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Job Title

Manager, Development Risk

Job Description

PRINCIPAL RESPONSIBILITIES  

Construction Underwriting - Review projects in order to determine the feasibility and risk of each project. This review includes analysis of market conditions, budget, schedule, PNA, Phase I, General Contractor (GC) qualifications, and GC past performance.

Monitoring / Site Visits – Travel frequency will be based on a project specific schedule.

Reporting – Monitoring report by DRM and/or 3rd party contact. The monthly reports will track changes in progress as they relate to the schedule, budget, and any changes in scope of the project.

Post Construction Analysis – Review construction completion certificates, certificates of occupancy, permits and licenses, cost overruns and final change orders, cost certification, and replacement reserves.

Participate in hand-off meetings with the Underwriting group and address risks identified in pre-construction report and how they were mitigated; confirm construction start date and review timeline and construction budget.

Review pre-construction report issued by third party. Establish relationship with the third party construction monitor. Monitor construction status by reviewing the monthly draw packages.  Enter relevant data into the Asset Management data base.  Closely monitor sources and uses of the budget identify any potential gap. Identify and assist in the resolution of any construction related delays.

Ensures each development investment reaches Certificate of Occupancy (“CO”) as it relates to construction.  Identify “cliff dates” and develop monitoring plan based on DRM review and risk ranking.

Review the most recent underwriting projection flow of equity payments against the lower tier partnership agreement requirements for the payment of capital.

Work with Investment Diligence Specialists to ensure post-closing items are received.

Send out closing introduction letter to General Partner (“GP”).

Job Summary

PURPOSE RBC Capital Markets – RBC Community Investments (www.rbccm.com/communityinvestments), part of the Royal Bank of Canada (RBC) firm, is a leading syndicator of Low Income Housing Tax Credits (LIHTC), Workforce Housing Investments, Renewable Energy Tax Credits, Historic Tax Credits and State Tax Credits. Under the general direction of Asset Management leadership, the Development Risk Manager (DRM) is responsible for providing support to the firm with respect to all aspects of multi-family project development and construction. This support includes pre-closing construction review and underwriting, construction monitoring and monthly draw review, and post-construction analysis. The DRM is responsible for maintaining a portfolio of real estate assets invested through the Section 42 (LIHTC) affordable housing tax credit program, the historic tax credit program and workforce housing.

Address:

Chicago, Illinois, United States of America

City:

USA-CO-DENVER, USA-IL-CHICAGO, USA-NC-CHARLOTTE, USA-OH-NEW ALBANY

Country:

United States of America

Work hours/week:

40

Employment Type:

Full time

Platform:

Capital Markets

Job Type:

Regular

Pay Type:

Salaried

Posted Date:

2022-03-22-07:00

Application Deadline:

2022-03-22-07:00

Inclusion and Equal Opportunity Employment

At RBC, we embrace diversity and inclusion for innovation and growth. We are committed to building inclusive teams and an equitable workplace for our employees to bring their true selves to work. We are taking actions to tackle issues of inequity and systemic bias to support our diverse talent, clients and communities.

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We also strive to provide an accessible candidate experience for our prospective employees with different abilities. Please let us know if you need any accommodations during the recruitment process.

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