Director, Transitional Asset Management

CAHEC is a community investment organization that strengthens communities by providing affordable housing and supportive service initiatives to residents in the Southeast and Mid-Atlantic regions. CAHEC engages in diverse product areas, including low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. Additionally, CAHEC offers loan programs, wellness and education initiatives for residents, affordable housing development, and property management services.

The Director, Transitional Asset Management, leads CAHEC’s Transitional Asset Management team which provides development period oversight for a portfolio of investments from closing through stabilization. This position coordinates and assigns specific tasks to the Transitional Asset Management team members responsible for construction management, tax credit compliance, equity funding and development-period asset management. This position is also responsible for direct asset management oversight of a portfolio of development-period investments. The Director, Transitional Asset Management, oversees and approves leave time, training opportunities, and travel expenses within approved company parameters and the department budget. The employment classification or this position is exempt.

Some specific functions include:

• Manage and coordinate the day-to-day operations of a Transitional Asset Management team, which includes direct supervision of assigned department staff. Plan the need for staff, monitor progress toward objectives and goals, set priorities, and establish deadlines. Ensure team members are meeting required timelines, performance benchmarks and department goals.
• Assist department VP in the development and implementation of strategic departmental goals, policies and procedures, and in the preparation and review of the departmental budget.
• Oversee and monitor the achievement of benchmarks for each investment in the portfolio, including construction completion, initial lease-up and tax credit delivery, stabilization, permanent loan conversion, and receipt of executed 8609s, with assistance from Transitional Asset Management staff.
• Review the status of each development-stage investment with the Transitional Asset Management Team at least monthly, communicating any issues that threaten the viability or underwritten performance of the investment to internal constituents and provide recommendations for addressing these risks.
• Work with general partners, management agents, and internal CAHEC staff as needed to develop solutions for those assets displaying signs of weakness and/or increased investor risk, and place assets on CAHEC’s monitoring list as warranted.
• Build and foster collaborative relationships with other CAHEC departments to promote effective professional communication, cooperation, and to stay abreast of new initiatives and services so that all efforts are coordinated, and problems addressed and resolved in a consistent, proactive, timely and positive manner.

Education Requirement

Bachelor’s degree in real estate, finance, business, city planning, or economics; or an equivalent combination of education and comparable work experience.

Work Experience

Minimum five (5) years progressively responsible work experience relevant to affordable housing tax credit development, underwriting, investment modeling, construction lending, finance, and/or asset management.

Minimum two (2) years progressively responsible work experience relevant to the management functions of supervising and coaching direct reports, operational planning, and budgeting.

Knowledge, Skills, and Abilities

• • Comprehensive knowledge of the LIHTC program.
  • Comprehensive knowledge of commercial real estate development and financing, including specific requirements for low-income housing tax credits.
  • Knowledge of partnership legal and taxation issues relevant to low-income housing tax credits.
  • Ability to manage the tax delivery process, including the review of cost certifications, 8609s, and equity adjustment calculations.
  • Proven ability to negotiate complex issues tactfully.
  • Proven ability to manage multiple, concurrent priorities and easily adapt to constantly changing priorities to meet established timetables.
  • Proven ability to supervise multiple direct reports including training, coaching, and performance management.

Work Environment

This position is based out of CAHEC’s corporate office in Raleigh, NC. Travel, typically by either commercial airline or automobile, is required for at least 30% of this position. Certain objectives require working on-site at various locations, or properties, within CAHEC’s investment portfolio. Some professional training opportunities and attending industry conferences may also require travel. CAHEC ‘s current hybrid work benefit offers eligible positions the opportunity to work remotely with a minimum of three days per week working in the Raleigh office.

Compensation and Benefits: CAHEC is an equal-opportunity employer that offers a competitive compensation package which is based on a hiring range that is commensurate on experience, education, and level of responsibility. CAHEC also offers a very competitive benefits package.

For more information and how to apply: please visit www.cahec.com.