Equity Production Analyst

Boston Financial Investment Management, LP (BFIM) is one of the largest multi-family investment managers of low-income housing in the U.S.  The firm specializes in low-income housing tax credit (LIHTC) investment syndication and asset management.  The company ranked #3 in the 2012 NMHC 50, the National Multi Housing Council’s annual authoritative ranking of the nation’s 50 top apartment owners.

The Equity Production Analyst provides support for the Los Angeles based Equity Production Team and is responsible for modeling prospective low-income housing tax credit (LIHTC) transactions for acquisition and working to close those transactions into investment funds. Additionally, this position assists the Team with the coordination, review and compilation of due diligence and will work closely with other professionals from internal departments; such as construction, market review, background investigation and underwriting, as well as outside counsel; in supporting the Team’s activities throughout the initial underwriting and investment closing phases of transactions.

Key Responsibilities:

• Perform the input and manipulation of property data into the lower tier financial model for evaluation of project feasibility.
• Draft initial placement screening form and investment proposal letter for potential projects.
• Provide support in the overall deal due diligence process, including review of financial information, market information, engineering reports, and other information and material required to evaluate project feasibility and ensure that the project meets investment guidelines.
• Provide support in revising and updating financial models to ensure consistency of underwriting practices and soundness of deal structure.
• Provide support in the preparation of investment committee screenings and packages as well as the preparation of materials necessary for Investor approval of transactions.
• Manage the receipt and proper electronic filing of all documentation for each lower tier transaction closing.
• Work with the in-house Treasury department to ensure accurate processing of wires as they relate to funding of initial investments in a transaction.
• Prepare a hand-off package to Asset Management once a transaction has closed.
• Due to the fast-paced nature of the responsibilities for this position, overtime may be required.

Minimum Requirements:

• Bachelor’s degree in finance, economics or related field.
• 2+ years financial modeling experience in the real estate industry (preferably LIHTC).
• Collaborative team player.
• Excellent verbal, written and organizational skills.
• Proficient with MS Office.

Desired Skills/Experience:

• Advanced degree a plus.
• Ability to balance multiple projects and communicate effectively with senior management.
• Demonstrated ability to think critically and creative problem-solving.
• Attention to detail.

This position needs to be based in the Boston Financial Los Angeles office so local candidates will be prioritized.

Please apply directly at:

http://www.bfim.com/careers.aspx

Victorville, CA – On April 12^th, 2012, the Victor Valley Economic Development Authority (VVEDA) filed a lawsuit in California Superior Court contending that the State of California’s adoption and implementation of  Assembly Bill x1 26 (AB x1 26) does not apply to VVEDA and that State and County administrators are erroneously interpreting provisions of AB x1 26. AB x1 26 was approved in the Legislature last year and signed into law by the Governor on June 28^th, 2011 and causes for the dissolution of California redevelopment agencies. AB x1 26 was challenged by the California Redevelopment Association (CRA) and the League of California Cities based on constitutional grounds and upheld by the Supreme Court last December.

“VVEDA is filing its lawsuit based on grounds not included in the CRA complaint and raises question as to the applicability of AB x1 26 to VVEDA as VVEDA is not a redevelopment agency”, says Keith Metzler, Executive Director to VVEDA. The lawsuit contends that VVEDA was formed as a Joint Powers Authority under the Joint Powers Act, which is a separate and distinct provision of law from those laws that govern the formation of redevelopment agencies. The lawsuit also contends that because VVEDA was formed as a reuse agency to transact business in direct response to a federal military base closure program, that AB x1 26 should be preempted by federal authority.

In the lawsuit, VVEDA is seeking six (6) causes of action including Declaratory Relief, Injunctive Relief and a Writ of Mandate. If VVEDA prevails, it expects to have its redevelopment tax increment funding restored so that it can meet its contractual obligations to its member agencies and the Southern California Logistics Airport.

About the Victor Valley Economic Development Authority (VVEDA):

VVEDA is a Joint Powers of Authority formed in 1989 by the Town of Apple Valley, Cities of Hesperia, Victorville and the County of San Bernardino.  VVEDA was formed to serve as the reuse agency responsible from transitioning the former George Air Force Base which closed in December of 1992. VVEDA adopted a redevelopment plan pursuant to special legislation in 1990 providing it with tax increment to be used to within the project area, including at SCLA. In 1997, VVEDA ceded ownership and the development responsibilities of SCLA to the City of Victorville, which it owns and operates as the Southern California Logistics Airport Authority. The City of Adelanto became a member of VVEDA in 2000.

Federal Register Notice (September 9, 2010)

List of DDA’s added and deleted nationally in 2011 (metro and non-metro)
2011 Metropolitan Difficult Development Areas
2011 Non-Metropolitan Difficult Development Areas
2011 Metropolitan Qualified Census Tracts
2011 Non-Metropolitan Qualified Census Tracts

Click here to complete the survey now!

The California Housing Partnership, California Housing Consortium, the Nonprofit Housing Association of Northern California, Southern California Association of NonProfit Housing, San Diego Housing Federation, the California Coalition for Rural Housing and the California Council for Affordable Housing are working together to collect data about pending Low Income Housing Tax Credit (LIHTC) projects in California. This data has been requested by Congressional staff working on legislation to extend and expand the 9% LIHTC Exchange to allow the exchange of 4% Credits in 2010 along with other LIHTC market improvement measures embraced by a national coalition including the ability for investors to carryback LIHTCs and the expansion of eligible investors to include certain LLCs, S corporations and closely held C corporations ( see http://RentalHousingAction.org/about-action/the-proposals for more information).

CHC has been working to advance the proposed changes to the tax credit program that are being advocated nationally, including extension of the 9% exchange, expanding the exchange to the 4% credit and expanding the investor pool by allowing investors to carry back credits for five years and easing the passive loss rules so LLC and S Corp banks could benefit from the credit.  More detailed information on the specifics of these proposals can be found on the ACTION website at www.rentalhousing.org. The complete advocacy toolkit can be found at www.rentalhousingaction.org/about-action/advocacy-toolkit.  The toolkit has the three proposals in short and long forms, sample letters that could be sent, descriptive papers on jobs creation, list of Senate Finance and Ways & Means members, etc.

We need your help to encourage Congress to include these proposals in potential jobs bills.

As you probably know, Congress is now focused on passing a jobs bill, or a series of jobs bills. We need to be able to show our Congressmen and Senators how the low income housing tax credit program can contribute to their goal of job creation and why the program should be included in these bills. We have prepared an online survey; at http://fluidsurveys.com/surveys/chpc/4-lihtc-pipeline/ and ask that you please complete it for every project you have in your pipeline that could start construction in 2010.  This includes projects with credits that cannot find an equity partner and projects for which you will be applying for 9% credits or bonds/4% credits.

It is critically important that we be able to show Congress the benefits of the tax credit program and its impact on jobs. We are interested in both aggregate data and specific examples that we can use to illustrate how this program works in the districts of our California Congressional Delegation.

Please take the time to complete the survey, making sure to include a contact name so we can follow up with you on specific information about your project.  If you have any questions about filling out the survey, please feel free to contact us and we would be happy to assist. Please fill out this survey by February 16^th.

Thank you.

(Published by the  California Housing Consortium)