Associate, Affordable Housing Asset Management

Responsibilities

Opportunity to join a rapidly growing affordable housing investment team located in South Florida that manages several RFM investment vehicles that acquire and operate affordable housing properties. RFM's affordable housing portfolio totals approximately 10,000 units today and plans to acquire an additional 5,000 - 10,000 units over the next 3 years. The investment vehicles target affordable housing opportunities in high-growth, primary and secondary markets throughout the U.S. The Asset Manager will focus on all aspects of real estate asset management and will support RFM's affordable housing investment team to directly oversee capital spend, monitor operational performance and compliance with regulatory agreements, and create value at the property-level, as well as provide accurate, informative, and efficient portfolio-level reporting. Responsibilities include:

• Manage the ownership/property management relationship by providing regular and on-going communication, clear direction of objectives and initiatives, timely and comprehensive reporting, and effective resolution of issues, concerns, questions, and requests.
• Assist the investment team in developing and finalizing the business plan and underwriting for potential acquisitions, including detailed scope, cost, and timeline of any value-add strategies.
• Review and finalize annual budgets proposed by property management, ensuring each meets or exceeds business plan underwriting, is in-line with market and industry standards, and NOI is maximized through effective revenue growth strategy and expense saving measures, with controlled and deliberate capital spend.
• Attend weekly and monthly calls with property staff and provide clear direction when necessary.
• Monitor the financial budgeted-to-actual variances and operational performance of each asset on a monthly basis, and identify and investigate deficiencies or opportunities, and guide the development of appropriate action plans that correct deficiencies or maximize opportunities.
• Collaborate with outside consultants (e.g. tax advisors, insurance brokers, compliance consultants), as well as communicate quarterly and annual financial results to investors and lenders, as needed.
• Oversee the cash management process, including tracking capital expenditures spend, managing operating and capital reserve balances and disbursement requests to lenders, and handling cash surplus distributions to investors.
• Manage the disposition process for any properties that are placed on the market for sale, including broker selection, marketing material review and approval, buyer inquiry response, due diligence management, proration and closing statement generation, and post-closing true-up settlement.

Qualifications

• Minimum of Bachelor's degree in Finance/Accounting/Economics or similar field.
• Minimum of 5 years of overall real estate experience, with 3+ years of direct asset management experience, preferably in the affordable housing sector.
• Employment history that demonstrates progressive levels of responsibility, as well as successful execution of specific revenue/expense management initiatives in order to meet financial business plans.
• Experience navigating affordable housing compliance including Low Income Housing Tax Credit (LIHTC) LURAs and Project-based Section 8 compliance.
• Demonstrated ability to read, write, and communicate effectively, including presenting to ownership, senior management company officers, and outside investors and lenders.
• Proficiency in excel spreadsheets and word processing, and proven ability to produce accurate, detailed quarterly/annual performance and ad hoc reporting.
• In-depth knowledge of budgeting process and financial statements, including income statements and balances sheets.
• Strong interpersonal skills, including demonstrated ability to supervise others and multi-task with several parties involved to meet tight deadlines.
• Travel will be required on a quarterly basis for owned-assets, and occasionally for potential acquisitions.

Overview

Formed in 1972, Related is the most prominent privately-owned real estate firm in the United States. Headquartered in New York City, the company has offices and major developments across the world. Related owns and manages a premier portfolio of assets valued at over $70 billion, including the 28-acre Hudson Yards neighborhood on Manhattan's West Side.


Related believes in investing in its talent and cultivates a positive, team-oriented environment where every voice is valued. Employees are encouraged to boldly take on new challenges, transcend the status quo, and demonstrate strong entrepreneurial spirit. In its relentless commitment to excellence, Related works to foster an innovative approach in its team members so that they can positively impact the communities in which they conduct business. Learn more about Related at


Related Fund Management ("RFM") is a Registered Investment Adviser and affiliated with The Related Companies, LP. RFM is staffed by approximately 60 seasoned professionals and currently manages approximately $12 billion of capital on behalf of sovereign wealth funds, pension plans, multi-managers, endowments and family offices across three areas: opportunistic real estate investments, origination and acquisition of debt, and multifamily housing opportunities.

Related is an equal opportunity employer.

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