Affordable Housing - Asset Manager

Community-Roots-Housing; Seattle (WA); On-site; USD 90,000 - 95,000; Full time

Job summary

Community Roots Housing seeks an Asset Manager to oversee a portfolio of properties, ensuring mission fit, financial health and physical sustainability. You will analyze performance, develop asset plans, and coordinate with property management, leasing and compliance teams to optimize operations.

Using MRI Investment Central, you will track regulatory status, tax credit periods and investor relations while contributing to annual budgeting and capital planning.

Qualifications

• Experience in asset management for a portfolio of buildings.
• Ability to collaborate with property management, leasing, and compliance teams.
• Familiarity with LIHTC regulatory periods and investor relations.

Responsibilities

• Apply established portfolio measurement tools to analyze and monitor financial performance of assigned properties and develop improvement strategies.
• Create and update asset management plans to align operating strategies with performance goals.
• Coordinate with property management, leasing, and compliance teams to optimize portfolio performance.
• Track key details in MRI Investment Central about financial/regulatory status, tax credit compliance, loan provisions and expirations.
• Participate in enhancements to the IC database for cross-departmental use.
• Ensure timely compliance reporting to state tax credit agencies, HUD, funders and lenders.
• Support annual capital and property budget preparation for the portfolio.
• Develop capital needs plans and coordinate with Capital Projects to implement.
• Monitor LIHTC capital accounts and propose corrective actions if needed.
• Assist with Year 15 investor exit transactions and related tax projections.
• Support the commercial portfolio with leases and co-owners.

Tools

MRI Investment Central

Job description

Description

Location: Hybrid in Seattle, WA

Compensation: $90,000 - $95,000

Benefits: Medical HMO, dental and vision insurance is free for employee only coverage

Everyone has the right to a quality, affordable home. At Community Roots Housing, this truth drives our work. By embracing community-led development and engaging in deep-rooted partnerships, we're fostering vibrant, equitable communities where everyone has access to safe, affordable and welcoming homes. Today, with 40 apartment buildings - over 2,000 residents - we continue our commitment to build community with and for people. We are a top performing, high-capacity not-for-profit corporation with an innovative portfolio throughout the Seattle area. Our buildings have won numerous awards from HUD, Urban Land Institute, Affordable Housing Finance Magazine, Future wise and other community development awards.

Job Summary:

The Asset Manager works closely with the VP of Asset Management, Senior Asset Manager, and Asset Management Analyst to review and execute strategic decisions for a group of assigned properties to ensure their mission fit, financial health and physical sustainability and to maintain consistent, thorough oversight of the properties. The Asset Manager is responsible for all aspects of asset management on a portfolio of buildings within the CRH portfolio.

Duties and Responsibilities:

Asset Management

• Apply established portfolio measurement tools to analyze and monitor financial performance of assigned properties, identify portfolio trends, and develop strategies for improvement that align with funder requirements and industry benchmarks.
• Create and update asset management plans for assigned properties to be shared cross-departmentally ensuring alignment of operating strategies to improve financial performance, physical sustainability, and mission fit of properties within the context of the whole portfolio.
• Work collaboratively with property management, leasing, and compliance teams to execute operating strategies for assigned properties to optimize performance.
• Utilize the organization’s asset management database MRI Investment Central (IC) to track key details around the financial and regulatory status of assigned portfolio, including regulatory agreements, tax credit compliance periods, loan agreement provisions and expiration.
• Participate in ongoing enhancements to the organization’s IC database to maximize usefulness and cross-departmental utilization of the database.
• Ensure compliance reporting for assigned buildings is completed timely as required by state tax credit agency, HUD, public funders, partners, and lenders. Maintain ongoing relationships with property funders and maintain accurate contact information in the organization’s IC database.
• Support the preparation of annual capital and property budgets for assigned portfolio, including reviewing property management budget assumptions and final budgets to ensure alignment with established performance goals and funder requirements.
• Become knowledgeable about the physical condition and capital needs of assigned buildings. Develop plans to address capital needs to ensure long term physical sustainability and collaborate with Capital Project Manager to implement plans.
• Monitor LIHTC capital accounts annually to compare losses against projections and propose any necessary corrective action such as early exit or reallocation of expenses.
• Responsible for Year 15 investor exit transactions with investor partners including preparation of investor exit documents and estimating exit tax projections as needed.
• Support the commercial portfolio regarding all commercial leases and condominium co-owners within assigned portfolio.
• Provide staff support to and attend the Board Asset Management Committee if necessary.
• Other duties as assigned.

Real Estate Finance

• Determine which properties are candidates for recapitalization and/or refinancing. Identify funding sources, solicit proposals, meet with lenders, investors and consultants as appropriate, construct pro formas, prepare funding applications and manage all aspects of refinancing.
• Maximize the portfolio potential by careful "below the