Portfolio Associate - Asset Management

Paths Management Services LLC; New York (NY); Hybrid; USD 120,000 - 140,000; Full time

Benefits offered by this job

Medical Insurance 100% employee cover

Dental and vision options

Bonus Eligible

Paid Time Off

12 Paid Holidays

Job summary

Paths Management Services LLC seeks an Asset Management Associate to oversee a stabilized affordable housing portfolio, focusing on long-term financial health and regulatory compliance. You will collaborate with property management, accounting, and compliance teams to mitigate risks and optimize performance.

The role requires LIHTC knowledge, financial analysis expertise, and experience with asset management software.

Qualifications

• Bachelor's degree in Finance, Real Estate, Business Administration, Accounting, or related field.
• Minimum 2–4 years of experience in real estate asset management, real estate finance, property management, or related field.
• Demonstrated experience with LIHTC programs and Section 42 compliance strongly preferred.
• Familiarity with Section 8 and other affordable housing program requirements is desirable.
• Strong financial analysis skills with ability to read financial statements, rent rolls, budgets, and cash flow models.

Responsibilities

• Review and analyze monthly, quarterly, and annual financial statements for a portfolio of stabilized affordable housing properties.
• Monitor property-level income and expense performance against budgets; identify variances.
• Conduct annual budget reviews with property management and accounting teams; assess revenue and expense assumptions.
• Evaluate property cash flow, including distributions, reserves, and debt service coverage; track cash flow waterfalls.
• Prepare periodic asset management reports and portfolio/property watch lists.
• Analyze rent rolls, occupancy trends, and unit mix to assess financial sustainability and risks.
• Support semi-annual valuation exercises by third-party appraisers; ensure accuracy.
• Assist development and transactions leads in underwriting and valuation exercises as needed.
• Monitor compliance with LIHTC, HOME, Section 8, and related regulatory requirements.
• Coordinate with property management to submit required compliance reports to agencies.

Skills

Financial analysis

Excel

Yardi/RealPage/MRI

Investor reporting

Attention to detail

Communication

Cross-functional collaboration

Travel readiness

Education

Bachelor's degree in Finance

Bachelor's degree in Real Estate

Bachelor's degree in Business Administration

Bachelor's degree in Accounting

Tools

Yardi

RealPage

MRI

Job description

Paths is a full-scale, vertically integrated affordable housing developer, builder, and operator. Since 2004, the Paths team has created and preserved high-quality affordable housing across the U.S. that enhances communities and helps residents build better lives. With over 16,000 units across 13 states under management and more than 600 employees, Paths manages a suite of capabilities spanning the entire property life-cycle, including: development, construction, property management, maintenance, and security.

Summary/Objective: We are seeking a skilled Asset Management Associate responsible for the ongoing oversight and performance management of a stabilized affordable housing portfolio. This role operates outside of the initial development and lease-up phases, focusing instead on the long-term financial health, regulatory compliance, and operational performance of properties following stabilization. The Associate works collaboratively with property management, accounting, and compliance teams to proactively identify risks, optimize performance, and ensure portfolio assets meet investor, lender, and agency obligations.

Classification: Exempt
Location: New York, NY 10022
Schedule: This position follows a hybrid work schedule, with employees working in the office Monday through Wednesday and remotely on Thursdays and Fridays.

Essential function/Responsibilities: duties include but are not limited to the following

• Review and analyze monthly, quarterly, and annual financial statements for a portfolio of stabilized affordable housing properties.
• Monitor property-level income and expense performance against approved operating budgets; identify and investigate material variances.
• Conduct annual budget reviews in coordination with property management and accounting teams; assess the reasonableness of revenue projections and operating expense assumptions.
• Evaluate property cash flow, including distributions, replacement reserve contributions, and debt service coverage; track and maintain records of cash flow waterfalls.
• Prepare periodic asset management reports, including portfolio-level performance summaries and individual property watch lists.
• Analyze rent rolls, occupancy trends, and unit mix performance to assess financial sustainability and flag emerging risks.
• Manage and support semi-annual valuation exercises conducted by third-party appraisers to ensure accuracy and completeness
• Support development and transactions leads in internal underwriting and valuation exercises, as needed.

Regulatory Compliance & Governance:

• Monitor and ensure ongoing compliance with all applicable federal, state, and local affordability restrictions, including LIHTC income and rent limits, HOME program requirements, Section 8 HAP contracts, and other regulatory agreements.
• Track key regulatory milestones including extended use periods, compliance deadlines, and regulatory agreement expirations across the portfolio.
• Support responses to agency audits, compliance reviews, and file audits conducted by state housing finance agencies (HFAs), HUD, syndicators, and other oversight bodies.
• Maintain up-to-date knowledge of affordable housing regulations, including IRS Section 42, HUD regulatory changes, and state-specific requirements.
• Coordinate with property management to ensure timely submission of required compliance reports to regulatory agencies.

Property Operations:

• Serve as a primary asset management contact for property management teams, conducting regular calls and site visits to assess operational performance and address issues.
• Review and evaluate property management agreements, management fee structures, and performance benchmarks; escalate performance concerns as appropriate.
• Participate in annual property inspections and review physical condition reports; monitor the progress of capital improvement and deferred maintenance plans.
• Coordinate with property management on tenant relations issues, eviction trends, and lease-up concerns that may affect financial performance.
• Monitor and track insurance coverage requirements across the portfolio; review certificates of insurance for accuracy and adequacy.
• Review and approve operating and capital expenditure requests in accordance with established authority levels and reserve fund guidelines.
• Support the preparation of annual property management performance reviews and facilitate communication between ownership and management agents.

Investor Relations:

• Act as ownership representative leading communication with tax-credit investors and key stakeholders.
• Track and manage external reporting requirements in close coordination with property management.

Requirements:

• Bachelor's degree in Finance, Real Estate, Business Administration, Accounting, or a related field required; advanced degree a plus.
• Minimum 2-4 years of experience in real estate asset management, real estate finance, property management, or a closely related field.
• Demonstrated experience with LIHTC (Low-Income Housing Tax Credit) programs and Section 42 compliance requirements strongly preferred.
• Familiarity with Section 8 and other local and federal affordable housing program requirements is highly desirable.

Technical Skills & Core Competencies:

• Strong financial analysis skills with the ability to read and interpret financial statements, rent rolls, operating budgets, and cash flow models.
• Proficiency in Microsoft Excel, including financial modeling, variance analysis, and data management.
• Experience with property management and asset management software (e.g., Yardi, RealPage, MRI, or similar platforms) preferred.
• Familiarity with investor reporting platforms and tax credit compliance tracking systems
• Detail-oriented with strong organizational skills and the ability to manage multiple deadlines across a large portfolio.
• Excellent written and verbal communication skills; ability to synthesize complex financial and regulatory information for diverse audiences.
• Collaborative team player with the ability to work cross-functionally with property operations, accounting, legal, and investor relations teams.
• Proactive problem-solver with a commitment to portfolio performance and mission-driven affordable housing outcomes.
• Ability to travel periodically for property site visits and industry conferences.

Salary Range: $120,000 - $140,000

Benefits:

• Medical Insurance: 100% of medical benefits paid for employees only
• Voluntary dental and vision plan options
• Bonus Eligible
• Paid Time Off
• 12 Paid Company Holidays
• Voluntary short-term disability, long-term disability, life insurance, dependent coverage
• Voluntary accident insurance, critical Illness insurance, and hospital indemnity Insurance
• Employee Referral Program
• Employee Assistance Program (EAP)

PMP

EOE Statement We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status or any other characteristic protected by law.

Position Portfolio Associate - Asset Management

Number of Openings 1

Location Paths Management Services LLC

This position is currently accepting applications.

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