Operating Property Asset Manager

Job Description

Job Description

Affordable Equity Partners, Inc. (AEP), founded in 1997, is a financial resources company that provides a full range of services for developers and investors in the Section 42 LIHTC Program. Having more than 500 tax credit developments, AEP has syndicated over $5 billion in federal and state tax credits. AEP has never had a foreclosure or credit recapture and maintains a reputation of unparalleled service before, during and after the investment.

LOCATION - Atlanta, GA

SCHEDULE - Initially in office Mon-Fri....can move to hybrid after training period 

The Operating Property Asset Manager (OPAM) is the owner’s day-to-day point person for a portfolio of stabilized LIHTC properties. The OPAM drives operating performance, ensures continuing LIHTC and lender compliance, manages reserve draw requests and capital projects, oversees leasing & marketing execution to maximize revenue/NOI, prepares quarterly investor commentary and budgets, and coordinates refinancings or dispositions with Portfolio Management. The OPAM also maintains the AHIC Operating Property Risk Ratings in MRI, leads responses to third-party inspection findings and 8823 notices, and partners closely with Compliance, Property Management, Accounting, Legal, and Investor Relations.  

Role Overview:
The Operating Property Asset Manager (OPAM) at Affordable Equity Properties (AEP) is responsible for the day-to-day oversight and performance of a portfolio of stabilized LIHTC (Low-Income Housing Tax Credit) properties. This role is pivotal in ensuring asset value, compliance, and operational excellence across the assigned portfolio.

Key Responsibilities

Asset Performance & Operations:

• Owns monthly and quarterly property performance, including P&L review, occupancy, rent variance, and utility trends.
• Develops and implements action plans to address variances and ensure properties meet or exceed underwritten expectations.

Compliance & Reporting:

• Maintains LIHTC compliance in partnership with the Compliance team, ensuring annual recertifications and adherence to regulatory requirements.
• Manages responses to Housing Finance Agency (HFA) 8823 reports and coordinates with Legal and Compliance for timely cures.
• Prepares quarterly investor commentary and ad-hoc updates.

Risk Management:

• Updates AHIC Operating Property Risk Ratings in MRI software, ensuring a clean audit trail for inspections, reserve draws, and capital projects.

Capital Projects & Reserve Management:

• Manages reserve draw requests, validates eligibility, and oversees capital projects from scoping to completion.
• Ensures timely and on-budget delivery of capital initiatives and closure of third-party inspection findings.

Leasing, Marketing & Revenue Optimization:

• Directs leasing and marketing strategies to maximize revenue and occupancy.
• Approves marketing expenditures and works with property management on resident retention and lease enforcement.

Capital Markets, Refinance & Disposition Support:

• Supports refinancing and disposition efforts by providing accurate operating histories, capital projections, and compliance documentation.

Continuous Improvement & AI Adoption:

• Champions process improvement and the adoption of AI/automation tools to enhance reporting, compliance, and portfolio monitoring.

Stakeholder Coordination:

• Ensures smooth asset transitions from Development Asset Management and maintains responsive communication with internal and external stakeholders.

Performance Measures (KPIs)

• Occupancy and rent growth versus underwriting and market comps.
• Net Operating Income (NOI) versus budget.
• Timeliness and quality of capital project delivery.
• Accuracy and timeliness of investor reporting.
• Compliance response rates and cure timelines.

Systems / tools

MRI (AHIC Operating Risk module), Real Page or other PMS, Excel (advanced)

Qualifications

• Bachelor’s degree in Real Estate, Finance, Business, Construction Management, or related field (or equivalent experience).
• 4–7 years of experience in multifamily asset management or affordable housing, with strong financial analysis and LIHTC program knowledge.
• Experience with MRI or similar asset management systems, and comfort with automation/AI tools is preferred.

Strategic Importance:
This role is critical for safeguarding asset value, ensuring regulatory compliance, and driving operational improvements across AEP’s stabilized LIHTC portfolio. The OPAM acts as a central point of coordination between property operations, compliance, capital projects, and investor relations, directly impacting portfolio performance and risk management.

Asset performance & operations

• Own monthly/quarterly property performance: evaluate P&L, occupancy, rent variance vs. budget, concession usage, utility expense trends, and prepare action plans to correct variances.
• Ensure the property is performing to underwritten expectations and maintain the Actual Versus Underwritten tracking worksheet (update monthly/quarterly).

Compliance & reporting

• Maintain LIHTC compliance in collaboration with the Compliance team: ensure annual recertifications, tenant file integrity, unit set-aside and rent limit adherence. Respond to audits and monitor corrective actions. 
• Assist in responses to Housing Finance Agency (HFA) 8823 reports and manage cure documentation; coordinate with Legal and Compliance to meet cure deadlines.
• Prepare and deliver quarterly investor comments and ad-hoc investor updates; provide accurate and timely evidence for investor inquiries.

Risk rating & system maintenance (MRI / AHIC)

• Update AHIC Operating Property Risk Rating categories in MRI at least quarterly for all assigned assets; update monthly for assets on the watchlist. 
• Ensure that a clean audit trail is maintained in MRI: inspection results, reserve draws, and capital project milestones.

Reserve draws, capital & 3rd-party inspections

• Manage requests to draw from operating reserves and replacement reserves: collect supporting documentation, validate eligibility under governing documents, prepare internal approval packages, and obtain required sign-offs prior to disbursement. 
• Oversee capital projects from scoping to closeout: supervise budgets, bids, vendor selection, schedules, quality, and final acceptance to ensure projects finish on time and on budget. Track projects in a capital register and update forecasts. 
• Review all third-party inspection reports (NSPIRE or HFA inspections) and ensure timely capital asset project development, assignment, and closure with property staff and contractors.

Leasing, marketing & revenue optimization

• Oversee leasing and marketing strategies to maximize rents while maintaining target occupancy: evaluate rent comps, make recommendations on concessions, lease terms, and staffing changes; approve marketing expenditures and track results.
• Work with on-site property management to ensure lease enforcement, timely move-ins, and an effective resident retention program.

Capital markets, refinance & disposition support

• Collaborate with Portfolio Management and Transactions teams on refinancing or disposition efforts: provide up-to-date operating histories, capital expenditure projections, lease & compliance documentation, and transition materials.
• Coordinate property tours for brokers and prospective purchasers with on-site property manager and/or RD.