Position: Senior Asset Manager
Location: Main Office
Reports to: Executive Director
Job Status: Permanent, Full-Time, Exempt
Compensation: D.O.E. plus health/dental/vision/retirement plan
About Our Organization:
The Mission Housing Development Corporation develops high-quality, well-managed, affordable, sustainable homes and communities that promote the self-sufficiency of low and moderate income families, seniors, and persons with diverse needs and offers technical assistance to service providers to help them develop affordable housing that meets the needs of special populations.
Under the direct supervision of the Director of Finance, and in coordination with the Executive Director, the Senior Asset Manager will be responsible for maintaining Mission Housing’s high quality assets and for the design and implementation of strategies within the multifamily unit. The individual will oversee the third party property management company, supervise one Asset Manager, and lead teams involved in the strategic management of Mission Housing’s portfolio of apartments and other residential buildings.
The objective of this role is to optimize the performance of the portfolio by thinking mid-term to long-term while accomplishing short term projects. This position requires the candidate to provide high level financial, physical, regulatory and administrative services for Mission Housing’s multifamily affordable rental communities, while functioning independently, and reporting clearly, with recommendations to the Executive Director.
The Senior Asset Manager will customarily and regularly exercises discretion and independent judgment in the following job duties:
- Independently monitor the activities of property management firms responsible for the daily operations of the properties, and report significant information to the Executive Director.
- Leads and monitors the third party property management company in the performance of lease-ups in both new construction and occupied rehabs.
- Identify, evaluate and recommend capital improvement and replacement projects in the agency’s operating portfolio, including potential energy efficiency retrofits.
- Manage LIHTC (low income housing tax credits) capital accounts through annual analysis and exit tax projections; exit limited partner.
- Collaborate with development and finance teams to identify opportunities for rehab and re-syndication; work with Mission Housing team to accomplish goals for portfolio, new construction and acquisitions; establish a feedback loop with the current Asset Manager and project development team to capture learnings from portfolio investigations; collaborate with Resident Services on a continual basis to help ensure current services are effective and practical.
- Represent Mission Housing’s ownership concerns and coordinate with property managers, project managers and other development team members to ensure that lease-up, marketing and outreach and maintenance of waiting lists are handled in accordance with the management plan, Mission Housing’s policies and all regulatory requirements; ensure that goals for development are met on time.
- Work collaboratively to create and refine reporting procedures, database and other informational systems to collect data, track projects, enhance communication and distribute to Mission Housing management.
- Review and analyze monthly property financial statements for reporting to the Executive Director and Board of Directors as requested.
- Review annual operating budgets to insure implementation of multi-year plans and coordination with property management.
- Ensures properties are meeting financial goals as projected and required under all agreements and regulations.
- 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.
- Represent Mission Housing 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.
- Supervise one Asset Manager and provide necessary training.
- Create asset management plans for Mission Housing’s operating portfolio
- Perform site inspections and oversee physical risk management.
- Manage insurance for Mission Housing controlled portfolio, including claims, setting deductible and coverage levels, and all other insurance related issues.
- Oversee the creation, collection, and maintenance of physical specifications with the goal of maintaining the integrity of the original designs, while updating and greening the product.
- Lead and perform due diligence on proposed new acquisitions, and make recommendations to the Executive Director on new acquisitions, and projects.
- Researches partnership agreements, financing documents, regulatory agreements, tax returns, and other source documents to determine constraints and barriers to long-term needs.
- Monitors property commercial spaces and work with brokers to market and negotiate leases with prospective tenants, as needed.
- Negotiates with partners and/or lenders as needed to amend agreements.
- Facilitates approval processes with lenders and/or investors as needed.
- Prepares and Reviews all reporting information due to investors/lenders.
- Files welfare exemptions and business entity forms.
- Completes other tasks as assigned related to real estate asset management, policy development, budgets, planning, maintenance of records and systems and administration.
- Performs other duties as assigned.
Required Skills Knowledge and Abilities:
- 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 communicator in writing and verbally.
- Accustomed to forward thinking and being proactive.
- Enthusiasm and team building spirit, able to lead the team, and able to be an expert, contributing member.
- Computer literacy in office automation and various software applications using spreadsheets, word processing, and databases; intermediate level of proficiency in Outlook and demonstrated experience and ability to create and manage budgets and reports with Excel; experience with Access or other databases helpful.
- Ability and experience with utilizing operating financial data to model performance, and analyze and report recommendations.
- Keen understanding of the owner role and function to carry out dual bottom line of social mission and financial viability.
- Knowledge of real estate development, affordable housing finance and asset management functions.
- Team player that effectively and credibly works with other departments.
- An 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 Mission Housing’s organizational values.
- Ability to work effectively with a diverse team of professionals and for a diverse clientele.
- Three to five years progressive experience in Affordable Housing real estate asset management, property management, or housing development.
- Experience with affordable multifamily and LIHTC.
- 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.
- While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle, or feel; reach with hands and arms and talk or hear. The employee is occasionally required to stand, walk and drive.
- The employee must occasionally lift and/or move up to 20 pounds.
- The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The noise level in the work environment is usually quiet to moderate. However, construction sites may be noisy and appropriate measures should be taken to protect hearing and health on job sites.
Mission Housing Development Corporation is an equal opportunity employer and does not discriminate against any employee or applicant for employment because of race, color, ethnic background, religion, sex, sexual orientation, age, national origin, or disabilities. Please let us know if you need any special accommodations.
Mission Housing Development Corporation is a drug free work place as required by the “Drug-Free Workplace Act of 1988”
To Apply: Please email resume and cover letter with salary requirements to [email protected]