Asset Manager
4 weeks ago
Asset Manager
Non-Profit Afordable Housing Experience Reqiured
On-site/Los Angeles/Central City East
Description
The Asset Manager will assess the organization's properties to ensure they are financially sound and comply with contractual, regulatory, and statutory requirements. This position will manage the third-party Property Management Agent and will also collaborate with all departments including Executive, Real Estate Development, Accounting, and Resident Services in protecting its assets and optimize property performance. Furthermore, the Asset Manager will stay abreast of industry trends and financial opportunities to position the organization to be sustainable and a leader in the field of Permanent Supportive Housing.
Duties
- Oversee and manage third-party management agent to ensure high quality and on-budget operations.
- Utilize systems such as accounting systems to enhance WCA's real-time reporting and analytical capabilities.
- Obtain leadership approval for certain property expenditures.
- Develop reports and/or a dashboard to analyze the performance of WCA's portfolio.
- Make presentations to WCA leadership.
- Manage all regulatory and compliance submissions, and monitor and validate compliance with lender, investor, government funders, and with regulatory agreements and funding requirements.
- Contribute to the resolution of operation issues or concerns, including the submittal of replacement and operating reserves for approvals and follow-thru for transfer of funds.
- Facilitate responses to government and/or lending agencies.
- Lead in the annual budgeting process for each property.
- Complete and monitor annual Welfare Tax Exemption preparation, filing, and follow-through (billings).
- Create and implement plans for Limited Partners to exit properties financed with Low-Income Housing Tax Credits (LIHTC).
- Contribute to decisions regarding maximizing property cash flow and fees paid to WCA.
- Work closely with on-site resident services staff and resident services leadership to ensure.
- Other related duties as required.
- Relevant experience in multi-family property management for a general or limited partner.
- Specific knowledge of affordable programs, such as IRS Section 42 (LIHTC), HUD, LAHD, LACDA, HCD, HACLA, FHLB, and CDLAC.
- Previous experience must include responsibilities for understanding property budgets, variance analysis, capital improvement plans, investor and lender reporting requirements.
- Detailed knowledge of and ability to interpret legal documents such as loan documents, limited partnership agreements, regulatory agreements and agreements for the provision of residents.
- Experience with accounting software preferred.
- Advanced Microsoft Excel skills.
- Able to render and act upon an opinion decisively and yet be flexible in eliciting other opinions.
- Able to interact with all levels of organization, agencies, and tenants with the correct perspective ranging from prudence to compassion.
- Excellent verbal, written and organizational skills.
- Self-motivated and hard worker.
- Ability for occasional car travel to properties in Los Angeles County (no high-desert properties) to visit properties in the WCA portfolio; air travel to conferences and trainings will also be required.
- A team-player who is able to work independently.
- Bachelor's Degree required
- Minimum eight-years affordable housing Asset Managment experience required
- Familiarity with non-profit multi-funded organization desirable.
Additional Information
- Direct Placement, Benefited Position
- Onsite
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