Bachelor's Degree or higher in real estate, finance, or related field.
Minimum of five years of experience in affordable housing, LIHTC, or property operations.
Experience in collaborating with leadership to implement housing-wide processes.
Deep knowledge of Low-Income Housing Tax Credit and Minnesota Housing Infrastructure Bonds.
Strong business judgment and critical decision-making skills.
Knowledge of accounting and finance principles related to asset management.
Ability to work with diverse and low-income populations, including those facing homelessness.
Responsibilities
Ensure compliance with affordable housing regulations and internal guidelines.
Manage annual reporting requirements and monitoring visits for properties.
Develop and maintain an asset management dashboard for financial oversight.
Collaborate on funding proposals and capital needs with the advancement team.
Coordinate annual budgeting with accounting staff for stakeholders and funders.
Supervise leasing and eligibility activities to ensure tenant compliance.
Create capital needs plans and strategies for all housing properties.
Benefits
Health, dental, and vision insurance.
Retirement plan options with employer contributions.
Generous paid time off and holidays.
Professional development opportunities and training programs.
Full Job Description
Senior Director of Asset Management
Elliot Park
The Senior Director of Asset Management is responsible for promoting the long-term financial sustainability for Catholic Charities' affordable housing portfolio. Assets are managed to maximize financial health, maintain regulatory compliance, and support the organization's mission to provide quality affordable housing.
The Senior Director of Asset Management reports to the Vice President of Housing. The Senior Director supervises the Director of Property Management and the Director of Leasing. The Senior Director works closely with the facilities and finance & accounting departments as they perform their work and also works closely with the advancement team on funding proposals and capital needs.
WAGE RANGE: $105,000 - $120,000/annually
ESSENTIAL FUNCTIONS:
Compliance, Reporting, and Analysis
Ensure compliance with all federal, state, and local affordable housing regulations. Maintain adherence to internal guidelines.
Ensure project ownership entities are in good standing with the secretary of state and annual filings are completed.
Stay abreast of asset management industry best practices, and new industry-related policies, statutes, rules, and regulations.
Manage all annual reporting requirements and monitoring visits
SAM registration, HUD Secure Systems management
Create a Deal Book for all housing properties
Develop and maintain an asset management dashboard
Create and update asset management plans for each property
Participate in audit meetings with auditors; analyze internal and external audit results, report findings, and oversee corrective actions.
Manage distribution and submission of required reports.
Gather data regularly to inform potential repositioning and refinancing
Coordinate with accounting staff to complete annual budgets for investors and funders
Identify and recommend rehabilitation and/or recapitalization opportunities
Maintain a clear understanding of requirements within limited partner agreements, particularly waterfalls and responsibilities, and timing for cash distributions to Catholic Charities and partners.
In coordination with the CFO, acquire Limited Partnership interest from investors after year 15.
Oversee activities ensuring properties are stabilized and prepared for reinvestment activities, including limited partner exits, property operations stabilization, and refinancing activities.
Develop cash flow projections and reports and calculate cash flow distributions
Develop and carry out plans for debt maturity, such as debt modifications, debt extensions, or refinances
Track actual property performance against the initial pro forma; update the pro forma accordingly
Monitor internal property watch list and recommend corrective course of action
Capital Planning
Create capital needs plans for all housing properties.
Coordinate with facilities on implementation of approved capital needs plans
Create operating and replacement reserve strategies for all properties
Monitor utility consumption and recommend strategies to reduce
Review property reserve accounts and approve replacement reserve withdrawal requests
Supervise Director of Leasing and all leasing and eligibility activities
Ensure processes are in place, and followed, to maintain accuracy of tenant eligibility
Assure efficient and timely processing of tenant intakes, move-ins, and annual recertifications
Supervise Director of Property Management and all property management activities
In coordination with the VP of Housing, set annual property budget goals
Review monthly property budget-to-actual and balance sheet financials
Assess monthly operational performance (vacancy rate, average days vacant, and per unit/per year
operating expenses)
Inspect properties with the facilities and property management staff biannually.
Collaborations and Relationships
Manage relationships and communication with investors and lenders
Collaborate with the Legal and Compliance department on insurance policies and renewals. Assist with managing insurance claims and recommend risk mitigation and insurance premium control strategies
Coordinate with finance & accounting and advancement departments on funding opportunities for rehab opportunities
Collaborate with the Director of Facilities on the development and implementation of the capital needs plan.
Other duties as assigned.
QUALIFICATIONS/TECHNICAL EXPERTISE:
Bachelor's Degree or higher in real estate, finance, or related field.
Minimum of five (5) years of relevant experience in affordable housing, LIHTC, or property operations.
Experience collaborating with leadership effectively to implement housing-wide processes
Deep knowledge of Low-Income Housing Tax Credit, Minnesota Housing Infrastructure Bonds, and other Minnesota development funding
Strong business judgment, strategic thinking, critical decision-making capabilities.
Knowledge of accounting and finance principles
Knowledge of and experience with federal, state, and local affordable housing programs rules and regulations.
Ability to work with diverse and/or low-income populations, including those who may be experiencing homelessness, unstable housing, and/or mental illness.
Proficiency in Yardi property management software is preferred.
PHYSICAL REQUIREMENTS:
CPR
No
Driving
No
Operating specialized machinery (additional assessment may be required)
