Asset Manager

Mascoma Community Development

Responsible for asset management of New Markets Tax Credit projects receiving NMTC allocation from closing through completion of the NMTC compliance period. Additionally, the Asset Manager negotiates and implements required changes to asset structures during the life cycle of each transaction and manages the unwind process at the back end of each NMTC transaction’s life cycle.

Responsible for management and review of a tax credit loan portfolio made through Mascoma Bank that includes projects using New Markets Tax Credits, Historic Tax Credits, and Low‑Income Housing Tax Credits. Additionally, the Asset Manager negotiates and implements required changes to asset structures during the life cycle of each transaction and manages the unwind process at the back end of each transaction’s life cycle, as applicable.

• Directs the pre‑ and post‑closing transition of projects from the Lending/Investment Team to Asset Management, including monitoring and follow‑up on all post‑closing terms and requirements for each asset, including outstanding closing items.
• Works with originating lenders to ensure adequate documentation for debt service coverage ratio definitions.
• Negotiates construction monitoring agreements with all parties to transaction.
• Ensures Loan Agreement Schedules adequately document disbursement requirements and match Financial Projections modeling the transaction.
• Negotiates escrow and disbursing agreements with all parties to transaction.
• Reviews pre‑closing documents and provides input to Lending/Investment Team to ensure accuracy of documentation.
• Ensures that all sources of funding for each transaction are received and disbursed at closing and subsequent to closing, as applicable.
• Monitors construction disbursements of New Markets Tax Credit, Historic Tax Credit and/or Low‑Income Housing Tax Credit development projects.
• Reviews and approves draw requests, to include review of all required Loan Agreement schedules, Source/Use accuracy and adequacy, GC application, lien waivers, etc.
• Reviews construction inspector’s monitoring reports.
• Fields questions from the asset managers of each party to the transaction. Works with the developer/sponsor/borrower, construction inspector and the GC to ensure that all draw request questions are answered.
• Makes periodic site visits to review construction progress.
• Works with all parties to the transaction to ensure that each project achieves Certificate of Substantial Completion, final Certificate of Occupancy and the project is placed in service.
• Manages existing NMTC/LIHTC loan portfolio, to access and maintain acceptable credit quality, to include the following tasks:
• Financial reporting compliance.
• Financial covenant compliance.
• Providing updated information to the Bank’s Credit Department to ensure completion of annual reviews.
• Manages all Borrower requests for amendments, modifications, release of collateral or restructurings.
• Works with and provides back‑up for Asset Management Associate to ensure that:
• Periodic payments for reserves are received and escrowed.
• CDE fees are paid on a timely basis.
• Monthly transaction payments are made on a timely basis during the NMTC compliance period.
• Works with originating lenders to structure and close any approved project refinancing.

• Acts as MCD’s primary contact among lenders, investors, borrowers and partners as it relates to each asset.
• Collaborates with MCD’s NMTC Consultants with respect to monthly loan servicing and compliance tracking for all NMTC relationships.
• Collaborates with the Investment Team and Finance/Accounting Team during the pre‑closing process.
• Works with Director of Asset Management and Investment Officers to manage the disposition, exit and/or “unwind” of the NMTC investments at the end of the seven (7) year compliance period.
• Works with CDE Managing Director and Senior Investment Officer to compile NMTC compliance information and transaction data to be utilized in future NMTC allocation applications.
• Assists…