Position: Asset Manager

Reports To: Director, Real Estate Asset Management

Department: Real Estate Asset and Property Management

Position Summary

The Asset Manager is responsible for the asset management and oversight of AH’s Mixed and HomeFlex portfolios, which includes quarterly reporting and annual servicing of the financial and operational performance of privately owned mixed-finance communities in which AH has invested as a lender, ground lessor, limited partner, and/or subsidy provider. Asset management and oversight also entails managing relationships with private development partners, third-party management companies and other local and federal

Essential Duties and Responsibilities:

  • Analyze the operational and financial reports of assigned mixed-finance communities in order to assess long-term financial viability, identify performance trends and potential “troubled” assets and provide historical performance data used to inform strategic decisions made by senior management.
  • Develop and present comprehensive quarterly asset management reports to advise senior management of the financial and operational performance of the Mixed and HomeFlex communities, which includes operational spending trends and variance analysis, physical inspection and Business Process Review (BPR) scoring and occupancy trends.
  • Collect and analyze annual audited financial statements for accuracy, completeness, and adverse notes such as going concerns, audit findings and qualified opinions and communicate material adverse notes to management. Calculate the annual subsidy true-up amount and present to the Real Estate Committee (REC) and/or Investment Committee (IC) as needed.
  • Analyze and review annual operating budgets for the Mixed communities for reasonableness. Engage in negotiations with Owners to ensure budgeted amounts and explanations are reasonable. Calculate the annual operating subsidy amounts and present the operating budget(s) and subsidy calculations to the REC and IC for approval. Collaborate with Real Estate Investment Finance (REIF) to ensure that community budgets are accurate and included in the agency’s budget.
  • Validate asset management fee and cash flow calculations for accuracy and adherence to the governing documents. Generate invoices for amounts due to AH based validated calculations and track collection of payments.
  • Interpret and enforce legal and financial documents to ensure compliance with business and financial terms. Facilitate the renewal of annual HomeFlex agreements working closely with the Legal team to get agreements renewed and finalized prior to the expiration dates. Analyze Owner’s requests for rental increases; unit mix changes; change in ownership/management, etc. and present recommendations to the various internal committees for approval. Monitor contract and Board approval terns to ensure the agreement are current. Support the addition of new affordable properties through RFPs, new development and RAD. Review and provide feedback on operating agreements, HomeFlex contracts, management plans, loan documents, limited partnership agreements, asset management agreements, ground lease , and other documents to ensure they are consistent, enforceable, and represents the best interest of AH and the residents that live in the communities.
  • For new construction developments, collaborate with internal and external partners to facilitate the conversions of the construction loan to the permanent phase ensuring that all requirements are met.
  • Conduct routine site visits to ensure ongoing physical maintenance of the communities and work with Owners to address any concerns identified. Coordinates the scheduling of HomeFlex inspections conducted by the Housing Choice Inspections team and Real Estate Assessment Center (REAC) inspections conducted by HUD; notifies Owner of inspection dates, distributes the inspection report, and follows-up with Owners’ to ensure that all deficiencies are cured in a timely manner. Facilitate the reporting and tracking of property compliance with all applicable HUD, federal, state and city regulations to include FHEO, VAWA, AFFH, etc.
  • Work closely with the Manager of Accessibility Compliance and Resident Initiatives Oversight to track resident issues and ensure communities provide satisfactory resolution to resident reported concerns. Assist with problem solving and communication as necessary.
  • Assist in developing technology based solutions for AH to provide better management and oversight of the AH Mixed and HomeFlex portfolios, focusing on assets where AH has invested as a lender, ground lessor, limited partner, and/ or subsidy provider.Work closely with Market Rent Analysts in support of AH’s Rent Reasonableness activities and of particular importance to this function, provides detailed financial analysis, market rent comparability and risk assessment of existing and proposed multifamily properties.
  • Develop and maintain effective professional relationships and strategic business alliances with internal and external peers, including principals of the owner entity and management company, legal professionals, developers, lenders/ loan services and other parties with an interest in the asset.

Knowledge and Skill Requirements:

  • Be capable of making decisions and taking appropriate actions to facilitate successful outcomes;
  • Have strong financial analysis skills and attention to detail;
  • Be a problem solver with ability to extract, manipulate, and interpret data from various sources and translate them to practical business applications;
  • Strong communication skills, verbal and written as well as strong presentation skills;
  • Strong organizational skills and the ability to prioritize and multi-task;
  • Ability to work under pressure situations and with short timelines;
  • Passion to seek out knowledge and take ownership of outcomes, whether positive or negative;
  • Energy to succeed, ability to interface with other department and various levels of management and front line staff.

Education and Experience:

  • Bachelor’s degree in Business Administration, Finance, Real Estate or related field with a minimum of eight (8) years of directly related business experience required, preferably in the commercial real estate, banking/ financial services, or asset management industries.
  • Advanced degree, preferably a Master of Business Administration (MBA), Finance or Real Estate, is a plus.
  • Position requires demonstrated knowledge of real estate transactions, affordable housing, tax credit development and compliance, understanding and enforcing legal documents and related laws/requirements. Experience with Management Information Systems (MIS) is desired.
  • Must have strong working knowledge and command of Microsoft Excel, Access, Word, and PowerPoint.

Working Conditions:

General office working environment with focus on operational and reporting tasks. Must provide leadership through visibility and interaction with staff at all levels of the organization. Must be able to drive to properties and conduct site visits, work cross departmentally within the organization and interact with all levels of corporate and property staff.