As a
Director of Asset Management, you are the primary liaison between ownership and 3rd party property management. This role is responsible for driving asset performance and business plan execution, specifically as it relates to LIHTC Acquisition and Redevelopment affordable housing projects. The Director owns the asset-level strategy for an assigned portfolio across the full investment life cycle, from acquisition and redevelopment through lease-up, stabilization, long-term operations, recapitalization, and disposition, and demonstrate full command of each asset's physical, legal, regulatory, operational, financial, and market position.
Responsibilities:- Monitor and maintain the physical integrity, safety, and market reputation of our communities and our brand; conduct frequent site inspections covering curb appeal, unit and common area condition, competitive positioning, status of capital projects, and on-site staffing and personnel issues. Drive REAC/NSPIRE inspection readiness and oversee timely cure of deficiencies.
- Analyze and ensure the integrity of weekly, monthly, and quarterly property-level financial reports from 3rd party property management partners, including financial statements and variance narratives, leasing and traffic reports, aged delinquencies, recertification status, and unit turn times.
- Strategically manage property cash flow and cash reserves, including replacement and operating reserve balances and draws, surplus cash calculations, and partnership waterfall distributions, to meet quarterly and annual cash distribution targets.
- Review and recommend capital expenditure and deferred maintenance priorities, informed by physical needs assessments and property management input, and oversee execution of approved capital projects with emphasis on asset preservation, revenue enhancement, and expense reduction.
- For Project-Based Section 8 assets, manage HAP contract renewals and rent adjustments, including Rent Comparability Studies, renewal option elections, OCAF and budget-based rent increase requests, and utility allowance updates, and oversee MOR outcomes and corrective action plans in coordination with property management and Compliance.
- Oversee real estate tax assessments, appeals, exemptions, and abatements, and manage complex property-level issues as they arise, including easements, zoning and entitlement matters, environmental matters, insurance claims, and counterparty negotiations.
- Forge strong relationships with operating partners to proactively work through challenges related to occupancy, unit turnover, rent collections, other income, expense control, and staffing, and communicate concerns up internal and external chains of command when expectations are not being met.
- Manage partnership relationships at the asset level, including limited partner investors, syndicators, co-general partners, and nonprofit partners, ensuring partners meet plan milestones, required consents and reports are delivered on time, and all interests remain aligned.
- In collaboration with property management partners, create annual operating and capital budgets; manage mid-year re-forecasts and approve contracts and expenditures within delegated authority levels.
- Oversee portfolio-level and property-level service, utility, and ancillary income contracts, including national and regional vendor agreements, and identify opportunities to grow other income and reduce operating costs.
- Coordinate communications and manage requests from investors, lenders, governmental agencies, and other stakeholders. Prepare investor and lender reporting and present asset performance, business plan status, and recommendations to senior management.
Qualifications:- Bachelor's degree, preferably in Business, Finance, Real Estate, or related fields or equivalent experience
- 7+ years' experience in affordable housing asset management; financial analysis and property management experience a plus. Both LIHTC and Section 8 experience a plus.
- Advanced analytical and financial modeling skills, with the ability to build, audit, and manipulate spreadsheets and financial models, including operating budgets and re-forecasts, long-term cash flow projections, partnership waterfall and distribution calculations, and LIHTC and HUD transaction proformas, and to use them to identify trends in property performance and issues that require action.
- Demonstrated Project Management skills with proven results.
- Advanced organizational skills with a high degree of accuracy and attention to detail, plus the ability to reprioritize to meet multiple deadlines in an often time-sensitive environment.
- Excellent interpersonal and collaborative skills with the ability to serve diverse populations and work appropriately with confidential information.
- Proven ability to effectively manage and control significant operating and capital budgets, as well as train and delegate responsibility and accountability to others.
- A sense of urgency, an internal clock that helps you move with purpose.
- Proficiency in Microsoft Office, particularly Excel
- The ability to travel as needed.
Core competencies:- Someone who gets things done, no matter the odds. Creative and thinks outside the box.
- Curious by nature, a nuanced thinker; you have a drive to understand the "why".
- Highly accountable; you take ownership, follow-through, meet deadlines, and care about the quality of your work product.
- Courageous; willing to put yourself out there, bet on yourself, take calculated risks and asks questions. Pushes the envelope to innovate.
- A world-class communicator, or rapidly becoming one.
- A person who values hard work; you ideally learned at an early age how to put your nose down and get things done when it matters.
- An independent self-starter; you don't wait around too long looking for directions from others.
- Able to work collaboratively in a small team environment; willingness to "roll up your sleeves" and pitch in when and where necessary.
- Ready to work in a fast-paced environment and be part of an amazing team doing valuable work.
Candidates may be based in Chicago, New York, Washington, DC, or other locations within the Eastern or Central time zones.
