Director of Asset Management – Affordable Housing

Director of Asset Management – Affordable Housing

Requirements

• Minimum of seven years of experience in asset management, property management or affordable housing development including with LIHTC
• Bachelor’s or Master’s degree in a relevant field of study
• Ability to read and interpret legal documents and financial spreadsheets
• Skilled in operations, financial analysis and reporting
• Excellent analytical, administrative and organizational skills
• Experience in working collaboratively across divisions and being proactive
• Keen understanding of the owner role and function to carry out dual bottom line of social mission and financial viability
• An entrepreneurial and creative approach to problem solving in the field of affordable housing and asset management
• Excellent oral and written communication skills
• Must be comfortable with the duality of department languages (portfolio and asset management as well as development)

Responsibilities

• Oversees the organization’s portfolio ensuring that the properties’ financial performance meets or exceeds expectations, and that they are physically maintained at or above company standards
• Oversees a portfolio of pre-stabilization properties to ensure that the properties’ financial performance meets or exceeds expectations, and that they are physically maintained at or above company standards
• Participates in the lease-up of newly constructed projects
• Manages a team of asset management professionals
• Recommends and executes financial restructuring as appropriate, including refinancing old debt, as well as investor exit (buyouts)
• Administers LIHTC (low income housing tax credits) capital accounts through annual analysis and exit tax projections
• Collaborates with the development team to identify opportunities for rehab and re-syndication
• Coordinates with Portfolio Rehabilitation Manager and Sustainability Manager to manage small and medium size rehab projects
• Special portfolio projects as assigned
• Creates and refines the reporting procedures, database and other informational systems
• Able to think strategically about the portfolio and management of multiple projects at once
• Knowledge of real estate development, affordable housing finance and asset management functions to work effectively and credibly with other departments
• Evaluates property plans to ensure surplus cash will meet long-term corporate cash flow targets
• Manages the annual budget process with assigned portfolio; proposes creative solutions to cash-flow issues
• Monitors portfolio to ensure that financial performance is in-line with the budget and that variance explanations meet investor/lender requirements
• Monitors and reviews audits to ensure surplus distributions are made correctly and on a timely basis
• Monitors that properties moving into operations are meeting financial performance according to the proforma
• Tracks & monitors LIHTC (low income housing tax credits) capital accounts through annual analysis and exit tax projections
• Establishes and maintains good working relationships with lenders and investors as the primary contact for properties in the assigned portfolio
• Negotiates with partners and/or lenders as needed to amend agreements
• Facilitates approval processes with lenders and/or investors as needed
• Develops and sponsors occasional meetings to review portfolios with investors, lenders, and internal groups, including the coordination of on-site property visits in the portfolio
• Prepares annual Board reports for single purpose entities and projects with outside partners
• Coordinates all responses to questions from investors/lenders on assigned portfolio
• Reviews long-term capital plans for the properties in assigned portfolio, suggesting adjustments to the Portfolio Rehabilitation Manager if necessary, managing reserve balances to meet long-term cash needs, identifying those properties requiring outside funding, and ensuring that major projects are progressing on plan.

Preferred Qualifications

• Previous management or supervisory experience preferred
• AMS and/or CHAM Designation preferred