Project Manager

About the role

NATIONAL EQUITY FUND, INC. is a leading non-profit syndicator of Low-Income Housing Tax Credits (LIHTC) with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing.

Responsibilities

• Coordinate due diligence and closing project meetings with developer including underwriting and originations (and investor relations where applicable).
• Lead role in arranging and reviewing third party market study.
• Prepare market write-up for investment proposal (IP).
• Recommend rent and income parameters (i.e. vacancy rate, other income, evaluation of area AMI’s, etc.) for assigned deals based upon market study, market due diligence, market site visit and other third-party investigations, if applicable.
• Prepare operating expense analysis (OPEX) for IP.
• Coordinate with asset management and originations to evaluate proposed operating budget.
• Obtain operating expenses due diligence and discuss proposed budget with project sponsor and property manager, as needed, in coordination with designated VP Project Management and originator.
• Recommend expense parameters (i.e. changes to operating budget, tax abatement, changes in budget in after contract scenario etc.).
• Prepare the guarantor financial analysis (GFA) for the IP.
• Obtain guarantor due diligence and conduct initial guarantor and entity review, including online search.
• Prepare follow-up questions based upon initial review. In coordination with designated VP Project Management, originator, conduct a phone conversation with the guarantor to obtain additional information/clarification.
• Recommend guaranty parameters (i.e. entities to be required guaranty, additional liquidity/net worth covenant requirements, etc.).
• Update NEF excel spreadsheet/underwriting model as the project goes through underwriting and closing; ensure project due diligence is properly reflected in the projections.
• Track checklist of due diligence that is not yet received and will be required for closing.
• Write other portions (in addition to market, OPEX and the GFA) or all of the IP and present or help to present the project to the investment committee.
• Review project due diligence and projections throughout closing process, with designated VP Project Management taking the lead.
• Participate in closing calls, as necessary.
• Monitor review of due diligence and completion of due diligence checklist.
• Respond to investor questions regarding specific investor requirements and third party due diligence reviews, as requested by investor relations, designated VP Project Management or supervisor.
• Provide assistance and support to asset manager and/or originator post-closing as needed; relating to modification to deal structure post-closing, monitoring construction and lease-up and assist in analyses at time of project conversion to perm loan, as assigned.

Requirements

• Bachelor’s degree in business, economics, urban planning or finance.
• Master’s degree preferred.
• 2-4 years’ experience in underwriting, structuring real estate projects and credit analysis.
• Ability to multi-task on numerous projects at the same time.
• Strong analytical skills and proficiency in Excel.
• Ability to work with complex Excel underwriting spreadsheets.
• Strong writing and communications skills.
• Ability to work effectively in a team setting.
• Prior experience with affordable housing loans or LIHTC investments and knowledge of state and local programs a plus.
• Understanding of non-profit housing and community development and commitment to working with diverse low income communities.
• Ability to travel as needed.

Qualifications

• Ability to multi-task on numerous projects at the same time.
• Strong analytical skills and proficiency in Excel.
• Ability to work with complex Excel underwriting spreadsheets.
• Strong writing and communications skills.
• Ability to work effectively in a team setting.
• Prior experience with affordable housing loans or LIHTC investments and knowledge of state and local programs a plus.
• Understanding of non-profit housing and community development and commitment to working with diverse low income communities.

Skills

• Understand and apply complex Excel underwriting spreadsheets.
• Excellent written and verbal communication skills.
• Ability to work effectively in a team setting.
• Experience with affordable housing loans or LIHTC investments.
• Knowledge of state and local programs.
• Commitment to working with diverse low income communities.

Benefits

We offer a competitive salary, along with a comprehensive benefits package.

Pay

Competitive salary.

Schedule

Full-time position.