Location:
88 East Broad Street - Columbus, Ohio 43215
JOB TITLE:
Community Development Senior Asset Manager - Direct Tax Credit Equity Investments
ABOUT THE BUSINESS:
Key Community Development Corporation (KCDC) provides much needed investment dollars for affordable housing and community development projects in urban and rural communities across all 50 states via direct and indirect investment in communities. Affordable housing owner-operators and developers looking to build, acquire and preserve affordable housing come to us because we know how to move complicated deals over the finish line. Our clients leverage Key's broad, fully integrated platform. In addition, we can help assemble innovative and complex financing in conjunction with multiple for-profit, nonprofit and government entities. Helping communities thrive is more than our business, it's our mission.
ABOUT THE JOB:
Key Community Development Corporation (KCDC) is seeking a self-starting associate to play a critical role in achieving KeyBank's goal of supporting affordable housing and community development throughout the country. This role will be responsible for the asset management of a defined portfolio of KCDC's equity investments. The Senior Asset Manager manages risks inherent in long term investments by analyzing property operations, financial results, sponsor information and market conditions. Analysis will include benefits schedules, financial statements, capital and operating budgets, and other relevant project data to ensure the flow of tax credit benefits to KCDC. This position would have primary responsibility for managing KCDC's investments in Low Income Housing Tax Credit (LIHTC) investments. This position works with KCDC team members and manages outside relationships with developers, management companies, accountants, and attorneys. The Senior Asset Manager also performs on-site property inspections to evaluate property condition and ensure tenant eligibility compliance and has a deep understanding of the various tax credit programs.
WHAT YOU'LL GET FROM THIS OPPORTUNITY:
A competitive base salary + discretionary bonus
Generous benefits - 401(k) matching (dollar-for-dollar up to 7%), PTO, comprehensive healthcare packages, fitness and tuition reimbursement and so much more.
Paid on the job training
Be part of a specialized team that values our client relationships by developing a deep understanding of their needs with a focus on the long-term, full solution.
ESSENTIAL JOB FUNCTIONS:
Mitigate risk to the bank by properly evaluating the financial, leasing/occupancy, construction progress and other relevant data in order to properly risk rate the investments on a quarterly basis. Report on portfolio projects risk rated at a certain level or higher at the quarterly Asset Quality Review (AQR) meeting.
Collaborate with the underwriter to participate in equity deal underwriting and KCDC Investment Committee, with the ability to understand the important balance of business development and asset quality requirements.
Obtain and review tax returns of operating partnerships for accuracy and return on equity investment. Compare actual results to projected benefits and communicate discrepancies to the Asset Management Team Lead.
Obtain and review property financial reports on a quarterly basis. Analyze the results against budgeted projections as well as historical data.
Perform on-site compliance audits, property inspections, management company reviews and review of applicable documentation.
Identify, pursue and resolve noted deficiencies or 8823 filings.
Review and approve requests for payment of capital contributions.
Act as a resource to general partners and property managers of operating partnerships. Recommend implementation of strategies to resolve operational, financial and compliance related issues within the portfolio.
Prepare and project equity adjusters as necessary based upon the delivery of tax credits to KCDC.
Maintain a thorough and up-to-date record of project activity and document management in the database (AIM) to maintain the integrity of the asset management database system and associated data.
Review and approve changes of accountant and property management companies.
Closely monitor project reserve accounts to ensure sustainability throughout the project compliance period. Approve requests for withdrawals where appropriate.
Monitor and collect asset management fees and cash flow disbursements.
Compliance with internal risk rating standards to ensure an effective internal review, resulting in an acceptable outcome.
Participate in team initiatives to improve portfolio monitoring, data integrity, and risk management processes and practices.
SUCCESSFUL CANDIDATE WILL HAVE:
Ability to work under pressure, manage concurrent responsibilities, and change focus based on shifting priorities with the ability to lead others in the same way.
Excellent analytical, interpersonal, and communication skills.
Ability to work independently and lead collaboration with others towards shared goals.
Uses time effectively and efficiently; can attend to a broad range of activities and keep projects/tasks moving forward.
REQUIRED QUALIFICATIONS:
Bachelor's degree in business, accounting, finance or a related field or a minimum of 5 years of experience in LIHTC Asset Management.
Expert understanding of financial reports/documents including operating statements, balance sheets, audits, tax returns, and budgets as well as legal documents such as partnership agreements, loan documents, and guarantee agreements.
Strong understanding of and aptitude with technology and data management.
Ability to travel to project locations approximately 20-25% of the year.
Commitment to serving low- and moderate-income clients and neighborhoods through the LIHTC program.
PREFERRED QUALIFICATIONS:
Advanced college degree (MBA preferred) and a minimum of 7 years of experience in LIHTC Asset Management.
Recognition as an affordable housing and/or economic development industry expert.
Job Posting Expiration Date: 05/31/2025
KeyCorp is an Equal Opportunity Employer committed to sustaining an inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or veteran status.
Qualified individuals with disabilities or disabled veterans who are unable or limited in their ability to apply on this site may request reasonable accommodations by emailing HR_Compliance@keybank.com.
KeyBank is an organization collectively committed to helping you unlock your potential and discover what truly drives you. Working here means sharing our purpose to help our clients, colleagues, and communities thrive. You'll find genuinely supportive teammates, a flexible, inclusive work environment, challenging projects, accessible leaders, and opportunities to grow in your position and your career. For 200 years, Key has opened doors in our communities. Let us open one for you.
