WISHROCK Job Opening

Senior Accounting & Tax Manager (Portland, ME)

WISHROCK, a national developer of affordable housing, is seeking an experienced accounting professional to join its team in Portland, Maine. WISHROCK actively develops and recapitalizes existing affordable housing throughout the country and asset manages a portfolio of over 30 properties with more than 4,000 units. The Senior Accounting and Tax Manager will report to the Director of Operations and support both the Maine office and its joint venture partners. This position will be responsible for managing the general partner’s accounting and tax needs for a portfolio of affordable multi-family real estate assets. The Senior Accounting and Tax Manager will communicate directly with investors, lenders and property managers on portfolio business and must build and maintain strong relationships with these key partners. The ideal candidate will have experience with Low-Income Housing Tax Credit (LIHTC) and HUD related projects.

Job Responsibilities
The Senior Accounting and Tax Manager will have a wide range of responsibilities, including:
• Oversight of the general partner’s accounting and financial needs on a portfolio of affordable housing projects. The portfolio will consist of approximately 20 stabilized properties and 2-5 properties in various stages of development.
• Preparing real estate and HUD closing statements and preparing closing and capital accounting entries.
• Assisting in preparing construction and escrow draws and requesting owner distributions.
• Reviewing and assisting with the preparation of cost certifications for LIHTC properties.
• Providing required reporting, making capital calls and communicating effectively and professionally with lenders and investors.
• Reviewing externally prepared partnership audits and tax returns

Job Qualifications
• 4+ years of public accounting, portfolio accounting or comparable experience in a professional environment.
• Proficiency in reading and interpreting legal and regulatory documents.
• Knowledge and experience with QuickBooks and strong Excel modeling skills.
• Ability to manage multiple priorities effectively.
• Ability to develop and support new initiatives and to improve on existing processes in a team environment.
• A high level of technical accounting and tax knowledge is essential, however, leadership and the ability and desire to partner with developers, lenders and investors is equally important.
• CPA designation is a plus.

Interested candidates may email or mail a resume and cover letter to:
Kevin.rose@wishrockgroup.com
WISHROCK
Three Canal Plaza, Suite 501
Portland, ME 04101
Attn: Recruitment/Senior Accounting and Tax Manager

Please, no phone calls or walk-ins.

Wishrock Operations Inc. is an equal opportunity employer

Wishrock Job Posting: Asset Manager

Wishrock,  a National Developer of Affordable Housing, is seeking candidates for an Asset Manager position. The Asset Manager is responsible for managing a portfolio of multi-family real estate assets comprised largely of affordable housing properties. The position is based in Wishrock’s Portland, Maine office. For further information, please read the job position description. To apply, please submit a cover letter and your resume to Kevin Rose at kevin.rose@wishrockgroup.com.

Asset Manager Job Description

 

 

 

McCann Village awarded $733,184 for rehabilitation

McCann Village was one of 12 properties to receive federal housing tax credit from the Iowa Finance Authority. IFA announced Wednesday the senior apartment complex would receive $733,184 to rehabilitate the residence.

Wishrock Housing Partners, of Portland, Maine, is the developer behind the renovation at McCann Village. The developer is looking to conduct an extensive renovation project to modernize the building and grounds and improve the quality and accessibility of the complex.

“We think Newton is a great community and we are excited to bring some updates and a better place for the residents to live,” Wishrock Development Associate Rosanne Sheridan said.

McCann Village is an 80-unit apartment complex at 1105 E. 12th St. S. and is currently a nonprofit, income-based property that serves those ages 62 and above. Sheridan said now that the project has received the tax credits, they will start working in earnest with their architect to complete the final plans for the renovation. An end of year closing date is anticipated for the project.

“As we dig in and get more involved in assessing the physical needs and seeing the true age of needs of the systems, we will get a better idea of the overall costs for the budget,” Sheridan said. “We’re still excited about it and looking forward to getting starting.”

McCann Village was selected out of 29 applications that requested more than $19.2 million in housing tax credits. The residence also tried for the credits in 2017 for a $4 million renovation but were not selected that round.

Each year the Internal Revenue Service makes a per capita allocation of federal tax credits to each state for the Federal Housing Tax Credit program. The IFA is charged with allocating those credits to affordable housing developers. The developers who receive tax credits sell them to investors to generate equity for the housing developments.

“The housing tax credits awarded will provide hundreds of Iowa families and seniors with a place they will be proud to call home,” IFA Executive Director Dave Jamison said. “These projects have leveraged an additional $7.2 million in local contributions, and each of these communities will see the far-reaching benefits of these developments for many years to come.”

In total, 514 rental homes for families and seniors received funding in eight counties including Black Hawk, Jefferson, Johnson, Linn, Muscatine, Polk and Woodbury.

Contact Jamee A. Pierson at 641-792-3121 ext. 6534 or jpierson@newtondailynews.com

WISHROCK ACQUIRES 176-UNITS IN BRISTOL, CT

WISHROCK Housing Partners has acquired the 176-unit Coppermine Village Apartments in Bristol, CT, from a locally-based non-profit. Working with the Mercy Loan Fund and the Boston Financial PAC Fund, WISHROCK was able to preserve the affordability of this family property and has planned a set of improvements to enhance the energy and water efficiency of the property and add additional amenities.

 

LIHTCs, RAD Save Affordable Housing for Vulnerable Populations in Baltimore Suburb

MARK O’MEARA, SENIOR WRITER, NOVOGRADAC & COMPANY LLP

It is important to preserve affordable housing, especially for vulnerable populations.

WISHROCK Investment Group did just that in Towson,

Md., when it purchased Tabco Towers, a 200-apartment

building reserved for low-income seniors and people

with disabilities. “This was an existing affordable

housing community. The odds were high that it would

have been turned into market-rate housing, or possibly

student housing for Towson University and Goucher

College,” said Bryan Shumway, principal and director

of development at WISHROCK, an affordable housing

development company. “That would have been tragic

for the 200 [families] living on the property.”

Please click on the link to continue reading the article:

Journal of Tax Credits_2018-02_TABCO

Albuquerque Housing Authority and WISHROCK Celebrate Rio Vista Completion

Albuquerque Housing Authority and WISHROCK Celebrate Rio Vista Completion: “The acquisition and rehabilitation of Rio Vista Apartments is AHA’s first housing development project in over 30 years and marks the proud beginning of our plans to preserve and improve affordable housing throughout the City.”- Linda Bridge, Albuquerque Housing Authority

Albuquerque Housing Authority’s Press Release

 

WISHROCK CSO Joined Grid Geeks Podcast

“Our Chief Sustainability Officer, Trisha Miller, kicked-off the new season of the Grid Geeks Podcast this week. The focus: bridging solar and affordable housing and the pursuit to create resilience in more communities.”

Podcast

RIO VISTA GOES SOLAR AND ACHIEVES NATIONAL GREEN CERTIFICATION

November 13, 2017

Albuquerque, NM WISHROCK celebrates its first Enterprise Green Communities Certified* development in New Mexico: Rio Vista Apartments. The most visible measure is an on-site solar array that will help transition the property to a clean energy future. Numerous other building improvements – including resilient flooring, ENERGY STAR appliances, a cutting edge VRF heating and cooling system, new windows, and LED fixtures – contributed to the preservation of affordable, healthy housing for 75 senior and special needs residents. WISHROCK partnered with the Albuquerque Housing Authority, Bernalillo County, MFA, local utility providers, HUD, and Boston Financial Investment Management, to secure financing for this energy-efficient housing rehabilitation.

“Rio Vista represents the culmination of affordable housing preservation and green development. Combining solar power with building improvements that maximize energy and water efficiency will help us dramatically lower utility costs and enhance this community asset for years to come,” says Tyson O’Connell, the lead WISHROCK developer on this project.

At Rio Vista and across its portfolio, WISHROCK operates as a triple bottom line company – with financial, social, and environmental goals at the core of its mission. As a Better Building Partner, the company aims to reduce portfolio-wide energy use by 20 percent and to provide low-income communities with a healthy living environment.

*Enterprise Green Communities Criteria and Certification promotes energy and water efficiency, healthy housing, and resource conservation. To receive this national certification, an affordable housing developer must meet many criteria involving integrative design, location and neighborhood fabric, site improvements, water and energy conservation, and green building materials.

CONTACT:

Trisha Miller, Chief Sustainability Officer

trisha.miller@wishrockgroup.com

202-294-3547

ABOUT WISHROCK:

The principals of WISHROCK have been working together to successfully create and maintain safe and supportive affordable housing communities for the past 10 years. WISHROCK is active in 9 states, where we focus on the acquisition and rehabilitation of existing affordable housing communities, often in difficult settings and challenging markets. We take great pride in preserving the affordability of the communities we purchase and redevelop. Our company is committed to our residents through dedicated empowerment services, and by operating at the forefront of sustainability.

 

Ribbon cutting on renovated senior high-rise in Towson set for Wednesday by the Baltimore Sun

by Margarita Cambest

TABCO Towers, a 200-unit affordable senior housing project in downtown Towson, will host a ribbon cutting ceremony for its remodeled apartments Wednesday.

The complex, at 305 E. Joppa Road, is a 22-story residential complex developed by owner Wishrock Investment Group, a national developer of affordable housing.

 Renovations to the multi-family, affordable housing community for households that make less than 60 percent of the area’s median income—or about $75,000— began in late 2015, Wishrock director of development Bryan Shumway said.

Wednesday’s ribbon-cutting will mark the completion of more than $10 million in improvements to the property, according to Shumway.

Wishrock added a community center and a second laundry facility, and renovated the facility’s elevators, common areas and energy efficient heating and cooling units. Meanwhile, the apartment units received new kitchens, bathrooms, flooring and paint. The project was made possible by a U.S. Department of Housing and Urban Development program known as the Rental Assistance Demonstration, which allows developers to work with housing authorities to create rental subsidies and preserve affordability, according to the HUD website.

“We bought the building two years ago from a local owner who at the time was marketing it nationally,” Shumway said. “We worked to preserve the affordability of the housing as an elderly housing project and were able to bring project-based Section 8 subsidies to allow the rents to stay affordable to the residents of the property.”

The company financed the redevelopment through tax-exempt bonds and low-income housing tax credits, Shumway said.

Additionally, the Baltimore County Council approved a payment in lieu of property taxes for the project in October 2015. Under Baltimore County Code, an organization that is exempt from local property taxes can negotiate a payment to compensate a local government for some or all of the property tax revenue that it loses.

Over the next 40 years, the owners of Tabco Towers will pay the county $275 per unit annually instead of property taxes. The payment will increase 3 percent each year— or 4 percent a year if the property is sold— according to Baltimore County Council records.

Baltimore County Councilman David Marks said he strongly supported the financial incentive as a way to rehabilitate what he called an “aging residential tower in Towson’s downtown core.”

Marks, a Republican who represents Towson, said he also participated in a meeting with residents about the renovation work.

“Many of the high-rises in Towson are approaching their half-century mark, which is why they need improvements like the work done at Tabco Towers,” Marks said in a Nov. 1 email.

The 10 a.m. ceremony will include speeches, a ribbon cutting, a tour of a renovated unit and light refreshments.