Asset Manager

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Job Code: PD21-25
Posted On: Wednesday, 31st March 2021
Department: Property Management
Location: EDP
231 East Deer Park, Gaithersburg, Md
Job Type:
Full Time
Education: 4 Year Degree
Pay Rate: Grade: 27 Minimum: 69,222

Job Description:

∙Monitor the overall financial performance of portfolios; review and approve property budgets and track compliance to budgets; monitor and develop financial statements; create and review monthly, quarterly, and annual forecasts and projections; intervene when assets are underperforming.

∙ Liaise with and among the Property Management Division, HOC Budget Office, Maintenance Division, Real Estate Development Division, Mortgage Finance Division, and external property management companies to ensure compliance with partnership agreements, financing covenants and other legal and operational requirements related to the portfolios; provide oversight of day­to­day operation of the portfolio; provide direction to management companies as necessary.

∙ Evaluate assets’ physical condition and develop capital plans with Property Management Division to ensure capital reserves for replacement are adequately funded and utilized in accordance with guidelines established by lenders, investors, HUD, and other regulatory entities.  

∙ Attend periodic meetings with Property Managers, Contract Managers, outside Property Management Company personnel, Mortgage Finance Division staff, Real Estate Development Division staff, Finance Division staff, and lender and investor representatives. Inspect properties on a regular basis to ensure physical integrity, market competitiveness, and desired street appeal; make recommendations to supervisor for needed improvements and develop plans for feasible implementation of improvements.  

∙ Participate in Finance Committee meetings and engage on matters that affect the health of each asset under management. ∙ Monitor and complete necessary compliance reporting for local, state, and federal agencies; bond and tax credit programs; lenders; limited partnerships; and other programs.

∙ Complete all duties necessary to ensure the Agency (as general partner) performs its required obligations and meets all covenants as mandated in tax credit limited partnership agreements including preparation of reports, ensuring accurate completion of partnership financial statements, cash flow distributions, and K­1's and all other general partner responsibilities.

∙ Complete all duties necessary to ensure the Agency (as borrower) performs its required obligations and meets all covenants as mandated in mezzanine loan and other related agreements including preparation of reports, ensuring accurate completion of lender financial statements, cash flow distributions, and all other borrower responsibilities.

∙ Complete all duties necessary to ensure the Agency (as manager) performs its required obligations and meets all covenants as mandated in operating and other conventional partnership agreements including preparation of reports, ensuring accurate completion of partnership financial statements, cash flow distributions, and K­1's and all other manager responsibilities.

∙ Complete all regular and special reports as required including spreadsheets demonstrating portfolio analysis and cash flow projections.  

∙ Accompany stakeholders on site visits; travel to and among assigned properties on an average of a weekly basis. Frequency is dependent on business needs and Agency operating status.

∙ Respond to emergencies as needed and report all emergency situations; attend property meetings as required by emergent situations; function as liaison and advisor to property managers, other relevant HOC staff, partners and investors during emergencies.  

∙ Make recommendations and implement procedures for improving program efficiency.

Preferred Skills:

  • Bachelor’s degree in Business Administration, Finance or related field. A Masters degree is Real Estate/Finance or related field is a plus.
  • Five years of progressively responsible experience in the area of multifamily portfolio asset management focusing on affordable housing, with knowledge of real estate finance, finance/accounting, property management and development.
  • Ability to communicate effectively both orally and in writing and to write clear concise reports.
  • Ability to establish and nurture relationships with stakeholders, regularly inviting feedback and suggestions
  • Ability to analyze property management financial statements and multifamily rental markets.
  • Proficiency using Microsoft Office programs including Outlook, Word, Excel and other analytical software programs; experience with Yardi helpful.