Asset Manager-Affordable Housing Portfolio
- 1149 S Hill St, Los Angeles, CA 90015, USA
Founded in 1968, Abode Communities mission is to “create service-enhanced affordable housing and socially-beneficial community facilities that promote the social, economic, and physical transformation of underserved communities.” The organization’s impact is realized through a fully integrated and multi-disciplinary approach to community development. The organization’s professional services – real estate, architecture and property management – ensure Abode Communities’ high-quality standard is brought to each and every residential community we place in service. Above and beyond, the organization provides complimentary mission-critical on-site resident (social) services that ensure low-income families, seniors, and people with special needs can achieve economic and personal growth, long-term self-sufficiency, and housing stability.
Under the direction of the Assistant Director, Asset Management, the Asset Manager will oversee the administration of a portion of the organization’s portfolio and ensure that they maintain strong physical and financial well-being, comply with legal and regulatory requirements as well as and fulfill all internal and external reporting requirements in an accurate and timely manner. The Asset Manager will participate during the development process for new properties, to include the review of selected materials including proposed operating budgets. This position will also serve as a key contact for investors, lenders and regulatory agencies. The Asset Manager will also work under the direction of the Assistant Director to improve property performance and systems across the portfolio.
Essential Duties and Responsibilities
- Familiarity with partnership agreements, financing documents, regulatory agreements and other sources to determine financial and regulatory reporting requirements and ensure the properties are in compliance.
- Evaluate and monitor financial performance against benchmarks and requirements stated in the limited partnership and loan documents.
- Collaborate with property management staff to maximize revenue, and control expenses to maintain operating margins, adequate reserves and cover debt service.
- Implement procedures for operations and compliance oversight to ensure that at all times units are leased only to eligible tenants and rents are in strict accordance with all regulatory agreements.
- Prepare reserve draw requests ensuring they are complete and there are adequate reserves. Submit draw request to respective lenders, investors and/or regulatory agencies for authorization to withdraw funds. Work with Finance department to ensure all replacement reserve eligible items are included in draws.
- Residual receipt loans – prepare annual residual receipts and surplus calculations for review and approval by the Assistant Director, Asset Management and CFO. Once approved, submit reports and remittance, if applicable, to lenders and investors.
- Obtain and review quarterly financial statements and report on revenue, operating expenditures, tax and insurance issues to the Assistant Director, Asset Management. Includes preparation of quarterly reports for Senior Management.
- Identify trends in the physical and financial performance of the properties. Report to Assistant Director, Asset Management and recommend action where appropriate.
- 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 by working with property supervisors and resident managers.
- Participate in the development of capital improvement plans by working with Director of Facilities and utilizing input from relevant sources such as annual property budgets and reserve balances.
- Under the direction of the Assistant Director, Asset Management, work with development group to ensure that proposed operating budgets and financial pro-formas include benchmarks consistent with similar projects and prior performance.
- Prepare and submit initial filing of application for welfare tax exemption on new development projects.
- Prepare and submit in a timely manner the annual renewals of welfare tax exemptions for all properties.
- Troubleshoot property tax and welfare tax exemption issues.
- Work with appropriate insurance broker personnel to ensure that all investors, lenders, regulatory agencies etc. are notified annually upon the renewal of property and liability insurance policies.
- Maintain an annual project compliance and monitoring schedule for all properties.
- Assist Assistant Director, Asset Management as directed with tax credit investor buyout activities for all existing projects in the portfolio that are at the completion of the initial 15-year compliance period.
- Under the direction of the Assistant Director, Asset Management, assist with various aspects of the refinancing and repositioning process which may include: development of rehabilitation scope; create property budget and financing plan: secure all necessary financing and local approvals; and manage the construction process including tenant relations during construction process.
- Establish and maintain effective business relationships with lenders, investors and other corporate partners.
- Maintain organized, systematic electronic and, as appropriate, traditional files for all properties owned and in service. Such files to contain limited partnership agreements, loan documents, regulatory agreements, etc.
- Compose business correspondence and perform other duties as assigned.
- BS degree and 3 to 5 years of work experience in affordable housing development, asset management or property management, preferably with tax credit projects.
- Familiarity with affordable housing development, asset management or property management in the public or nonprofit sector.
- Knowledge of public and private housing finance programs, including but not limited to, HUD, HOME, and Section 8 programs, low-income housing tax credits, and tax-exempt bonds.
- Knowledge of IRC Section 42 and the requirements associated with maintaining compliance.
- Knowledge of the welfare tax exemption application process.
- Ability to read/interpret limited partnership agreements, loan documents and regulatory agreements.
- Strong organizational and analytical skills, as well as an understanding of accounting principles.
- Ability to handle shifting and multiple priorities in a fast-paced environment and good organizational skills.
- Excellent judgment and decision-making, interpersonal and time management skills with the ability to work under pressure and successfully meet deadlines.
- Strong verbal/written communication skills with demonstrated ability to exercise tact and diplomacy.
- Experience working with diverse groups and to work both collaboratively and independently. Sensitive to issues facing residents of affordable housing.
- Expertise in use of MS Word and MS Excel software.
- Valid California driver's license and availability of an insured vehicle to travel within the Abode Communities’ service area.
This is a full-time exempt position. Benefits include health, dental, vision and life insurance, long-term disability insurance, 401(k) plan with employer match, Flexible Spending Accounts (Health and Dependent Care), company-subsidized parking, paid vacation and sick leave, and a flexible work schedule that includes every other Friday off.
Abode Communities is an Equal Opportunity Employer.