Trainee Distressed Asset Management Jobs (NOW HIRING)

About Us:

The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.

Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $15 billion to finance the creation and preservation of more than 230,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals: Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.

As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.

Role Summary:

The Director of Portfolio Asset Management is responsible for the strategic oversight, performance, and risk management of CPC’s multifamily loan portfolio, including affordable housing, LIHTC, Agency, Non-Agency, and Distressed Bank assets. This role leads and develops a team of Managers and Asset Managers, ensuring disciplined credit oversight, proactive risk identification, and consistent execution across all portfolio segments. The role provides leadership to asset management teams responsible for identifying and mitigating credit, financial, operational, physical, and market risks impacting the underlying collateral. This role requires strong collaboration with internal teams and external stakeholders—including borrowers, guarantors, government agencies, developers, owners, property managers, and Agency partners such as Fannie Mae, Freddie Mac, and FHA—to preserve asset value and support CPC’s mission.

What You’ll Do:

• Asset Management & Credit Oversight

  • Lead asset management strategy across multifamily, affordable housing, and LIHTC portfolios, ensuring risks are proactively identified, monitored, and mitigated.

  • Provide oversight of performing assets, maintaining strong credit discipline and escalating emerging risks in a timely and appropriate manner.

  • Serve as a primary point of contact for investors, borrowers, and internal stakeholders, ensuring clear and consistent communication.

  • Communicate portfolio performance, emerging risks, and strategic recommendations to Senior Leadership through concise, executive-ready materials and presentations.

• Team Leadership

  • Lead, develop, and mentor Managers and Asset Managers, reinforcing strong credit discipline, analytical rigor, and adherence to investor and Agency requirements.

  • Foster a culture of accountability, proactive risk management, and cross-functional collaboration.

• Process, Controls & Reporting

  • Establish and enhance asset management policies, procedures, and control frameworks to support effective risk management and operational consistency.

  • Drive improvements in systems, reporting, dashboards, and data quality to strengthen portfolio oversight and decision-making.

  • Lead cross-functional initiatives and process improvements aligned with strategic priorities.

• Risk Governance & Portfolio Oversight

  • Establish and maintain credit governance standards, including approval processes for high-risk assets and complex transactions.

  • Lead portfolio surveillance, including Watchlist management and risk rating alignment, in coordination with Credit, Legal, Servicing, and Finance.

  • Enhance risk reporting frameworks to provide clear visibility into portfolio performance, trends, and concentrations.

  • Drive continuous improvement in early warning indicators, escalation protocols, and transitions between performing and risk portfolios.

Skills and Experience:

• Bachelor’s degree required; advanced degree preferred.

• 10+ years of multifamily real estate asset management experience, with deep knowledge of credit, property operations, and Agency (Fannie Mae, Freddie Mac) and banking product types, including affordable housing and LIHTC portfolios.

• Demonstrated ability to communicate complex credit and risk matters to Senior Leadership, including preparation and presentation of executive-level materials.

• Proven experience leading and developing asset management teams; strong analytical, financial, and decision-making capabilities.

• Deep understanding of loan documentation, servicing agreements, and post-closing asset management practices.

• Strong knowledge of multifamily housing operations, ownership structures, and affordable housing regulatory frameworks.

• Proven ability to manage multiple priorities in a fast-paced, deadline-driven environment.

• Excellent communication, presentation, analytical, and problem-solving skills, with strong attention to detail and data integrity.

• Ability to collaborate effectively across internal and external stakeholders.

• Willingness to travel as needed.

What We Offer:

• Competitive compensation

• 401(k) retirement plans with employer match

• Medical, dental, and vision benefits for employees and their dependents

• Commuter benefits

• PTO for vacation, personal days, sick leave, holidays, jury duty, bereavement, parental leave, and disability

• Tuition assistance program

• Two “work from anywhere” weeks per year

• Summer Fridays

• Collaborative working spaces

• Service days to support our communities

• Employee development and engagement events

• More about our offerings and culture here

This is a remote role available in Missouri, Kansas, and Texas. Periodic travel to our Manhattan or Chappaqua, NY office may be required. The salary range is $175,000 – $200,000, dependent on experience.

Applicants must be authorized to work in the United States. The Community Preservation Corporation does not provide employment sponsorship of any kind. Candidates are responsible for ensuring they meet all minimum qualifications for the position at the time of application.

The Community Preservation Corporation is an Equal Opportunity Employer, and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status

Compensation Range: $175K - $200K