Asset Manager

Job Description

Job duties:

• Lead and monitor the asset management activities for Fairstead Affordable.
• Assist in development and maintenance of various databases pertaining to the
• Work collaboratively to create and refine reporting procedures, database and other informational systems to collect data, track projects, enhance communication and distribute to Fairstead management.
• Serve as primary government liaison for LIHTC and HUD compliance responses. ;

• Coordinate annual budget preparation process with property management and Fairstead Affordable Controller and Acquisitions staff; provides summary analysis of proforma vs actual variances.

• Contribute to preparation of audited financial statements, i.e., related party fees, contingent liabilities, reserves, and surplus cash analysis and distribution and ensure surplus distributions are made correctly and on a timely basis.
• Collaborate with CFO of management company pertaining to financial performance monitoring, reporting monthly, quarterly and annually. Contribute understanding during the annual budget review for FY budget .
•  Work with team to accomplish goals for portfolio and acquisitions; establish and oversee a feedback loop with partners and project development team to capture learnings from portfolio investigations on a continual basis to help ensure practices are effective and practical.
• Represent Fairstead concerns and coordinate with property managers, project managers and other team members to ensure that lease-up, marketing and maintenance of waiting lists are handled in accordance with the management plan, Fairstead’s policies and all regulatory requirements; .
•  Review, monitor analyze monthly property financial statements for reporting to the monthly, quarterly and annually.
• Review annual operating budgets to insure implementation of multi-year plans and coordination with property management.
• Represent Fairstead to stakeholders, partners, lenders, property managers, vendors, residents and community members as needed, with an above average level of understanding, and supporting our mission, vision and values.
• Create asset management plans for Fairstead’s operating portfolio
• Perform site inspections and oversee physical risk management.
• Manage insurance for Fairstead controlled portfolio including claim, deductible and coverage level analysis, and all other insurance related issues.
• Coordinate due diligence activities proposed new acquisitions and make recommendations to the Real Estate Director and Partners on new acquisitions, and projects.
• Research partnership agreements, financing documents, regulatory agreements, tax returns, and other source documents to determine constraints and barriers to long-term needs.
• Participate in negotiations with partners and/or lenders as needed to amend agreements.
• Coordinate marketing packages with brokers and third parties for property dispositions.
• Prepare and Review all reporting information due to investors/lenders.
• Complete other tasks as assigned related to asset management, policy development, budgets, planning, maintenance of records and systems and administration.

• Proven skills in asset management, planning and analyses of complex legal, financial and regulatory information.
• Proven ability to oversee successful budget performance from third parties.
• Strong, clear, tactful written and verbal communicator
• Proactive, forward-thinking mindset.
• Ability and experience with utilizing operating financial data to analyze performance and report recommendations.
• Knowledge of real estate development, affordable housing finance, and asset management functions.
• Team player that effectively and credibly works with other departments.
• Entrepreneurial and creative approach to problem solving in the field of affordable housing and asset management.
• Demonstrated leadership in the work environment.
• High standards of ethics and integrity in all of their work and will be expected to hold close Fairstead’s organizational .
• Ability to work effectively with a diverse team of professionals and for a diverse clientele.

• Bachelor’s degree in Business, Management, Finance, Planning, Real Estate, or any other fields.
• Five years progressive experience in Affordable Housing real estate asset management, property management, or housing development.
• Experience with Section 8 and LIHTC
• Prior accounting, budgeting and financial analysis experience.
• Advanced excel knowledge
• Strong organizational skills with effective decision-making abilities.
• Excellent time management and multi-tasking skills; adaptable, flexible to changing work projects