Senior Vice President, Fund Management

Description

CREA, LLC is a full-service low-income housing tax credit (LIHTC) syndicator forming long-term relationships with investors and developers that cultivate success and improve lives. With over 20 years in affordable housing, CREA has raised $9.88 billion - resulting in the formation of over 77,000 homes within 849 communities across the country. Thanks to the contribution of over 160 employees, CREA continues to look for talented and passionate individuals who are excited about opportunities to grow with the company. We are searching for a highly skilled Senior Vice President for the Fund Management team.

Report To: SVP, Director - Fund Management 

Location: Indianapolis, IN or Boston, MA or Remote as an Approved Exception   

Physical Presence: In-Office | Tue - Thu; Flexible | Mon & Fri 

Position Summary: 

This position within the Fund Management department is responsible for managing various aspects of the Fund Management department, including managing all fund activity for a specific group of CREA Tax Credit Funds, overseeing processes, developing and training staff, performing technical tax and assurance reviews of potential Low-Income Housing Tax Credit ("LIHTC") investment properties, assisting in valuation of investment property disposition scenarios, complex LIHTC Investment Fund financial modeling and property-level financial modeling, reviewing documents that are ultimately provided to investors, and various other tasks instrumental to the success of the Fund Management department and CREA as a whole. These activities will include but are not limited to the following: 

Primary Responsibilities: 

Fund Manager Role: 

• Review monthly cash needs analysis for each Fund. 
• Review and send Upper Tier Capital Calls and Loan Draws. 
• Monitor lower-tier assets within each assigned fund. 
• Maintain property-level and fund-level financial projection models focusing on tax credit, tax loss, and equity projections to determine investor IRRs. 
• Review tax credit equity adjusters prepared by asset management. 
• Review monthly bank reconciliations and all monthly journal entries. 
• Update financial models and benefit schedules for special property-level requests requiring investor consent. 

Year End Reporting: 

• Review lower-tier partnership tax returns and audits within the entire CREA portfolio. 
• Assist in the preparation and review of Fund audits and tax returns of assigned funds. 
• Analyze actual results compared to financial forecasts. 
• Efficiently manage communications with several accounting firms on multiple projects simultaneously. 

Investor Quarterly Reporting tasks including, but not limited to: 

• Fund Benefit Schedules 
• Project Benefit Schedules 
• Project Level Summary Reports 
• Fund cash reserve projections 
• Drafting fund entity financial statements 
• Drafting investor narratives highlighting key features of fund entity 
• Calculate investor yield every quarter 

Property and fund closings, technical tax reviews: 

• Take an active role in investment committee and screening potential property-level investments. 
• Perform diligence on various aspects of potential LIHTC property investments. 
• Review projections, assess reasonableness of key assumptions relating to projected tax losses and tax credit delivery. 
• Review partnership agreements for conformance to CREA guidelines and negotiated aspects specific to each property investment. 
• Review potential investment exit/disposition opportunities, including a valuation of a fund's ownership interest in the property and calculating IRR impact of a disposition. 
• Present findings to the investment committee and provide recommendations and concerns of the potential investment. 

Other: 

• Develop and train staff within the Fund Management department. 
• Review Fund Analyst work assignments, provide constructive feedback and review comments, and provide continuous remarks to be incorporated into their annual evaluations. 
• Assist in developing technological capabilities to enhance department processes. 
• Address investor requests and questions timely and professionally. 
• Serve as a tax knowledge resource for all of CREA. 

Requirements

A bachelor's degree in accounting or a related field and a minimum of 10 years of work experience in accounting, real estate finance, or related work experience is required. Extensive prior work experience in the Low-Income Housing Tax Credit Program or Affordable Housing industry is required. Knowledge of other tax credit programs such as energy credits, historic credits, and state tax credit programs is required. Must demonstrate strong customer service skills in interactions with accountants, investors, lenders, and developer partners in a financial services environment.  Must be able to communicate and work effectively with individuals representing various departments and having varying specialties, both financial and non-financial. Must possess strong organizational skills.  Requires knowledge of Microsoft Office Suite and a high proficiency in Excel and Word.  Overtime hours are expected during certain months of the year. Must possess and be able to demonstrate effectiveness with each of the following Core Competencies.  

Core Competencies: 

• Excellent oral and written communication skills. 
• Ability to function well in a team environment, show initiative, and have a proactive mindset. 
• Strong organizational skills with the ability to prioritize, be flexible, and adapt to change. 
• Excellent analytical and problem-solving skills, effectively administering sensitive and confidential information. 
• Interact with Management and employees at all levels. 

Our Values: 

• We work as a family, investing in each other, worthy causes, and the communities we serve.
• We have integrity in all that we do; we embrace differences and treat others with kindness and respect.
• We believe that, with teamwork, we can accomplish anything and pursue inventive solutions for our clients.