Development Risk Management Analyst

The Development Risk Management (DRM) Analyst is responsible for assisting in managing the performance of a portfolio of properties in the development phase.  He/she is responsible for assessing construction risks, monitoring initial lease-up, maximizing projected investment benefits (tax credits, losses and distributions), and managing risk to ensure the long-term viability of the properties.

The DRM Analyst’s duties are varied.  They include, but are not limited to:

• Become familiar with Asset Manager’s asset monitoring plans for new deals through participation in due diligence; review of investment models, market studies and Investment Committee packages.  Review deal information entered into PRISM through the New Deal Input process to ensure it is accurate and it includes all data needed to facilitate monitoring processes. 
• Monitor construction progress through collection and review of monthly draws, Engineering Consultant reports and other project information, and, when necessary, notify and discuss next steps with asset manager about any property that is not meeting expected projections.
• Collect and input rent information and monthly qualified occupancy data and compare to original underwriting projections.  Review and analyze proposed marketing plans and tenant relocation plans.   Monitor initial lease-up and tenant qualification through the review of rent rolls, traffic reports, and qualified occupancy reports.  Regularly follow-up on leasing and tenant qualification activities.  Collect resident files for review by Compliance Consultant.  Advise Asset Manager and management company when there are variances in lease-up or tenant qualification timing compared to original projections, there is risk of missing tenant qualification deadlines, or other potential LIHTC compliance risk factors. Advise Asset Manager when qualified occupancy affects tax credits. 
• Calculation of tax credits and capital contribution timing and steady state adjusters based on qualified occupancy. 
• For any property that is not performing according to projections, research the reasons by collecting additional reports, making phone calls and discuss next steps with asset manager. 
• Timely processing of capital releases. Review and analyze collected documentation.  Seek approval of benchmark documentation from other departments as required.   Update capital installment application and prepare wire form for review by Asset Manager.  Electronically file all documentation.
• Establish and maintain relationships with management companies.
• Analyze property performance deficiencies and develop projections. 
• Analyze actual development costs (Cost Certification) compared to underwriting. 

 Minimum Requirements:

• Bachelor’s Degree
• 4+ years of real estate or related financial risk management experience
• Strong organizational and multi-tasking skills
• Strong verbal and written communication skills
• MS Excel proficient

Desired Requirements:

• Real estate underwriting experience
• Understanding of partnership agreements
• Section 42 tax credit experience