Asset Manager in Providence, Rhode Island at Womens Development Corporation

Asset Manager

$92,110 - $108,000

Overview

The Asset Manager works collaboratively with the Directors of Property Management, Facilities, and Development to monitor and ensure the optimization of portfolio performance across physical, financial operations, and mission objectives, including proactively identifying issues and implementing resolutions; developing strategic plans; and continuously monitoring and analyzing the performance of each individual asset and the entire portfolio.

Essential Responsibilities

Property and Project Business

• Property operations projections and performance
• Property budget oversight and reforecasting
• Replacement and Operating Reserves oversight of Real Estate Accounting
• Property tax abatement requests
• Project break-even analyses during lease-up with Investors, Lenders, and Development
• Evaluating project audited financial debt, distributions, and commitments
• Organize project performance calendar and meetings
• Prepare project performance, KPIs, and assessments for functional team meetings and senior management review
• Maintain YOY performance analysis of portfolio
• Review capital needs assessments in concert with Facilities and Accounting

Project administration

• Manage Investor and Lender relationships through stages of lease-up to disposition; coordinate site visits; deliver quarterly reporting; maintain watchlists; distribute K-1s and fees to investor asset management when due.
• Budget-based rent increase package preparation and implementation with functional teams
• Rent adjustment schedule maintenance
• REO schedule maintenance
• Surplus cash distribution
• File US Form 8703 for projects with HUD risk-share insured debt
• Deliver project information for municipal tax assessments
• Process long-term Section 8 HAP contract renewals with HUD and Contract Administrators

Education and Experience:

• Bachelor’s degree in accounting, business management, or finance.
• Three-plus years of multifamily real estate management, finance, accounting, and/or asset management experience.
• Working knowledge and experience of other affordable housing programs and financing centered on HUD, public housing, and other programs that support affordable housing. LIHTC knowledge gained from asset management, operations or development preferred.
• Experience managing a portfolio of real estate ownership interests and sufficient expertise and knowledge to independently manage multiple debt products, equity investments, private financing, and federal, state, and local government funding.
• Experience with RealPage Property Management, Finance, and Business Intelligence software a plus.

Knowledge, Skills, and Competencies:

• Real estate accounting – cash and accrual
• Taxation – for-profit LPs and LLCs, federal forms US 1065, US 1010, K-1s
• Organization – for non-profit corporations US 990, State corporations’ filings and payments
• Real estate ownership structures – GPs, LPs, SLPs, LLCs, MMs.
• Development organization structures of sponsors, financing entities, and legal filing requirements
• HUD multifamily programs including construction, refinancing, compliance for family, elderly, and supportive housing populations
• LIHTC program development application, allocation, construction, lease-up, stabilization, watch listing, acquisition, and disposition
• Extremely detail-oriented. Good follow-up skills.
• Able to research data, identify and correct errors.
• Able to plan, organize, prioritize, juggle priorities, and work independently.
• Integrity/Ethics; ability to maintain confidentiality in all aspects of the work environment.
• Effective verbal and written communication skills.
• Proficiency with computer accounting software (especially property management software), Microsoft Word, Excel, and PowerPoint

Physical Demands:

The physical demands and work environment described here are representative of those an employee must meet to successfully perform the essential functions of this job. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle, or feel; reach with hands; and talk or hear. Must be able to concentrate for long periods of time and discern color.

Work is performed in a busy office environment. The noise level in the work environment is usually moderate. Use of phones, computers, fax, and other general office equipment. There is also a need to travel to project sites or attend meetings with partners.