Asset Manager
2 months ago
Spartanburg Housing, located on Arch Street, Spartanburg, SC, is dedicated to helping serve the community by providing affordable housing options to the citizens of Spartanburg. Spartanburg Housing is working towards its mission to develop and provide affordable, quality housing options, and programs that promote self-sufficiency for area residents. If you are looking for a rewarding job that helps others,
Spartanburg Housing is the place for you
Spartanburg Housing offers qualifying employees a complete benefits package that includes Medical, Dental, Long-Term and Short-Term Disability, Life Insurance, Cancer, Accident policies and State Retirement. Come be a part of a great team
We currently have the following open position: Full-time Asset Manager
Summary
The Asset Manager's primary responsibility is for the day-to-day oversight of a specifically assigned portfolio of multifamily properties. This primary responsibility includes all aspects of refinancing, recapitalizing, operations, financial and regulatory compliance administration and oversight of assigned portfolio. Requires proactive management, including analytical review of property level financials, compliance monitoring, physical site inspections, regular interaction with general partners, sponsors and property managers, processing waiver and modification requests from general partners, recognition of negative trends, and resolution of problems as necessary The Asset Manager performs highly responsible, complex administrative work focused on conducting analysis, monitoring performance and compliance on the Agency's existing and/or future real estate assets, including the financials, current market, and physical aspects of the property.
Responsibilities:
- Maintaining in-depth familiarity with assigned portfolio of properties, including ownership structure; underwritten investment objectives; financing structure (including maintenance of relationships with various investors and lenders); management structure (including maintenance of relationship with third-party management agents); guarantor structure; underwritten versus actual operating results; State Housing Finance Agency and/or HUD/RD-affiliated regulatory requirements and compliance.
- Oversight of portfolio performance by ongoing monitoring of the operational, financial, management, regulatory compliance, and budgetary compliance for all assigned assets, continually comparing actual asset performance to underwritten expectations.
- Evaluation of economic, demographic, and multifamily market trends and the ongoing benchmarking of such trends against the assigned portfolio.
- Performance of periodic on-site inspections to all properties within the assigned portfolio, focusing on physical condition, local market conditions, overall property administration, and continuing program compliance.
- Oversees, monitors, develops, and assists in implementing policies and procedures related to eligibility and compliance with the requirements of a mixed-income residential portfolio including but not limited to special subsidy programs, Low Income Housing Tax Credits, and other affordable and/or market rate programs.
- For Owned Assets: In conjunction with an internal property management team, prepare capital plan by property/unit inspections and identify the funding sources to execute capital projects. Review and approve RFPs and meet with third party contractors, partners, and managing agent. Facilitates and coordinates with property manager in the construction oversight for all projects.
- For Non-Owned Assets: Review capital expenditures to ensure that assigned properties are maintained in first class condition at reasonable costs and within budget limits. Assist Owners and property managers to prepare and maintain a five-year capital expenditures projection for each property and review reserve for replacement funding requirements necessary to accomplish the capital plan.
- Completes monthly, quarterly, and annual physical property inspections for early identification of potential issues. Prepares reports based on inspections, and takes any appropriate actions based on findings.
- Assists with the review of any new Partnership Agreements, Regulatory & Operating Agreements, Management Agreements, Loan Agreements, Applicable Contracts, and other Legal Documents; to ensure compliance with HUD, the Lenders, Investors, LIHTC, and Housing Agency's requirements for each property and take corrective action with any noted discrepancies.
- Reviews and analyzes the financial and operational information and reports provided from the partnerships on a monthly, quarterly, and annual basis. Prepares informative reports on property performance; provides problem resolution and corrective action strategies when necessary. Conducts analytical analysis (monthly) of the financial performance of the real estate assets and provides recommendations of project performance and managerial strategies to ensure the continuous flow of net operating income and cash flow.
- Conduct due diligence and analytical analysis of real estate assets and programs for potential investment opportunities. Conducts financial modeling scenarios to determine ideal operational structure (i.e., unit mix, reserve requirements, and capital needs) and project feasibility and assist with the underwriting.
- Participates in the closing process (for improved real property); reviews service contracts; reviews closing statements to ensure accurate pro-rations; finalizes post-closing matters including final pro-rations. Determines how to seamlessly integrate the potential asset into the Agency's portfolio.
- Responsible for continuing education to ensure new laws, regulations, and HUD notices are properly addressed and that a process of implementation is created when needed.
Education and Experience
Bachelor's degree from an accredited college or university in Finance or closely related field with at least three (3) years of progressively responsible experience in an area related to the position, such as Public Finance or Assisted Housing, real estate development, or property management or an equivalent combination of education and experience sufficient to perform the requirements of the position.
Experienced in analyzing financial statements and property management is required.
The following certifications must be obtained within twelve (12) months of employment or other allowable period of hire as authorized by the CEO:
* IREM Certified Property Manager
* HCV Specialist or Developing and Managing Project-Based Vouchers
* Tax Credits - NCP, C3-P, or equivalent
Other Requirements
Must possess a valid State of South Carolina driver's license and regularly participate in continuous improvement and education. Must work with the highest degree of confidentiality.
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