Asset Manager

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Job Code: PD23-21
Posted On: Friday, 24th March 2023
Department: Executive
Location: Main Office
Kensington, Md
10400 Detrick Avenue
Job Type:
Full Time
Education: 4 Year Degree
Pay Rate: Grade 27; Salary Range: $75,070 - $125,951 per year

Job Description:

Salary Commensurate with Experience

This is a professional management position responsible for monitoring and evaluating the physical, fiscal, legal, regulatory, and operational activities for a portfolio of multifamily and scattered site properties. The Asset Manager is critical to the Agency’s ability to optimize real estate life cycles through property development, operations and maintenance. The incumbent must possess a fundamental knowledge and understanding of real estate finance for affordable housing as well as a comprehensive knowledge of property management processes, systems, and procedures. The position focuses on portfolio­ wide operational outcomes addressing outliers that affect property budgets, asset preservation and long­ term financial performance.  

This incumbent is responsible for ensuring properties are fiscally sound and viable investments that are physically well­ maintained and in compliance with all lender, U.S. Treasury, HUD and other regulatory requirements, as well as HOC policies and procedures, agreements, programs and covenants.   

This position is responsible for preparing and synthesizing property reports, forecasts, and projections; participating in managed property cash management efforts, debt service funding, and partnership investment and tax filing requirements; and researching and reporting on HUD housing requirements to maintain HUD and HOC compliance. The Asset Manager may also act as owner's (HOC’s) representative for the partnership in certain dealings. The incumbent in this position must maintain a current awareness of local and regional market conditions that may impact asset values and may recommend decisions to positions assets appropriately in respective submarkets.

Preferred Skills:

Examples of Essential Duties:

  • Monitor the overall financial performance of portfolios; reviews and approves property budgets and tracks compliance to budgets; monitors and develops of financial statements; creates and reviews monthly, quarterly, and annual forecasts and projections, intervenes when assets are underperforming and provide actionable recommendations to remedy physical and financial performance.
  • Liaise with and between the Property Management Division, HOC Budget Office, Maintenance Division, Real Estate Division Mortgage Finance Division, and external property management entities to ensure compliance with partnership agreements, financing covenants and other legal and operational requirements related to the portfolios; provides direction to management companies as necessary.
  • Evaluate assets’ physical condition and develops capital plans with Property Management to ensure capital reserve for replacement are adequately funded and utilized in accordance with guidelines established by the HFA or other lenders.  
  • Attend periodic meetings with Property Managers, Contract Managers, outside Management Company personnel, Mortgage Finance Development, Finance, and Lenders. Property visits to ensure physical integrity, market competitiveness and desired street appeal; makes recommendations to supervisor for needed improvements and develops plans for feasible implementation of improvements considering immediate needs and long ­term capital expenditure planning.  
  • Participate as a member of the staff Finance Committee and engage on matters that affect the health of each asset under management.
  • Complete all duties necessary to ensure the Agency (as general partner) performs its required obligations and covenants as mandated in tax credit limited partnership agreements including preparation of reports, ensuring accurate completion of partnership financial statements, cash flow distributions, and K­1's and all other general partner responsibilities.
  • Complete all regular and special reports as required including spreadsheets demonstrating portfolio analysis and cash flow projections.  
  • Accompany stakeholders on site visits; travel to and between assigned properties on an average of a weekly basis. Frequency is dependent on business needs.
  • Respond to emergencies as needed and reports all emergency situations; attends property meetings as required; functions as liaison and advisor to property managers.  
  • Make recommendations and implements procedures for improving program efficiency. Attend professional development seminars and/or workshops to stay abreast of new regulations and legal guidelines related to tax credit compliance and other work ­related issues.

Education: Graduation from an accredited college or university with a Bachelor’s degree in real estate, business administration, finance or related field. Masters degree is Real Estate Finance or related field is a plus.

Experience: Five years of progressively responsible experience in the area of multifamily portfolio asset management focusing on affordable housing, with considerable knowledge of real estate finance, finance or accounting, property management and development.

 Knowledge, Skills and Abilities: 

  • Solid background in real estate finance and comprehension of financial statements for a real estate development company.
  • Demonstrated knowledge of applicable federal, state regulations, and policies and procedures for affordable housing compliance and management with the ability to interpret and apply.
  • Ability to clearly and effectively communicate both verbally and in writing through active listening and sharing relevant information.
  • Ability to establish and nurture relationships with stakeholders, regularly inviting feedback and suggestions; works cooperatively with others as an active member of a team.
  • Advanced skills in Microsoft Excel.  
  • Familiarity with Yardi or Real Page.  
  • Some knowledge of MRI, AGRUS or Yardi Orion.  
  • Reviews, contributes to and jointly approves calendar and fiscal year operating budgets.  
  • Coordinates and analyzes all PCNA’s and 504 transition plans on occasion.
  • Analyzes real estate taxes and complete all annual welfare exemptions.
  • Creates and analyzes pro formas.  
  • Assist with 15 year exits from limited partnerships.  
  • Quarterly and annual financial review for all properties.
  • Coordinates and completes quarterly watch list.
  • Prepares and implements Asset Management plans.  
  • Interacts with company’s insurance policy carriers and participates in related risk assessments and mitigation planning for properties. 
  • Quarterly review of capital account, replacement reserve accounts and losses.
  • Ability to explain complex or technical information regarding rules, rights, regulations, policies, procedures, programs, or services to answer questions, resolve problems, or communicate decisions or actions.
  • Ability to understand technical aspects of the position and continuously build knowledge, keeping up-­to-­date on the technical or procedural aspects of the position.
  • Uses critical, creative, and reflective thinking skills to identify problems, analyze and evaluate various solutions, implement solutions, and monitor their effectiveness; ability to analyze data and resolve problems; sees opportunities for creative problem solving while staying within the parameters of good practice; generates unique but workable and useful solutions to difficult problems.
  • Effectively organizes multiple assignments, sometimes of a complex nature or involving competing priorities, to produce work products that are accurate, thorough and on time.
  • Ability to adapt to changing business needs, conditions, and work responsibilities; responds positively to change, embracing and using new practices or values.  
  • Proficiency using Microsoft Office programs including Outlook, Word, Excel and other analytical software programs.

 An equivalent combination of education and experience may be accepted. Low income residents in Montgomery County with the above qualifications are encouraged to apply.