Asset Manager

Company: Accion Opportunity Fund

Location: Remote, All

Job Function: Lending/Loan Operations


Background

Accion Opportunity Fund (AOF) is an unparalleled financial support system that provides underserved small business owners with access to capital, networks, and coaching. We work to build inclusive and accessible options for these determined business owners and their communities. For over 25 years we have served a client base that is nearly 90% women, people of color, or immigrants. AOF has a staff of over 100, spread around its offices in San Jose and Los Angeles, as well as remotely elsewhere.

In addition to providing resources and loans to small businesses, we also conduct original research, advocate for policy changes, and finance the construction of community facility projects (such as community health centers, homeless services facilities, youth recreational facilities) in low-income neighborhoods through our New Markets Tax Credit program.

This position will support our New Markets Tax Credits (NMTC) team. Since 2004, our NMTC program has deployed $388 million to 32 community facility projects across the western United States. These community facilities provide critically needed services such as health care, education, homeless services, and providing healthy food to over 450,000 low-income individuals annually and have created thousands of quality jobs in economically distressed communities.

For more information about us, visit https://aofund.org/

Summary

The Asset Manager is responsible for identifying and deploying New Markets Tax Credit financing to non-profits who will utilize the funding to construct or renovate community facilities (health centers, Boys and Girls Clubs, homeless services facilities, for example). The position will also be responsible for overseeing asset management and compliance of a portfolio of New Markets Tax Credits investments and loans.

Duties include but are not limited to: evaluating borrower due diligence and compliance reporting, reviewing and analyzing financial reports, overseeing the program’s social impact reporting, developing the project pipeline, leading and assisting on closing of NMTC financing transactions, and assisting in the preparation of the program’s annual application for tax credit allocation.

The position will report to the Director of the NMTC program, work closely with the NMTC Finance Manager and supervise the Program Assistant, who will assist in monitoring borrower compliance and reporting and in the social impact reporting process.

Responsibilities

Asset Management 55%

  • Ensure borrower compliance with loan covenants, including borrower financial and compliance reporting
  • Review and evaluate financial reports from borrowers to proactively identify potential areas of vulnerability and risks; develop and implement measures to address potential non-compliance and workout situations.
  • Supervise Program Assistant who will assist with monitoring borrower loan covenants and compliance with reporting requirements.
  • Review and approve of loan construction draw requests. Oversee construction consultant, who will assist in on-site and desk reviews.
  • Manage the community impact reporting process, which includes collection, analysis, and reporting of all borrower and tenant community impact data. Assemble and submit reports to the U.S. Treasury’s C.D.F.I. Fund.

Lending 30%

  • Take lead and assist on NMTC loan closings including sourcing, evaluation, performing corporate, real estate and financial due diligence, and managing negotiations between multiple transaction parties (borrower, attorneys, accounting firms, consultants, other lenders)
  • Provide analysis of borrower financial statements, project financial model, and real estate and NMTC tax structure
  • Review draft legal documents and structuring of loan terms to minimize risk and ensure compliance with NMTC and investor requirements
  • Cultivate relationships with investors, NMTC consultants, and community-based organizations to build project pipeline
  • Position will involve travel at least once or twice a month, assuming that it can be done safely given COVID prevalence

Application 10%

  • Assist in the preparation and submission of the NMTC Application for tax credit allocation
  • Develop and submit other relevant applications: e.g. CDE certification for new legal entities etc.

Other 5%

  • Work with NMTC Director to implement NMTC communications, marketing materials, and initiatives
  • Team meetings and other internal meetings as necessary

Requirements

Who You Are:

  • You have a passion for Accion Opportunity Fund’s mission of advancing the economic well-being of low-income, BIPOC, and otherwise underserved communities.
  • You have a successful track record in the responsibilities listed or have demonstrated experience that is related or easily translatable to these responsibilities.
  • You are adept at reading and analyzing financial statements.
  • You understand the structure and terms of typical commercial or multi-family residential real estate financing transactions.
  • You have strong proficiency with MS Office (Word, Excel, Outlook, PowerPoint).
  • You have strong project management skills and are able to organize, plan, and carry out activities independently to meet specific, competing timelines and goals under pressure.
  • You take initiative to identify challenges and opportunities, can multi-task efficiently, and set work assignment priorities.
  • You have a high attention to detail that you have applied not just to analyze and ensure accuracy of financial statements, models, or forecasts, and in in reviewing legal contracts or similar documents to spot potential liabilities or risks, but also in day-to-day activities such as ensuring other departments’ accurate use of our key performance metrics and in updating project details in our database.
  • You have strong interpersonal, written, and verbal communications skills and are comfortable and adept at collaborating and negotiating with a variety of financing partners and professionals (for example, other CDFIs, senior staff at non-profit organizations, banks, real estate developers, as well as with their attorneys).
  • You are a strong contributor within a team environment with a positive and productive attitude and know how to set an example and provide leadership through challenging times involving significant organizational growth and change.

Desired Qualifications:

  • At least three years of experience in the NMTC (or other tax credit) industry, community economic development, commercial real estate lending, or real estate asset management.
  • Educational background in finance, accounting, or community development.
  • Experience in applying a racial justice lens to economic development

Compensation and Benefits

Compensation and Office Location: 

  • Base salary, dependent on experience, $85K-105K (negotiable)
  • Medical, Dental, Vision, Life & Disability coverage 100% company funded for employees. Family coverage also available
  • Tax deferred 403(B) retirement plan (some employer contribution)
  • Paid vacation (increased with tenure), holiday and sick leave days
  • Position ideally located near AOF’s offices in San Francisco Bay Area or Los Angeles, but remote is okay as well

Diverse candidates are encouraged to apply.  Accion Opportunity Fund is an Equal Opportunity Employer.

How to Apply

Apply on LinkedIn: https://www.linkedin.com/jobs/view/3062197520
(this links to Manager, NMTC, which is the same role)