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Asset Manager or Senior Asset Manager, Key Community Development Corp.

Company: KeyBank
Location: Shawnee Mission
Posted on: April 9, 2021

Job Description:

This position may be filled at either an Asset Manager or Senior Asset Manager based on qualifications. About the Job Responsible for the asset management of a defined portfolio of equity investments of Key Community Development Corporation (KCDC), the equity investing arm of Key's Community Development Lending and Investment platform. KCDC makes community development investments, primarily in Low Income Housing Tax Credit (LIHTC) properties, located throughout the United States. The Asset Manager manages risks inherent in long term equity investments through the review of project information and sponsor information, including the analysis of financial statements, capital and operating budgets, and other relevant project data to ensure the flow of tax credit benefits. This position works with internal KCDC staff, as well as manages outside relationships with syndicators, investors, general partners, accountants and attorneys. The Asset Manager 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 The Asset Manager also supports and assists the Senior Asset Managers and Senior Servicing Officer with financial analysis and risk mitigation functions.This position reports to the Asset Management Team Lead.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 investment funds. Report on portfolio projects risk rated at a certain level or higher at the quarterly Asset Quality Review (AQR) meeting.
  • Participate in equity deal underwriting and KCDC Investment Committee, with the ability to understand the important balance of business development and asset quality requirements.
  • Collaborate with the underwriter in structuring projects from the inception, including providing recommendations based upon managed portfolio performance and operations and covered market color and experience
  • 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 financial reports on a quarterly basis. Analyze the results against budgeted projections, historical data, and pro-forma.
  • Perform on-site compliance audits, property inspections, management company reviews and review of applicable documentation.
  • Act as a resource to general partners and property managers of operating partnerships and recommend implementation of strategies to resolve operational, financial and compliance related issues within the portfolio.
  • Prepare equity adjusters as necessary based upon the delivery of tax credits to KCDC
  • Review and approve requests for payment of capital contributions.
  • Maintain a thorough and up-to-date record of project activity and document management in the system of record (AIM) to maintain the integrity of the asset management system.
  • 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.
  • Assist the Asset Resolution Specialist with project work out situations and dispositions.
  • Develop and maintain relationships with general partners and developers to facilitate reporting and grow new business opportunities.
  • Compliance with internal and external risk rating standards to ensure effective internal reviews and investor satisfaction.
  • Continually update job skills and knowledge by attending training sessions andindustry conferences.Required Qualifications-Asset Manager
  • Commitment to serving low and moderate income clients and neighborhoods.
  • Bachelor's degree in business, accounting, finance or a related field or 2-5 years of experience in Asset Management.
  • Background in Asset Management or Real Estate Development is strongly preferred.
  • Strong understanding of financial reports/documents including operating statements, balance sheets, and budgets as well as legal documents such as partnership agreements.
  • Ability to travel approximately 15-20% of the year.
  • Excellent analytical, interpersonal, and communication skills.
  • Strong understanding of and aptitude with technology and data management.Required Qualifications - Senior Asset Manager
  • Commitment to serving low and moderate income clients and neighborhoods.
  • Bachelor's degree in business, accounting, finance or a related field and/or a minimum of 5 years experience in the Asset Management field.
  • Strong background in affordable housing and/or low income housing tax credits
  • Strong understanding of business management reports/documents including operating statements, budgets, tax returns and legal documents such as partnership agreements and loan documents.
  • Ability to travel to project locations approximately 20-25% of the year.
  • Excellent analytical, interpersonal, communication, and leadership skills.
  • Strong understanding of and aptitude with technology and data management.FLSA STATUS:KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to engaging a diverse workforce and 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.

Keywords: KeyBank, Kansas City , Asset Manager or Senior Asset Manager, Key Community Development Corp., Accounting, Auditing , Shawnee Mission, Kansas

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