Senior Asset Manager

About the position

Reporting directly to the VP of Asset Manager, seeking a dynamic, experienced, driven Senior Asset Manager to join our team in the affordable housing sector in NYC. The successful candidate will be responsible for overseeing and managing a diverse portfolio of affordable housing assets, ensuring compliance of HUD, Section 8 and LIHTC regulations maximizing asset value and minimizing risk. This role requires directing, evaluating, and managing all internal and external personnel assigned to his/her supervision (inclusive of third-party property management companies). The ideal candidate will have a deep understanding of the affordable housing market, strong financial acumen, and a proven history in asset management. This position will be hands-on and will be expected to visit properties a several times a week and work closely with property management, accounting, and ownership investment teams.

Responsibilities

• Oversee a current and growing pipeline of properties and make strategic recommendations regarding operations.
• Provide strategic direction to 3rd party Property Management Companies with the goal of achieving NOI projections and keeping the assets in-compliance with the respective local agencies, applicable regulations, and stakeholders.
• Oversee and manage a diverse portfolio of affordable housing assets, including Section 8 and LIHTC properties.
• Ensure compliance with all relevant regulations, including HUD and LIHTC.
• Develop and implement strategies to maximize asset value and minimize risk.
• Conduct regular reviews of property performance, including financial analysis and property inspections.
• Work closely with 3rd party Property Management teams to ensure tenant satisfaction and resident retention.
• Focus on underperforming assets and work closely with Asset and Property Management to devise and carry-out property strategies to bring assets performance back-on track.
• Lead the overall budget process including capital repair projects and play a key role during the year-end process with auditors, management companies, and Gilbane accounting department.
• Conduct bi-annual recapitalization, refinancing, and/or disposition analysis.
• Prepare monthly financial reporting to include a thorough understanding and reporting of expenditures not meeting budgeted expectations.
• Perform a bi-annual physical written assessment of entire portfolio.
• Provide monthly internal portfolio/property-level reporting including project in construction, lease up, stabilization and conversion.
• Review monthly financial statements including partner distributions, operating statements, rent rolls, delinquency reports, utility reports, leasing reports, etc. to ensure correct accounting and budget variance approvals.
• Evaluate and analyze property taxes to minimize risk.
• Participate and oversee the audit process for each asset.
• Lead and manage interactions with third-party investors, vendors and government regulators.
• Oversee reporting of LIHTC investors, lenders, and on-site property management staff.
• Attend and lead third party inspections, financial reviews and inspections with State Agencies and lenders.
• Function as Owner's Rep on matters related to property insurance claims, repairs, tenants' needs, and anything required to close-out claim.
• Identify and manage issues and opportunities for revenue, expense and capital improvement optimization.
• Assess and analyze all operational elements as part of a thorough risk assessment.
• Oversee all capital projects.
• Ensure assets are managed to the highest industry standards and in compliance with company standards.
• Proactively analyze economic trends for each specific asset; sub-market and forecasts trends that impact long/short term disposition and exit strategies.
• Coordinate activities with other departments especially Finance and Accounting.
• Participate in monthly calls with the development team, property managers, and other partners.
• Review and approve all RFP response and third-party contracts and ensure proper and consistent bidding and ultimate adherence to the contract terms.
• Take the lead on assessing room for improvement regarding data management and reporting.

Requirements

• Bachelor's degree required, MBA a plus.
• Minimum of 10 years of professional tax credit, HUD and asset management experience.
• Team oriented with strong analytical, organization, and critical thinking skills.
• Excellent communication and negotiation skills.
• Proficiency in relevant software, including property management and financial analysis tools.
• Highly organized with the ability to multi-task and set priorities with moving targets.
• Strong verbal and written communication skills.
• Initiative-taker and able to work independently with the ability to meet deadlines, accomplish work in order of priority, professionally maintain composure and effectiveness under pressure.
• Must be willing to travel.

Benefits

• Competitive health and welfare benefits.
• Generous profit-sharing/401k plan.
• Investment in employees' education through Gilbane University.