What are the responsibilities and job description for the Asset Manager position at Norfolk Redevelopment and Housing Authority?
Job Description
About NRHA Founded in 1940, the Norfolk Redevelopment and Housing Authority (NRHA) provides low-income families in Norfolk, Virginia with safe and well-maintained housing. It also plans and administers large-scale residential redevelopment programs within Norfolk.
NRHA is an award-winning public housing authority that has been effective in obtaining private investment partners to fund new neighborhoods; improving low-income public housing; planning and building mixed-income communities; and offering programs that support residents receiving rental assistance on their path to self-sufficiency. NRHA aims to create and apply meaningful housing and neighborhood development programs to serve all residents of Norfolk, Virginia.
NRHA looks for people who want to work in a challenging and progressive environment and make a positive difference in the community.
NRHA seeks qualified candidates for Asset Manager.
Summary
The Asset Manager is responsible for the asset management and oversight of NRHA’s portfolios which includes annual servicing and quarterly reporting with respect to the financial and operational performance of the communities in which NRHA has invested as a lender, developer, ground lessor, limited partner, general partner, and/or subsidy provider. This position will manage relationships with private development partners, third-party management companies and other local and federal affordable housing agencies.
Essential Functions
Analyzes the operational and financial reports of assigned portfolio in order to assess long-term financial viability; identify performance trends and potential “troubled” assets; and provide historical performance data used to inform strategic decisions.
Develops and presents comprehensive quarterly asset management reports to update senior management on the financial and operational performances of the communities, which includes operational spending trends and variance analysis; physical inspection; and occupancy trends.
Collects and analyzes annual audited financial statements for accuracy, completeness, and adverse notes such as going concerns, audit findings, and qualified opinions. Communicate material adverse notes to management. Calculates the annual subsidy for each community along with rent calculations.
Collects and reviews annual operating budgets; engage in negotiations with to ensure amounts and explanations are realistic. Ensure partner budgets are included in NRHA’s annual budget.
Monitors rental income, property expenditures, and capital improvements to ensure profitability and sustainability.
Validates all fees earned for accuracy; generates invoices; and tracks collection of payments due and payable to NRHA.
Interprets and enforces legal and financial documents to ensure compliance with business and financial terms. Facilitates renewal of agreements/amendments with Legal. Analyzes Partnership’s requests for rental increases, unit mix changes, changes in ownership/management, etc. and presents recommendations to Director, Asset Management and Executive Staff for approval.
Supports the additional of new affordable properties through RFPs, new development and RAD. Reviews and provides feedback on operating agreements, HAP contracts, management plans, loan documents, limited partnership agreements, ground lease, and other documents to ensure they are consistent, enforceable, and represents the best interest of NRHA and the residents that live in the communities.
For new construction developments, collaborates with internal and external partners to facilitate the conversions of the construction loan to the permanent phase ensuring that all requirements are met.
Along with Property Management, assist with routine site visits to ensure ongoing physical maintenance of the communities and works with the Partners to address any concerns identified.
Facilitates the reporting and tracking of property compliance with all applicable HUD, federal, state and city regulations.
Assists in developing technology-based solutions for NRHA to provide better management and oversight of the NRHA portfolios, focusing on assets where NRHA has invested as a lender, ground lessor, developer, limited partner, general partner, subsidy provider, etc.
Develops and maintains effective professional relationships and strategic business alliances with internal and external peers, including Management Companies, legal professionals, developers, lenders/loan services and other parties with an interest in the asset.
Develop leasing strategies to maximize occupancy and rental income.
Education, Experience, And Licenses
Bachelor's degree in business administration, Finance, Real Estate, or another business-related field. A master’s degree in business administration, Real Estate Management, Finance, or Accounting is strongly preferred but not required.
Position requires demonstrated knowledge of real estate transactions, affordable housing, tax credit development and compliance, understanding and enforcing legal documents and related laws/requirements.
Knowledge, Skills, And Abilities
Excellent analytical skills, both quantitative and qualitative.
Exceptional leadership and communication skills.
Successful candidate must be capable of making decisions and taking appropriate actions to facilitate successful outcomes; must have strong financial analysis skills and attention to detail; must be a problem solver with ability to extract, manipulate, and interpret data from various sources and translate them to practical business applications.
Knowledge and demonstrated use of various business software applications/products such as Microsoft Office (Excel, Word, Outlook, and PowerPoint; Power BI).
Physical Demands/Work Environment
While performing the duties of this job, the employee is frequently required to sit, talk, see, or hear. The employee is occasionally required to stand and walk. The employee must occasionally lift and/or move up to 20 pounds. Job requires depth, color, and texture perception.
NRHA will consider equivalent substitutes for education and/or experience, provided that the candidate can demonstrate that he/she has obtained the knowledge and skill necessary to perform the duties of the job.
NRHA offers a competitive compensation and benefits package. The compensation offer will be determined by the candidate's work history and skill set. Benefits include VRS retirement, medical, dental, and vision insurance; life insurance; long-and short-term disability insurance; tuition reimbursement options; public service loan forgiveness, and much more.
Those candidates who are selected for interview will be contacted directly by telephone. All other candidates will receive an email communication after the position is filled.
About NRHA Founded in 1940, the Norfolk Redevelopment and Housing Authority (NRHA) provides low-income families in Norfolk, Virginia with safe and well-maintained housing. It also plans and administers large-scale residential redevelopment programs within Norfolk.
NRHA is an award-winning public housing authority that has been effective in obtaining private investment partners to fund new neighborhoods; improving low-income public housing; planning and building mixed-income communities; and offering programs that support residents receiving rental assistance on their path to self-sufficiency. NRHA aims to create and apply meaningful housing and neighborhood development programs to serve all residents of Norfolk, Virginia.
NRHA looks for people who want to work in a challenging and progressive environment and make a positive difference in the community.
NRHA seeks qualified candidates for Asset Manager.
Summary
The Asset Manager is responsible for the asset management and oversight of NRHA’s portfolios which includes annual servicing and quarterly reporting with respect to the financial and operational performance of the communities in which NRHA has invested as a lender, developer, ground lessor, limited partner, general partner, and/or subsidy provider. This position will manage relationships with private development partners, third-party management companies and other local and federal affordable housing agencies.
Essential Functions
Analyzes the operational and financial reports of assigned portfolio in order to assess long-term financial viability; identify performance trends and potential “troubled” assets; and provide historical performance data used to inform strategic decisions.
Develops and presents comprehensive quarterly asset management reports to update senior management on the financial and operational performances of the communities, which includes operational spending trends and variance analysis; physical inspection; and occupancy trends.
Collects and analyzes annual audited financial statements for accuracy, completeness, and adverse notes such as going concerns, audit findings, and qualified opinions. Communicate material adverse notes to management. Calculates the annual subsidy for each community along with rent calculations.
Collects and reviews annual operating budgets; engage in negotiations with to ensure amounts and explanations are realistic. Ensure partner budgets are included in NRHA’s annual budget.
Monitors rental income, property expenditures, and capital improvements to ensure profitability and sustainability.
Validates all fees earned for accuracy; generates invoices; and tracks collection of payments due and payable to NRHA.
Interprets and enforces legal and financial documents to ensure compliance with business and financial terms. Facilitates renewal of agreements/amendments with Legal. Analyzes Partnership’s requests for rental increases, unit mix changes, changes in ownership/management, etc. and presents recommendations to Director, Asset Management and Executive Staff for approval.
Supports the additional of new affordable properties through RFPs, new development and RAD. Reviews and provides feedback on operating agreements, HAP contracts, management plans, loan documents, limited partnership agreements, ground lease, and other documents to ensure they are consistent, enforceable, and represents the best interest of NRHA and the residents that live in the communities.
For new construction developments, collaborates with internal and external partners to facilitate the conversions of the construction loan to the permanent phase ensuring that all requirements are met.
Along with Property Management, assist with routine site visits to ensure ongoing physical maintenance of the communities and works with the Partners to address any concerns identified.
Facilitates the reporting and tracking of property compliance with all applicable HUD, federal, state and city regulations.
Assists in developing technology-based solutions for NRHA to provide better management and oversight of the NRHA portfolios, focusing on assets where NRHA has invested as a lender, ground lessor, developer, limited partner, general partner, subsidy provider, etc.
Develops and maintains effective professional relationships and strategic business alliances with internal and external peers, including Management Companies, legal professionals, developers, lenders/loan services and other parties with an interest in the asset.
Develop leasing strategies to maximize occupancy and rental income.
Education, Experience, And Licenses
Bachelor's degree in business administration, Finance, Real Estate, or another business-related field. A master’s degree in business administration, Real Estate Management, Finance, or Accounting is strongly preferred but not required.
Position requires demonstrated knowledge of real estate transactions, affordable housing, tax credit development and compliance, understanding and enforcing legal documents and related laws/requirements.
Knowledge, Skills, And Abilities
Excellent analytical skills, both quantitative and qualitative.
Exceptional leadership and communication skills.
Successful candidate must be capable of making decisions and taking appropriate actions to facilitate successful outcomes; must have strong financial analysis skills and attention to detail; must be a problem solver with ability to extract, manipulate, and interpret data from various sources and translate them to practical business applications.
Knowledge and demonstrated use of various business software applications/products such as Microsoft Office (Excel, Word, Outlook, and PowerPoint; Power BI).
Physical Demands/Work Environment
While performing the duties of this job, the employee is frequently required to sit, talk, see, or hear. The employee is occasionally required to stand and walk. The employee must occasionally lift and/or move up to 20 pounds. Job requires depth, color, and texture perception.
NRHA will consider equivalent substitutes for education and/or experience, provided that the candidate can demonstrate that he/she has obtained the knowledge and skill necessary to perform the duties of the job.
NRHA offers a competitive compensation and benefits package. The compensation offer will be determined by the candidate's work history and skill set. Benefits include VRS retirement, medical, dental, and vision insurance; life insurance; long-and short-term disability insurance; tuition reimbursement options; public service loan forgiveness, and much more.
Those candidates who are selected for interview will be contacted directly by telephone. All other candidates will receive an email communication after the position is filled.
