Asset Manager II

Biddeford Housing Authority; Augusta (ME); Hybrid; USD 52,599 - 64,288; Full time

Benefits offered by this job

Health insurance

Retirement options

Life insurance

Disability coverage

Employee assistance

Paid holidays

Job summary

MaineHousing is seeking an Asset Manager II to oversee financial and regulatory administration of funded properties in Maine. The role focuses on maintaining relations with property owners, management companies, and federal agencies, while ensuring compliance across federal/state requirements and PBCA tasks.

The position emphasizes reviewing budgets, AFRs, capital needs, and MORs, with on-site inspections and responsive reporting. A hybrid schedule may be considered after six months.

Qualifications

• Education and four years of relevant work experience or a combination of education and training preferred.
• Experience interpreting legal documents and regulatory guidelines.
• Experience in the affordable housing industry is highly desired.

Responsibilities

• Review projects for compliance with federal, state and agency regulatory requirements.
• Review and analyze budgets and AFRs for financial risk by monitoring debt coverage ratio, accounts receivable, vacancy loss, bad debt, net income/loss and recognized cost deemed unreasonable
• Analyze on-going capital investments/needs of a property through the evaluation and comparison of routine inspection results, capital needs assessments, budget data, damage claims and replacement reserve requests
• Review of annual program reporting for conformance to state and federal requirements
• Conduct management and occupancy reviews to ensure management practices and program occupancies conform to the regulatory requirements that are specific to each property.
• Review and sign off on any MORs conducted by AM I's for projects in portfolio.
• Review and approve all requests for use of property reserve funds
• Review of management documents, which may include Management Plans, Management Agreements, Marketing Plans, Tenant Selection Plans, and leases whenever a document change or an ownership or management change occurs to projects in portfolio.
• Make recommendations to Director of Asset Management and Portfolio Manager on troubled projects
• Draft Notice of Violations and defaults when non-compliance is identified, follow-up on reporting and program compliance
• Perform essential key tasks required under the Performance Based Contract Administration (PBCA) held with HUD
• Conduct management and occupancy reviews to ensure management practices and occupancy conform to the HUD regulatory requirements specific to each project.
• Perform review and sign off on PBCA MORs completed by AM I's.
• Provide timely reporting of results of the review to owners (within 30 days).
• Perform on-site walk-through inspection of the property's physical plant conditions.
• Timely response to tenant inquiries regarding any life safety concerns
• Assist AM III with bringing new properties online by participating in project meetings and the Pre-occupancy Meeting with the Owner/Management team for those projects that will be assigned once trained.
• Assist AM III and participate in workouts and new loan proposals for projects in portfolio.
• Participate in training for staff and external partners
• Maintain working knowledge of various federal and state program regulations applicable to the portfolio including Bond regulations, Code of Federal Regulations, IRC Section 42, HUD Handbook 4350.3, Sec 8 Contract Renewal Guide, Special Claims, FedHOME, HTF, HOME-ARP, PRA811, Fair Housing Laws and Section 504 Requirements as well as any new programs coming online
• Apply the appropriate requirements to the projects assigned
• Provide training and technical assistance to owners and management agents
• Respond to residents, owners, managers, and other external inquiries and issues through telephone, written, and electronic mediums
• Provide support to the Asset Manager III’s in processing ownership transfers that include a subsequent loan component
• Coordinate with AM III's, Finance and Legal teams on Promissory Note Cancellations and Mortgage Discharge processes
• Other duties as assigned

Skills

Regulatory compliance

Project management

Budget analysis

Financial risk assessment

Communication skills

Analytical thinking

Interpersonal relations

Time management

Regulatory documents interpretation

Education

Four years of relevant work experience or equivalent

Tools

Prolink

HDS

HUD Secure Systems

Microsoft 365 (Word, Excel)

ShareFile/SharePoint

Job description

Description

• Training and certifications to be obtained within the first year of employment or as the courses become available

Job Type

Full-time

Primary Purpose of Position:

The Asset Manager II is responsible for the oversight of the financial and regulatory administration of funded properties within MaineHousing's multi-family portfolio as well as properties under the Performance-Based Contract Administration contract held with the U.S. Department of Housing and Urban Development (HUD). The position is responsible for establishing and maintaining the primary working relationship with their assigned property owners and management companies throughout Maine as well as federal regulatory agencies providing funding and contract work.

Core Functions

• Review projects for compliance to federal, state and agency regulatory requirements and proactively monitor to anticipate developing issues and risks that could impact MaineHousing's financial exposure in the investments
• Review and analyze budgets and Audited Financial Reviews (AFR) for financial risk by monitoring debt coverage ratio, accounts receivable, vacancy loss, bad debt, net income/loss and recognized cost deemed unreasonable
• Analyze on-going capital investments/needs of a property through the evaluation and comparison of routine inspection results, capital needs assessments, budget data, damage claims and replacement reserve requests
• Review of annual program reporting for conformance to state and federal requirements
• Conduct management and occupancy reviews to ensure management practices and program occupancies conform to the regulatory requirements that are specific to each property. Review and sign off on any MORs conducted by AM I's for projects in portfolio.
• Review and approve all requests for use of property reserve funds
• Review of management documents, which may include Management Plans, Management Agreements, Marketing Plans, Tenant Selection Plans, and leases whenever a document change or an ownership or management change occurs to projects in portfolio.
• Make recommendations to Director of Asset Management and Portfolio Manager on troubled projects
• Draft Notice of Violations and defaults when non-compliance is identified, follow-up on reporting and program compliance
• Perform essential key tasks required under the Performance Based Contract Administration (PBCA) held with HUD
• Conduct management and occupancy reviews to ensure management practices and occupancy conform to the HUD regulatory requirements specific to each project.
• Perform review and sign off on PBCA MORs completed by AM I's.
• Provide timely reporting of results of the review to owners (within 30 days).
• Perform on-site walk-through inspection of the property's physical plant conditions.
• Timely response to tenant inquiries regarding any life safety concerns
• Assist AM III with bringing new properties online by participating in project meetings and the Pre-occupancy Meeting with the Owner/Management team for those projects that will be assigned once trained.
• Assist AM III and participate in workouts and new loan proposals for projects in portfolio.
• Participate in training for staff and external partners
• Maintain working knowledge of various federal and state program regulations applicable to the portfolio including Bond regulations, Code of Federal Regulations, IRC Section 42, HUD Handbook 4350.3, Sec 8 Contract Renewal Guide, Special Claims, FedHOME, HTF, HOME-ARP, PRA811, Fair Housing Laws and Section 504 Requirements as well as any new programs coming online
• Apply the appropriate requirements to the projects assigned
• Provide training and technical assistance to owners and management agents
• Respond to residents, owners, managers, and other external inquiries and issues through telephone, written, and electronic mediums
• Provide support to the Asset Manager III’s in processing ownership transfers that include a subsequent loan component
• Coordinate with AM III's, Finance and Legal teams on Promissory Note Cancellations and Mortgage Discharge processes
• Other duties as assigned

Requirements

Education and Experience: Education and four years of relevant work experience or a combination of education and training preferred. Experience with comprehending and interpreting legal documents and regulatory guidelines, and experience with the affordable housing industry highly desired.

Certifications and Licenses

• Certified Occupancy Specialist Training (COS)*
• Tax Credit Specialist Training (TCS)*
• Federal HOME, HTF and HOME-ARP Program Training*
• General Asset Management Training (Risk Assessments, Real Estate, etc.) *
• Fair Housing/Section 504/ADA Training*
• Develop competency with multiple department databases: Prolink, HDS, HUD Secure Systems

Skills and Knowledge

• Experience working with multifamily real estate
• Ability to understand and interpret regulatory documents and State and Federal statutes and regulations
• Experience working with multifamily real estate
• Ability to understand and interpret regulatory documents and State and Federal statutes and regulations
• Strong project management, time management, and organizational skills
• Strong PC skills using various software including Microsoft 365 (especially Word and Excel), ShareFile/SharePoint, Windows, internet browsers
• Ability to establish and maintain good working relationships with business partners
• Excellent communication skills – speaking, writing, and listening via phone, email, and in-person meetings
• Ability to communicate effectively in front of groups
• Ability to take initiative, work independently, and use creativity and analytical skills to resolve complex issues among multiple parties

Working Conditions

Fast paced environment with multiple priorities, interruptions & deadlines. MaineHousing office hours are Monday - Friday from 8:00am to 5:00pm. A hybrid schedule may be considered, if appropriate, after 6 months employment.

Reports to: Portfolio Manager Supervises: No one

The starting hourly rate for this position is $28.0980 (annual $58,444), plus a comprehensive benefits package, including, but not limited to, health, dental and vision, retirement options with employer match, life insurance, short and long-term disability, employee assistance, generous earned time and all major federal holidays. Employment is eligible for the Public Service Loan Forgiveness Program.

• Position will remain open until a suitable candidate is found**

Salary Description

58, 444 per year