Senior Asset Manager

Illinois Housing Development • Chicago, IL

7h • Hybrid

About The Position

Join our Team! At IHDA we strive to create and maintain a work environment that promotes diversity, recognition and inclusion. IHDA is committed to hiring and investing in individuals of diverse talents and backgrounds to ensure a range of perspectives and experiences inform and guide our work of financing affordable housing in the state of Illinois. The Illinois Housing Development Authority (IHDA) is one of the Nation’s preeminent Housing Finance Agencies and one of the State’s ten largest financial institutions. Our mission is to finance the creation and preservation of affordable housing across the state. IHDA oversees more than 20 federal and state programs on behalf of the state of Illinois and serves as one of the state’s primary resources for housing policy and program administration. For over 50 years, IHDA has led the state in financing and supporting affordable housing. This position is housed within the Asset Management department, which monitors long-term physical, financial, operational, and administrative compliance for IHDA-assisted developments. This particular position is housed within the Project Operations Compliance group, which ensures the operational compliance of properties assisted by IHDA loans, grants, or tax credits through: management, occupancy, and tenant file reviews; rent/income limit/utility allowance calculations; affirmative marketing plan review/approval; tenant selection plan review/approval; management plan review/approval; and tenant/management relations.

Requirements

• Bachelor’s degree required. Experience may be substituted for education at the discretion of the Asset Management department.
• At least 5 years’ experience conducting asset management/operational compliance administration for Federally-financed affordable multifamily rental housing developments required.
• Proficiency in Microsoft Office Suite required.
• Training: Certified Occupancy Specialist (COS), Tax Credit Specialist (TCS), Blended Occupancy Specialist (BOS), HOME Compliance Specialist (HCS), Management and Occupancy Review Specialist (MOR), training required (completed within one year or earliest available date, whichever is later).
• Valid Driver’s License: Required.
• Access to Personal Vehicle: Required along with appropriate insurance.

Nice To Haves

• Thorough knowledge of the following funding sources/programs desired: LIHTC, HOME, Section 8, Risk Share, Tax Exempt Bonds, and Illinois Affordable Housing Trust Fund.
• Certifications: Certified Occupancy Specialist (COS), Tax Credit Specialist (TCS), Blended Occupancy Specialist (BOS), HOME Compliance Specialist (HCS), Management and Occupancy Review Specialist (MOR), Housing Credit Certified Professional (HCCP) preferred.

Responsibilities

• Implements proactive strategies to resolve properties’ operational condition compliance issues.
• Informally paired with a compliance group for each project inclusive of a Compliance Analyst, Physical Inspector, and Financial Analyst.
• Formally paired with a Compliance Analyst assigned to the same project portfolio to provide coordinated, comprehensive service.
• Collects and contributes data to determine annual operations rating.
• Conducts initial and ongoing on-site and desk monitoring reviews (including tenant file reviews) of assigned portfolio of projects based on prescribed timeframes (to assess and facilitate compliance with applicable Federal, State, local rules and standards)
• During monitoring reviews, assesses the operational compliance (i.e. management, occupancy) against related regulatory requirements so that the related housing remains affordable, decent, safe, and sanitary.
• Prepares and maintains all operational compliance documentation (including compliance monitoring findings, responses, resolutions, reports) as required.
• Serves as primary point of contact and relationship manager between owners/agents and Asset Management department.
• Proactively communicates with the property owner, manager, agent regarding operational issues, compliance requirements, options, and deadlines for resolution.
• Appropriately refers troubled properties to the Portfolio Risk Management group.
• Participates in pre-occupancy and post-closing discussions and meetings as appropriate.
• Participates in regular loan monitoring, watchlist, delinquency meetings as appropriate.
• Intakes, responds to, and resolves tenant inquiries or complaints in coordination with owner/agent.
• Intakes, responds to, and resolves owner/agent inquiries or complaints.
• As a Senior Asset Manager, assigned property portfolio may be larger and will likely include properties with more complex funding structures, including Real Estate Owned developments.
• As a Senior Asset Manager, assigned property portfolio will include Section 8 Mod Rehab and Section 81 1 properties where IHDA serves as the contract administrator requiring additional systems access and usage (including TRACS, EIV, and iREMS).
• Performs other duties and handles other special projects/initiatives as assigned.

Benefits

• Paid time off, plus paid holidays
• Currently in a hybrid work arrangement, but candidates must reside in Illinois at time of hire
• Medical/dental/vision/life insurance plans
• Short/long term disability
• Tuition reimbursement
• Flex spending
• 401K plan – immediate vesting
• IHDA employees may be eligible for federal loan forgiveness programs
• Flexible scheduling is available, upon completion of a six-month probationary period.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Number of Employees: 101-250 employees