Job Type
Full-time
Description
Job Title: Director of Asset Management
Department: Asset Management
Reports To: CFOO
FLSA Status: Exempt
Salary: $100,000.00 to $150,000.00 per year; hiring range for new employees is generally $100,000.00 to $130,000.00 per year, DOE
Generous Benefits Package includes:
- Medical, Dental, Vision, Life Insurance & Employee Assistant Program ~ fully covered for Employee
- Optional Life, Long Term Disability, Critical Illness, Identity Theft Protection and Accident Insurance
- Generous paid time off, including16 paid holidays which includes the week between Christmas and New Years
- Thank You Fridays: work to 2:00pm; paid through 5:00pm each Friday.
- 401K Retirement Plan ~ Employer match up to 6% ~ after 6 months service.
SUMMARY
Responsible for planning and monitoring the operational and financial performance of the Mutual Housing California affordable housing portfolio, benchmarking, investor and lender relationships and acquisition, refinancing and rehabilitation necessary to preserve the portfolio. Work closely with the Chief Financial & Operating Officer (CFOO) to identify and implement long term strategies to improve property performance to meet organizational objectives. This position has two direct reports including the Asset Manager and the Asset Management intern.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Financial review, oversight and planning for affordable housing portfolio
- Review budgets, financials and audits and seek improvements in line with projections and owner’s objectives.
- Work closely with property management to develop and adopt realistic annual operating budgets which meet organizational objectives.
- Review and analyze monthly reports from the property management to monitor the operational and financial performance of the mutual housing portfolio. Discuss identified issues and problems with CFOO and property management and cooperatively develop strategies and actions to correct identified issues and problems.
- Prepare financial evaluation and recommendations for any portfolio-wide initiatives including development pro forma budgets, benchmarking and utility analysis.
- Work closely with CFOO on refinancing opportunities and partnership buyouts.
- Coordinate and implement all aspects of refinancing or partnership buyouts.
- Develop annual capital improvement budgets and monitor their implementation. Make requests from funders to draw on replacement reserve funds, where required.
- Provides enhanced review and analysis of Watch List properties and properties outside of established benchmarks
- Prepare estimates and actual reports of portfolio cash flow.
- Monitor partner capital accounts and losses annually.
Compliance oversight, monitoring and implementation for affordable housing portfolio
- Oversee all aspects of partnership performance of the Tax Credit portfolio including but not limited to: property compliance with various programs, properties in lease up are meeting lease up timelines, ensuring the properties meet debt service coverage ratios for conversion, status of proforma, equity accounts, future buy-outs, debt refinancing and capital planning.
- Develop and monitor all regulatory, statutory and reporting compliance schedules for the portfolio.
- With support from the Asset Manager, respond to various requests for information from Regulatory Agencies, lenders and investment partners.
- Monitor that findings from audits and inspections are addressed and resolved timely by property management.
- Ensure portfolio compliance with insurance requirements, including annual renewals. Review all insurance coverage, policies, vendors and costs at least every three years and make recommendations to CFOO for any appropriate changes.
- Oversee timely and accurate completion of Property Tax Welfare Exemptions and Tax Credit Annual Owner Certification and reporting package.
- Coordinate with the Asset Manager the transition of properties from development to operations including document transition, creation of property binders, regulatory compliance, budgeting, LP payment and 8609 processing.
- Maintain property records, including partnership agreements, loan documents, deeds and all other necessary legal documents and prepare summaries for ease of use by internal parties.
- Monitor the status and use of projects’ operating reserves and oversee draw requests to draw on these operating reserve funds, if necessary and where required.
Physical oversight, inspections and planning for affordable housing portfolio
- Conduct risk management inspections periodically and discuss any concerns with property management to ensure that they are corrected in an appropriate timeframe.
- Facilitate capital needs assessments based on the condition and estimated remaining useful life of capital components and develop detailed plans for upcoming replacement needs.
- Maintain project- specific replacement reserves spreadsheets that indicate the amounts, probable disbursements and updated balances for replacement reserves over time.
- Make recommendations for revised reserves funding strategies where analyses indicate that reserve balances will go negative during the useful life of the projects.
- Ensure unit turnovers are performed to Mutual Housing standards.
Other Asset Management Duties
- Create and follow-through with annual strategic initiatives that complement Mutual Housing’s 5-year strategic plan.
- Promote and ensure that Mutual Housing’s portfolio maintains its green and sustainable initiatives.
- Provide quarterly reports to Mutual Housing’s internal stakeholders to inform them of the projects’ and portfolio’s status, significant financial, physical or compliance problems encountered by individual projects, and actions being taken to correct them, where applicable.
- Responsible for overseeing matters relating to major damages, insurance claims or lawsuits with insurers and attorneys.
- Review contracts periodically to ensure compliance with organizational policies.
- Serve as an active member of development teams for new Mutual Housing projects to provide input on unit mix, design features and materials, security, Partnership Agreement and loan terms, and operating budget pro formats to promote cost- effective management and maintenance of developments once they are operational.
- Staff the Board of Director’s Finance Committee along with the CFOO.
- Other duties as assigned.
Requirements
QUALIFICATIONS
Education / Experience
- Qualified candidates will have a Bachelor’s degree in finance, business administration, accounting or related field.
- Must have 6 – 8 years as an Asset Manager or Project Manager in affordable housing.
- Experience in reporting to and working with agencies such as HUD, TCAC, CHFA, HOME, USRDA, HCD, other lenders and investors.
Required Skills
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- Prior management/supervisory experience.
- Superior verbal and written communication skills.
- Proven ability to develop and maintain cooperative relationships with individuals from diverse backgrounds, including board members, public sector staff and officials, representatives of other nonprofit organizations, vendors, and people from low-income households.
- Proficiency in using MS Office Word, Excel and Outlook.
- Commitment to green-building and sustainable policies and practices.
- Commitment to providing long-term affordable housing and to the concept of organizing low-income people to stabilize communities and create social change.
- Strong organizational skills and attention to detail.
- Ability to work independently as well as in a team environment.
- Ability to anticipate needs, risks and problems and to act proactively.
- Must be able to travel to community or resident locations within a 100 mile radius of the work site.
- Willingness and ability to attend occasional evening and weekend meetings and events.
- Valid California driver’s license, access to a reliable vehicle and proof of automobile insurance.
Preferred Qualifications / Skills
- CHAM Certification
- Certified Green Building Professional, LEED Green Associate or LEED AP, or similar
- Yardi software experience
- California broker’s license
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