Director of Asset Management

Abode Services, one of the largest and effective nonprofits working to end homelessness in the Bay Area, is seeking a skilled Director of Asset Management to service the Bay Area. This position is remote within Bay Area (must be available to travel to site visits).

• $145,000 - $157,000 Annually
• Remote within Bay Area (must be available to travel to site visits)
• 100% paid medical, dental, vision benefits coverage for employees
• 31 Paid Time Off / Holidays per year
• Voluntary benefits: FSA, EAP, Commuter Checks, Life Insurance, Legal, and more
• 403(b) Retirement Savings Plans with Employer Match & Contribution Programs
• Professional Development Trainings, Leadership Academy Program, and Growth Opportunities
• Employee Recognition Program, Annual All Staff Gatherings and Holiday Parties

 About the role: The Director of Asset Management is responsible for the development and implementation of strategies to preserve and enhance the value and condition of affordable real estate rental housing properties, as well as ensuring the portfolio meetings Abode, owner, and lender requirements and goals. This person must possess a background in affordable housing asset management, certifications, or equivalent experience to recommend strategies to preserve and manage affordable rental housing properties. This person must have proactive communication skills and coordinate with Internal and External Partners on Budgeting & Financial Reporting; Operations Oversight; Acquisitions & New Construction Support; Capital Improvements & Reserve Draw Administration; Relationship Management; Year 15 Buyout Planning; and Operating Policies, Procedures, and Staff Training.

As leader of the Asset Management team, the person in this position must be committed to excellence and growth, as Abode Housing Development is a dynamic agency continually changing to meet the needs of those we serve. This position will assist Abode in accomplishing our mission to end homelessness.

The People and Culture: You will be surrounded by some of the most talented, supportive, smart, and kind leaders and teams - people you can be proud to work with! Abode Services regularly recognizes employees’ efforts, seeks employees’ input, and cares for employees as people with lives outside of work. We believe that we make better decisions and provide quality services when our workforce reflects the diversity of the communities in which we operate. People of color make up nearly 70% of our workforce and we strive to recruit and retain employees from all backgrounds. 

How you make an impact:

1.Business Planning & Financial Reporting

•Business Planning: Supervise the completion of asset management business plans. Create long-term strategic goals with senior management team. Incorporate AM goals into corporate strategic plans and coordinate impact on all entities involved. Review and create new systems to monitor goals for department and corporate entities.  

•Budgeting: Initiate annual operating budget process for real estate portfolio. Perform final review of all property budgets and lead roll-up to corporate budgets. 

•Forecasting & Benchmarking: Evaluation of market trends, forecasting cash flow and benchmarking these trends against the portfolio.

•Variance Analysis: Oversee the collaborative efforts with the Accounting and 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.

•Reporting: Ensure completion of investor reporting, distributions and monitoring of cash and reserve utilization by the asset management team. 

2.Operations Oversight

•Program Compliance: Always ensure continual program compliance with all LIHTC and other regulatory guidelines. Identify deficiencies and work directly with appropriate parties to timely resolve issues.

•Portfolio Performance: Enhanced review of internal and external Property Management performance, assignment of risk-ratings and preparation of watch-list report narratives. Including the identification and analysis of under-performing assets and the preparation of proactive operational work-out strategies working closely with Property Management teams. 

3.Acquisitions, New Construction, Financing & Design Review Support

•Acquisitions: Review budget and proposed impacts to staffing plan and operating expenses for property acquisitions.

•New Construction: Communicate and follow-up on expectations with other cross-functional teams that include the evaluation of properties for development, property management, lease-up, construction management, risk management, welfare exemption filings, and accounting in the creation of an Asset Management Business Plan.

•Financing: Lead in loan restructuring requests with support from the Development and Accounting Teams.

•Design Review: Participate in design development plans with Development, Property Management, and Resident Services.

4.Capital Improvements & Reserve Draws Administration 

•Capital Improvements: Establish long-term capital needs plans and preventative maintenance plans with Property Management teams.

•Reserve Draws Administration: Coordinate with Regional Facilities Manager, Property Supervisor, Asset Supervisor and Accounting team on pre-approvals for budgeted long-term capital plan improvements.

5.Relationship Management 

•External Partner Engagement: Build relationships with local partners including City and County 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.

6.Year 15 Buyout Planning

•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.

7.Insurance Management and Procurement 

•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 and insurance broker to update insured values for the real estate portfolio and establish renewal process with input from asset management team.

•Warranties: Ensure the asset management team is monitoring and reviewing warranties and performing annual property inspections. Engage legal firms in pending lawsuits related to construction defects within warranty deadlines. 

8.Welfare Tax Exemption 

•Initial and Annual Welfare Tax Exemption: Resolve delays with welfare exemption approvals with local County Assessors. Escalate concerns to executives and coordinate with asset management team and internal parties on resolution plan. 

9.Operating Policies, Procedures, Staff Training & Supervision 

•Operating Policies and Procedures: Propose, lead and draft new operating policies and procedures for the asset management department and coordinate agreements with internal parties. 

•Staff Supervision & Training: Supervises, organizes, directs, and monitors daily activities of asset management team. Trains staff on agency procedures and employee protocol. Approves timesheets and time-off requests. 

•Oversee, supervise, and ensure training of asset management department. 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.

How you meet qualifications:

•Minimum of seven (7) years of professional experience in Asset Management, including at least five (5) years of knowledgeable experience in affordable housing with at least three (3) years in California is required, some housing development experience is preferred; AND

•Minimum of three (3) years of supervisory or management experience; AND 

•Undergraduate or higher degree in real estate, finance, economics, business administration, accounting, or related field; AND

•Strong skills in program development, writing policies and procedures, and technical skills that include proficiency in business software and document retention systems; experience with Yardi a plus. 

•Advanced knowledge in spreadsheet tools and word processing for analyzing and communicating information.

•Strong organizational, detail oriented, and strong time management skills.

•Strong ability to represent the interests of the agency, interact with executive level leadership, interact effectively with a diverse population, and be comfortable building successful collaborative relationships with tenants, staff, and with community and resource building.

•Strong understanding and belief in Housing First Philosophies.

•Ability to meet the geographic range of the position. Geographic regions may change but will be in the SF Bay Area.

•Must have a valid Driver’s License and DMV Clearance with access to a reliable vehicle and maintain own auto insurance in accordance with agency requirements. 

Equal Opportunity Employer/Drug Free Workplace

Notice: This description is to be used as a guide only. It does not constitute a contract, commitment or promise of any kind. We reserve the right to change, add, delete, upgrade, or downgrade the position as dictated by business necessity at any time with or without notice.

Salary : $145,000 - $157,000