Director, Asset Management, Workouts, Hybrid position

Clearpath; Baltimore (MD); Hybrid; USD 155,000 - 175,000; Full time

Benefits offered by this job

Dental, health, vision plans

401(k) with employer match

Flexible work arrangements

Paid time off

Job summary

Enterprise Community Development is seeking a Director, Workouts to lead stabilization for distressed LIHTC multifamily assets. You will manage a dedicated team and act as owner’s representative for non-stabilized properties, with strong financial modeling and negotiation skills.

The role requires deep LIHTC/multifamily experience, leadership ability, and collaboration with asset management, property management, and development teams.

Qualifications

• 7+ years LIHTC/multifamily experience.
• 3+ years workout experience.
• 5+ years direct people management experience.
• Bachelor's degree required; Finance, Accounting, Business, or Real Estate preferred.
• Master's degree (MBA/MS Real Estate) or CPA strongly preferred.
• Strong leadership, judgment and high-pressure operation capability.
• Excellent verbal and business writing skills.

Responsibilities

• Lead asset identification, triage, and resolution for distressed properties.
• Develop and oversee property stabilization action plans.
• Prepare recommendations for Senior Management.
• Secure grant or soft debt funding to stabilize properties.
• Assist Transactions Team with dispositions and refinancings.
• Identify additional income sources to stabilize communities.
• Manage and coach workout-focused asset management team.
• Review budgets, reforecasts, CAPEX plans and non-routine expenditures.
• Analyze financial statements, debt structures, reserves and partnerships.
• Coordinate with property management, development, compliance, and resident services.
• Oversee site visits, PNA, inspections, and action plans.
• Oversee monthly, quarterly, and annual reporting for workouts.
• Prepare internal reports and support lender/investor communications.

Skills

People leadership

Financial analysis

Problem solving

Communication

High-pressure environment

Education

Bachelor's degree (Finance/Accounting/Business/Real Estate)

Master's degree or CPA preferred

Tools

Yardi

Microsoft Excel

Job description

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $92.0 billion and created 1.1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands - all to make home and community places of pride, power and belonging.

Join us at enterprisecommunity.org

Working at Enterprise

At Enterprise, you'll be part of a diverse, committed team making a difference every day. You will collaborate with some of the smartest minds and biggest hearts in our field. You'll be empowered to drive systems change and take bold steps to advance racial equity. And you will find a career home where you're valued and supported in your growth journey.

Job Description Summary

The Director, Workouts is an asset management leadership role responsible for stabilizing, restructuring, and repositioning underperforming assets within Enterprise Community Development's affordable housing portfolio. This role is specifically focused on properties experiencing structural cash flow deficits, sustained net operating income shortfalls, capital constraints, or other forms of distress requiring active intervention beyond routine asset management. The Director, which is a new position at ECD, will manage a dedicated team and serves as the owner's representative for a portfolio of non-stabilized LIHTC senior and family communities. The position requires advanced financial expertise, strong people leadership and communication skills, and disciplined problem solving to drive long-term stabilization and risk mitigation. The position reports to the Senior Vice President, Asset Management. The Director, Workouts is a hybrid position based out of the Baltimore, MD and Bethesda, MD HQ Offices.

Job Description

• Lead the identification, triage, and resolution of assets experiencing chronic cash flow deficits or operational distress.
• Develop, implement, and oversee property-specific action plans that result in property stabilization.
• Prepare and present recommendations to Senior Management.
• Find, investigate, and apply for project level grant or soft debt funding to help properties stabilize.
• Assist Transactions Team with dispositions and/or refinancings.
• Identify additional sources of ancillary income that can help a community stabilize.
• Manage, coach, and develop a team of workout-focused asset management professionals.
• Review and approve operating budgets, reforecasts, capital expenditure plans, and non-routine expenditures.
• Analyze financial statements, debt structures, reserve usage, and partnership arrangements.
• Partner with property management, development, compliance, and resident services teams to resolve complex asset challenges.
• Oversee site visits, physical needs assessments, inspection responses, and action plans.
• Oversee monthly, quarterly, and annual reporting for the workout portfolio.
• Prepare clear internal reporting and support lender, investor, and partner communications.

Qualifications

• 7+ years of LIHTC/multifamily experience.
• 3+ years of workout experience.
• 5+ years of direct people management experience.
• Bachelor's degree required; Finance, Accounting, Business, or Real Estate preferred.
• Master's degree (MBA or MS Real Estate) or CPA strongly preferred.
• Demonstrated people leadership, sound judgment, and ability to operate effectively in high-pressure environments.
• Excellent verbal communication and business writing skills.
• Strong financial and analytical skills, including advanced proficiency in Microsoft Excel.
• Proficiency with Yardi.
• Ability to produce, review, and interpret real estate financial models and financial statements.
• Proven problem-solving, critical-thinking, and project management skills.
• Strong organizational skills with ability to coordinate complex activities, prioritize competing demands, and meet deadlines.
• Ability to interact professionally with a diverse group of associates, residents, and external partners.
• Demonstrated positive attitude, intellectual curiosity, and commitment to continuous improvement.
• Demonstrated commitment to ethics, professionalism, and collaboration; ability to build respectful, effective working relationships with internal and external stakeholders.

Salary Transparency

• You will be joining a team of talented professionals motivated by serving the community and addressing the need for affordable housing.
• Enterprise offers a comprehensive total rewards package for you and your family. The pay range for this position is $155,000/year - $175,000/year. The salary range represents the low and high end of what may be paid for this position. It is not typical for an individual to be hired at or near the top of the pay range, and compensation decisions may be influenced by a variety of factors, including skills, qualifications, experience, and location.

Total Rewards at Enterprise

• This range is just one component of our total rewards package, which also includes annual performance bonuses and generous paid leave programs.
• Our benefits form a major part of the total rewards package. These include dental, health, and vision care plans, as well as family-building benefits such as adoption and surrogacy support. Enterprise supports flexible work arrangements to promote work-life balance and offers health advocacy, an Employee Assistance Program (EAP), and mental health benefits. We round out our package with financial education, wellness programs, and auto-enrollment in the company's 401(k) plan with employer matching contributions.
• Finally, you will have access to learning and development opportunities, including tuition reimbursement for job-related courses and certifications. Thank you for your interest in joining the Enterprise team and contributing to our mission to serve others.