Asset Manager

Job Description

JOB SUMMARY

The Asset Manager serves and acts as the owner's representative for the partnership in overseeing the health of the portfolio and the Asset Manager monitors the cash position for all properties and is responsible at a high level in the financials of properties and the flow of property management. The main work categories of the position consist of providing oversight of all commercial tenant needs, oversight of property cash management efforts, partnership requests, and is responsible for the creation and submission of investor reports and HUD reporting requirements to maintain HUD and Plymouth compliance. The person in this role oversees the third-party property management company service managed properties. Additionally, the Asset Manager operates cross functionally and intersects with the finance, property management, and property staff to ensure the monitoring and evaluating of financial, legal, and all operational and property development activities for a portfolio of tax credit and/or bond financed properties are fiscally sound and viable investments, by ensuring they are physically maintained, and are in compliance with all lender, IRS, HUD and other regulatory requirements, this includes but is not limited to all Plymouth Housing policies and procedures, agreements, programs and covenants. Lastly this position contributes to the mission of Plymouth Housing by fostering an environment that reflects and supports the overall business strategy and goals.

This is a regular, full-time, benefitted, hybrid position.

ESSENTIAL JOB FUNCTIONS:

(Responsibilities, accountabilities, and competencies; may not include all duties of this job)

• Provides oversight to both internal and third-party property management managing tax credit financed properties to ensure compliance with partnership agreements, financing covenants and other legal and operational requirements related to the portfolios; provides oversight of day-to-day operation of the portfolio; provides direction to third-party management companies as necessary.
• Supervises the overall financial performance of portfolios; develops property budgets and tracks compliance to budgets; monitors and develops of financial statements; creates and reviews monthly, quarterly, and annual forecasts and projections; participates in cash management efforts such as monthly operational funding, wire transfer authorization, replacement reserves and debt service funding, annual excess revenues and cash distributions.
• Supervise oversight of a commercial portfolio, communicate with commercial tenants, track budget, conciliate yearly accounts, and analysis market trends.
• Develops capital reserve for replacement schedules and places capital improvement projects and major repairs out to bid in a timely manner; obtains quotes and ensures Plymouth bidding requirements are followed; inspects contracts and makes recommendations regarding contractor cancelations; coordinates with the organization's maintenance and construction staff as necessary to ensure capital plans and replacements are consistent with the standards of Plymouth Housing.
• Frequent driving to and from properties for onsite inspections, and meetings on an as need basis during the work week to ensure physical integrity, market competitiveness and desired street appeal; makes recommendations to supervisor for needed improvements and develops plans for feasible implementation of improvements.
• Monitors and completes necessary compliance reporting for local, state, and federal agencies, bond and tax credit programs and limited partnerships.
• Completes all duties necessary to ensure Plymouth Housing (as general partner) performs its required obligations and covenants as mandated in tax credit limited partnership agreements including preparation of reports, ensuring accurate completion of partnership financial statements and K-1's and all other general partner responsibilities.
• Assures resident concerns and complaints are addressed promptly and appropriately.
• Completes all regular and special reports as required including spreadsheets demonstrating portfolio analysis and cash flow projections.
• Responds to emergencies as needed and reports all emergency situations; attends property meetings as required; functions as liaison and advisor to property managers.
• Makes recommendations and implements procedures for improving program efficiency.
• Attends professional development seminars and/or workshops to stay abreast of new regulations and legal guidelines related to tax credit compliance and other work-related issues.

ESSENTIAL JOB QUALIFICATIONS:

(Any equivalent combination of knowledge, skills, abilities, education, and experience)

Education: Bachelor's Degree in related discipline or an equivalent combination of education and relevant work experience

Experience: Minimum 5+ years' experience in finance, accounting, property management, or real estate.

Licensure/Certification: Valid Washington State Driver's License and fully insurable driving record.

Knowledge, Skills, and Abilities:

• Committed to working toward diversity, equity, and inclusion in providing services to tenants and working with Plymouth staff. Ability to communicate and work effectively with a diverse group of voices in support of Plymouth's goal of being an anti-racist organization.
• General knowledge of specialized federal and state laws, tax codes, rules, and regulations relating to affordable housing.
• Knowledge of various funding programs utilized by properties within portfolio (i.e., Low Income Housing Tax Credit Program, HOME, HOF, HUD project-based section 8.
• Proven thorough knowledge with principles, practices, and methods used to monitor and evaluate financial, legal, operational and property development activities of a property owner; the operation of computer spreadsheet and other analytical programs to produce reports, forecasts, and projections.
• Ability to work through issues which impact the quality of asset management programs and effective techniques to resolve issues.
• Proven and in-depth understanding of complex, specialized IRS, investment rules and regulations.
• Ability to understand, analyze and interpret a variety of specialized and complicated laws, codes, rules, and regulations relating to asset management.
• Ability to conduct detailed computerized analysis and prepare accurate and concise reports noting adherence or non-adherence to all applicable rules and regulations and to take effective corrective action as required.
• Ability to establish and maintain effective working relationships with all levels of Plymouth Housing staff and public and private officials.
• Ability to recognize issues or problems which may have a negative impact on the program and develop effective measures to resolve problems or make recommendations to a supervisor which will improve the program.

Desired Qualifications

• Master's degree in applicable or related field is desired but not required.