Development Asset Manager

Development Asset Manager

Affordable Equity Partners, Inc. (AEP), founded in 1997, is a financial resources company that provides a full range of services for developers and investors in the Section 42 LIHTC Program. Having more than 500 tax credit developments, AEP has syndicated over $5 billion in federal and state tax credits. AEP has never had a foreclosure or credit recapture and maintains a reputation of unparalleled service before, during and after the investment.

Location: Atlanta

Schedule: Onsite Mon-Friday, hybrid after training period

The Development Asset Manager (DAM) is the owner's representative for new-construction and rehab LIHTC projects from construction close through lease-up and stabilization. The DAM drives on-time, on-budget delivery; enforces the draw-review SOP; prepares funding packages and bank notifications; supervises capital calls tied to LPA funding triggers (e.g., 8609 issuance, 100% occupancy); and coordinates the smooth transition of stabilized assets to Operating Property Asset Management (OPAM). This role combines construction project oversight, investor-facing capital administration, lease-up program management, and LIHTC compliance coordination.

Construction & Draw Management

• Serve as the owner's representative for assigned developments: monitor GC progress, and validate schedule recovery plans.
• Review and approve GC draw requests in strict accordance with the AEP's Draw Request SOP: verify invoices, lien waivers, waiver sequencing, third-party progress reports, AIA pay-apps, retainage calculations, and change order approvals.
• Follow up on outstanding draw documentation (missing invoices, waivers, subcontracts, third-party inspection and progress reports) and escalate when docs are not delivered within agreed timelines.
• Prepare the internal funding request package (supporting documentation, budget vs. actual summary, contingency status, certification of work performed) for management approval; once approved, notify construction lender/permanent lender/servicer to fund.
• Prepare/Update the Flow of Funds schedule and coordinate with accounting and loan servicers to confirm proper application of funds, release conditions, and lien waiver collection.

Budget, Schedule & Risk Control

• Maintain and challenge the project budget and schedule: track change orders, PCOs, committed vs. incurred cost, contingency draws, and forecast to complete. Provide monthly variance reports and recovery strategies when thresholds are exceeded.
• Identify schedule and budget risks early; formulate mitigation plans (scope reduction, sequencing changes, vendor substitutions) and secure approvals to implement.

Capital Calls & Investor Mechanics

• Manage capital call mechanics tied to LPA funding triggers (e.g., 8609 issuance, 100% occupancy, permanent loan funding): review the limited partnership agreement (LPA), collect required trigger documents, prepare investor draw packages, and seek management approval prior to submission to tax-credit investors.
• Coordinate with investor relations, fund management, accounting and legal on investor reporting, and notices.

Lease-Up, Marketing & Operations Readiness

• Oversee lease-up strategy: collaborate with property management and marketing to ensure adequate staffing, pricing concessions, lease terms, leasing materials, and community outreach to meet occupancy and compliance thresholds. Recommend and document changes to rents, concessions, staffing levels, and marketing spend to meet lease-up goals and compliance targets.
• Track leasing metrics (lease-up pace, absorption, average rent achieved, concession burn rate) and adjust strategy proactively.

Compliance, Cost Certification & 8609

• Work closely with the Compliance team to ensure all regulatory prerequisites for LIHTC credit delivery are met (tenant income eligibility during lease-up, marketing/affirmative fair housing, unit mix). Coordinate the timing and documentation for cost certification and prepare the project for 8609 submission.
• Maintain the audit trail for eligible basis, capital expenditures, construction documentation, and tenant certifications required for tax credit delivery.

Stakeholder Coordination & Handoff

• Serve as the internal lead for cross-functional coordination: Transactions, Construction, Property Management, Accounting, Legal, Compliance, and Investor Relations.
• Lead the development ? operations transition: prepare Operating Property Asset Manager ("OPAM") transition memo (TBD) summarizing final cost certs, As-Built drawings, warranties, lease-up information, operating and maintenance issues/schedules, staffing org chart, initial budgets) and provide hands-on support to OPAM until the asset is operating smoothly.

Reporting & Documentation

• Prepare weekly construction/lease-up dashboards, monthly executive summaries for SVP/leadership and investors, and ad-hoc risk reports. Maintain accurate project folders and document control (draw packages, lien waivers, AIA forms, shop drawings, permits, and closeout documents).
• Update the Development Phase AHIC Risk Rating categories in MRI at least every quarter and monthly for assets on the watch list.

Authority & Decision Rights

• Prepares and recommends funding of draw packages but does not unilaterally authorize draw disbursements unless delegated to do so by SVP or other officer.
• Escalates material issues (to be further defined-e.g. budget overrun > 2% or schedule delay > 60 days) for executive decision.

Minimum Qualifications

• Bachelor's degree in Construction Management, Real Estate, Finance, Engineering, or related field (or equivalent experience).
• 5 years of progressively responsible experience in affordable housing development, construction management, or development asset management with direct LIHTC exposure (construction/lease-up/cost certification/8609).
• Demonstrated experience reviewing AIA pay applications, lien waiver sequencing, GC/CM contracts, and draw requisitions.
• Working knowledge of LIHTC program rules (first 15-year compliance, extended use, student rule, income recertification basics).
• Excel skills; experience preparing budget vs. actual, cash-flow forecasts, and capital call schedules.

Core Competencies & Skills

• Construction and budget discipline: ability to read schedules, interpret critical path, and reconcile costs.
• Compliance orientation: understands documentation standards for audits and investor due diligence.
• Teamwork and influence:works cross-functionally with internal and external partners.
• Attention to detail with strong organization and document control skills.

KPIs / Performance Measures

• % of draws reviewed and approved within SOP timelines; % of draws requiring escalation due to missing/wrong documents.
• Average days from draw submission to internal approval submission.
• Budget variance at completion (Final cost vs. budget).
• Schedule adherence (% milestones on time; days to substantial completion).
• Lease-up pace (units leased per week/month) and % occupancy at 90/120/180 days post-stabilization target.
• Time from project completion to 8609 issuance and percent of required documentation accepted on first submission.
• Accuracy and timeliness of capital calls (number of rejections/requests for additional items from investor).