Asset Manager- Affordable Housing Real Estate

Abode Communities • Los Angeles, CA

285d • $70,000 - $80,000

About The Position

Abode Communities is seeking an Asset Manager to join our energetic and dedicated property management team. Abode Communities is a nonprofit social enterprise that has been rooted in community development throughout the State of California since 1968. More than an affordable housing provider, our work fosters a culture of housing inclusion by integrating families and individuals with neighborhoods so communities at-large can thrive.

Requirements

• Bachelor's Degree in Business, Finance, real estate or related field highly preferred.
• 3 - 5 years of relevant experience in multifamily residential property management. Specific knowledge of affordable programs, Tax Credit, HUD, LAHD, HCD, and CDLAC.
• Previous experience must include responsibilities for understanding property budgets, proformas, variance analyses, capital improvement plans, investor and lender reporting requirements.
• Collaborative, values-based team member who has a proven track record of achieving results.
• Commitment to excellent customer service; ability to demonstrate empathy and compassion in decision-making and communications.
• Capacity to respect, understand and positively engage persons of other cultures and backgrounds.
• Strong communication skills, both verbal and written. Ability to write reports, business correspondence, and procedures. Ability to effectively present information and respond to questions from coworkers, vendors, and board members.
• Knowledge of developing, leading, and reviewing annual budgets.
• Very strong analytical, problem solving, multi-tasking, and organizational skills.
• Ability to take initiative and have proactive approach to management.
• Proficiency in financial modeling including refinancing, re-syndication, and recapitalization scenarios.
• Knowledge of industry software, Boston Post/MRI preferred.
• Ability to travel within the assigned service area.

Responsibilities

• Ensures assigned portfolio is operating in compliance with regulatory agreements, lender requirements, and company procedures.
• Coaches and mentors site staff on process and procedures related to asset and risk guidelines and/or company policies.
• Works with the VP of Asset Management to draft operating budgets.
• Works with Director of Facilities Management to develop 5-year capital improvement plans.
• Provides financial oversight of the properties. Monitors monthly financials to assess performance against budgets. Acts swiftly to address budget variances exceeding 5%.
• Oversees revenue collection in the assigned portfolio including delinquency follow up to ensure rent is being collected, monitors collections company to address balances at move-out, and follows up on loss of subsidy/abatement concerns.
• Upholds rent growth in the assigned portfolio. Ensures rent increases and gross rent changes occur annually.
• Tracks vacancy in assigned portfolio-units need to not exceed 10 days vacancy. Works with Regional Managers and Compliance to improve performance.
• Monitors expenses, looks for ways to consolidate services for better pricing.
• Ensures 80% of the assigned portfolio meets the financial needs of the property including capital expenses.
• Conducts monthly variance analysis. Understands property specific and portfolio-wide trends.
• Proactively identifies areas related to financial and risk management for each community monthly.
• Coordinates the delivery of routine financial reporting and ensures reporting is completed on time.
• Completes quarterly reviews of each property to include site inspection, staffing review, maintenance review, marketing review, and operations review. Identifies ways to increase efficiency and performance.
• Initiates planning for short term and long-term capital needs. Reviews financial performance, reserves, and long-term plans for each property.
• Conducts quarterly or annual onsite audits of all properties in assigned portfolio and reports results to pertinent parties.
• Works with the Regional Manager and Director of Facilities Management to oversee capital improvement requests.
• Works with VP of Asset Management to ensure withdrawal of replacement reserve requests are timely.
• Oversees Risk Management procedures for assigned portfolio, monitoring incidents and potential claims.
• Consults with VP of Asset Management related to legal issues or matters; makes recommendations on correspondence responses and implements procedures for compliance.
• Works in conjunction with the VP of Asset Management to recommend, develop, and implement policies/procedures related to asset and risk management, financial reporting, incident reporting, documentation, projections, and property performance evaluation tools.
• Monitors trends within Asset Management industry to determine new software, methods and ideas that improve portfolio performance or department efficiency.
• Stays current with federal, state, and local updates about various program requirements.
• Works with Finance, Accounting, and Property Management teams to provide necessary information and documentation to support accounting and audit activities.

Benefits

• Health insurance
• Dental insurance
• Vision insurance
• Long term disability insurance
• 401K plan
• Vacation and sick leave benefits

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Industry: Real Estate
• Education Level: Bachelor's degree