Vice President of Asset Management

Position Summary 

The Vice President of Asset Management (VPAM) is a strategic leader responsible for preserving the affordability of Abode's housing portfolio while ensuring optimal financial performance. This role involves overseeing asset management staff, implementing risk management strategies, and ensuring compliance with all applicable regulations. The VPAM will also foster positive relationships with residents, community organizations, and local government officials to enhance the properties' reputation and sustainability. 

Reporting to the Senior Vice President, Business Development and Strategic Initiatives, the VPAM will develop and execute the portfolio strategy, conduct in-depth analysis, and ensure each property meets its financial goals. This will be achieved through effective leadership, financial oversight, and a commitment to providing high-quality affordable housing. 

The ideal candidate will have a proven track record in asset management within the affordable housing industry, strong financial acumen, and excellent leadership skills. They will also possess a deep understanding of federal, state, and local regulations related to affordable housing and a passion for making a positive impact on communities. 

Primary Responsibilities & Accountabilities

Asset Management

• Develop and implement the operating strategy for Abode’s housing portfolio aligned with the organization’s strategic and business plans.
• In close association with Property Management leadership, monitor to ensure all facets of property operations comply with the requirements of loan/bond documents, use restrictions, investor agreement, all federal, state, and local requirements.
• In close association with Property Management leadership, coach and mentor site staff and Property Management Regional Managers on process and procedures related to asset and risk guidelines and/or company policies.
• Develop the standard processes for organizational financial oversight of the properties, including drafting operating budgets, 5- year capital improvement plans, and monitoring monthly financials to assess performance against budgets. Act swiftly to address budget variances exceeding 5%.
• Work in conjunction with Property Management team members, Executive Management, and the Board of Directors to obtain annual budget approvals.
• Conduct monthly variance analysis. Understand property-specific and portfolio wide trends.
• Coordinate the delivery of routine financial reporting, create various performance reports for the portfolio, and routinely update the Schedule of Real Estate Owned. Also responsible for presenting material to the Board of Directors.
• Develop exit strategy of each asset, including buy-out of investor interest, disposition, and refinancing strategies. Initiate refinancing properties where feasible.
• Oversee and develop plan for Year 15 withdrawal of investors. Annually review tax capital accounts and credits along with exit strategies for each LIHTC property.
• Work with Property Management to increase revenue collections; including delinquency follow up to ensure rent is being collected, monitor collections company to address balances at move-out, and follow up on loss of subsidy/abatement concerns.
• Uphold rent growth in the portfolio. Ensure rent increases and gross rent changes occur annually.
• Work with VP of Compliance and Regional Managers to improve performance.
• Track portfolio vacancy to internally set KPI’s.
• Monitor expenses in portfolio. Look for ways we can consolidate services for better pricing.
• Oversee capital improvement requests to ensure compliance with reserve requirements.
• Ensure withdrawal of replacement reserve requests are timely.
• In collaboration with the CFO and Risk Management, monitor incidents and potential claims. Work with property management team and insurance broker to initiate programs to reduce risk across the portfolio. As necessary, evaluate the need for additional risk management strategies and additional enhancements
• Consult with legal counsel related to legal issues or matters; make recommendations on correspondence responses and implement procedures for compliance.
• Maintain property tax welfare exemption by submitting initial application and maintain ongoing compliance. Project when tax exemption status will increase and work with Property Management to help residents create a path towards home ownership.
• Work in conjunction with the CFO to recommend, develop, and implement polices/procedures related to asset and risk management, financial reporting, incident reporting, documentation, projections, and property performance evaluation tools.
• Ensure 80% of the portfolio meets the financial needs of the property including capital expenses.
• Proactively identify areas and develop goals for both property management and property operations. Establish annual performance benchmarks and track performance.
• Support the organizational data governance as it relates to the Asset and Investment Management Software; ensure data integrity and proper tracking.
• Complete annual review of each property to include site inspection, staffing review, third party vendor review, marketing review, and operations review. Identify ways to increase efficiency and performance.
• Initiate planning for short term and long-term capital needs. Review financial performance, reserves, and long-term plans for each property.
• Act as the primary contact for lenders, investors, development partners, and bondholders. Communicate effectively and manage those relationships to maintain positive relations.
• Monitor trends within Asset Management industry to determine new software, methods and ideas that improve portfolio performance or department efficiency.
• Develop and implement training programs for new hires and existing employees to follow asset management requirements.
• Supervise all asset management staff with indirect oversight of on-site staff members including hiring, training, and corrective measures. Determine productivity standards of each staff member and track individual performance by monitoring common standards.
• Create a productive and inclusive work environment where the team is excited. Make evident importance of each role with the team. Prioritize team tasks appropriately.
• Encourage creative problem solving. Identify strengths of each team member and actively generates and support individual career development and acknowledges individual and team accomplishments.
• Work with asset management team to ensure department has coverage during sick and vacation requests.
• Stay current with federal, state, and local updates about various program requirements.
• Assist Chief Financial Officer in ensuring limits of insurance coverage comply with minimum requirement provided for in all agreements
• Monitor and ensure property management documents, licenses, and permits are filed for each property.
• Work with Finance, Accounting, and Property Management teams to provide necessary information and documentation to support accounting and audit activities.
• Conduct initial due diligence of acquisition opportunities of both covenanted and unrestricted multifamily assets to preserve as affordable housing.
• Collaborate with various departments on special projects, trainings, and/or implementations.

Equivalent Education, Experiences, Skills, Knowledge, and Abilities:

• Bachelor’s Degree in Business, Finance, Urban Planning, or related field highly preferred.
• 10 years of relevant experience in multifamily residential property management, real estate development, investment management, or property syndication. Specific knowledge of affordable programs, including LIHTC, HUD, LAHD, LACDA, HCD, and CDLAC.
• 5+ years of experience as the seniormost asset manager providing executive and strategic guidance as it relates to a real estate portfolio. Previous experience must include responsibilities for: understanding property budgets, variance analyses, capital improvement plans, investor and lender reporting requirements.
• Preference for candidates have obtained the status of Certified Housing Asset Manager.
• Preference for candidates have obtained the status of Certified Professional of Occupancy.
• Previous demonstrated experience in reviewing and negotiating LPAs, loan agreements, regulatory agreements, and settlements.
• Proficiency in financial modeling, including: refinancing, re-syndication, and recapitalization scenarios.
• Proficiency in reading and responding to property audit, investor, and lender reporting.
• Proficiency in reading tax returns.
• Proficiency in Microsoft Office Suite.
• Knowledge of industry software, such as MRI Asset and Investment Central.
• Experience with developing, leading, and reviewing annual budgets
• Ability to travel within the company’s portfolio.

Compensation and Benefits 

The target salary range for this role is $150,000 - $175,000; offers are commensurate with the education and experience of the finalist. Additionally, a full benefits package is offered which includes: health, dental and vision insurance, long term disability insurance, 401K plan, paid vacation and sick leave benefits. 

This is a partial job description. To see the full job description, visit our website at: https://abodecommunities.org/careers/