The Director of Asset Management position supports Hope Community Inc.’s (HCI) strategic and operational objectives in the following way: responsible for the oversight of the physical, fiscal and regulatory operations of the HCI’s housing assets so HCI programs can provide high-quality services, its funders, and regulatory partners will be more willing to fund HCI and its partnerships, and auditors and the public will have a high degree of confidence in HCI’s operations.
In this context, the Director of Asset Manager position will collaborate with others at all levels of the organization and with external stakeholders in the consideration of significant goals, concepts, initiatives, and other activities. The Asset Manager shall perform all these responsibilities in service to HCI’s social justice and business mission to assist low-income households and other customers, and to do so in ways that aspire to programmatic and administrative excellence.
The employee establishes methods and procedures for attaining specific goals and objectives and receives guidance in terms of broad goals. Only the final results of work are typically reviewed.
Examples of Duties
ESSENTIAL DUTIES AND RESPONSIBILITIES
Managers share responsibilities for implementing agency-wide objectives and directives through programs and practices which reflect the Vision Statement and the HCI in-house cultural objectives. Managers are responsible for supporting a “one agency” perspective while acting as advocates for their work units. Managers support the Executive Team as they:
- Implement organization-wide goals and cross-department projects and objectives;
- Maintain both a department and an organization-wide perspective when considering information, issues and challenges;
- Conduct business through cross-department participation and review, two-way communication and accountability.
Asset management oversight
Develop and administer the agency’s overall Asset Management goals, objectives and procedures; prepare individual asset management plans for each property, including long-term capital needs and financing strategies;
- Identify, assess, track and recommend key performance measures and metrics that will serve to evaluate the operational health of each THA property and propose work out strategies to improve performance; track maintenance issues at a high level to ensure they are resolved in a timely and cost-effective manner; review and approve marketing plans, rental rates, and leasing incentives; and recommend corrective action as required;
- Develop Asset Management plans for units under development; partner with HCI departments to determine proposed unit population and occupancy projections, level of staffing, space planning, market conditions, financing obligations and other criteria which influence asset management program;
- Conduct periodic site inspections, review property curb appeal, and establish a standard of quality for rent- ready units.
- With the Director of Real Estate, manage exits of investors from Tax Credit Partnerships
Property management operations
- Oversee property management operations to ensure optimum performance; evaluate property management and service provider performance and recommend corrective action as required; compile data and present reports.
- Monitor occupancy levels in HCI’s housing assets and comparable units to ensure a continued awareness of market trends/ help property managers and managing agents in identifying and resolving occupancy issues; maintenance issues to ensure they are resolved in a timely and cost-effective manner;
- Review monthly reports and financial statements for each property; analyze performance against annual operating budget; ensure variances are researched to determine reasons for discrepancies; recommend and initiate operational changes to meet performance projections;
- Prepare, negotiate and monitor commercial leases with service providers, retail tenants and managing agents; ensure compliance with HCI contractual obligations.
Analysis and reporting
- Develop and maintain reporting mechanisms for staff and external management companies to monitor and report on the operational and financial performance of housing assets.
- Compile and present a variety of reports including market trends, unit comparability, feasibility studies, annual operating budgets and related reports. Develop and distribute periodic asset management reports to investors, senior staff, the Executive Director, the Board of Commissioners, and outside partners;
- Receive and review reports regarding maintenance and capital improvement projects;
- Analyze problems, identify alternative solutions, project consequences of proposed actions and implement recommendations in support of goals;
Compliance and regulatory oversight
- Ensure that HCI and its staff comply with the detailed regulations, rules, policies and procedures that govern HCI’s administration of its housing programs and properties;
- Oversee monitoring of staff management of client files and HCI’s compliance with HUD, HFA, HCR, HPD, HDC or other governmental reporting systems;
- Conduct research and interpret all program documents and government regulations to ensure compliance for any property management or housing operation requirements to include all federal, state, and local laws;
- Act as the intermediary between executive, senior, and middle-management leaders to develop and recommend policies and procedures to ensure that HCI reinforces restrictions, and improves and upholds the integrity of all programs;
- Assess areas of compliance risk for the agency and collaborate with staff to effectively incorporate compliance functions throughout the agency’s business operations;
- Maintain expertise in applicable LIHTC, HUD, State and City rules and regulations, HCR’s administrative processes and procedures, and all program documents and relevant federal, state, and local laws.
Supervision and leadership
- Supervise and guide staff using management practices that develop and retain highly competent and highly performing employees;
- Direct, coordinate and review the work plans for assigned staff; assign work activities and projects; monitor work flow; review and evaluate work performance; methods and procedures and meet with staff to identify and resolve problems;
- Comply with agency performance evaluation policy and conduct evaluations regularly and on time;
- Build and maintain effective relations with a workforce that includes both union and non-union staff.
- Present a professional image as a representative of HCI;
- Maintain a high degree of confidentiality relative to work performed.
Ethical standards and compliance with HCI policies
Fulfill all duties and responsibilities with a high level of integrity, honesty and adherence to agency policies and rules.
- Present a professional image as a representative of HCI;
- Maintain a high degree of confidentiality relative to work performed;
- Fulfill all duties and responsibilities with a high level of integrity, honesty and adherence to agency policies and rules;
- Establish and maintain effective professional working relationships with co-workers, management, partner agencies and the community.
HCI’s staff, its clients, and the staff of community partners are diverse in many ways, including diversity by race, national origin, language, sexual orientation, age and disability. HCI considers this diversity to be an important asset. All HCI employees must engage diverse people in constructive and effective ways as supervisor, colleague, business partner, and/or service provider.
POSITION REQUIREMENTS AND QUALIFICATIONS
Educational level and experience
- AA/AS degree required; master’s degree preferred; Finance, Liberal Arts, Real Estate or related field;
- Five to seven years’ residential real estate analysis/asset management experience with an emphasis in Low Income and Affordable Housing; experience in property management, leasing, and operations desirable;
- Experience with financial principles and practices;
- Experience with compliance requirements for programs and business operations;
- Experience using Yardi Voyager preferred;
- Two+ years of supervisory responsibility.
- Or: In place of the above requirements, the incumbent may possess a combination of relevant education and experience that would demonstrate the individual’s knowledge, skill, and ability to perform the essential duties and responsibilities listed above.
Knowledge, skills and abilities
Possess or acquire and maintain a high level of expertise in the current and evolving principles and practices in the following areas:
- Exceptional knowledge of real estate finance and financing strategies;
- Knowledge of policies and procedures of residential property and asset management;
- Comprehensive knowledge and understanding of housing authority organizational operations, knowledge and familiarity of various financing strategies including, Public Housing Operating funds, tax credits, tax-exempt bonds, HOME funds and other funding sources available to the affordable housing market;
- Knowledge of best practices of leasing and maintaining housing and retail units, evaluating and resolving occupancy issues, assessing market conditions, trends, unit comparability and rental rates;
- Knowledge of pertinent Federal, State and local laws, codes and regulations;
- Strong familiarity with operational characteristics, services, regulatory requirements and activities of publicly-financed affordable housing;
- High level ability to plan projects effectively, manage their timely implementation and effectively use the agency’s Project Data Base and other management tools. Have a high regard and ability to meet schedules and timelines; demonstrate excellent ability to work independently with little direction.
- Very strong ability to communicate a wide range of material clearly and effectively in writing and verbally;
- Able to work directly with both private and public-sector asset and property management principles and with methods and techniques of negotiating and administering contracts and leases;
- Ability to engage a wide variety of people with a high level of professionalism, courtesy and good humor, including culturally, socially and economically diverse populations, seniors, persons with disabilities, contractors, and professional colleagues;
- Show a strong commitment to maintain confidentiality in all assignments as directed;
- Share HCI’s social justice mission to serve low-income persons and to provide service in a way that aspires to standards of administrative and programmatic excellence.
Must have and maintain a valid driver’s license with an acceptable driving record and auto insurance.
PHYSICAL DEMANDS AND WORK ENVIRONMENT
The physical demands and work environment characteristics described here are representative of those that an employee must handle to successfully perform the essential functions of this job. The job’s activities occur primarily in indoor office settings:
- Occasional standing, walking, sitting, using hands to finger, handle, or feel objects, tools or controls; reaching with hands and arms; climbing stairs; balancing; stooping, kneeling, crouching or crawling; talking or hearing; occasionally lifting and/or moving up to 25 pounds;
- Close vision, distance vision, peripheral vision, depth perception, and the ability to adjust focus;
- While performing the duties of this job, the employee is exposed to weather conditions prevalent at the time;
- The noise level in the work environment is usually moderate.