Senior Asset Manager

Gilbane; New York (NY); On-site; USD 140,000 - 160,000; Full time

Job summary

An established industry player seeks a Senior Asset Manager to lead a diverse portfolio in the affordable housing sector. This pivotal role involves maximizing asset value while ensuring compliance with HUD, Section 8, and LIHTC regulations. The ideal candidate will possess a robust understanding of the affordable housing market and demonstrate strong financial acumen. Responsibilities include strategic oversight of property management, financial performance evaluations, and collaboration with various stakeholders. This is an exciting opportunity to make a significant impact in a dynamic environment, where your expertise will drive success and enhance community living standards.

Benefits

Health and Welfare Benefits

Profit-sharing/401k Plan

Education Investment

Training Programs at Gilbane University

Qualifications

• 10+ years of experience in tax credit, HUD, and asset management.
• Strong analytical and communication skills are essential.

Responsibilities

• Oversee affordable housing assets and ensure compliance with regulations.
• Conduct financial analysis and reporting to optimize operations.

Skills

Analytical Skills

Organizational Skills

Critical Thinking

Communication Skills

Negotiation Skills

Initiative

Education

Bachelor's Degree

MBA

Tools

Property Management Software

Financial Analysis Tools

Job description

Overview

Reporting directly to the VP of Asset Manager, we are seeking a dynamic, experienced, driven Senior Asset Manager to join our team in the affordable housing sector in NYC. The successful candidate will be responsible for overseeing and managing a diverse portfolio of affordable housing assets, ensuring compliance with HUD, Section 8, and LIHTC regulations, maximizing asset value and minimizing risk. This role requires directing, evaluating, and managing all internal and external personnel assigned to his/her supervision (inclusive of third-party property management companies). The ideal candidate will have a deep understanding of the affordable housing market, strong financial acumen, and a proven history in asset management. This position will be hands-on and will be expected to visit properties several times a week and work closely with property management, accounting, and ownership investment teams.

Responsibilities

• Portfolio Management: Oversee a current and growing pipeline of properties and make strategic recommendations regarding operations:
  • Provide strategic direction to third-party Property Management Companies with the goal of achieving NOI projections and keeping the assets in compliance with the respective local agencies, applicable regulations, and stakeholders.
  • Oversee and manage a diverse portfolio of affordable housing assets, including Section 8 and LIHTC properties.
  • Ensure compliance with all relevant regulations, including HUD and LIHTC.
  • Develop and implement strategies to maximize asset value and minimize risk.
  • Conduct regular reviews of property performance, including financial analysis and property inspections.
  • Work closely with third-party Property Management teams to ensure tenant satisfaction and resident retention.
  • Focus on underperforming assets and work closely with Asset and Property Management to devise and carry out property strategies to improve asset performance.
• Financial Analysis and Reporting: Evaluate and analyze property and portfolio level financial performance, identifying ways to improve and optimize operations, cash flow, and long-term value including:
  • Lead the overall budget process including capital repair projects and play a key role during the year-end process with auditors, management companies, and the accounting department.
  • Conduct bi-annual recapitalization, refinancing, and/or disposition analysis.
  • Provide monthly financial reporting including a thorough understanding and reporting of expenditures not meeting budgeted expectations.
  • Perform a bi-annual physical written assessment of the entire portfolio.
  • Conduct monthly internal portfolio/property-level reporting including projects in construction, lease-up, stabilization, and conversion.
  • Review monthly financial statements including partner distributions, operating statements, rent rolls, delinquency reports, utility reports, leasing reports, etc. to ensure correct accounting and budget variance approvals.
  • Evaluate and analyze property taxes to minimize risk.
  • Participate and oversee the audit process for each asset.
• Third Party Point of Contact: Lead and manage interactions with third-party investors, vendors, and government regulators including:
  • Oversee reporting of LIHTC investors, lenders, and on-site property management staff.
  • Attend and lead third-party inspections, financial reviews, and inspections with State Agencies and lenders.
  • Function as Owner’s Representative on matters related to property insurance claims, repairs, tenants’ needs, and anything required to close out claims.
• Portfolio Value Maximization: Identify and manage issues and opportunities for revenue, expense, and capital improvement optimization including:
  • Assess and analyze all operational elements as part of a thorough risk assessment.
  • Oversee all capital projects.
  • Ensure assets are managed to the highest industry standards and in compliance with company standards.
  • Proactively analyze economic trends for each specific asset; sub-market and forecast trends that impact long/short term disposition and exit strategies.
• Internal Organizational Responsibilities:
  • Coordinate activities with other departments especially Finance and Accounting.
  • Participate in monthly calls with the development team, property managers, and other partners.
  • Review and approve all RFP responses and third-party contracts and ensure proper and consistent bidding and ultimate adherence to the contract terms.
  • Take the lead on assessing room for improvement regarding data management and reporting.

Qualifications

• Bachelor’s degree required, MBA a plus.
• Minimum of 10 years of professional tax credit, HUD, and asset management experience.
• Team-oriented with strong analytical, organizational, and critical thinking skills.
• Excellent communication and negotiation skills.
• Proficiency in relevant software, including property management and financial analysis tools.
• Highly organized with the ability to multi-task and set priorities with moving targets.
• Strong verbal and written communication skills.
• Initiative-taker and able to work independently with the ability to meet deadlines, accomplish work in order of priority, and professionally maintain composure and effectiveness under pressure.
• Must be willing to travel.

Salary to be determined by the education, experience, knowledge, skills, and abilities of the applicant, internal equity, and alignment with market data.

For New York, NY this ranges from $140,000.00 - $160,000.00 plus benefits and retirement program.

Gilbane offers an excellent total compensation package which includes competitive health and welfare benefits and a generous profit-sharing/401k plan. We invest in our employees’ education and have built Gilbane University into a top training organization in the construction industry. Qualified applicants who are offered a position must pass a pre-employment substance abuse test.

Gilbane is an Affirmative Action/Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to age, color, national origin, race, religion, sex, sexual orientation, gender identity, protected veteran status, or disability status.