Asset Manager - Affordable Housing

Asset Manager - Affordable Housing

The mission of WSFSSH is to provide safe, affordable, senior housing that integrates compassionate property management with supportive services to enhance the independence and dignity of each resident. WSFSSH creates and preserves affordable housing while supporting the development of healthy neighborhoods.

Job Summary

The Asset Manager will monitor WSFSSH's growing real estate portfolio, which currently consists of 31 buildings with over 2300 units of affordable housing. The portfolio includes buildings governed by LIHTC, HUD, NYCHPD, NYSHCR, HHAP, Mitchell Lama and other regulations. This position reports to the Chief Operating Officer and works closely with the Compliance, Finance, Real Estate Development and Property Management groups. Please Note : This is a full-time position required to be on-site four (4) days a week with the option to work one (1) day from home. (35 hours) Work Schedule Monday through Friday from 09 : 00 am to 05 : 00 pm

Job Duties & Responsibilities

Responsibilities include but are not limited to :

• Maintain in-depth familiarity with portfolio including ownership structure; financing structure; guarantor structure; underwritten and actual operating results; LIHTC and other regulatory requirements, and continuing program compliance;
• Provide oversight of performance including ongoing monitoring of the operational, financial, management, regulatory compliance and budgetary compliance for portfolio, comparing actual asset performance to underwritten expectations.
• Monitor key portfolio dates including loan maturities, Y15, real estate tax abatement expirations and regulatory agreement expirations.
• Establish, maintain and enhance relationships with lenders, investors, and agencies with interests in the portfolio. Provide annual reporting to same.
• Monitor reserve balances, project reserve needs and request funds from reserves as needed. Work with the Property Management and Development teams to assess the adequacy of capital needs reserves. Maintain and update REO schedule in coordination with development, finance and property management teams.
• Calculate and get approval (as needed) for annual cash flow disbursements for the portfolio including but not limited to HUD surplus cash distributions, deferred developer fee payments, subordinate soft debt payments, seller notes, incentive management fees and others.
• Review annual budgets as prepared by finance team; present annual budgets to subsidiary boards for approval; track cash flow and deferred developer fees.
• Preparation and review of periodic internal reporting, including review of NOI, delinquencies, vacancies, monitoring of cash and reserve utilization, distributions, assignment of risk-ratings, tracking key performance indicators.
• Identification and analysis of under-performing assets, and preparation and implementation of proactive operational work-out strategies - working closely with development, finance, and property management.
• Build and maintain a comprehensive five-year waterfall model to forecast each property's performance as well as forecast portfolio-level results and measurements.
• Provide support, guidance and feedback to real estate development staff related to portfolio performance and operational trend information and participate in other due diligence activities.
• Monitor portfolio against New York City's Climate Mobilization Act sustainability targets. Track and advise on energy usage within the real estate portfolio; Engage in identifying strategies in collaboration with Development, Facilities and Property Management to reduce energy consumption.
• Respond to questions and provide guidance to property management, finance, and development teams.
• Ability to work independently to maintain adherence with deadlines.
• Comparable work experience with portfolio / asset management in the affordable- housing and / or property management industries (3-5 years preferred).
• Excellent verbal and written communication skills, including ability to interact effectively and to act as the Company's primary point of contact with investors, lenders and agencies.
• Functional knowledge of Microsoft Office applications, advanced Excel.

Required Education, Experience and Credentials

Recipient of ongoing industry training (Asset Management Specialist Certificate, C3P, HCCP, CHAM, etc.) or equivalent experience preferred.

Physical

Prolonged periods sitting at a desk and working on a computer. Must be able to lift or push up to 10 pounds at a time. Travel within our sites as needed.

Benefit Overview

Westside Federation of Senior & Supportive Housing offers full-time employees a comprehensive choice of benefits that include Medical, Dental, Vision, 403 (B) retirement savings, Flexible Spending Accounts (FSA), Life & Disability, Short-term and Long-term Disability, Employee Assistance Program (EAP) commuter benefits and more. Voluntary benefit options and Time Off that includes 11-12 paid Federal Holidays, accrued Vacation and Sick Time.

EEO Policy

WSFSSH is an Equal Employment Opportunity Employer (EEO); employment is based upon employees' qualifications without discrimination, on the basis of race, creed, color, national origin, religion, sex, age, disability, marital status, sexual orientation, military status, citizenship status, genetic predisposition or carrier status, or any other protected characteristic as established by law.

Salary : $120,000 to $140,000 yearly