What are the responsibilities and job description for the VP of Asset Management position at Nevada HAND Inc?
Summary Duties and Responsibilities:
This position oversees the organization’s portfolio ensuring the properties’ financial performance meets or exceeds expectations, and they are physically maintained at or above company standards.
Essential Functions and Work Duties:
The following essential functions of this position are performed personally, in cooperation with the supervisor, and/or in coordination with other staff. Additional work functions and duties may be assigned.
- Collaborate with Property Management to prepare annual operational (financial) and capital budgets to optimize property revenue and manage expenses resulting in a maximization of cash flow and economic benefits to Nevada HAND and its affiliates, as well as its investors.
- Calculate, review and monitor distributions of property cash flows in accordance with each respective limited partnership agreement.
- Comprehensively analyze ongoing property financial reports to problem solve and proactively affect immediate and necessary changes to under-performing properties.
- Facilitate reporting programs to ensure all interested parties are kept informed of property results and the status of action plans designed to correct impediments to property cash flows.
- Provide oversight and accountability to ensure full regulatory compliance for the managed portfolio including requirements for: State of Nevada Low Income Housing Tax Credit (LIHTC), Housing and Urban Development (HUD), multiple jurisdictions providing HOME funds, Housing Quality Standards (HQS), and Fair Housing laws.
- Expert use of asset management systems, tools and financial models to forecast and communicate longer term outcomes based upon current property results. Create and refine the reporting procedures, database and other informational systems to collect data, track projects, enhance communication and distribute findings and results. Lead the implementation of the Integratec database. Collaborate with the Real Estate department, Property Management, and Finance/Accounting to create, monitor and maintain project deal books using Integratec.
- Manage the physical health of the portfolio through procurement of Capital Needs Assessments for all properties within the portfolio. Develop an annual plan for each property, and prepare annual reports for the CEO, COO/CFO, Senior VP Real Estate Development and Property Management to ensure capital plans are implemented.
- Collaborate with the Senior VP of Real Estate Development to recommend financial restructuring as appropriate, including new re-syndication opportunities refinancing old debt, as well as investor exit (i.e., buyouts), and opportunities for rehab and re-syndication. Participate in negotiations with partners leading up to the disposition of their interests at the end of their investment period.
- Manage LIHTC (low income housing tax credits) capital accounts for each property through annual analysis and exit tax projections.
- Identify and implement utility efficiency upgrades for the portfolio. Establish project plan to reduce energy consumption. Monitor/report on progress as part of this initiative.
- Provide predevelopment and construction input to both the Real Estate department and the Construction department, including review of operational assumptions supporting underwriting criteria.
- Provide strategy for the portfolio and manage multiple projects at one time.
- Evaluate Property Management’s marketing plans designed to meet or exceed budgeted expectations.
- Conduct market due diligence and review macro and micro economic trends that translate to necessary changes in property concepts and operations.
- Interpret and monitor partnership, lender and interested party documentation to ensure ongoing compliance fundamentals are met.
Other Functions and Work Duties:
- Perform other duties as from time to time may be determined necessary for the well-being of the total operation.
- Coordinate specific work tasks with other personnel within the department as well as with other departments in order to ensure the smooth and accurate flow of work and information.
- Perform tasks which are supportive in nature to the essential functions of the job, but which may be altered or re-designed upon individual circumstances.
Qualifications and Skills Required:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Education and/or Experience:
- Bachelor’s degree in a relevant field of study
- Skilled in operations, financial analysis and reporting, in asset management, property management, or affordable housing development including LIHTC
- Proficient in reading, writing, and grammar
- Proficient in financial analysis and Excel spreadsheets
- Proficient in property management software, including Yardi
- Certified Housing Asset Management License preferred but not required.
Other Skills and Abilities:
- Real estate acumen, particularly with apartments
- Advanced financial analytical ability
- Clear communication skills
- Capacity to establish and monitor property performance expectations
- Diplomacy in advancing directives; supportive, persuasive, and forward thinking
- Strong affordable housing acumen in LIHTC, HOME and HUD programs
Physical Requirements:
- Stooping - frequently bending body downward and forward by bending spine at the waist, requiring full use of the lower extremities and back muscles.
- Kneeling - frequently bending legs at knees to come to rest on knee or knees.
- Reaching - frequently extending hand(s) or arm(s) in any direction.
- Handling - frequently seizing, holding, grasping, turning, or otherwise working with hand or hands.
- Ability to transport files up to approximately 20 pounds.
- Ability to lift files up to 20 pounds from the ground level to 4 feet in height, and move them from shelf to shelf in storage.
- Walking- moving about on foot to accomplish tasks, particularly walking the property.
- Regularly required to use hand to finger, handle, or feel, reach with hands and arms, and talk or hear using telephone, computer keyboard, mouse and calculator while seated at a desk.
- Able to sit at desk for extended periods of time.
- Specific vision abilities required by this job include close vision, depth perception and ability to adjust focus.
- Light work: Exerting up to 20 pounds of force occasionally, and/or up to 10 pounds of force frequently, and/or a negligible amount of force constantly to move objects.
