Job Title: Asset Manager Department: Asset Management Reports To: Senior Asset Manager
EEOC Class: Professional FLSA Status: Exempt
Job Summary The Asset Manager is responsible for helping manage Midwest Housing Equity Group’s (“MHEG”) investments in multiple affordable housing developments financed with Federal Low-Income Housing Tax Credits (“LIHTC”). This individual works with MHEG management, affordable housing developers, lenders, property managers, state Housing Finance Agencies and other government agencies. She or he will monitor, analyze and, if necessary, improve the financial, operational and physical health of the underlying properties and ensure delivery of the LIHTCs to MHEG’s investors. This individual also helps foster strong relationships with our various partners and potential partners. Job Duties and Responsibilities
Financial/Operational Analysis, Review and Reporting o Analyze monthly financial statements, comparing to both initial underwriting and budget; complete trending analysis of income and expenses, assist property managers to maximize occupancy and revenue and maintain expenses at or under budget. o Review and approve annual property budgets, ensuring rents, expenses and inflation factors track original underwriting and deliver a DSCR of at least 1.15:1. Annually conduct rent analysis, ensuring rent levels comply with LIHTC rules and other applicable funding source regulations (e.g., HOME, AHP). o Monitor property tax expenditures, comparing aggregate and per unit expense to original underwriting and budget; assist with appeals process when warranted. Ensure timely delivery of any required government filings related to same. Ensure taxes are paid. o Review insurance expenditures, comparing aggregate and per unit expense to original underwriting and budget; facilitate third party insurance review with our outside advisors. Ensure premiums are paid. o Analyze financial statements and real estate schedules of all counterparties. Ensure compliance with MHEG’s applicable net worth and liquidity requirements. o Complete required monthly, quarterly and annual reporting activities, including quarterly risk rating analysis in accordance with AHIC standards; complete quarterly investor write-ups. o Ensure timely delivery and review of partnership tax returns and audits each year. o Review and analyze audited financial statements. o Evaluate reserve withdrawal requests and recommend approval or denial to Vice President of Asset Management o Conduct market and comparison analysis on similarly situated properties. o Together w/ Senior Asset Manager, work with MHEG legal counsel to draft amendments to closing documents as necessary.
o Assist Deputy Director of Compliance in resolving 8823 and/or LURA findings with the state agency. o Recommend, implement, and monitor progress of strategies and action plans to resolve financial and operational difficulties within the portfolio.
Physical Analysis and Review o Perform in-person annual site inspections, including exterior areas, interior common areas, 20% of all units (vacant and occupied units) to identify health and safety hazards, building deficiencies, and ensuring compliance of multiple funding sources. o Ensure that any deficiencies are corrected within specified timeline; multiple inspections may be warranted. o Identify future capital needs and adequacy of replacement reserves.
Other o Communicate immediately to leadership any issues that may result in a foreclosure or jeopardize the delivery of the LIHTCs to MHEG’s investors. o Work with centralized database system to track project data and performance. o Develop and maintain relationships with developers/general partners, management agents, accountants, third-party consultants, government officials and others to ensure the timely flow of information and resolution of open issues. o Attend industry conferences as requested by Senior Asset Manager. o Attend ground-breaking ceremonies, ribbon cuttings and open houses. o Attend Housing Finance Agency meetings (e.g., Compliance training and conferences). o Such other duties as may be assigned from time to time.
Managerial Responsibility - None Knowledge, Skill, Licenses, Competency Requirements
Solid understanding of LIHTC program; Solid understanding of HUD programs (RAD, Section 8), USDA-RD programs (515, 538), HOME, CDBG and other affordable housing funding sources
Working knowledge of basic GAAP accounting principles.
Working knowledge of property management fundamentals.
Ability to comprehend and analyze financial statements.
Excellent verbal and written communication skills. Ability to develop and grow professional relationships. Ability to work independently as well as in a team setting. Strong organizational skills; ability to prioritize and handle multiple tasks at any given time. Strong analytical skills; attention to detail and accuracy a must.
Ability to identify and solve complex problems. Must possess and maintain valid Driver’s License.
Education, Experience
Bachelor’s Degree in accounting, finance, real estate, business administration or related field or equivalent professional experience. 2+ years prior experience in accounting, finance, property management, and/or real estate. Real Estate Assessment Center (REAC), Housing Credit Certified Professional (HCCP) or the Consortium for Housing and Asset Management (CHAM) designation a plus.
Computer Skills
Highly proficient with Microsoft Excel Working knowledge of Microsoft Office, Adobe, T-Value and virtual data rooms Knowledge of MRI Investment Central Database (f/k/a Integratec) software a plus
Work Environment Work takes place in a typical office environment equipped with a computer, phone, copier/printer and other standard office supplies.
Some overnight travel is required (e.g., attendance at state housing and industry conferences, site inspections) Some day travel is required (e.g., site visits, various meetings)
Physical Requirements
Ability to work under pressure, including evening and weekends during peak periods. Ability to travel via aircraft and automobile for extended periods of time (i.e., ability to take long flights and drives). Ability to work in typical office environment: type proficiently, use a computer, see computer screens and read/comprehend numerous financial and property management reports, i.e. general ledger, rent roll, etc. Ability to lift 30 pounds. When conducting site inspections or otherwise traveling, incumbent may be exposed to varying environmental conditions (e.g., inclement weather, crowded or unsanitary conditions, dirt, dust, construction work site hazards). ACKNOWLEDGEMENT
I have received, reviewed and fully understand the job description for Asset Manager. I am able to perform the essential functions as described. I understand that my job may change on a temporary or regular basis according to the needs of my location or department without it being specifically included in the job description. I further understand that I am responsible for the satisfactory execution of the essential functions described therein, under any and all conditions as
described. I have discussed any questions I may have had about this job description prior to signing this form.
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