Director of Asset Management, Affordable Housing Group

About the Organization
Founded in July 2013, TruAmerica Multifamily is a partnership between industry veteran Robert E. Hart and The Guardian Life Insurance Company of America. The company is based on the premise that tremendous upside potential remains in mid-tier apartment communities that can be unlocked through tailored renovation, repositioning strategies, and focused management. TruAmerica Multifamily is a privately held, fully integrated, real estate investment firm that invests in apartment communities located in primary and secondary markets throughout the country. We continue to grow by selectively acquiring, redeveloping, and effectively managing multifamily properties. TruAmerica has grown to become a Top 25 apartment owner in the United States, according to the National Multifamily Housing Council (NMHC), and is the youngest manager in the NMHC Top 50. Today, TruAmerica has over 60,000 units in 25 high-growth markets and approximately $16 billion of assets under management.

Objective
The Director of Asset Management, Affordable Housing Group, is responsible for overseeing the financial performance, compliance, and operational strategy of our new and growing affordable housing portfolio. This includes directing third-party property managers, ensuring LIHTC and regulatory compliance, and collaborating with internal departments such as Acquisitions, Accounting, Construction Management, and Portfolio Management. The Director ensures the successful execution of business plans and optimizes asset-level returns while adhering to the organization’s mission of delivering high-quality affordable housing. This position reports to the Managing Director, Affordable Housing Group.

Tasks and Responsibilities

Cross-Functional Relationships and Accountability

• Establish and maintain strong relationships across the organization, collaborating closely with Acquisitions, Accounting, Construction Management, and Portfolio Management to align asset management goals with organizational strategies.

• Communicate regularly with third-party property management firms, ensuring they understand and execute the organization's goals regarding operational performance, compliance, and resident satisfaction.

• Conduct routine site visits and inspections to review leasing performance, occupancy, market trends, ongoing renovations, and property conditions.

• Serve as the primary contact for debt and equity partners, ensuring clear communication of portfolio performance and strategic direction.

• Lead strategy sessions with internal and external stakeholders to optimize revenue, control expenses, and improve Net Operating Income (NOI) across the portfolio.

LIHTC Compliance Oversight

• Demonstrate a strong understanding of Low-Income Housing Tax Credit (LIHTC) compliance requirements, including Section 42 regulations and reporting standards.

• Provide direction and oversight to third-party property managers to ensure adherence to LIHTC compliance requirements.

• Conduct regular audits of tenant files and property records to confirm regulatory compliance and resolve any identified issues.

• Develop and implement processes to support third-party managers in maintaining accurate LIHTC compliance documentation.

• Provide organizational guidance to internal departments and external partners on the subject of LIHTC compliance.

Monthly Reporting and Financial Analysis

• Work in partnership with internal accounting teams and third-party property managers to ensure accurate, timely financial reporting.

• Review and approve monthly operating statements, analyzing variances against budget and recommending corrective actions as needed.

• Manage the annual operating and capital budgets for the portfolio, ensuring alignment with approved business plans and equity partner expectations.

• Proactively analyze cash flow, distribution schedules, and lender requirements to maintain financial health across the portfolio.

• Oversee compliance with investor and lender agreements, providing periodic updates and strategic recommendations to enhance returns.

• Monitor economic trends within sub-markets, forecasting potential impacts on asset performance and adjusting disposition or exit strategies accordingly.

• Lead efforts on tax appeals, loan compliance, partnership expenses, and ancillary income opportunities.

Execution of the Business Plan

• Collaborate with Acquisitions to create comprehensive business plans for new acquisitions and existing portfolio assets.

• Partner with Construction Management to ensure capital projects, renovations, and maintenance plans are executed on time and within budget.

• Monitor and address risks, such as high management turnover, resident satisfaction issues, and operational inefficiencies, with proactive mitigation strategies.

• Lead annual budget creation and secure equity partner approval for each asset.

• Leverage in-depth knowledge of macro and micro markets to stay competitive and maximize investment returns.

• Identify risks and deviations from the business plan, recommending and implementing mitigation measures to protect asset performance.

• Ensure compliance with governmental and state guidelines, including price gouging restrictions and other regulatory requirements.

Abilities/Qualifications

• Bachelor’s degree in real estate, finance, business administration, or related field; master’s degree preferred.

• Minimum of 7 years of experience in asset management, with a focus on affordable housing.

• Proficiency in third-party property management and accounting software such as RealPage and Yardi.

• Strong understanding of LIHTC compliance, HUD programs, and affordable housing financing.

• Specialized certifications including HCCP, TCS, and C3P and a detailed understanding of HUD Handbook 4350.03 REV-1 preferred.

• Exceptional analytical skills, with a proven ability to interpret financial data and recommend strategies.

• Excellent interpersonal and communication skills, with experience building relationships across departments and with external stakeholders.

• Demonstrated leadership skills with a track record of managing and mentoring teams.

• Proficiency in Microsoft Excel, Word, and real estate industry software.

• Commitment to affordable housing and community development.

Physical Demands

• Ability to sit or stand for extended periods and move freely around the office or property sites.

• Capability to conduct property site visits and inspections, including traveling locally.

• Ability to communicate effectively both verbally and in writing.

Compensation Range

• $165,000 - $180,000 (Base Salary)

Equal Opportunity Employer

• TruAmerica Multifamily is an equal opportunity employer that is committed to diversity and inclusion in the workplace. We prohibit discrimination and harassment of any kind based on race, color, sex, religion, sexual orientation, national origin, disability, genetic information, pregnancy, or any other protected characteristic as outlined by federal, state, or local laws.
• This policy applies to all employment practices within our organization, including hiring, recruiting, promotion, termination, layoff, recall, leave of absence, compensation, benefits, training, and internships. TruAmerica Multifamily makes hiring decisions based solely on qualifications, merit, and business needs at the time.

Salary : $165,000 - $180,000