Compliance Asset Manager (COM3)

State of Washington•Multiple Locations Statewide, WA

1d•Remote

About The Position

The Department of Commerce is seeking a Compliance Asset Manager (COM3) to join the Housing Division (HD), specifically within the Multifamily Housing Unit (MHU). This role is responsible for managing specific tasks related to the State Housing Trust Fund (HTF) and the federal HOME and National Housing Trust Fund (NHTF) programs. The position involves conducting financial, occupancy, and physical reviews of projects, providing technical assistance on the Web Based Annual Reporting System (WBARS), refining asset management and compliance processes, and staying current with industry knowledge. The role requires independent judgment in interpreting policies and regulations, handling complex issues with minimal oversight, and collaborating with internal and external partners to ensure effective and timely task completion while prioritizing customer service. The agency values diversity, equity, and fosters a culture of curiosity, bold thinking, and collaboration.

Requirements

Seven (7) years of combined experience and/or education in affordable housing, multi-housing finance, development with a focus in two or more of the following areas: Contract Management related to Affordable Housing, Affordable Housing Asset Management, Project Management of affordable housing.
Demonstrated understanding of multifamily/rental housing development and lending, and related real estate transactions and legal documentation.
Demonstrated understanding of affordable housing finance, including layered financing using private and public funds, tax credits, and partnership structures.
Demonstrated Understanding of the Uniform Physical Conditions Standards (UPCS) or the National Standards for the Physical Inspection of Real Estate (NSPIRE), Housing Quality Standards or other inspection standards.
Education involves housing finance, business, public administration or related field. Qualifying education post High School or equivalent may be substituted year for year for experience.
Exceptional written and verbal communication skills, as well as interpersonal and relationship building skills.
Knowledge of agencies, institutions, and processes involved in real estate development.
Advanced proficiency with Microsoft Excel and ability to create and manipulate pro forma financial models.

Nice To Haves

Good understanding of state and federal low-income housing program regulations.
Demonstrated understanding of the Washington State Housing Trust Fund or with U.S. HUD programs, such as HOME or federal Housing Trust Fund, Low-Income Tax Credit Program, or other similar programs.
Experience developing rental housing or home ownership opportunities in rural communities.
Experience with writing and implementing policies and procedures.
Willingness to work flexible hours and in a collaborative, team-based environment.
Demonstrated skills in organization, team building, and succession planning.
Demonstrated ability to collaborate and build partnerships, develop work teams, and work effectively with the authorizing and external environment.
Demonstrated ability to manage and work with diverse personalities, styles, and cultures.
Ability to apply negotiation and conflict resolution skills.

Responsibilities

Complete on-site monitoring of projects throughout the state of Washington for contractual requirements including physical standards, programmatic compliance, and tenant eligibility within the allotted timeframe. Deliverables include review of reports submitted by the contractors, completion of written reports, review of responses, and follow-up as needed.
Identify compliance risks for reporting to management and take appropriate corrective action when necessary.
Conduct capital needs assessment reviews, management plan reviews, and financial performance reviews to evaluate project and portfolio sustainability.
Work with the compliance asset management team to review, update, and refine compliance monitoring protocols, processes, and templates used by Commerce staff.
Participate on the statewide Combined Funders Monitoring Task Force and the Inspection Sub-Committee.
Provide technical knowledge of portfolio projects during the application and funding round process to peers and management.
Work with compliance asset management team to establish performance thresholds and standards for the identification and escalation of compliance issues.
Provide technical assistance to project owners and property managers for HTF, HOME, NHTF and WBARS requirements.
Manage assigned projects inspected by other funders to ensure appropriate documentation is received, internal data base is updated, and compliance issues are resolved.
Complete desk reviews of projects inspected by other Funders.
Conduct Annual Report Reviews for the HTF/HOME/NHTF Portfolio including notification to contractors of annual reporting due and follow up with contractors on delinquent statuses.
Conduct compliance reviews of annual reports and refer compliance issues for follow up as appropriate.
Review financial and occupancy data for compliance with HTF, HOME and NHTF program and contract requirements.
Interact directly with project owners and property managers to provide technical assistance and/or seek clarification of data submitted using Commerce’s Web Based Annual Reporting System (WBARS).
Review Commerce internal database to ensure data is accurate at time of review.
Conduct regression and enhancement testing in WBARS and HCMS.
Conduct regular quality screening, assess and report system errors or “bugs” and assist with troubleshooting and testing the systems, as needed.
Manage transfer process of internal projects from project management to asset management.
Coordinate with project owners and property managers of newly completed projects to ensure projects are in compliance with funding requirements.
Ensure Commerce internal database are up to date at time of transfer.
Comprehensive understanding of the Uniform Physical Conditions Standards (UPCS) and National Standards for the Physical Inspection of Real Estate (NSPIRE)and keep current on any and all changes.
Provide technical assistance and train contractors on UCPS and NPSIRE and changes to these standards.
Maintain a comprehensive understanding of the HTF, the federal HOME, and NHTF program compliance requirements and keep current on any and all changes.
Provide technical assistance and train contractors on the programs and changes to the programs and requirements.