Senior Tax Credit Acquisitions Manager
New York City Office
Through its Acquisitions Group, Jonathan Rose Companies has been making value-add investments on behalf of its private equity funds since 2005. The Group focuses on the acquisition of affordable and mixed-income multifamily housing in transit-oriented or walkable locations in order to preserve its affordability, improve its economic and environmental performance, and enhance the lives of its residents. We acquire properties directly or work in joint venture with local partners who share our vision and commitment to making an impact.
As part of this preservation work, we are are seeking an experienced and entrepreneurial individual to oversee the acquisition and rehabilitation of affordable housing properties using Tax-Exempt Bond (TEB) financing and Low-Income Housing Tax Credits (LIHTCs). As the Senior Tax Credit Acquisitions Manager, this individual will work under the Managing Director of Acquisitions to lead and direct activities of a special in-house team consisting of members from Acquisitions, Asset Management, Construction and Property Management.
This position will be responsible for sourcing acquisition and rehabilitation opportunities; preparing proforma models, conducting due diligence; securing LIHTC equity investment, debt financing, grants and subsidies; coordinating design and construction deliverables; overseeing closings; overseeing the redevelopment of the acquired properties, including design, construction and relocation; and transitioning new acquisitions to the Asset Management once stabilized.
Travel is required for this position.
Source acquisitions from third parties or from within the JRCo portfolio and underwrite potential acquisition for match with underwriting criteria.
Prepare financial analysis and models, prepare income and expense underwriting, solicit term sheets from LIHTC investors and lenders, and communicate with state agencies on the availability of affordable housing resources.
Prepare predevelopment budgets for internal review and approval of predevelopment capital.
Prepare investment memos and communicate regularly with JRCo senior management on the status of opportunities.
Prepare applications for 4% LIHTCs and TEBs. Coordinate with state agencies on successful allocation of LIHTCs and TEBs.
Coordinate with the Construction Practice on the preparation of architectural plans and specs, construction budgets and contracts, and project schedule.
Conduct financial closings and negotiate closing documents.
Oversee property rehabilitation activities, including oversight of relocation, tenant income qualification, and monthly financial draws.
Track delivery of LIHTCs against projections and oversee preparation of cost certifications and 8609s.
- 7-10 years of relevant experience working for an affordable housing developer or consulting firm, LIHTC investor or lender, or a state housing finance agency.
- Experience working with Department of Housing and Urban Development (HUD) and state housing finance agencies.
- A strong command of affordable housing programs, including LIHTCs, TEBs, and FHA and/or GSE debt.
- Entrepreneurial attitude and proven ability to source new deals.
- Detail-oriented, methodical work practices with an ability to manage multiple deadlines.
- Experience with green building practices and compliance with third-party certification standards
- Quantitative analysis and financial modeling skills (Excel) are a prerequisite.
- Excellent verbal and written communication skills.
- Education: minimum B.A. or B.S. in relevant degree areas, such as Real Estate or Finance.
This position will be in New York, NY.
Salary is commensurate with experience and qualifications. Comprehensive benefits are provided. The position is available immediately.
Jonathan Rose Companies has a deep commitment to diversity. We are an equal opportunity employer. Company policy prohibits discrimination or harassment on the basis of race, color, religion, national origin, ancestry, sex, age, marital status, familial status, sexual orientation, disability, or veteran status. We support and promote equal employment opportunity, human dignity, and racial, ethnic, and cultural diversity by taking positive steps to eliminate barriers that may exist in hiring and in employment practices.
How to Apply
Send your résumé by email, or fax to (917) 542-3601
Please include the position title in the subject line.
We can only accept resumes in .docx or .pdf formats. You may also include a cover letter describing why you desire the position (optional, not required).