Development Risk Manager, Affordable Housing Investments in St. Petersburg, FL at honor foundations

Job Description

Job Summary

Under limited supervision, mitigate institutional investors construction risk and keep them knowledgeably informed on multiple low income housing projects construction statuses as they progress from preconstruction through construction and completion. Position is required to be knowledgeable in the review of standard real estate documentation including plans and specifications, AIA contracts and construction forms, partnership agreements, memorandums, and certificates of occupancy / building permits. Position is responsible for the coordination of multiple teams of 3^rd party inspection professionals, including underwriting their firms, managing the monthly draw and inspection process, and coordinating the deliverables to institutional clients. The position is also responsible for the review and processing of draw requests and capital contributions to property specific partnerships. Performs varied work that is somewhat difficult in character requiring evaluation, originality and ingenuity to make complex decisions, process information in a timely manner, and operate within a team environment.

Essential Duties and Responsibilities

%26middot; Review standard real estate documentation for consistency with RJTCFs requirements and property specific investment criteria.

%26middot; Review of drawings for completeness and best practices.

%26middot; Review and assess construction related agreements (construction, design, and equity/debt documents).

%26middot; Engage 3^rd party construction inspectors, review pre-construction reports and coordinate among the development, design and construction teams to resolve items requiring further attention

%26middot; Perform detailed plan and specification review to ensure compliance with tax credit application standards

%26middot; Analyze direct and indirect cost budget.

%26middot; Conduct periodic site visits to: monitor construction, review contractors requisitions for payment, and recommend the release of construction funds.

%26middot; Review 3^rd party inspectors monthly or quarterly construction inspections, noting and, if required, resolving any open construction issues.

%26middot; Monitor schedule and budget progress for multiple properties under construction, identifying any potential exposure to investment and credit delivery risk.

%26middot; Maintain high level of client contact and communication.

%26middot; Review substantive change orders for pricing, schedule, sources of funds, and marketability impacts.

%26middot; Performs other duties and responsibilities as assigned.

%26middot; Additional specific responsibilities:

1. APPROVED CONSULTANT DIRECTORY MANAGEMENT -

a) The DRM shall update and maintain the master consultant directory each month as consultants are added and removed from the directory. The DRM should evaluate consultant performance and make recommendations for removing consultants from the directory if necessary.

2. CONSULTANT REPORTING MANAGEMENT -

a) The DRM must know when to alert the DTAM if the information obtained and analyzed by the DRM warrants his notification.

i. The timeliness of consultant reporting. The DRM will ensure we receive a WIP report no later than 60 days after the lower-tier closing. If the project has not commenced, provide a detailed explanation why construction has not commenced as underwritten and /or why we have not received the first WIP report.

ii. The DRM must ensure we receive a WIP report each 30-day period regardless if the developer has submitted an application for payment or provide a detailed explanation why such condition exists. All notes and explanations are to be entered in the AM notes in RaPID.

iii. The DRM shall review each WIP report to ensure the consultants observations are consistent with the projects current status and expectations from the previous reports. Any deviations are to be noted in RaPID and if necessary evaluated further for inclusion on to the Watchlist or an explanation why the project should be mitigated. All notes and explanations are to be entered in the AM notes in RaPID.

iv. The DRM shall ensure the information contained in the report is fresh and relative to the current project status. Ensure the consultants are removing stale antiquated information each month as necessary to maintain a concise report.

v. The DRM shall ensure the content of each report is consistent with the RJTCF engagement including;

a. Ensuring the consultant clearly understands the projects completion requirements.

b. Ensuring the consultant is providing an estimated completion date/s for all buildings based on their opinions.

c. Ensuring the consultant is providing the GCs estimated completion date/s, for all buildings.

d. Ensuring the consultant is providing a summary of all change orders to date and an explanation for each.

e. Ensuring the consultant is providing a summary of all pending change orders.

f. Ensuring the consultant is noting any deviations from the intended work scope as a result of change orders.

g. Ensuring the consultant is noting the relationship between project time, expended contingency to date and, and remaining contingency funds to complete the intended work scope.

vi. The DRM shall extract data such as manpower, weather, or any additional information deemed relative to the DRMs overall analysis of the projects status from the consultant as needed. All notes and explanations are to be entered in the AM notes in RaPID.

vii. The DRM shall ensure that each WIP progress reports contains a minimum of the following information:

a. A chorological history and detailed explanation of all project delays since commencement.

b. A chorological history and detailed explanation of all project change orders since commencement.

c. A current understanding of the GCs current scheduled completion dates for all buildings.

d. A current opinion from the consultant, not the GCs schedule, of the estimated completion dates for all buildings. All notes and explanations are to be entered in the AM notes in RaPID.

e. A detailed explanation of any delays since the last report and all delays since commencement. All notes and explanations are to be entered in the AM notes in RaPID.

f. An explanation of any significant issue which will, or could impact the cost or progress of the project such as stop work orders, labor issues, disputes, etc. All notes and explanations are to be entered in the AM notes in RaPID.

g. Confirm the receipt of TCOs and / or the final Certificates of Occupancy for each project.

h. The DRM shall confirm that each project is closed out with a close-out report or other documentation, (i.e. G704 with no remaining punch-work listed, statement from the consultant that all work is complete, statement from the property management company that all units and common spaces have been accepted, or other confirmation of completion) necessary to satisfy RJTCFs requirements that the project has met all of our close-out benchmarks.

3. PROJECT and RAPID MANAGEMENT -

a) The DRM shall update and maintain real time construction information in RaPID in the Asset Management tab pursuant to the DRMs analysis of the projects progress in relationship to the information provided by the consultant. Updated data shall include:

b) Analysis of the current status of construction relative to RJTCFs underwriting.

c) Confirm commencement and indicate in RaPID.

d) Analysis of contingency and change orders to date as well as potential change orders.

e) Analysis of any material risk to investor benefits, PIS, cost, credit delivery, quality of the asset, or other issues which could negatively affect credit delivery or investor benefits.

f) If such items are identified make a recommendation whether the project is ok as it, needs an adjustment to the completion date, a call with the GP, GC, or RJTCF team member, or other action such as adjusting the completion date, mitigating the risk, or adding the project to the watchlist.

g) If project requires further action such as mitigating the issue or placing the project on the watchlist, state what that the action should be and why you are recommending this action.

h) Write up a mitigation note or watchlist recommendation as required and present to the DTAM for review.

i) The DRM shall update continually update the RaPID database based on these findings, observations, and opinions.

j) The DRM shall notify the DTAM of any material changes to any project which in the opinion of the DRM, could affect the cost, completion status, or credit delivery.

4. INVESTOR MANAGEMENT -

a) The DRM shall prepare and manage the JP Morgan Chase Syndicator Monthly Inspection Memos to ensure timely delivery and accurate content.

b) The DRM shall become familiar with and update the monthly investor reports in advance of the investor fund calls. Presently TD, BOA, and Fannie Mae.

c) The DRM shall review all projects weekly to ensure any project/s with a %26ldquo;C%26rdquo; or lower RaPID rating are reviewed and then mitigated or placed on the watchlist. Any projects which meet the %26ldquo;C%26rdquo; rating criteria that are not currently mitigated or on the WL will be brought to the attention of the DTAM each week.

5. RJTCF GENERAL -

a) The DRM shall become familiar with the RJTCF tax credit acquisition and underwriting process including, but not limited to the flow of documents and information from step one through lower-tier closing and the team member/s responsible for maintain the information.

b) Using the weekly pipeline report, the DRM shall identify projects requiring a construction memo and shall prepare the memo based on the DRMs findings. This memo shall be presented to the DTAM for review the day before it is required by ICM.

c) Increase your familiarity with the new RaPID database including;

i. How to update the commencement dates.

How to adjust the completion dates including correct and informative notes, and the notification of key RJTCF team members of any changes in status.