Asset Manager

Description

JOB DESCRIPTION
AFFORDABLE HOUSING ASSET MANAGER
Salary Range: $93,000 - $103,000 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 up 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 on-the-job training, career advancement within a growing organization and professional development opportunities with an annual Education Benefit that includes paid time off. 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 Asset Manager 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 ensure that Local, State, and Federal agency regulations and asset performance goals are met or exceeded. This person must have proactive communication skills with Internal Partners, including but not limited to, executive leadership, internal team leaders, site managers, finance and accounting, resident services, and real estate development team members. This person must possess a background in affordable housing property management, certifications, or equivalent experience to recommend strategies to preserve and manage affordable rental housing properties. This person must coordinate with Internal 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 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

Business Planning and Financial Reporting (~25%)

• Business Planning: Developing an Asset Management Business Plan and review changes to the Business Plan periodically. Set up asset management systems, compliance charts, document binders and financial oversight systems for the oversight of the portfolio.
• 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.
• Reporting: Review and oversight of periodic investor reporting, distributions and monitoring of cash and reserve utilization.
• Document Management: Organize and file ownership, loan, and regulatory agreement amendments and periodic reporting sent to investors and other reporting agencies in a timely manner.

Acquisitions, New Construction, Financing & Design Review Support (~25%)

• 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 Real Estate Development and Finance Department Teams.
• Design Review: Participate in design development plans with Real Estate Development, Housing Operations property management, and Resident Services.
• Capital Improvements & Reserve Draws Administration (~5%)
• Capital 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 Accountant Properties on pre-approvals for budgeted long-term capital plan improvements.

Operations Oversight (~10%)

• Program Compliance: Ensure continuing program compliance with all LIHTC and other regulatory guidelines at all times. Where deficiencies are identified, works directly with appropriate parties to timely resolve issues.
• Portfolio Performance: Review of internal Housing Operations 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 Housing Operations Department.

Relationship Management (~10%)

• External 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.

Year 15 Buyout Planning (~10%)

• 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.

Insurance Management and Procurement (~5%)

• 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.

Welfare Tax Exemption (~5%)

• 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.

Operating Policies, Procedures, and Staff Training (~5%)

• Operating Policies and Procedures: Propose new operating policies and procedures to Directors and Executives.
• Staff Supervision & Training: Oversee, supervise, and ensure training of assistant and associate asset managers. 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

POSITION DETAIL

• Location: 251 Post Street, Suite 200 San Francisco, CA
• Status: Full-Time / Exempt - On-Site with some site visits required
• Schedule: Generally, Monday through Friday 9 am - 5 pm
• Reports to: Chief Financial Officer

Qualifications

• Minimum 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 specializing 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 and policy and procedures.
• Strong organizational, detail orientated, and time management skills.
• Proven ability to work independently, 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 with community and resource building.
• Strong understanding and belief in Housing First Philosophies.

Sensitivity to homeless people and the issues of homelessness and recovery, and ability to work with people from diverse educational and personal backgrounds. Have passion for our mission and a strong desire to impact a dynamic nonprofit organization.

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

Pursuant to the San Francisco Fair Chance Ordinance, we will consider for employment qualified applicants with arrest and conviction records. HomeRise is an Equal Opportunity Employer without regard to people formerly experiencing homelessness, race, color, creed, gender, gender expression, gender identity, religion, marital status, registered domestic partner status, sex (includes pregnancy, childbirth, breast feeding, and related medical conditions), sexual orientation, age, veteran status, national origin or ancestry, political affiliation, physical or mental disability, medical condition including genetic characteristics, or any other consideration made unlawful by federal, state, or local laws. HomeRise hiring policies require a background check for all applicants working directly with at-risk populations.

Salary : $93,000 - $103,000