Job Description

ASSET MANAGER

Position Title: Asset Manager

Date Analyzed: March 2024

Department: Asset Management

Position Status: Full-time

Pay Status: Exempt

Reports to: Director Finance

Directly Supervises: n/a

Job Summary:

The Asset Manager is responsible for understanding and implementing the owner goals for the Windham & Windsor Housing Trust rental housing portfolio, and ensuring the long-term care and preservation of the physical condition, financial health and performance of the real estate assets.

Duties/Responsibilities:

Asset Management Planning

• Develops the Asset Management Plan for the rental real estate portfolio and updates it annually to define the strategies and action steps need to achieve desired outcomes and owner goals.
• Develops deal books for each project and monitors critical timelines (year 15 of the low-income housing tax credit (LIHTC) compliance period, contract expiration's, loan repayment terms and maturity dates, etc.).
• Maximizes owner’s receipt of cash flow pursuant to cash flow waterfall as provided in limited partnership agreements and other agreements as applicable.
• Monitors and ensures receipt of cash flow, fees and incentives due to owner from each property.
• Coordinates with limited and co-general partners, as applicable, on projects transitioning from partnership to wholly-owned status.
• Staffs the Board of Director’s (Board) asset management function on the Finance & Asset Management Committee in support of Director of Finance.
• Establishes, monitors and achieves green and energy efficiency goals and practices in new and existing properties.

Financial Analysis & Revenue Generation

• Works with finance department and property management staff to develop annual property budgets and revenue projections including rent increase in accordance with regulatory agreement criteria, HAP contracts and market data.
• Performs analyses of and monitors key financial and performance criteria of portfolio.
• Analyzes monthly financial statements, annual budgets and audits for all properties and reviews the same with property management staff to assess monthly operational performance.
• Develops property watch list, collaborates with property management staff to create and monitor action plans to address issues impacting property performance and asset protection.
• Develops strategies and oversees implementation by property management staff to maximize rent for each property including annual increases allowable under HAP contracts and tenant-based vouchers. Applies for vacancy rent payments for vacant units with Project Based Vouchers.
• Provides regular dashboard portfolio reports to property management, Executive Team, Board and committees.
• Creates operating and replacement reserve strategies for all properties.

Capital Needs

• Ensures that all properties have financial plans for capital needs and works in partnership with the Facilities Manager to ensure that the physical condition of the rental housing portfolio is preserved and well maintained.
• Annually inspects projects and buildings with investor and co-general partner, as applicable.
• Ensures that capital needs assessments (CNAs) are up to date and procured in accordance with industry best practices and WWHT fiscal policy. Ensures appropriate replacement reserves are in place for future needs.
• Develops annual and five-year budgets for capital needs.
• Monitors and approves all capital spending.

Compliance and Reporting

• Ensures that all regulatory agency, lender, investor, and funder reporting is compiled and submitted within specified timelines for the portfolio and responds to requests for information.
• Collaborates with other departments on shared reporting to NeighborWorks America and USDA.
• Oversees LIHTC compliance of new developments.
• Collaborates with asset management staff in investor, lender, partner and funder agencies.
• Collaborates with Property Management staff and Facilities Manager to schedule property inspections required by various funders.
• Publishes annual portfolio demographics internally and to fulfill funder requests.

Insurance, Contracts, Property Tax and Valuations

• Coordinates with staff, brokers, vendors and municipalities on annual bidding, renewals and taxation/reappraisal of properties.
• Collaborates with the Finance Director on property insurance bidding and/or annual renewals.
• Writes RFPs, reviews proposals, and awards bids for large annual contracts in accordance with organizational procurement policies.
• Handles all real estate insurance claims for properties out of warranty period.
• Maintains all records for Act 68 and Act 75 (related to property taxation for affordable housing) and submits annual information to Vermont Housing Finance Agency and municipalities.
• Reviews valuations and performs tax appeals.

Real Estate Development & Other Duties

• Evaluates pro formas for new developments and collaborates with development consultant on financial analysis of rehab and other special projects.
• Analyzes re-development opportunities and pitfalls in the portfolio for ED and COO.
• Evaluates impact of investor guarantees and obligations on owner.
• Oversees and ensures effective interface between owner and condo associations.
• Leads process to apply for Project Based Vouchers for new developments and collaborates with Supportive Services Manager to identify service partners for new projects.
• Leads activities related to the overall fiscal health of mobile home parks, including identifying and securing funding for park improvements. Attends state-wide Mobile Home Park working group.
• Performs other duties as assigned.

Other

• Leads process to fill commercial vacancies in self-managed portfolio. Manages relationship with commercial tenants, collects rent, address infractions and coordinates legal process of eviction if necessary.

Required Skills, Abilities, Education and Experience:

• Financial statement analysis and preparation
• Proficient with Microsoft Office Suite, in particular Excel.
• Bachelor’s degree or equivalent.

Preferred Skills, Abilities, Education and Experience

• Financial statement analysis and preparation in conjunction with LIHTC compliance
• Five (5) years property management experience
• Asset management experience
• LIHTC certification
• Consortium for Asset Management and Housing (CHAM) certification

Physical & Other Requirements:

• Prolonged periods sitting at a desk and working at a computer.
• Some evening and weekend work may be required.
• Must have valid driver's license, an insured reliable vehicle, and the ability to travel to properties and trainings, etc.
• Must be adaptable to working in an ever changing, high pressure work environment.

WWHT Standards of Conduct:

• Demonstrates a commitment to the mission and values of WWHT.
• Demonstrates respectful and effective communication with others.
• Has excellent interpersonal skills and is able to relate to internal and external parties professionally, representing WWHT in a positive manner.
• Must be able to handle and protect the privacy of highly sensitive, confidential information.
• Possess ability to self-direct, strong attention to detail and commitment to excellence in work product while handling multiple projects at one time.
• Adheres to all safety practices, rules and standards throughout the work day.
• Demonstrates a commitment to quality and proactively seeks to make improvements in systems and processes.
• Contributes positively to a professional and respectful office environment.
• Proactively anticipates, manages and constructively resolves conflicts and disagreements; identifies ways conflict can lead to positive change.
• Demonstrates a high level of emotional intelligence, treats others ethically and fairly, and displays integrity and honesty.
• Adapts and is flexible in response to constraints, failures and adversity.
• Builds and maintains effective relationships.

Race, Equity, Diversity & Inclusion:

WWHT is committed to integrating the values and practices of diversity, equity, inclusion and racial and social justice into its operations. WWHT expects all its staff to be receptive to learning and demonstrating skills and practices necessary for approaching and addressing issues through a social justice framework.

Employer Rights and Disclaimers:

This job description is not a contract for employment. It is a list of activities, duties, responsibilities and expectations. However, it should not be considered a complete list of expected activities, duties, responsibilities or expectations. Duties, responsibilities and activities may change or new ones may be assigned at any time with or without notice.

This document does not extend an offer for permanent or continuous employment. WWHT is an at-will employer.

WWHT is an equal opportunity employer and affords equal opportunity to all applicants for all positions without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law.

Job Type: Full-time

Pay: $70,000.00 - $75,000.00 per year

Benefits:

• Dental insurance
• Employee assistance program
• Health insurance
• Life insurance
• Paid time off
• Retirement plan
• Vision insurance

Experience level:

• 1 year
• 2 years
• 3 years
• 4 years
• 5 years

Schedule:

• Day shift
• Monday to Friday

Ability to Relocate:

• Brattleboro, VT 05301: Relocate before starting work (Required)

Work Location: In person