Location:

127 Public Square - Cleveland, Ohio 44114

JOB TITLE:                                                       

Community Development 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 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 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.
• 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 for improvement to the underwriting model.
• 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.
• Pursue 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 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 and risk management processes.

SUCCESSFUL CANDIDATE WILL HAVE:

• Strong understanding of financial reports/documents including operating statements, balance sheets, and budgets as well as legal documents such as partnership agreements and guarantee agreements.
• Ability to work under pressure, manage concurrent responsibilities, and change focus based on shifting priorities.
• Excellent analytical, interpersonal, and communication skills.
• Ability to work independently and in collaboration with others towards shared goals.
• Commitment to serving low- and moderate-income clients and neighborhoods.

PREFERRED QUALIFICATIONS:

• Strong background in Real Estate Asset Management or Real Estate Development
• 2-5 years of experience in LIHTC Asset Management.
• Familiarity in and experience with tax credit financing and the Low Income Housing Tax Credit

REQUIRED QUALIFICATIONS:

• Bachelor’s degree in business, accounting, finance or a related field or 2-5 years of experience in Asset Management.
• Strong understanding of and aptitude with technology and data management.
• Ability to travel to project locations approximately 20% of the year.
• Commitment to serving low and moderate income clients and neighborhoods through the LIHTC program.

COMPENSATION AND BENEFITS

This position is eligible to earn a base salary in the range of $80,000 to $110,000 annually depending on location and job-related factors such as level of experience. Compensation for this role also includes eligibility for short-term incentive compensation and deferred incentive compensation subject to individual and company performance.

Please click here for a list of benefits for which this position is eligible.

Job Posting Expiration Date: 02/28/2025

KeyCorp is an Equal Opportunity and Affirmative Action Employer committed to building a diverse, equitable and inclusive culture. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or other protected category.

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 [email protected].