- Lead will work directly with the VP of Development and has responsibility for ensuring the long-term financial health and physical condition of the portfolio, including Section 42 LIHTC and HUD properties and that the properties meet owner and lender requirements
- Supporting a team of asset managers who are reviewing and analyzing the portfolio against benchmark performance and assisting in the development of corrective action plans to address Watch List property issues
- Monitoring budget-to-actual variances and communicating issues and proposed solutions to the VPs of Operations and Development
- Providing technical support, training, subject matter presentations, and ability to collaborate and innovate with internal teams is essential
- A confident, empathetic team leader with both proficient technical skills, and a passion for affordable housing would be ideal for this position
- Develop and implement a strategy to maximize the value of the Affordable Housing portfolio to the organization
- Maximizing cash flows, identifying assets for recapitalization, and developing criteria for sale of assets
- Acts as primary contact, with assistance of asset managers, for WA, CA, OR, DE, and PA lenders, investors, municipalities and other regulatory agencies for financial reporting, including budget and replacement reserve withdrawals
- Ensure Deal Summaries are created by Asset Management team members in partnership with Development team members to ensure Regulatory Agreements, Loan Documents and Limited Partnership Agreements to ensure property description, guarantees, compliance and financial reporting requirements, compliance related restrictions and cash flow distributions are accurate
- Completes portfolio variance analysis and prepares summary reports to monitor
- Participate in development of project budgets to ensure all required expenses are included with adequate net operating income to meet debt service coverage requirements, fund reserve accounts, and make anticipated cash flow distributions
- Review annual budgets, audited financial statements and tax returns to recommend changes in Asset Business Plans with Asset Managers and VP of Development and other appropriate staff based on current financial performance
- Propose creative solutions to operating cash-flow, financial ratio issues, and long-term capital needs
- For long-term issues, works with investor/lender to free up existing reserves or secure an advance, loan or donation to minimize financial impact to the portfolio.
- Provide input and recommendations to for new projects regarding operating financials, compliance matters and related issues; involved in up-front development of properties
- Facilitate communication between Development, Operations and Compliance on pipeline and existing projects to ensure projects are successfully moved from Development to Operations
- Work with internal partners to improve overall risk management
- Support Development to exercise exit strategies at the end of compliance periods including investor buy outs
- Ensure accurate compliance reports are submitted to funders, lenders, regulatory agencies and limited partners on time as required
- Manage and maintain effective relationships with government regulatory groups and private investors
- Oversee review of property rents annually to ensure maximum effective rents
- Maintain current housing certification for all programs within the portfolio as well as any others related to housing programs
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