What are the responsibilities and job description for the Multi-Family Real Estate Portfolio Manager position at Royal Bank of Canada?
Job Summary
Job Description
What is the opportunity?
RBC Capital Markets is a leading national syndicator of State and Federal Low Income Housing Tax Credits (LIHTCs), Historic Rehabilitation Tax Credits (HRTCs), and New Markets Tax Credits (NMTCs).
The Portfolio Manager is responsible for maintaining a portfolio of real estate assets invested through the Section 42 (LIHTC) affordable housing tax credit program and/or the historic tax credit program to ensure the continuous delivery of tax credit benefits and passive losses.
What will you do?
Assess project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions, terms of partnership agreement, loan documents, LURAs, QAPs, and tax credit application.
Calculate annual tax credit amount from final cost certification and 8609s and calculate first year credit delivery from actual lease-up figures.
Manage the disbursement of equity for the assigned portfolio.
Provide oversight of project by analyzing performance data on a monthly, quarterly, or annual basis as applicable.
Complete annual property inspections or more frequently as needed.
Expedite the receipt of financial and operational information from the lower tier partnerships on a monthly, quarterly and annual basis.
Initiate communication with General Partners to ensure timely submission of tax returns and audits.
Review the annual operating budget for each property in the assigned portfolio.
Communicate issues that may place a project at risk to appropriate leadership in Asset Management, and develop an action plan that will help mitigate the risk and protect the investment.
Assist with the disposition of assets at the end of the affordable housing tax credit period or other dissolution event.
Participate in team initiatives.
Maintain a thorough and up-to-date record of property activity and document management in the database.
Maintain familiarity with regional and local economic and demographic trends within portfolio markets.
Develop and maintain relationships with General Partners, management agents, lenders, contractors, third-party monitors, investors, local and state housing agencies, and others in the LIHTC industry.
What do you need to succeed?
Bachelor’s Degree and five years’ experience in real estate, accounting, finance, or property management.
Key skills include real estate concepts, financial analysis, and strong organization and prioritization.
A strong interest in real estate investment and/or affordable housing.
Proficiency in MS-Outlook and MS-Office applications.
Excellent verbal and written communication skills.
Prior experience as a LIHTC Asset Manager is highly preferred.
What’s in it for you?
We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.
A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and stock where applicable
Leaders who support your development through coaching and managing opportunities
Ability to make a difference and lasting impact
Work in a dynamic, collaborative, progressive, and high-performing team
Opportunities to do challenging work
Opportunities to building close relationships with clients
Job Skills
Communication, Critical Thinking, Customer Service, Detail-Oriented, Industry Knowledge, Information Capture, Investment Banking, Negotiation, Product Services, TeamworkAdditional Job Details
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