Position Summary

The Senior Vice President of MBAM will handle a portfolio of McCormack Baron Salazar developed affordable housing properties (“the Properties”) will report directly to the President and perform two primary roles.

• Provide Asset Management Services for the Properties as directed by MBAM, including evaluation of operating performance, site inspections, compliance issues, cash flow/operating deficit management, and acquisition, refinance, re-syndication and disposition strategies.
• Perform General Partner Functions as directed by MBAM. As the Senior V.P. develops a complete knowledge of the Properties in his/her portfolio, General Partner function is expected to evolve rapidly into an informed, active role, providing traditional owner services, including support to and oversight of property management, relations with all MBS departments, lenders, state housing finance agencies and other regulators, as well as relations with the investor.

Key Responsibilities (Essential Duties and Functions)

This list of duties and responsibilities is not all-inclusive and may expand to include other duties and responsibilities based on business needs.

The primary goal of this position is to function as the Owner’s representative in all aspects of project operations, and to be aware of liabilities which could affect the Owner and its various investors.

• State Housing Finance Agencies, Housing Authorities and Inspectors
• Affiliate and third-party Management Companies
• Investors, Trustees, Servicers, Lenders, Credit Enhancers
• Local, State and Federal Governments

Operations

• Develop a comprehensive knowledge of the portfolio from acquisition, closing, new construction and lease up.
• Participate in MBAM portfolio strategy and Capital Projects
  • Re-syndication, Recapitalization, Refinance, GP Exit, Disposition
• Review financial statements and operational performance to find areas of opportunity and / or improvement.
• Review Investor site visit and compliance reports. Report issues noted and track on watch list.
• Review and approve property budgets prepared by property management companies and make recommendations to improve cash flow and value – as applicable.
• Review annual audited financial statements.
• Participate in quarterly Cash Flow meetings.
• Review / approve Capital Expenses per documents and management agreements.
• Review / approve annual Capital Expense Budget.
• Physical inspection of Watch List MBS properties as needed. Review the physical structure for unusual deterioration or mismanagement. Analyze the neighborhood, market conditions, trends and their impact on the property.
  • Prepare site visit report of the financial and physical conditions, risks and opportunities for the properties and portfolio.
• Review citations, letters and notifications from Cities, State Agencies, Trustees, Servicers and direct them to responsible parties with follow up as needed.
• Review compliance findings from State Agencies and report unsatisfactory findings as needed.
  • Monitor response to audit findings by management companies. Focus on efficient resolution of noncompliance.
  • Communicate with State Agencies, investors, management companies for EUA/LURA change requests.
  • Communicate with City/County Agencies and management company any deficiencies in business licenses, health, and safety regulations, etc. Monitor the handling of paperwork and payment to agencies as needed.
• Approve and execute Annual Owner’s Certificate of Compliance and IRS form 8703.
• Request physical needs assessment and capital plan as needed.
• Engage arbitrage for revenue fund overages for bond properties and request refund from Trustees, when applicable.
• Review and approve replacement reserve withdrawal requests and ensure requests are consistent with documents.

Legal

• Review/sign documents on behalf of Ownership
• Review tax consultant agreement and / or engage tax consultant for tax appeals when applicable.
• All properties:
  • Discuss adjustments of tax escrows with Trustees and Servicers
  • Review tax bills and send them to Trustees, Servicers, or property management company as needed for payment.
  • Ensure taxes are paid on time and in time to get any discount. Track bills received, due dates and payments by proper party.
  • Work with tax consultant on appeals, tax refunds, etc.
  • Review tax consultant invoices for services, compare to appeal agreement and send to management companies for payment.

New Construction / Lease – Up

• Work closely with MBS development, MBM and investor through lease-up.
• Coordinate / arrange investor reporting by MBM prior to lease-up completion.
• Monitor MBM compliance to deliver unit qualification information and year 1 file information to investors.

Qualifications

• Bachelor’s degree; Business, Accounting, or Finance a plus
• Section 42 experience; familiarity with housing finance
• Prior asset management experience
• Computer: proficient with Microsoft Office, Excel, Teams, Sharepoint
• Accounting: analyze financial statements and reports
• Legal: interpret partnership documents, management documents, loan documents, bond documents
• Communications: Excellent written and oral communication skills are imperative; negotiation skills are a plus

Work Environment/Physical Demands

• This job operates in a home- based, clerical office setting. This role routinely utilizes standard office equipment such as computers, phone, photocopiers/printers, and filing cabinets.
• This position requires sitting, bending, stooping, or standing as necessary.

McCormack Baron is an Equal Opportunity-Affirmative Action Employer, committed to diversity, inclusion, equity and belonging.