Operating Property Asset Manager

Affordable Equity Partners, Inc.; Atlanta (GA); Hybrid; USD 90,000 - 150,000; Full time

Benefits offered by this job

Hybrid work after training

In-office Atlanta, GA

Job summary

Affordable Equity Partners, Inc. seeks an Operating Property Asset Manager (OPAM) to oversee a portfolio of stabilized LIHTC properties in the Atlanta area. You will drive performance, compliance, and investor reporting, coordinating with Compliance, PM, Accounting, Legal, and IR.

You will own monthly/quarterly performance, manage LIHTC compliance, and lead capital projects; leverage MRI/Real Page and Excel for reporting, with a focus on occupancy, NOI, and risk management.

Qualifications

• Bachelor’s degree in Real Estate, Finance, Business, Construction Management, or related field, or equivalent experience.
• 4–7 years of multifamily asset management or affordable housing experience with LIHTC program knowledge.
• Experience with MRI or similar asset management systems, and comfort with automation/AI tools is preferred.

Responsibilities

• Own monthly/quarterly property performance: evaluate P&L, occupancy, rent variance vs. budget, concession usage, utility expense trends.
• Ensure property is performing to underwritten expectations and maintain Actual Versus Underwritten tracking worksheet.
• Maintain LIHTC compliance with annual recertifications, tenant file integrity, and rent limit adherence.
• Respond to audits and monitor corrective actions; manage cure documentation with Legal/Compliance.
• Prepare and deliver quarterly investor comments and ad-hoc investor updates with timely evidence.
• Update AHIC risk ratings quarterly for all assets; maintain clean audit trails in MRI.

Skills

4–7 years experience

LIHTC program knowledge

Financial analysis

AI adoption awareness

Education

Bachelor’s degree in Real Estate, Finance, Business, Construction Management, or related field

Tools

MRI

Real Page

Excel (advanced)

Job description

Affordable Equity Partners, Inc. (AEP), founded in 1997, is a financial resources company that provides a full range of services for developers and investors in the Section 42 LIHTC Program. Having more than 500 tax credit developments, AEP has syndicated over $5 billion in federal and state tax credits. AEP has never had a foreclosure or credit recapture and maintains a reputation of unparalleled service before, during and after the investment. LOCATION - Atlanta, GA SCHEDULE - Initially in office Mon-Fri....can move to hybrid after training period The Operating Property Asset Manager (OPAM) is the owner’s day-to‑day point person for a portfolio of stabilized LIHTC properties. The OPAM drives operating performance, ensures continuing LIHTC and lender compliance, manages reserve draw requests and capital projects, oversees leasing & marketing execution to maximize revenue/NOI, prepares quarterly investor commentary and budgets, and coordinates refinancings or dispositions with Portfolio Management. The OPAM also maintains the AHIC Operating Property Risk Ratings in MRI, leads responses to third‑party inspection findings and 8823 notices, and partners closely with Compliance, Property Management, Accounting, Legal, and Investor Relations.

Role Overview

The Operating Property Asset Manager (OPAM) at Affordable Equity Properties (AEP) is responsible for the day-to-day oversight and performance of a portfolio of stabilized LIHTC (Low‑Income Housing Tax Credit) properties. This role is pivotal in ensuring asset value, compliance, and operational excellence across the assigned portfolio.

• Owns monthly and quarterly property performance, including P&L review, occupancy, rent variance, and utility trends.
• Develops and implements action plans to address variances and ensure properties meet or exceed underwritten expectations. Compliance & Reporting:
• Maintains LIHTC compliance in partnership with the Compliance team, ensuring annual recertifications and adherence to regulatory requirements.
• Manages responses to Housing Finance Agency (HFA) 8823 reports and coordinates with Legal and Compliance for timely cures.
• Prepares quarterly investor commentary and ad-hoc updates.
• Risk Management:
• Updates AHIC Operating Property Risk Ratings in MRI software, ensuring a clean audit trail for inspections, reserve draws, and capital projects.
• Capital Projects & Reserve Management:
• Manages reserve draw requests, validates eligibility, and oversees capital projects from scoping to completion.
• Ensures timely and on‑budget delivery of capital initiatives and closure of third‑party inspection findings.
• Leasing, Marketing & Revenue Optimization:
• Directs leasing and marketing strategies to maximize revenue and occupancy.
• Approves marketing expenditures and works with property management on resident retention and lease enforcement.
• Capital Markets, Refinance & Disposition Support:
• Supports refinancing and disposition efforts by providing accurate operating histories, capital projections, and compliance documentation.
• Continuous Improvement & AI Adoption:
• Champions process improvement and the adoption of AI/automation tools to enhance reporting, compliance, and portfolio monitoring.
• Stakeholder Coordination:
• Ensures smooth asset transitions from Development Asset Management and maintains responsive communication with internal and external stakeholders.
• Performance Measures (KPIs)
• Occupancy and rent growth versus underwriting and market comps.
• Net Operating Income (NOI) versus budget.
• Timeliness and quality of capital project delivery.
• Accuracy and timeliness of investor reporting.
• Compliance response rates and cure timelines.
• Systems / tools MRI (AHIC Operating Risk module), Real Page or other PMS, Excel (advanced)
• Bachelor’s degree in Real Estate, Finance, Business, Construction Management, or related field (or equivalent experience).
• 4–7 years of experience in multifamily asset management or affordable housing, with strong financial analysis and LIHTC program knowledge.
• Experience with MRI or similar asset management systems, and comfort with automation/AI tools is preferred.

Strategic Importance: This role is critical for safeguarding asset value, ensuring regulatory compliance, and driving operational improvements across AEP’s stabilized LIHTC portfolio. The OPAM acts as a central point of coordination between property operations, compliance, capital projects, and investor relations, directly impacting portfolio performance and risk management.

Asset performance & operations

• Own monthly/quarterly property performance: evaluate P&L, occupancy, rent variance vs. budget, concession usage, utility expense trends, and prepare action plans to correct variances.
• Ensure the property is performing to underwritten expectations and maintain the Actual Versus Underwritten tracking worksheet (update monthly/quarterly).
• Maintain LIHTC compliance in collaboration with the Compliance team: ensure annual recertifications, tenant file integrity, unit set‑aside and rent limit adherence.
• Respond to audits and monitor corrective actions.
• Assist in responses to Housing Finance Agency (HFA) 8823 reports and manage cure documentation; coordinate with Legal and Compliance to meet cure deadlines.
• Prepare and deliver quarterly investor comments and ad-hoc investor updates; provide accurate and timely evidence for investor inquiries.
• Update AHIC Operating Property Risk Rating categories in MRI at least quarterly for all assigned assets; update monthly for assets on the watchlist.
• Ensure that a clean audit trail is maintained in MRI: inspection results, reserve draws, and capital project milestones.
• Manage requests to draw from operating reserves and replacement reserves: collect supporting documentation, validate eligibility under governing documents, prepare internal approval packages, and obtain required sign‑offs prior to disbursement.
• Oversee capital projects from scoping to closeout: supervise budgets, bids, vendor selection, schedules, quality, and final acceptance to ensure projects finish on time and on budget. Track projects in a capital register and update forecasts.
• Review all third‑party inspection reports (NSPIRE or HFA inspections) and ensure timely capital asset project development, assignment, and closure with property staff and contractors.
• Oversee leasing and marketing strategies to maximize rents while maintaining target occupancy: evaluate rent comps, make recommendations on concessions, lease terms, and staffing changes; approve marketing expenditures and track results.
• Work with on‑site property management to ensure lease enforcement, timely move‑ins, and an effective resident retention program.
• Collaborate with Portfolio Management and Transactions teams on refinancing or disposition efforts: provide up‑to‑date operating histories, capital expenditure projections, lease & compliance documentation, and transition materials.
• Coordinate property tours for brokers and prospective purchasers with on‑site property manager and/or RD.