Operating Property Asset Manager

FWM PAYROLL CLEARING INC•Atlanta, GA

12d•Hybrid

About The Position

The Operating Property Asset Manager (OPAM) at Affordable Equity Properties (AEP) is responsible for the day-to-day oversight and performance of a portfolio of stabilized LIHTC (Low-Income Housing Tax Credit) properties. This role is pivotal in ensuring asset value, compliance, and operational excellence across the assigned portfolio. The OPAM is the owner’s day-to-day point person for a portfolio of stabilized LIHTC properties. The OPAM drives operating performance, ensures continuing LIHTC and lender compliance, manages reserve draw requests and capital projects, oversees leasing & marketing execution to maximize revenue/NOI, prepares quarterly investor commentary and budgets, and coordinates refinancings or dispositions with Portfolio Management. The OPAM also maintains the AHIC Operating Property Risk Ratings in MRI, leads responses to third-party inspection findings and 8823 notices, and partners closely with Compliance, Property Management, Accounting, Legal, and Investor Relations.

Requirements

Bachelor’s degree in Real Estate, Finance, Business, Construction Management, or related field (or equivalent experience).
4–7 years of experience in multifamily asset management or affordable housing, with strong financial analysis and LIHTC program knowledge.
Experience with MRI or similar asset management systems, and comfort with automation/AI tools is preferred.

Nice To Haves

Experience with automation/AI tools is preferred.

Responsibilities

Owns monthly and quarterly property performance, including P&L review, occupancy, rent variance, and utility trends.
Develops and implements action plans to address variances and ensure properties meet or exceed underwritten expectations.
Maintains LIHTC compliance in partnership with the Compliance team, ensuring annual recertifications and adherence to regulatory requirements.
Manages responses to Housing Finance Agency (HFA) 8823 reports and coordinates with Legal and Compliance for timely cures.
Prepares quarterly investor commentary and ad-hoc updates.
Updates AHIC Operating Property Risk Ratings in MRI software, ensuring a clean audit trail for inspections, reserve draws, and capital projects.
Manages reserve draw requests, validates eligibility, and oversees capital projects from scoping to completion.
Ensures timely and on-budget delivery of capital initiatives and closure of third-party inspection findings.
Directs leasing and marketing strategies to maximize revenue and occupancy.
Approves marketing expenditures and works with property management on resident retention and lease enforcement.
Supports refinancing and disposition efforts by providing accurate operating histories, capital projections, and compliance documentation.
Champions process improvement and the adoption of AI/automation tools to enhance reporting, compliance, and portfolio monitoring.
Ensures smooth asset transitions from Development Asset Management and maintains responsive communication with internal and external stakeholders.
Evaluate P&L, occupancy, rent variance vs. budget, concession usage, utility expense trends, and prepare action plans to correct variances.
Ensure the property is performing to underwritten expectations and maintain the Actual Versus Underwritten tracking worksheet (update monthly/quarterly).
Maintain LIHTC compliance in collaboration with the Compliance team: ensure annual recertifications, tenant file integrity, unit set-aside and rent limit adherence. Respond to audits and monitor corrective actions.
Assist in responses to Housing Finance Agency (HFA) 8823 reports and manage cure documentation; coordinate with Legal and Compliance to meet cure deadlines.
Prepare and deliver quarterly investor comments and ad-hoc investor updates; provide accurate and timely evidence for investor inquiries.
Update AHIC Operating Property Risk Rating categories in MRI at least quarterly for all assigned assets; update monthly for assets on the watchlist.
Ensure that a clean audit trail is maintained in MRI: inspection results, reserve draws, and capital project milestones.
Manage requests to draw from operating reserves and replacement reserves: collect supporting documentation, validate eligibility under governing documents, prepare internal approval packages, and obtain required sign-offs prior to disbursement.
Oversee capital projects from scoping to closeout: supervise budgets, bids, vendor selection, schedules, quality, and final acceptance to ensure projects finish on time and on budget. Track projects in a capital register and update forecasts.
Review all third-party inspection reports (NSPIRE or HFA inspections) and ensure timely capital asset project development, assignment, and closure with property staff and contractors.
Oversee leasing and marketing strategies to maximize rents while maintaining target occupancy: evaluate rent comps, make recommendations on concessions, lease terms, and staffing changes; approve marketing expenditures and track results.
Work with on-site property management to ensure lease enforcement, timely move-ins, and an effective resident retention program.
Collaborate with Portfolio Management and Transactions teams on refinancing or disposition efforts: provide up-to-date operating histories, capital expenditure projections, lease & compliance documentation, and transition materials.
Coordinate property tours for brokers and prospective purchasers with on-site property manager and/or RD.