Type: 
Affiliate Job Opportunities

 

Job ID Number: 5364122

Locations:

  • 333 South Grand Avenue Los Angeles, CA
  • 299 South Main Street Salt Lake City, UT

 

Job Description
Community Lending and Investment specializes in helping developers and investors take advantage of tax credit opportunities by investing in Low Income Housing Tax Credits (LIHTC) for multifamily apartments and Historic Tax Credit properties. For more than 20 years, Wells Fargo has been investing in tax credits and is one of the few banks active in both direct and fund equity investments, increasing our opportunity to provide developers with needed capital.

This position is for a Tax Credit Asset Manager, managing equity investments in affordable housing. The Tax Credit Asset Manager will:

  • Provide a single point of contact with general partners and internal departments regarding assigned assets
  • Independently manage a portfolio of real estate investments that are under construction, in lease-up, or are stabilized
  • Identify and analyze issues, and recommend and execute action plans
  • Monitor investment and property performance, including construction and lease-up progress
  • Present property performance reports to management at least once a month
  • Analyze tax returns, property financial statements, and sponsor financial statements
  • Review third-party inspection reports to ensure compliance with Low Income Housing Tax Credit (LIHTC) regulations
  • Review requests for capital contributions and reserve releases
  • Calculate adjustments to capital contributions based on credit delivery
  • Underwrite general partner consent requests, including loan refinances and changes in partnership structures
  • Perform site visits
  • Negotiate and execute the exit of Wells Fargo from the investment partnerships
  • Assess markets in which assets reside, identify market and sub-market risks and issues
  • Participate and/or supervise projects related to asset management process improvement
  • Track any work outsourced to third parties

 

Team members support our focus on building strong customer relationships balanced with a strong risk mitigating and compliance-driven culture which firmly establishes those disciplines as critical to the success of our customers and company. They are accountable for execution of all applicable risk programs (Credit, Market, Financial Crimes, Operational, Regulatory Compliance), which includes effectively following and adhering to applicable Wells Fargo policies and procedures, appropriately fulfilling risk and compliance obligations, timely and effective escalation and remediation of issues, and making sound risk decisions. There is emphasis on proactive monitoring, governance, risk identification and escalation, as well as making sound risk decisions commensurate with the business unit’s risk appetite and all risk and compliance program requirements.

Required Qualifications

  • 5+ years of experience in one or a combination of the following: Commercial Mortgage Backed Securities (CMBS) or agency commercial real estate asset management underwriting, commercial real estate, low-income housing tax credit investment asset management, underwriting, or workout

 

Desired Qualifications

  • Customer service focus with experience actively listening, eliciting information, comprehending customer issues/needs, and recommending solutions
  • Extensive knowledge and understanding of credit and income producing real estate
  • Strong attention to detail and accuracy skills
  • Excellent verbal, written, and interpersonal communication skills
  • Ability to read and understand basic commercial real estate loan documentation, securitization documents, including pooling and servicing agreements and related documentation
  • Experience with the Low Income Housing Tax Credit (LIHTC) program

 

Job Expectations

  • Ability to travel 25% of the time

 

Apply Today!

Internal Team Members

 

* Note these instructions are for team members. If requisition search returns with no results, then the job posting is no longer active.

External Job Seekers

  • Visit Wells Fargo Careers Site
  • Go to the Search Our Jobs link, located in the middle of the right side of the page
  • On the Job Search page, click on “Search jobs now”
  • Enter Job Opening ID and click search.
  • Click on Go
     

 

* Note these instructions are for external job seekers. If requisition search returns with no results, then the job posting is no longer active.