Job Title: Acquisitions Manager Department: Acquisitions Reports To: VP of Acquisitions Date: May 1, 2017
EEOC Class: Professional FLSA Status: Exempt
Job Summary The Acquisitions Manager is responsible for underwriting equity investments in affordable housing developments financed with Federal Low-Income Housing Tax Credits (“LIHTC”) in compliance with Midwest Housing Equity Group, Inc.’s (“MHEG”) processes, procedures and credit standards. This individual works with MHEG management, affordable housing developers, lenders, state Housing Finance Agencies and other government agencies to close our investments into operating partnerships. Together with our Business Development Officers (“BDO”), this individual also helps foster strong relationships with our various partners and potential partners. Job Duties and Responsibilities •
Predevelopment/Technical Assistance: o Together with Business Development Officers, actively participate in development of strong relationships with our partners and potential partners. o Understand (and, as appropriate, provide comments to) Qualified Allocation Plans. o Together with BDOs, identify prospective development investments. o Provide technical assistance to developers as they prepare tax credit applications for submission to Housing Finance Agencies (e.g., review proposed market, determine financial feasibility, analyze deal structure and other pertinent development information and help developer submit a successful application for a successful development that meets MHEG’s underwriting guidelines). o Using MHEG’s financial model, prepare internal pro-forma to ensure development meets our underwriting standards. o As appropriate, provide syndication Interest Letter for use in tax credit applications.
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Post Tax Credit Award: o Continue work with BDOs to develop strong relationships with our partners and potential partners. o Complete detailed underwriting (including updated pro forma) of developments using updated financial projections and thorough review of tax credit application, market study, loan financing terms, etc. o Analyze financial statements and real estate schedules of all counterparties. o Perform in-person site inspection and market review. o Ensure investments comply with MHEG underwriting and credit requirements; identify and mitigate risks. o Present the project for review by MHEG’s internal credit committee (Scrub Meeting). o Together w/ Vice President-Acquisitions, negotiate and execute commitment letter. o Work closely with Closing Coordinators to analyze required due diligence; resolve issues related to same. o Work closely with Construction Manager to ensure adequate review of development plans and specifications and scope of rehabilitation if applicable.
o Participate in weekly due diligence teleconferences with development team to keep development on track for closing. o Present the development for review by MHEG’s external legal and accounting professionals (Tech Review Meeting). o Review draft closing documents prepared by MHEG legal counsel; together with Vice President-Acquisitions, negotiate the same; ensure documents are ready for closing. o Prepare investor narratives summarizing the investment for investor review/approval. o Present the development for review by MHEG’s Operations and Investment Committee. o Coordinate equity closing. o Ensure effective transition to Asset Management team, including preparation of transition memo. •
Other o Attend industry conferences as requested by VP-Acquisitions. o Attend (and occasionally speak at) ground breakings, ribbon cuttings and open houses. o Attend Housing Finance Agency meetings (e.g., QAP meetings, Board meetings). o Identify loan opportunities for Midwest Housing Development Fund, Inc.
Managerial Responsibility - None Knowledge, Skill, Licenses, Competency Requirements • • • • • • • • • • • •
Solid understanding of LIHTC program; familiarity with Historic Tax Credits and state tax credits a plus. Solid understanding of HUD programs (RAD, Section 8), USDA-RD programs (515, 538), HOME, CDBG and other affordable housing funding sources Working knowledge of fundamental real estate investment and finance principals and terminology. Working knowledge of basic accounting principles. Ability to comprehend, model and analyze development pro-forma and financial statements. Excellent verbal and written communication skills. Ability to develop and grow professional relationships. Ability to work independently as well as in a team setting. Strong organizational skills; ability to prioritize and handle multiple tasks at any given time. Strong analytical skills; attention to detail and accuracy a must. Ability to identify and solve complex problems. Must possess valid Driver’s License.
Education, Experience • •
Bachelor’s Degree (Master’s Degree preferred) in accounting, finance, real estate, business administration or related field or equivalent professional experience. At least five years prior experience underwriting real estate transactions (debt or equity); relevant asset management may be considered in certain situations.
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Housing Development Finance Professional or Housing Credit Certified Professional designation a plus.
Computer Skills • • •
Working knowledge of Microsoft Office, Adobe and virtual data rooms Highly proficient with Microsoft Excel Knowledge of MRI Investment Central Database (f/k/a Integratec) software a plus
Work Environment Work takes place in a typical office environment equipped with a computer, phone, copier/printer and other standard office supplies. • •
Some overnight travel is required (e.g., attendance at industry conferences, visits to out-ofstate developers) Some day travel is required (e.g., site visits to potential investments)
Physical Requirements • • • •
Ability to work under pressure, including evening and weekends during peak periods. Ability to travel via aircraft and automobile for extended periods of time (i.e., ability to take long flights and drives). Ability to work in typical office environment: type, use a computer, see computer screens and read/comprehend numerous financial and due diligence reports. When visiting development sites or otherwise traveling, incumbent may be exposed to varying environmental conditions (e.g., inclement weather, crowded conditions, dirt, dust, construction work site hazards).