Asset Manager

Position Summary: Asset Management is crucial to our mission. By monitoring, analyzing, and making recommendations regarding the affordable housing portfolio, you support the well-being of residents and the long-term stewardship of properties. As Asset Manager, you work closely with the Finance, Development, Facilities and Property Management teams as well as external partners to ensure optimal operation and performance of each asset through development and execution of strategic business plans, ongoing management reviews, accounting forensics and operating expense trends.

· Create project compliance summary for all properties

· Assure seamless transitions from pro forma to operating budget, to performance report

· Set up watch list criteria; monitor and recommend corrective course of action

· Prepare monthly Board report (dashboard)

· Monitor Property Management and Compliance to assure accuracy of tenant eligibility/achieve placed in service dates

· Monitor timely renewal of key contracts, working with Procurement Coordinator

· Review draft audits

· Assure timely delivery of audits and tax returns to investors/lenders

· Assure timely filing of Capital Fund Plans, both Annual and 5-YR and periodic reporting and close-outs

· Assure timely delivery of tenant compliance data to all funding partners

· Establish green and energy efficiency goals and practices in new and existing properties with Development Team

· Create and recommend capital needs planning and implementation

· Work with Property Management to create operating and replacement reserve strategies for all properties

· Monitor/approve capital spending, contracting and procurement

· Review utility consumption and recommend strategies to reduce operating expenses

· Negotiate with bulk energy suppliers and energy supply consultants

· Review monthly property budget-to-actual and balance sheet financials

· Assess monthly o*perational performance (e.g... rent increases, vacancy rate, avg d*ays vacant, annual operating expenses)

· Work with Property Management to provide input at regularly-schedule property manager meetings

· Work with Property Management and Facilities to set annual budget goals; review/approve

· Work with Property Management and Facilities to ensure annual update of management plans

· Evaluate overall performance through key performance indicators on Property Management and Maintenance annually

· Monitor, analyze, and report on audited financial statements and current and historical financial and program performance

· Maintain and review schedule of maturing debt

· Establish/implement LIHTC Year 15 and other time sensitive refinancing strategies

· Plan for potential property re-positionings or refinancings

· Initiate workouts of troubled properties

· Gather and interpret key market data regularly to inform potential repositioning/ refinancing/ sales opportunities and work with Voucher Program to maintain Fair Market Rates

· Create and update asset management plans for each property

· Monitor and respond to properties’ tickler items –e.g. real estate tax agreements, cliffs, key dates

· Monitor cash flow, fees and incentives due Owner from each property

· Evaluate impact of Owner guarantees/obligations on the organization

· Establish performance benchmarks for properties and track actual property performance against the benchmarks and initial pro forma; update pro forma and give feedback to Development team

· Bachelor’s Degree in related field, or commensurate combination of education and work experience.

· Minimum of 5 years of experience working in affordable housing, real estate development, asset management.
Minimum 3 years of experience securing and vetting capital needs assessments and developing budgets and scope of work for physical improvements.

· Minimum of 3 years of experience with property management budgeting.

· Working knowledge and experience with residential real estate development practices including construction or renovation of affordable multifamily developments, energy conservation, measurement and verification analysis and incentive programs.

· Strong organizational skills with exceptional attention to detail, ability to multi- task, and think systematically and strategically in developing and refining procedures and systems to meet business objectives.

· Proficiency with Microsoft Office and ability to learn a variety of software systems used to complete the required functions.

· Strong written and verbal skills required.

Job Type: Full-time

Pay: $102,000.00 - $110,000.00 per year