Affordable Housing - Asset Manager

Community Roots Housing•Seattle, WA

97d•$90,000 - $95,000•Hybrid

About The Position

The Asset Manager works with the VP of Asset Management, Senior Asset Manager, and Asset Management Analyst to make and carry out strategic decisions for assigned properties. The role provides thorough oversight to ensure each property fits the organization’s mission and maintains financial health and physical sustainability. The Asset Manager is responsible for all aspects of asset management for a portfolio of buildings within Community Roots Housing. Responsibilities span asset management, real estate finance, and property development. The Asset Manager analyzes property performance, develops operating and capital strategies, monitors regulatory and funding requirements, supports refinancing and investor transactions, evaluates insurance and casualty matters, and assists with the transition of development projects into stabilized operations. The position is hybrid in Seattle, Washington, with periodic visits to properties throughout the Seattle area.

Requirements

Bachelor’s degree in accounting, finance, urban planning, business administration, or a related field.
Five years of experience in financial analysis, asset management, real estate accounting, real estate finance, real estate lending, or related work.
Ability to learn and quickly become proficient with real estate and financial reporting software such as MRI Investment Central and RealPage.
Self-starter with attention to detail and accuracy, and strong analytical, problem-solving, organizational, time-management, and project-management skills.
Ability to read, analyze, and interpret financial statements and a variety of legal documents.
Proficiency with Microsoft Office, especially intermediate-level or higher Excel skills, including developing advanced financial models such as pro formas.
Excellent written and verbal communication skills.
Ability to collaborate successfully across the organization.

Nice To Haves

Direct experience with RealPage, MRI Investment Central, SharePoint, and Abila MIP.
Experience with Low Income Housing Tax Credit multifamily affordable housing development.
Familiarity with complex real estate ownership structures, including commercial condominiums.
Experience working for a nonprofit or governmental entity developing and managing affordable multifamily housing.
Two or more years of direct experience related to affordable housing finance or multifamily asset management.

Responsibilities

Analyze and monitor the financial performance of assigned properties using portfolio measurement tools, identify trends, and develop improvement strategies aligned with funder requirements and industry benchmarks.
Create and update asset management plans and share them across departments to align operating strategies with financial performance, physical sustainability, and mission fit.
Collaborate with property management, leasing, and compliance teams to execute operating strategies and optimize property performance.
Use MRI Investment Central to track financial and regulatory details, including regulatory agreements, tax credit compliance periods, loan provisions, and expiration dates; participate in database enhancements.
Ensure timely compliance reporting for assigned buildings to state tax credit agencies, HUD, public funders, partners, and lenders, and maintain relationships and contact records for property funders.
Support annual capital and property budget preparation, reviewing assumptions and final budgets for alignment with performance goals and funder requirements.
Assess building condition and capital needs, develop plans for long-term physical sustainability, and work with the Capital Project Manager to implement plans.
Monitor LIHTC capital accounts annually, compare losses with projections, and recommend corrective actions when necessary.
Manage Year 15 investor exit transactions, including preparing exit documents and estimating exit tax projections as needed.
Support commercial leases and condominium co-owners within the assigned portfolio.
Provide staff support to and attend the Board Asset Management Committee when necessary.
Determine properties suitable for recapitalization or refinancing; identify funding sources, solicit proposals, meet with lenders, investors, and consultants, construct pro formas, prepare funding applications, and manage refinancing.
Analyze below-the-line property performance and use the asset management database to track cash-flow waterfalls and potential fees and distributions to Community Roots Housing.
Work with finance teams and the Capital Projects Manager to process and close out grant funds for stabilization, repair, or rehabilitation of existing properties.
Monitor insured values and coverage requirements, work with the CFO to ensure adequate coverage, evaluate casualty losses, and manage insurance claims for assigned properties.
Complete other reporting and analysis as assigned by the VP of Asset Management.
Support property management and the asset management analyst by providing data for financial modeling of stabilized low-income housing projects in Property Development.
Assist with pro forma and governing-document review for projects in development.
Assist with due diligence for funding applications, investor and funder negotiations, lease-up assumptions, and loan closings.
Review and understand partnership, financing, and regulatory agreements to support transitions from development to stabilized operations, including lease-up, financial stabilization, and conversion to permanent financing.

Benefits

Medical HMO coverage is free for employee-only coverage, with a Medical PPO buy-up available.
Dental and vision coverage is free for employee-only coverage.
Accrual of 22 days of paid time off in the first year of employment.
13 paid holidays.
2 personal days.
Sick time.
ORCA regional business passport.
Employer-paid basic life insurance and disability insurance.
SupportLinc employee assistance program.
Medical Flexible Spending Account (FSA) and Dependent Care FSA.
Retirement through employee contributions to the Department of Retirement Systems Deferred Compensation Program and an employer contribution of 2% annually through Fidelity SEP IRA.