Construction Project Manager (Chicago)

Construction Risk Manager

Affordable Housing / Real Estate Investment

A national affordable housing investment organization is seeking a Construction Risk Manager to join its growing Construction Risk Management team. This is an individual contributor role responsible for evaluating and managing construction-related risk across a portfolio of affordable housing investments.

The Construction Risk Manager will support projects from pre-closing through active construction and completion, partnering closely with Asset Management, Project Management, developers, sponsors, architects, contractors, and third-party consultants.

Key Responsibilities

• Review construction drawings, specifications, contracts, budgets, schedules, and other project documentation to identify potential construction risks.
• Evaluate projects during underwriting and pre-closing, assessing constructability, scope, cost, schedule, development-team capabilities, and overall execution risk.
• Review third-party due diligence, including environmental, property condition, feasibility, and cost assessments.
• Monitor approximately 25–30 active construction projects through completion.
• Review construction progress reports, payment applications, budgets, schedules, change orders, and supporting documentation.
• Identify potential cost overruns, delays, quality concerns, scope issues, accessibility concerns, and other construction risks.
• Work directly with developers, sponsors, contractors, consultants, and internal teams to develop practical solutions and mitigation strategies.
• Review change orders and scope modifications for cost, necessity, schedule impact, and potential scope creep.
• Participate in regular reporting with Asset Management and communicate project risks, recommendations, and status updates.
• Support construction closeout, including inspections, punch lists, final payments, warranties, and transition into ongoing operations.
• Manage multiple projects and competing deadlines while maintaining detailed project documentation.

The formal JD emphasizes that this is not simply a reporting role—the Construction Risk Manager is expected to identify deficiencies and recommend risk-mitigation, value-engineering, and corrective solutions.

Qualifications

• Bachelor's degree in Architecture, Civil Engineering, Construction Management, Construction, or a related field preferred.
• Strong architecture, construction management, engineering, or project management background.
• Multifamily residential construction experience strongly preferred.
• Experience reviewing architectural drawings, specifications, construction contracts, and AIA documentation.
• Understanding of construction methods, building systems, codes, accessibility requirements, and construction documentation.
• Experience monitoring active construction, including site visits, progress reporting, payment applications, budgets, schedules, and change orders.
• Ability to identify construction risks and recommend practical solutions.
• Strong communication skills with the ability to explain technical construction issues to non-technical stakeholders.
• Excellent organization and time management skills with the ability to manage a large portfolio of concurrent projects.
• Affordable housing and/or LIHTC experience is highly valued but not required for candidates with strong transferable construction experience.