Asset Manager, Multifamily Rental Portfolio
About The Position
The Department of Housing Preservation and Development (HPD) is the nation's largest municipal housing agency, responsible for building and preserving affordable housing, protecting tenants, and holding landlords accountable across New York City. HPD is committed to making New York City a more affordable place for renters and homeowners. 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 monitors the performance and regulatory compliance of projects sponsored, supervised, and owned by the City. The Division of Asset Management safeguards the longevity and affordability of HPD’s housing portfolio by identifying at-risk buildings, stabilizing distressed assets, and ensuring compliance with regulatory agreements. The Division monitors both the physical and financial condition of properties, collaborates with owners and partners, and works closely with HPD’s Office of Development to reposition projects through financial assistance, property management changes, restructuring, or ownership transfers.
Requirements
- A baccalaureate degree from an accredited college and two years of experience in community work or community centered activities in an area related to the duties described above; or
- High school graduation or equivalent and six years of experience in community work or community centered activities in an area related to the duties as described above; or
- Education and/or experience which is equivalent to "1" or "2" above. However, all candidates must have at least one year of experience as described in "1" above.
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
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
