Development Asset Manager

Affordable Equity Partners, Inc. (AEP), founded in 1997, is a financial resources company that provides a full range of services for developers and investors in the Section 42 LIHTC Program. With more than 500 tax credit developments, AEP has syndicated over $5 billion in federal and state tax credits. AEP has never had a foreclosure or credit recapture and maintains a reputation of unparalleled service before, during, and after the investment.

About the Role

The Development Asset Manager (DAM) is the owner’s representative for new-construction and rehab LIHTC projects from construction close through lease-up and stabilization. The DAM drives on-time, on-budget delivery; enforces the draw-review SOP; prepares funding packages and bank notifications; supervises capital calls tied to LPA funding triggers (e.g., 8609 issuance, 100% occupancy); and coordinates the smooth transition of stabilized assets to Operating Property Asset Management (OPAM). This role combines construction project oversight, investor-facing capital administration, lease-up program management, and LIHTC compliance coordination.

Responsibilities

• Construction & Draw Management:
  • Serve as the owner’s representative for assigned developments: monitor GC progress and validate schedule recovery plans.
  • Review and approve GC draw requests in strict accordance with AEP’s Draw Request SOP: verify invoices, lien waivers, waiver sequencing, third-party progress reports, AIA pay-apps, retainage calculations, and change order approvals.
  • Follow up on outstanding draw documentation (missing invoices, waivers, subcontracts, third-party inspection and progress reports) and escalate when docs are not delivered within agreed timelines.
  • Prepare the internal funding request package (supporting documentation, budget vs. actual summary, contingency status, certification of work performed) for management approval; once approved, notify construction lender/permanent lender/servicer to fund.
  • Prepare/Update the Flow of Funds schedule and coordinate with accounting and loan servicers to confirm proper application of funds, release conditions, and lien waiver collection.
• Budget, Schedule & Risk Control:
  • Maintain and challenge the project budget and schedule: track change orders, PCOs, committed vs. incurred cost, contingency draws, and forecast to complete.
  • Provide monthly variance reports and recovery strategies when thresholds are exceeded.
  • Identify schedule and budget risks early; formulate mitigation plans (scope reduction, sequencing changes, vendor substitutions) and secure approvals to implement.
• Capital Calls & Investor Mechanics:
  • Manage capital call mechanics tied to LPA funding triggers (e.g., 8609 issuance, 100% occupancy, permanent loan funding): review the limited partnership agreement (LPA), collect required trigger documents, prepare investor draw packages, and seek management approval prior to submission to tax-credit investors.
  • Coordinate with investor relations, fund management, accounting, and legal on investor reporting and notices.
• Lease-Up, Marketing & Operations Readiness:
  • Oversee lease-up strategy: collaborate with property management and marketing to ensure adequate staffing, pricing concessions, lease terms, leasing materials, and community outreach to meet occupancy and compliance thresholds.
  • Recommend and document changes to rents, concessions, staffing levels, and marketing spend to meet lease-up goals and compliance targets.
  • Track leasing metrics (lease-up pace, absorption, average rent achieved, concession burn rate) and adjust strategy proactively.
• Compliance, Cost Certification & 8609:
  • Work closely with the Compliance team to ensure all regulatory prerequisites for LIHTC credit delivery are met (tenant income eligibility during lease-up, marketing/affirmative fair housing, unit mix).
  • Coordinate the timing and documentation for cost certification and prepare the project for 8609 submission.
  • Maintain the audit trail for eligible basis, capital expenditures, construction documentation, and tenant certifications required for tax credit delivery.
• Stakeholder Coordination & Handoff:
  • Serve as the internal lead for cross-functional coordination: Transactions, Construction, Property Management, Accounting, Legal, Compliance, and Investor Relations.
  • Lead the development → operations transition: prepare Operating Property Asset Manager (OPAM) transition memo summarizing final cost certs, As-Built drawings, warranties, lease-up information, operating and maintenance issues/schedules, staffing org chart, initial budgets, and provide hands-on support to OPAM until the asset is operating smoothly.
• Reporting & Documentation:
  • Prepare weekly construction/lease-up dashboards, monthly executive summaries for SVP/leadership and investors, and ad-hoc risk reports.
  • Maintain accurate project folders and document control (draw packages, lien waivers, AIA forms, shop drawings, permits, and closeout documents).
  • Update the Development Phase AHIC Risk Rating categories in MRI at least every quarter and monthly for assets on the watch list.
• Authority & Decision Rights:
  • Prepares and recommends funding of draw packages but does not unilaterally authorize draw disbursements unless delegated to do so by SVP or other officer.
  • Escalates material issues (e.g., budget overrun > 2% or schedule delay > 60 days) for executive decision.

Requirements

• Bachelor’s degree in Construction Management, Real Estate, Finance, Engineering, or related field (or equivalent experience).
• 5 years of progressively responsible experience in affordable housing development, construction management, or development asset management with direct LIHTC exposure (construction/lease-up/cost certification/8609).
• Demonstrated experience reviewing AIA pay applications, lien waiver sequencing, GC/CM contracts, and draw requisitions.
• Working knowledge of LIHTC program rules (first 15-year compliance, extended use, student rule, income recertification basics).
• Excel skills; experience preparing budget vs. actual, cash-flow forecasts, and capital call schedules.

Skills

• Construction and budget discipline: ability to read schedules, interpret critical path, and reconcile costs.
• Compliance orientation: understands documentation standards for audits and investor due diligence.
• Teamwork and influence: works cross-functionally with internal and external partners.
• Attention to detail with strong organization and document control skills.

KPIs

• % of draws reviewed and approved within SOP timelines; % of draws requiring escalation due to missing/wrong documents.
• Average days from draw submission to internal approval submission.
• Budget variance at completion (Final cost vs. budget).
• Schedule adherence (% milestones on time; days to substantial completion).
• Lease-up pace (units leased per week/month) and % occupancy at 90/120/180 days post-stabilization target.
• Time from project completion to 8609 issuance and percent of required documentation accepted on first submission.
• Accuracy and timeliness of capital calls (number of rejections/requests for additional items from investor).

Schedule

Onsite Monday-Friday, hybrid after training period.