Vice President, Real Estate​/Asset Risk Manager

Real Estate Work Out/Special Assets Manager Chicago, IL

RBC Capital Markets RBC Community Investments, 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.

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.

• Complete detailed workout analyses to prepare asset specific risk management plans and loss mitigation plans on higher risk rated assets. These plans will recommend strategies to resolve financial, real estate operations, LIHTC compliance and ownership issues.
• 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.

• 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.

• Prior experience as a LIHTC Asset Risk Manager/Special…