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Development Asset Manager

MERRITT COMMUNITY CAPITAL CORPORATION
TITLE:                                   Development Asset Manager
REPORTS TO:                  Director of Acquisitions
PREPARED DATE:        January 2, 2020
JOB LOCATION:            Oakland, CA 

About Merritt Community Capital Corporation:  Merritt Community Capital Corporation is a non-profit corporation that provides equity capital for affordable housing throughout California, revitalizing neighborhoods through construction, rehabilitation, and long-term asset management. Since 1989, the company has financed approximately 9,000 affordable homes with $900 million in equity raised across 21 separate funds. Given the imperative for more affordable housing in California and the state’s $500 million increased support in 2020 we anticipate expanding the organization.

Merritt offers a collaborative culture with a passionate team focused on our mission.  We provide excellent benefits, including paid time off, employee/family health coverage, 401(K) contributions, commuter support and performance bonuses.  To learn more about Merritt please visit www.merrittcap.org.

 Summary: Under minimal to moderate supervision with a reasonable degree of independent judgment, manages the Merritt Capital investment portfolio during construction to 8609, implements policies and procedures for monitoring investments, ensures compliance of project investments with appropriate regulations and performs tasks related to the operation of the Asset Management unit.

Essential Duties and Responsibilities:

  • Monitoring/Analyzing
    • Implements policies and procedures of the Asset Management unit to review and monitor the management, financial and accounting systems of project partnerships.
    • Monitors general partner/developer performance under the construction loan documents and limited partnership agreement during the construction and occupancy phases of development.
    • Upon completion of the construction and occupancy phases, reviews compliance and due diligence items and makes recommendations on major and final equity pay-ins by Merritt Funds or Direct Investors.
    • Ensures the Partnership, construction and occupancy phases of each Merritt Capital development is completely and accurately documented prior to transferring the project to a Stabilized Asset Manager.
    • Coordinates with the Asset Manager for each investment to monitor receipt of first year tax returns and audits, with the responsibility for resolving discrepancies in tax benefits between the final projections and the first-year tax returns.
    • Conducts fund, direct investment portfolio and project investment reviews, including quarterly financial reviews, annual site inspections, tenant file review and periodic reviews of insurance, property tax, debt service coverage and reserve for replacements requirements.
    • Monitors initial tenant leasing activity to ensure compliance with requirements and proper allocation of tax credits.
  • Reporting
    • Periodically reports the status of developments to the Director of Asset Management. Ensures that any compliance or performance issues during construction are promptly noted and recommends resolutions as
    • Prepares reports for the Board and investors.
  • Problem solving
    • Takes the lead role in identifying and recommendation resolutions for any outstanding issues that may impact the level and timing of Merritt equity investments.
    • Assists in the development and implementation of workout plans to resolve Watchlist issues and maintains Watchlist data.
    • Provides technical assistance to developers and property managers.
  • Other duties may be assigned.

 Supervisory Responsibilities:  This job has no supervisory responsibilities.

Qualifications: To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education and/or Experience:  Bachelor’s degree in related field from four-year college or university; at least two years progressively responsible experience in real estate development, real estate asset and/or property management, construction management, or finance; or equivalent combination of education and experience.

Language Skills:  Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, project level General Partners, property managers, non-profit housing organizations, etc,

Mathematical Skills:  Ability to learn and work with financial models. 

Reasoning Ability:  Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

Computer Skills:  To perform this job successfully, an individual should have knowledge of spreadsheet and word processing software.

Certificates, Licenses, Registrations:  Must have a current driver’s license.

Other Skills and Abilities:  Work cooperatively in team settings.  Possess strong customer relations skills, good judgment and initiative. Demonstrates ability to effectively communicate both orally and in writing with a variety of people and agencies, analyze affordable housing proformas and budgets, and monitor portfolio of real estate investments.

Other Qualifications:  Must have knowledge of the regulations governing the Section 42 Low Income Housing Tax Credit program, familiarity in working with tenants, tenant organizations and property managers. May have experience working for or with non-profit housing developers, knowledge of affordable housing industry.

Physical Demands: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.  While performing the duties of this Job, the employee is regularly required to sit and talk or hear. The employee is occasionally required to stand, walk and reach with hands and arms. The employee must occasionally lift and/or move up to 15 pounds. Specific vision abilities required by this job include close vision, distance vision and ability to adjust focus.

Work Environment: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.  The noise level in the work environment is usually moderate.