Asset Manager, Multifamily Rental Portfolio

City of New York•New York City, NY

About The Position

The New York City Department of Housing Preservation (HPD) promotes quality and affordability in the city's housing, and diversity and strength in the city’s neighborhoods. HPD is entrusted with fulfilling these objectives through the goals and strategies of “Housing Our Neighbors: A Blueprint for Housing and Homelessness,” Mayor Adams’ comprehensive housing framework. The administration has committed $5 billion in new capital funding, bringing the 10-year planned investment in housing to $22 billion. The Office of Asset and Property Management (APM) leads the agency’s effort to protect the City’s investment in affordable housing and ensure that properties remain stable and affordable over the long-term. APM actively monitors the performance and regulatory compliance of projects sponsored, supervised, and owned by the city, and connects people to affordable housing opportunities. The Division of Asset Management is responsible for ensuring the longevity and affordability of units the agency has created and preserved, proactively identifying at-risk buildings and portfolios and stabilizing struggling and mismanaged assets. As an Asset Manager in the Multifamily Rental Portfolio within the Division of Asset Management, you will be responsible for overseeing a portfolio of more than 10,000 units of affordable rental housing. In this role, you will work directly with property owners and other partners to ensure that properties remain affordable and are maintained in both sound financial and physical condition. Additionally, you will play a critical role in identifying properties that may require enforcement actions or additional assistance from the City. Your role will be to work directly with property owners and internal and external partners to promote and ensure the responsible ownership of a portfolio of affordable rental housing projects.

Nice To Haves

Must be curious, motivated, and work well independently
Excellent written and verbal communication skills
Strong analytical and research skills
Experience with financial analysis
Experience reading legal documents
A background in affordable housing, asset / property management, or auditing / accounting skills preferred
Experience with Excel

Responsibilities

Work with the unit’s third-party data management system to collect and record requisite project documents
Work with property owners to monitor and analyze financial statements, municipal arrears information, reports on building conditions, and other information to assess project financial and physical health
Review regulatory agreements, mortgages and other legal documents to determine project compliance obligations
Review periodic risk ratings reports and other available data to monitor and prioritize working with at-risk or distressed projects
Work with property owners to manage the intake of inquiries from developers and property managers
Review and facilitate capital and operating reserve withdrawal requests to ensure property owners are using their reserves effectively and appropriately to promote healthy, sustainable, and affordable properties
Recommend and pursue corrective actions for properties with poor health or compliance issues
Work closely with internal and external partners to develop plans to correct comprehensive poor performance or compliance issues
Assist and/or facilitate a variety of real estate transactions that may arise within your portfolio (e.g. mortgage confirmations, satisfactions, subordinations, and property sales and transfers)
Work on special projects as needed