, the portfolio's financial performance.

    As our Asset Manager, one is held accountable to, however not limited to, the following job functions: 

    • Responsible for the financial and operational performance of a multi-family portfolio, which includes LIHTC properties.
    • Set and execute strategy for existing assets; establish operating performance objectives and actions to achieve targets.  Report performance results to senior management.
    • In conjunction with various third party partners, ensure all projects maintain compliance with LIHTC regulations, state agency regulations, terms of partnership agreements, loan documents, LURAs, QAPs, and tax credit applications.
    • Ensure all required annual certifications and filings (including financial audits, tax returns and K-1s) are completed for each property in the assigned portfolio
    • Establish and enhance relationships with property management companies, housing associations organization, and financial institutions.
    • As needed, properly calculate qualified and eligible basis; and prepare cost certifications and form 8609s accurately and on time.
    • Monitor tax credit compliance status and triggers in each guaranty (completion, operating, and tax credit delivery) and financial capacity guarantors.
    • Conduct quarterly property inspections to assess performance, evaluate market conditions, establish strategic initiatives, and ensure compliance with the LIHTC program including occasional lease file audits.
    • Oversee revenue progress. Work closely with 3rd party managers to establish leasing goals and oversee leasing efforts.
    • Lead annual operating and capital budgeting process.  Utilize reports to evaluate portfolio performance against stated goals and communicate variances
    • Assess capital expenditures by property, develop a long-term cap ex plan for the portfolio that corresponds to stated regional strategy
    • Support Blackstone on acquisition underwriting, providing market and leasing assumptions and participating in other due diligence activities
    • Refresh, develop and maintain an extensive network of industry relationships to stay current on regional and local market trends.  Collaborate with Executives to research and analyze key statistics for managing the portfolio and formulating investment decisions.
    • Increase the value of the portfolio over the hold period by implementing defined asset management strategies and identifying operational efficiencies in coordination with the overall asset management team.
    • Monitor portfolio performance, including net operating income, cash flow and asset value fluctuations, while progressing toward achieving asset value maximization strategies.
    • Incorporate a value-oriented approach to each asset by analyzing revenue opportunities and providing direction with financial models to support major capital investments and financing decisions.
    • Develop recommendations regarding timing of dispositions to maximize value and then execution of the disposition strategy in conjunction with the disposition group.

    QUALIFICATIONS:

    • A minimum of seven (7+) years of acquisition or asset management experience.
    • Minimum of three years of direct experience asset managing affordable housing properties, especially those in the LIHTC program
    • Deep understanding of the multifamily market and maintain existing network of contacts within the industry.
    • Demonstrated financial and analytical ability to define and execute asset management strategy, including leasing and property management via 3rd party providers.
    • Experience with investment due diligence process along with the ability to provide local market leasing assumptions and competitive intelligence.
    • Ability to think and act strategically along with a track record demonstrating sound business judgment when delivering an asset’s peak market value. 
    • Strong negotiation, analytical and interpersonal skills are essential as is the ability to work independently.
    • Impressive academic credentials and a progressive professional track record demonstrating excellence in all pursuits.
    • Professional LIHTC compliance certifications (i.e. HCCP and the like) are preferred but not required

    EEO Statement

    Our company is proud to be an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all employees. Our employment decisions are based on individual qualifications, job requirements and business needs without regard to race, color, marital status, sex, sexual orientation, gender identity and/or expression, age, religion, disability, citizenship status, national origin, pregnancy, veteran status and or any other legally protected characteristics. We are committed to providing reasonable accommodations, if you need an accommodation to complete the application process, please email talent@revantage.com.

     

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