Director of Asset Management

The Director of Asset Management reports to the Vice President of Asset Management and is responsible for supervising a team providing oversight of portfolio performance and maximizing value of a large number of housing units in California, Texas and Florida. The essential functions of the Director of Asset Management are listed below.

Responsibilities

• Oversee daily operations of the Asset Management department by providing appropriate oversight of staff activities, directives and overall departmental systems and
• Proactively communicate to VP of Asset Management any issues that materially impact portfolio, asset-level risk, market trends, or relationships with stakeholders.
• Assist VP of Asset Management in developing and implementing strategic business plans and term sheets for each asset as well as the department.
• Monitor performance of all assets quarterly and re-visit strategy as needed to meet the objectives established in the business. Ensure properties are meeting affordability and reserve funding as required under all agreements and/or regulations. Analyze long-term property performance against projections.
• Identify properties that are candidates for refinancing, re-syndication and other restructuring. Work with VP of Asset Management, Development and consultants for exit strategies, assist in appraisals, valuations and disposition process.
• Assist with the feasibility review and due diligence of prospective new Review and provide input on project proformas as well as reforecast of post-rehab budgets.
• Assist team members as needed with onboarding new deals, including the breakeven
• Provide analytical support on a wide variety of assignments including cash flow modeling, reforecasting, review of property operations and market research.
• Provide quarterly portfolio reporting and strategic recommendations to address issues related to the financial performance of the property, capital planning or operational issues for his/her own portfolio. Assist in establishing quarterly executive reporting and flash reports.
• Develop and foster productive working relationships with brokers and industry Act as direct contact with lenders, investors, municipalities and regulatory agencies for operational inquires, reporting and reserve withdrawals.
• Conduct periodic site inspections, document property condition and develop corrective action as
• Work with Risk Management regarding insurance requirements, review quarterly insurance updates, identify and mitigate areas of risk.
• Monitor quarterly and specialty reporting distribution ensuring all requirements are met with the external stakeholders including the filing of the annual property tax exemptions, annual CTAC reporting, bond arbitrage, etc.
• Participate in the annual budget process for the department and provide quarterly variance
• Review and approve annual property budgets and capital needs assessments for his/her own portfolio and assist VP of Asset Management in review of remaining portfolio.
• Contribute to preparation of the audited financial statements, i.e., related party fees, contingent liabilities, reserves and surplus cash analysis and Oversee the audit review process.
• Interact with internal staff (Property Management, Finance, Accounting, Development, Risk Management and Compliance) and external parties (investors, lenders, regulators, auditors) to achieve property goals.
• Maintain a record of "best practices", asset management due dates, bi-weekly meeting agendas and various other reporting as required by the VP of Asset Management.
• Work independently and continues to increase industry
• Participate on projects to improve department and interdepartmental
• Conduct annual performance reviews of direct
• Performs other related duties and assignments as
• Attend Company sponsored events that relate to the development of the team, which, from time to time, may include overnight stays at locations away from the employee's home.

Skills & Qualifications

• Possess well-developed analytical and negotiation
• Must be computer literate, with strong spreadsheet and word processing knowledge: MS Word, Excel, Outlook, internet required. MS Project is helpful.
• Ability to work flexible Ability to travel is required.
• Valid driver's license, current insurance and vehicle

Experience & Education

• Four-year degree, preferably in related field, or comparable industry
• Minimum of 5 years in asset management or related areas of real estate or affordable housing which; may include development, investment, property management, acquisitions/dispositions.
• Must have knowledge of regulatory programs, the housing industry, marketing, physical asset management, and working knowledge of multi-family and senior communities.
• Must be familiar with HUD, Bond, Tax Credit, and Conventional financed occupancy related
• Incumbent must have demonstrated track record of exceptional problem solving within a sophisticated operating environment and able to implement rapid turn-around plans.

Physical Requirements/Work Environment

• Exposure to various types of weather
• Standing, walking, sitting
• Driving
• Operate computer and office equipment

FLSA Code

• Exempt

Pay $150,000 - $160,000/yr