Description
Multi-family Real Estate Underwriter
Location: Raymond James Financial, Corporate Headquarters: St. Petersburg, FL
Relocation/Telecommuter: Relocation assistance may be provided; Telecommuting is not offered.
Job Summary & Responsibilities:
The #1 For-Profit Syndicator in the Low Income Housing Tax Credit Funds (LIHTC) industry, is hiring a mid-level Multi Family Real Estate Underwriter/Transaction Coordinator to support deal analysis and due diligence on low income tax credit housing projects for Raymond James Tax Credit Funds (RJTCF).
Our ideal candidate will:
- Perform moderately complex analysis of affordable housing documents and statements, to include underwriting documents, titles, appraisals, closing statements, and property statements.
- Participate in ad-hoc projects related to ongoing asset maintenance, re-valuing, LIHTC rules and regulations, investor requests.
- Have proven experience with advanced MS Excel (intermediate –advanced), is highly detail oriented, and have proven written communications and organizational skills.
Essential Duties and Responsibilities:
- Reviews standard real estate documentation for consistency with RJTCF’s requirements and property specific investment criteria.
- Reviews and updates financial projections to reflect actual property performance.
- Reviews property financial statements, tax returns, cost certifications and low income housing tax credit (LIHTC) specific documentation.
- Reviews legal documents/memorandums and performs other “due diligence” procedures in connection with the property.
- Reviews, approves, and processes requests for capital contributions to property specific partnerships. In certain circumstances, may approve certain requested without direction or approval from management.
- May also conduct ESA reviews, audit financial projects, maintain master financial projects, and conduct property acquisition analysis.
- Performs other advanced duties and responsibilities as assigned.
Qualifications
Knowledge, Skills, and Abilities:
- Company’s working structure, policies, mission, and strategies.
- Fundamental concepts, principles and practices of LIHTC.
- Fundamental concepts, principles and practices of the real estate industry.
- Principles of banking and finance industry operations.
- Reviewing standard real estate documentation including financial projections, loan documents, various legal memorandums, draw requests, rent rolls, property financial statements, and certificates of occupancy/building permits.
- Reading and understanding real estate and LIHTC specific documentation.
- Real estate financial projections.
- Operating standard office equipment and using required software application to produce correspondence, reports, electronic communication, and spreadsheets.
- Communicate effectively both oral and written.
- With limited to no guidance, organize, manage and track multiple detailed tasks and assignments with frequently changing priorities in a fast-paced work environment to meet required results.
- Provide accurate and high quality work product in a timely manner.
- Proactively demonstrate readiness and ability to initiate action.
- Compile data from multiple sources, review, and accurately input into various spreadsheets and database.
- With limited to no guidance, work independently as well as collaboratively within a positive team environment.
- With limited to no guidance, identify required tasks, develop timelines and execute.
- Project a positive, professional image both internal and with external business contacts.
- Convey information clearly and effectively through both formal and informal documents.
- Identify relationships, draw logical conclusions and interpret results for use in decision making.
Educational/Previous Experience Recommendations:
Bachelor’s Degree (B.A.) in business, finance, accounting or related field and a minimum of two (2) years of real estate experience.
Any equivalent combination of experience, education, and/or training approved by Human Resources.
About Raymond James Tax Credit Funds:
Raymond James Tax Credit Funds is a leading provider of high-quality affordable housing developments throughout the nation.
Since the tax credit program began in 1986, we have raised more than $6 billion in equity for more than 1,700 properties throughout the United States. Each of our funds has been successful in delivering its projected tax benefits. Furthermore, RJTCF has never had a credit recapture to date. Our portfolio boasts an average occupancy of nearly 95%, and our ratio of underperforming assets is about half that of the industry averages.*
Our focus on the quality of our development partners, specific market expertise and comprehensive due diligence have earned us recognition as a leader in the affordable housing industry.
At Raymond James, Service 1st is our commitment – our clients come first, and we will provide the highest level of service with integrity. This approach has allowed RJTCF to retain our development partners and maintain a stable group of investors that have partnered with RJTCF year after year.
- From Ernst & Young’s Understanding the Dynamics V: Housing Tax Credit Performance and 2007/2008 sampling data.
Service 1st is a service mark of Raymond James Financial, Inc.
