Position Summary:The Vice President of MBAM will handle a portfolio of McCormack Baron Salazar developed affordable housing properties ("the Properties") will report directly to the President and perform two primary roles.
- Provide Asset Management Services for the Properties as directed by MBAM, including evaluation of operating performance, site inspections, compliance issues, cash flow/operating deficit management, and acquisition, refinance, re-syndication and disposition strategies.
- Perform General Partner Functions as directed by MBAM. As the V.P. develops a complete knowledge of the Properties in his/her portfolio, General Partner function is expected to evolve rapidly into an informed, active role, providing traditional owner services, including support to and oversight of property management, relations with all MBS departments, lenders, state housing finance agencies and other regulators, as well as relations with the investor.
Key Responsibilities (Essential Duties and Functions):This list of duties and responsibilities is not all-inclusive and may expand to include other duties and responsibilities based on business needs.
The primary goal of this position is to function as the Owner's representative in aspects of project operations, and to be aware of liabilities which could affect the Owner and its various investors.
- State Housing Finance Agencies, Housing Authorities and Inspectors
- Affiliate and third-party Management Companies
- Investors, Trustees, Servicers, Lenders, Credit Enhancers
- Local, State and Federal Governments
Operations: - Develop a comprehensive knowledge of the portfolio assigned
- Participate in MBAM portfolio strategy and Capital Projects
- Re-syndication, Recapitalization, Refinance, GP Exit, Disposition
- Review financial statements and operational performance to find areas of opportunity and / or improvement.
- Review Investor site visit and compliance reports. Report issues noted and track on watch list.
- Review and approve property budgets prepared by property management companies and make recommendations to improve cash flow and value.
- Review annual audited financial statements.
- Participate in quarterly Cash Flow meetings.
- Review / approve annual Capital Expense Budget.
- Physical inspection of Watch List MBS properties as needed. Review the physical structure for unusual deterioration or mismanagement. Analyze the neighborhood, market conditions, trends and their impact on the property.
- Prepare site visit report of the financial and physical conditions, risks and opportunities for the properties and portfolio.
- Review citations, letters and notifications from Cities, State Agencies, Trustees, Servicers, and direct them to responsible parties with follow up as needed.
- Review compliance findings from State Agencies and report unsatisfactory findings as needed.
- Monitor response to audit findings by management companies. Focus on efficient resolution of noncompliance.
- Communicate with State Agencies, investors, management companies for EUA/LURA change requests.
- Communicate with City/County Agencies and management company any deficiencies in business licenses, health, and safety regulations, etc. Monitor the handling of paperwork and payment to agencies as needed.
- Review Annual Owner's Certificate of Compliance.
- Recommend physical needs assessment and capital plan as needed.
- Review and approve replacement reserve withdrawal requests and ensure requests are consistent with documents.
New Construction / Lease - Up:- Work closely with MBS development, management and investor.
- Coordinate / arrange investor reporting by management prior to lease-up.
- Monitor management compliance to deliver unit qualification information and year 1 file information to investors.
Qualifications:- Bachelor's Degree - preferably in Real Estate or Finance
- 4+ years of real estate experience, with a preference for multifamily asset or portfolio management experience
- Experience in Section 42 housing preferred
- Microsoft Excel proficiency required
- Financial acumen
- Strong communication skills
Work Environment/Physical Demands:- This job operates in a home- based, clerical office setting. This role routinely utilizes standard office equipment such as computers, phone, photocopiers/printers, and filing cabinets.
- This position requires sitting, bending, stooping, or standing as necessary.
