Housing Asset Management Director
7 days ago
We are seeking a seasoned professional to join our team as a Housing/Asset Management Director. This is a director-level position within Affordable Housing and will be a member of the executive leadership team.
Key ResponsibilitiesThe successful candidate will be responsible for leading a team to create an innovative pipeline of multi-unit residential real estate projects and ensuring the financial health of the organization's housing as well as the overall health, empowerment, and leadership of its residents.
Asset Management- Oversee the operations of the organization's small asset management team to achieve financial sustainability for both internal and fee-for-service housing projects.
- Optimize properties to achieve a DSCR minimum of 1.1 or greater.
- Manage reserves – Operating and Replacement.
- Identify optimal hard debt and soft debt (private and public) financial products for refinancing.
- Review monthly/quarterly financials and work with the bookkeeper to create systems and improve internal financial management.
- Create and present annual budgets for staff and residents.
- Identify cost-saving methods like electrification and solar.
- Regularly review Capital Needs Assessments with the Construction Management Director.
- Oversee marketing and lease-up activities with the Lease-Up Manager.
- Ensure lender reporting – quarterly and annual – and compliance with loans.
- Maintain working relationships with third-party property management firms.
- Lead the Asset Management team in managing refinance events.
- Review key legal agreements, including mortgages, loan documents, subordination agreements, and guarantees, in conjunction with the ED for presentation to the Board of Directors.
- Educate staff and board members regarding the current financial health of the properties on a quarterly basis, as well as review year-end financials once a year.
- Oversee the asset management team, including the Director of Stewardship and Program Managers, to ensure affordable housing compliance, stewardship, and resident support/education.
- Oversee the Construction Management Director in resolving all code violation-related issues.
- Provide asset management education and training to both staff and fee-for-service clients.
- Lead in creating an innovative pipeline of multi-unit residential real estate housing projects, focusing on preservation (acquisition/rehab of existing buildings).
- Develop strategic partnerships with lenders and other housing developers to advance innovative preservation and production projects.
- Collaborate with and oversee the Acquisitions Director to ensure at least two internal acquisitions a year.
- Research existing affordable housing programs and financing sources at local, regional, and state levels which could be utilized for the organization's projects.
- Collaborate with the ED, Acquisitions Committee, and Finance & Credit Committee to review and assess the risk of potential acquisitions, debt, equity, public subsidy proposals, and partnership/operating agreements.
The ideal candidate will have experience working with people from diverse socio-economic and cultural backgrounds, will be passionate about the organization's mission, and be experienced in project management, facilitation, and working independently with accountability to a team.
- Experience leading a team in Development or Asset Management.
- At least 3 years of demonstrated experience as a Transactional Project Manager or in Asset Management in multi-unit residential real estate, with technical and management proficiency in the operations of a real estate development organization.
- A proven track record of successful acquisitions and/or refinancing of multi-unit residential real estate projects, preferably in the Bay Area.
- Affordable housing experience is a must.
- Knowledge and experience with real estate accounting and finance, preferably in affordable multi-family housing.
- Familiarity with the lender ecosystem and financing available for preservation projects at the local, regional, and state levels.
- Commitment to community development, helping low-income communities, and a strong work ethic with an understanding of nonprofit business models.
- Demonstrated experience with the design and implementation of enhanced financial systems and procedures.
KM Partners is the only Executive Search & Professional Recruitment Firm in the U.S. fully dedicated to Commercial Real Estate, Multifamily Affordable, Senior, and Workforce Housing, Tax Credits (LIHTC, Historic, Renewable, Carbon, & NMTC), as well as Impact-Investing and related financial and professional services.
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