Sr. Asset Manager

$110,000 - $120,000 yearly
  • The Paulsen Group
  • North Hills, Los Angeles, CA, USA
  • Nov 17, 2021
Full time LIHTC Developer Nonprofit

Job Description

The Senior Asset Manager will be responsible for directing and coordinating the daily activities of the asset management staff to maintain fiscal, physical and regulatory compliance. The Senior Asset Manager will also oversee special projects related to Partnership Reporting, Workouts and Year 15 exit strategies. The Senior Asset Manager will provide leadership and supervision of the asset management staff.

Essential Duties and Responsibilities Include:

Asset Management

  • Responsible for all asset management activities for his/her own portfolio of properties as well as those of direct reports, including oversight of property management activities (internal and third-party); regulatory agreements and requirements; development and oversight of property budgets and financial performance; lender, investor and program compliance reporting; capital needs assessments; and planning. This totals over 75 million of current assets.
  • Maintain/ensure clear and consistent communications with property management regarding owner objectives and operations as it relates to project budgets; lease-up; maintenance; rent collections; annual monitoring and compliance; rent increases; day-to-day procedural issues; and agency mission.
  • Conduct/ensure regular analysis of operating statements, budgets and other data relating to asset management. Forecast operating performance and capital needs.
  • Conduct/ensure annual property monitoring, review of financial budgets and reports, create reports to partners and review requests for use of reserves.
  • Work proactively to identify property performance issues as they arise. If needed, work collaboratively with housing and property management staff to create and implement a workout plan or other steps to address performance concerns.
  • Participate in various working groups dedicated to industry, local and national policy or community development in accordance with company’s mission and housing objectives, as requested.
  • Responsible for the evaluation and monitoring of financial performance against benchmarks and requirements as stated in lender and limited partnership documents.
  • Prepare and coordinate the distribution of quarterly, annual and periodic reporting to lenders, investors and regulatory agencies.
  • Participate in the development of annual property budgets in collaboration with all stakeholders involved.
  • Prepare and submit in a timely manner annual renewals of welfare tax exemptions for all properties.
  • Conduct property site visits and evaluate physical condition of the asset.
  • Maintain an annual project compliance and monitoring schedule for all properties.
  • Maximize revenue and net operating income of portfolio.
  • Maintain organized, systematic electronic and, as appropriate, traditional files for all properties in assigned portfolio.
  • Assist in negotiations of vendor contracts and ensure vendors adhere to agreed upon terms.
  • Other relevant duties as assigned. 

Asset Management Oversight

  • Monitor the property management companies’ policies and practices, including site visits, file reviews and participation in the watch list
  • Review debt structure of properties and work with the Director of Housing and Director of Finance to develop and implement refinancing strategies as
  • Ensure long term capital improvement needs are adequately planned for and financed. Work with the Property Management and Housing Development staff to obtain funds when there is a deficit to cover capital need
  • May be assigned specialized tasks such as Below Market Rent program, bond compliance, property management policy, resident services contracting, watch list meeting process etc., as needed. Attend a variety of management, committee, and work group meetings concerning issues of interest. Develop and implement necessary departmental procedures, guidelines, and regulations pertaining to those activities and processes undertaken by the Asset Management
  • Provide monthly reports to Department Directors of activities; conduct routine settings to discuss current and future projects and activities; present and resolve various issues and
  • Maintain welfare tax exemption and file property tax returns and business license renewals.
  • Conduct trend analysis on portfolio performance.
  • Support Asset Managers to review vendors and negotiate contracts.
  • Respond to and track legal issues.
  • Develop, cultivate and maintain positive relations with funders, investors and vendors.
  • Ensure compliance with all regulatory agencies and funders.

Supervision

  • Oversee the day-to-day operations of the Asset Management division by providing appropriate oversight of staff activities, departmental budgets and overall departmental systems and procedures.
  • Mentor, empower and develop staff to ensure that they are well-suited to addressing the challenges working with funders, investors, property managers, tenants and service providers; ensure that the performance evaluation system provides for clear feedback, clear responsibilities and levels of accountability for all staff.
  • Prepare reports and provide regular updates that inform and engage the relevant Board Committee.
  • As the company grows, oversee and review regulatory reports of Asset Managers.
  • Oversee and maintain an Asset Management calendar of due dates including audits and reports. Track staff submittals of reports to funders.

 

Required Education, Training, Experience and Certifications

  • Six years’ experience in affordable multifamily real estate development or management.
  • Bachelor’s Degree from an accredited college or university in accounting, finance or related field. Minimum of four years’ work experience may be substituted for a college degree.
  • Experience working with LIHTC tax credit properties.
  • Experience using Microsoft Excel.
  • Experience working with state and local housing financing programs, affordable housing regulatory compliance, and private multi-housing lending programs.

 

Preferred qualifications:

  • Master’s Degree in Real Estate, Finance, or Public Administration
  • California Real Estate Broker’s License
  • Familiarity with housing, planning and land use issues in Los Angeles County and/or urban metropolitan areas.
  • Experience working in a nonprofit setting
  • Well organized and detail oriented, displaying excellent analytical skills and problem solving abilities.
  • Outstanding oral and written communication skills with ability to build relationships internally and externally and resolve vendor issues and other disputes.
  • CHAM Certification.
  • Some supervisory experience.