Affordable Housing - Asset Manager

Job Description

Job Description

Description:

Location : Hybrid in Seattle, WA

Compensation : $90,000 - $95,000

Benefits : Medical HMO, dental and vision insurance is free for employee only coverage

Everyone has the right to a quality, affordable home. At Community Roots Housing, this truth drives our work. By embracing community-led development and engaging in deep-rooted partnerships, we’re fostering vibrant, equitable communities where everyone has access to safe, affordable and welcoming homes. Today, with 40 apartment buildings – over 2,000 residents – we continue our commitment to build community with and for people. We are a top performing, high-capacity not-for-profit corporation with an innovative portfolio throughout the Seattle area. Our buildings have won numerous awards from HUD, Urban Land Institute, Affordable Housing Finance Magazine, Future wise and other community development awards.

Job Summary:

The Asset Manager works closely with the VP of Asset Management, Senior Asset Manager, and Asset Management Analyst to review and execute strategic decisions for a group of assigned properties to ensure their mission fit, financial health and physical sustainability and to maintain consistent, thorough oversight of the properties. The Asset Manager is responsible for all aspects of asset management on a portfolio of buildings within the CRH portfolio.

Duties and Responsibilities:

Asset Management

• Apply established portfolio measurement tools to analyze and monitor financial performance of assigned properties, identify portfolio trends, and develop strategies for improvement that align with funder requirements and industry benchmarks.
• Create and update asset management plans for assigned properties to be shared cross-departmentally ensuring alignment of operating strategies to improve financial performance, physical sustainability, and mission fit of properties within the context of the whole portfolio.
• Work collaboratively with property management, leasing, and compliance teams to execute operating strategies for assigned properties to optimize performance.
• Utilize the organization’s asset management database MRI Investment Central (IC) to track key details around the financial and regulatory status of assigned portfolio, including regulatory agreements, tax credit compliance periods, loan agreement provisions and expiration.
• Participate in ongoing enhancements to the organization’s IC database to maximize usefulness and cross-departmental utilization of the database.
• Ensure compliance reporting for assigned buildings is completed timely as required by state tax credit agency, HUD, public funders, partners, and lenders. Maintain ongoing relationships with property funders and maintain accurate contact information in the organization’s IC database.
• Support the preparation of annual capital and property budgets for assigned portfolio, including reviewing property management budget assumptions and final budgets to ensure alignment with established performance goals and funder requirements.
• Become knowledgeable about the physical condition and capital needs of assigned buildings. Develop plans to address capital needs to ensure long term physical sustainability and collaborate with Capital Project Manager to implement plans.
• Monitor LIHTC capital accounts annually to compare losses against projections and propose any necessary corrective action such as early exit or reallocation of expenses.
• Responsible for Year 15 investor exit transactions with investor partners including preparation of investor exit documents and estimating exit tax projections as needed.
• Support the commercial portfolio regarding all commercial leases and condominium co-owners within assigned portfolio.
• Provide staff support to and attend the Board Asset Management Committee if necessary.
• Other duties as assigned.

Real Estate Finance

• Determine which properties are candidates for recapitalization and/or refinancing. Identify funding sources, solicit proposals, meet with lenders, investors and consultants as appropriate, construct pro formas, prepare funding applications and manage all aspects of refinancing.
• Maximize the portfolio potential by careful “below the line” analysis of assigned properties which pay fees or distributions to CRH. Utilize the organization’s IC database to track cash flow waterfall details and potential fees and distributions to CRH.
• Collaborate closely with the finance teams and Capital Projects Manager on the processing and close out of grant funds received for stabilization, repair, or rehabilitation of existing properties.
• Monitor insured values and insurance coverage requirements of assigned real estate assets and works with CFO to ensure coverage is adequate and meets funder requirements.
• Evaluate casualty losses and manage insurance claims process at assigned properties.
• Other reporting and analysis as assigned by the VP of Asset Management.

Property Development

• Support property management and asset management analyst in providing crucial data for financial modeling of stabilized low-income housing projects Property Development.
• Assist with pro forma and governing documents review for new projects in development.
• Assist with due diligence related to funding applications, investor and funder negotiations, lease-up assumptions, and loan closings.
• Review and understand legal documents such as partnership, financing, and regulatory agreements to assist CRH in the transition from development to stabilized operations including lease up, financial stabilization, and conversion to permanent financing

Minimum Qualifications:

• Bachelor’s degree in accounting, finance, urban planning, business administration or related field.
• Five years’ experience in financial analysis, asset management, real estate accounting, real estate finance, real estate lending or related work.
• Demonstrated ability to learn and quickly develop proficiency with software commonly used in real estate and financial reporting, such as MRI Investment Central, RealPage, etc.
• Self-starter, detail-oriented and focused on accuracy, quick learner with strong analytical, problem-solving, organizational, time and project management skills.
• Ability to read, analyze and interpret financial statements and a variety of legal documents.
• Skilled with Microsoft Office applications with special focus on Intermediate Level or higher Excel skills, including the ability to develop effective, advanced financial models such as pro formas.
• Excellent written and verbal communication skills.
• Ability to collaborate successfully across the organization.

Preferred Qualifications:

• Direct experience with Real Page, MRI Investment Central, SharePoint, and Abila MIP.
• Experience with Low Income Housing Tax Credit multi-family affordable housing development.
• Familiarity with complex real estate ownership structures including commercial condominiums.
• Experience working for a nonprofit or governmental entity developing and managing affordable multi-family housing.
• Two or more years of direct experience related to affordable housing finance or multi-family asset management.

Supervisory Responsibility:

None

Physical Demands: This position requires regular work at a desk and computer. The role will also require periodic site visits to properties throughout the Seattle area, including locations with stairs and a multitude of surfaces, and limited or no elevator access.

Disclaimer: This job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities that may be required of the employee. Duties, responsibilities, and activities may change or be assigned at any time without notice.

Employee Benefits:

• Medical HMO, Dental and Vision is free for employee only coverage with Medical PPO buy up available
• Accrual of 22 days of PTO in your first year of employment
• 13 paid holidays
• 2 personal days
• Sick Time
• ORCA regional business passport
• Employer paid basic life insurance and disability insurance
• SupportLinc employee assistance program
• Medical Flexible Spending Account (FSA) and Dependent Care FSA
• Retirement: employee contribution through the Department of Retirement Systems Deferred Compensation Program, employer contribution of 2% annually through Fidelity SEP IRA

Community Roots Housing is an Equal Opportunity Employer. All qualified applicants are encouraged to apply. Community Roots Housing is a “Ban the Box” employer. However, per Federal Department of Housing and Urban Development requirements, any candidate selected for this position must undergo a criminal history background check prior to employment.