Senior Asset Manager

Job Description

Job Description:\n\nDescription:JOB DESCRIPTIONSENIOR ASSET MANAGERSalary Range: $115,000 - $130,000 Annually WHO WE ARE HomeRise believes that home has the power to stabilize a person’s life. Built on a simple - but powerful idea called supportive housing, we provide people experiencing homelessness with a place to call home combined with support services, like mental health services and job training, so they can rise and transform their lives. We organize our residents and supporters to advocate for local and state policies, like affordable housing, to help people still on the streets or at risk of homelessness. Together, we're building a new future for our neighborhoods and the city we love. BENEFITS HomeRise provides an excellent comprehensive benefits package including: 100% employer-paid employee healthcare options (Kaiser or Sutter), dental, vision, life & disability insurance; FSA childcare, medical and commuter benefits options; 403(b) retirement investment opportunity with employer match; Employee Assistance Program; paid training, annual education benefit with paid time for professional development. We also include PTO (2 weeks accrued for the first 12 months and 3 weeks accrual from 13-36 months of continuous service); 14 paid holidays with one floating day for your birthday and of course sick time accrual. Other advantages of working for us are Employee Referral Program, our HERO Award recognizing outstanding performance in the line of duty, sabbatical leave after 5 years of service, and a 45-minute paid lunch period per shift. POSITION OVERVIEW The Senior Asset Manager is responsible for leading the development and execution of strategies to preserve and enhance the value, performance, and condition of permanent supportive housing properties. This role ensures compliance with federal, state, and local regulations while meeting or exceeding asset performance targets. The ideal candidate will have a strong background in multi-family housing property management, along with advanced expertise in financial reporting and analysis. The Senior Asset Manager will foster proactive communication and collaboration with Internal Partners, including executive leadership, team leaders, finance, accounting, and other program areas. This position oversees key areas such as Budgeting & Financial Reporting, Operations Oversight, Capital Improvements & Reserve Draw Administration, Relationship Management, Year 15 Buyout Planning, and the development and implementation of Operating Policies, Procedures, and Staff Training. As part of the Asset Management team, you must be a leader committed to excellence and growth, as HomeRise is continually changing to meet the needs of low-income residents. This position will assist HomeRise in accomplishing our mission to end homelessness. ESSENTIAL FUNCTIONS Asset & Portfolio ManagementPortfolio Oversight: Responsible for a portfolio of approximately 16 multi-family properties. Provide long-term strategic oversight and guidance on operations for each property in assigned portfolio. Serve as primary Asset Management contact for external partners, i.e., lenders, syndicators, tax credit allocators, third-party inspection companies, HUD, co-GPs, etc.Monitoring: Monitor portfolio’s financial and operational performance; communicate any potential operational risk to management. Act as point person for site inspections related to occupancy and compliance requirements, i.e., federal, state, and local agencies. Work closely with Housing Operations staff to complete pre-visit checklists or questionnaires, as needed.Program Compliance: Ensure a high standard of compliance across portfolio, i.e., LIHTC and all federal, state, and local compliance-related regulations. Where deficiencies are identified, works directly with appropriate parties to timely resolve issues.Portfolio Performance: Analyze portfolio and develop economic strategies that mitigate underlying risks, assign risk-ratings and prepare watch-list report narratives including the identification and analysis of under-performing assets, hurdles in cash flow, rental vacancy rate, delinquency losses, debt service, and NOI. Create and monitor action plans working closely with Housing Operations. Lead the development and execution of real estate investment strategies, ensuring alignment with HomeRise’s goals of housing preservation and development.Identify and manage financial risks related to the real estate portfolio, preparing ongoing financial evaluations and actionable recommendations.Review partnership agreements, financing documents, regulatory agreements, tax returns, and other relevant sources to align with ownership objectives and ensure compliance.Guide the financial and physical performance of HomeRise’s overall portfolio, ensuring compliance with lender, investor, and regulatory requirements.Conduct regular financial analyses, comparing property budget-to-actual results with proforma projections and key performance indicators (KPIs).Monitor and manage property debt, refinancing opportunities, and negotiate terms as necessary.Develop and maintain schedules for lender covenants and property fees in coordination with the Finance team.Stay informed about industry trends, market conditions, and regulatory changes that impact the portfolio. Financial Reporting & PerformanceReporting: Review and oversight of periodic investor reporting, quarterly asset management reports, distributions and monitoring of cash and reserve utilization. Budgeting: Benchmark property operating including, but not limited to, net operating income, gross revenue, operating expenses, investment projections, return of investment, cash flow and distribution analysis.Forecasting & Benchmarking: Evaluation of market trends, forecasting cash flow and benchmarking these trends against the portfolio.Variance Analysis: Oversee the collaborative efforts with the Finance and Housing Operations property management teams to analyze variances in operating performance against industry benchmarks. Develops and presents solutions to structural deficits and disposition of annual surplus/deficits.Document Management: Organize and file ownership, loan, and regulatory agreement amendments and periodic reporting sent to investors or reporting agencies in a timely manner. Capital Improvements & Investment StrategyCapital Improvements: Establish long-term capital needs plans and preventative maintenance plans with Property Management teams.Reserve Draws Administration: Coordinate with Maintenance Operations Managers, Housing Operations Supervisor, and Staff Accountants on pre-approvals for budgeted long-term capital plan improvements.Lead the Real Estate Capital Asset Planning program, aligning cross-functional teams on building investment strategies for HomeRise’s portfolio.Assist in determining short- and long-term strategies for various assets, partnering with key stakeholders to develop Capital Expense 5-year plans.Develop business cases and financial analyses, including cash flow projections, NPV, P&L impact, and IRR, to support investment decisions and present to key stakeholders.Represent HomeRise’s interests in site investment programs, including capital improvements and seismic programs, ensuring alignment with organizational goals.Manage real estate data and documentation for both owned and leased properties, leading portfolio-level reporting and analysis.Collaborate with Property Management on leasing and transactional activities as needed. Affordable Housing ComplianceRepresent HomeRise’s operational interests in joint venture partnerships, ensuring compliance with tax credit and RAD regulatory requirements.Oversee the annual budgeting process for tax credit and RAD properties, conducting regular financial assessments with joint venture partners.Coordinate with property management teams to optimize operational efficiency and ensure alignment with long-term objectives.Conduct site visits and inspections to assess the condition of properties and ensure they meet regulatory and operational standards.Initial and Annual Welfare Tax Exemption: Ensure application submission with local County Assessors to initiate and maintain welfare tax exemptions on qualified Portfolio Assets and their respective ownership entities. Investor, Lender & Stakeholder RelationsExternal Partner Engagement: Build relationships with local partners including City and State staff, lenders, investors, and the general public in a professional manner.Internal Partner Engagement: Develop positive working relationships with Internal Partners from other teams through collaboration, proactive communication, and empathy.Low-Income Housing Tax Credits: Deliver low-income housing tax credits to limited partner investors, repay any deferred developer fees, and plan for the exit of investor limited partners for low-income housing tax credit assets at Year 15.Tax Capital Accounts: Monitor changes in general partner and investor limited partner tax capital accounts for potential exit taxes and cash distribution at dissolution of the limited partnership.Purchase Option/ROFR: Review legal agreements, understand rights with those agreements in consultation with third-party consultants or legal counsel to purchase the limited partner interests or property from investors within the purchase option or right of first refusal (ROFR) period. Risk Management & Portfolio ProtectionReview Analysis: Review insurance policy requirements for the management portfolio with the Director of Finance and provide proof of insurance as required to lenders and other agencies.Claims Management: Coordinate oversight and tracking of new and open insurance claims, lawsuits, and track outcomes for investor, lender and executive leadership review.Procurement: Partner with Finance teams to share changes in the affordable rental housing real estate portfolio (REO Schedule) to maximize insurance value for HomeRise.Warranties: Monitor warranties and track construction defects prior to their expiration with Site and Maintenance Operations Managers. Leadership & CollaborationWork closely with the Finance and Property Management teams to analyze financial data, identify trends, risks, and opportunities for portfolio optimization.Collaborate with Finance and Property Management to develop accurate pro forma financials and long-term financial plans for new acquisitions.Provide Asset Management insights to Development teams throughout all stages of new project development.Manage cash flow, capital expenses, reserve funding, and owner distribution projections in partnership with Finance.Support the Finance and Property Management teams during audits and tax filings, addressing inquiries and ensuring compliance.Identify and mitigate portfolio-wide risks, particularly related to property insurance.Excellent project management skills with the ability to handle multiple tasks in a dynamic environment.Strong understanding of finance, capital planning, and strategic real estate planning, with experience in affordable housing or corporate real estate.Highly effective team player, comfortable working in a matrix and agile environment.Strong communication skills, able to present complex ideas clearly and effectively at all levels of the organization.Proficiency with tools like Outlook, Excel, and PowerPoint;Ability to develop and monitor KPIs and effectively use data to manage performance and inform decision-making.Operating Policies and Procedures: Propose new operating policies and procedures to Directors and Executives.Training: Attend training and education classes to maintain current knowledge on Asset Management best practices through industry training sessions and annual conferences, as needed. Other duties: As assigned. QUALIFICATIONSMinimum of five (5) years of professional experience in multi-family compliance and/or multi-family real estate asset management, property management, finance, or related field; OR, three to five years of experience working with a developer in tax credit properties. Undergraduate degree or equivalent, affordable housing industry experience, and/or certifications. Ability to utilize spreadsheet tools and word processing for analyzing and communicating information.Supervisory experience with strong skills in program development, policy, and procedures.Strong organizational, detail-oriented, and time-management skills.Proven ability to work independently and effectively as an individual and part of the team.Ability to meet the geographic range of the position.Strong ability to represent the interests of the agency, interact effectively with a diverse population, and be comfortable building successful collaborative relationships with tenants, staff, and the community, and resource building.Strong understanding and belief in Housing First Philosophies. Sensitivity to homeless people and the issues of homelessness and recovery, and the ability to work with people from diverse educational and personal backgrounds. Have a passion for our mission and a strong desire to make an impact at a dynamic nonprofit organization. SUPERVISORY RESPONSIBILITIES 1 Asset Manager POSITION DETAILLocation: 944 Market Street, 4th Floor - San Francisco, CACurrently 5 days in office with potential hybrid after 6 monthsStatus: Full-Time / ExemptSchedule: Generally, Monday through Friday, 9 am - 5 pmReports to: Chief Financial Officer PHYSICAL DEMANDS & WORK ENVIRONMENT The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is regularly required to sit at their desk for long period, use hands to finger for computer keyboard input, handle, or feel objects, tools, or controls; and reach with hands and arms. The employee frequently is required to talk or hear. The employee is occasionally required to stand; walk up and down stairs, climb or balance; and stoop, kneel, crouch, or crawl. The employee must frequently lift and/or move up to 10 pounds and occasionally lift and/or move up to 25 pounds. Specific vision abilities required by this job include close vision. Mobility to use standard office equipment, including computer, vision to read printed materials, and a computer screen, and hearing and speech to communicate in person and over the telephone. The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. There are no unusual environmental conditions. Typically, the noise level in the work environment is usually moderately noisy. EQUAL OPPORTUNITY EMPLOYER Pursua