Development Risk Manager - Construction Oversight

Job Summary

Under limited supervision, mitigate institutional investors’ construction risk and keep them knowledgeably informed on multiple low income housing projects’ construction statuses as they progress from preconstruction through construction and completion.  Position is required to be knowledgeable in the review of standard real estate documentation including plans and specifications, AIA contracts and construction forms, partnership agreements, memorandums, and certificates of occupancy / building permits.  Position is responsible for the coordination of multiple teams of 3rd party inspection professionals, including underwriting their firms, managing the monthly draw and inspection process, and coordinating the deliverables to institutional clients.  The position is also responsible for the review and processing of draw requests and capital contributions to property specific partnerships.  Performs varied work that is somewhat difficult in character requiring evaluation, originality and ingenuity to make complex decisions, process information in a timely manner, and operate within a team environment.

Essential Duties and Responsibilities

·         Review standard real estate documentation for consistency with RJTCF’s requirements and property specific investment criteria.

·         Review of drawings for completeness and best practices.

·         Review and assess construction related agreements (construction, design, and equity/debt documents).

·         Engage 3rd party construction inspectors, review pre-construction reports and coordinate among the development, design and construction teams to resolve items requiring further attention

·         Perform detailed plan and specification review to ensure compliance with tax credit application standards

·         Analyze direct and indirect cost budget.

·         Conduct periodic site visits to: monitor construction, review contractors’ requisitions for payment, and recommend the release of construction funds.

·         Review 3rd party inspectors’ monthly or quarterly construction inspections, noting and, if required, resolving any open construction issues.

·         Monitor schedule and budget progress for multiple properties under construction, identifying any potential exposure to investment and credit delivery risk.

·         Maintain high level of client contact and communication.

·         Review substantive change orders for pricing, schedule, sources of funds, and marketability impacts.

·         Performs other duties and responsibilities as assigned.

·         Additional specific responsibilities:

1.       APPROVED CONSULTANT DIRECTORY MANAGEMENT –

a)       The DRM shall update and maintain the master consultant directory each month as consultants are added and removed from the directory. The DRM should evaluate consultant performance and make recommendations for removing consultants from the directory if necessary.

2.       CONSULTANT REPORTING MANAGEMENT –

a)       The DRM must know when to alert the DTAM if the information obtained and analyzed by the DRM warrants his notification.

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