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Title: Asset Manager
Reports To: Property & Asset Management Director
Department/Division: Operations/Property & Asset Management
FLSA Status: Exempt
The Asset Manager’s primary responsibility is for the day-to-day oversight of a specifically-assigned portfolio of multifamily
properties. This primary responsibility includes all aspects of the operational, financial and regulatory compliance
administration of the assigned portfolio. Requires proactive management, including analytical review of property level
financials, compliance monitoring, physical site inspections, regular interaction with general partners, sponsors and
property managers, processing waiver and modification requests from general partners, recognition of negative trends,
and resolution of problems as necessary The Asset Manager performs highly responsible complex administrative work
focused on conducting analysis, monitoring performance and compliance on the Authority’s existing and/or future real
estate assets, including the financials, current market, and physical aspects of the property. The duties listed below are
illustrations of the various types of work that may be performed. Responsibilities include, but are not limited to, the
investment objectives; financing structure (including maintenance of relationships with various lenders, as
needed); management structure (including maintenance of relationship with third-party management agents);
guarantor structure; underwritten and actual operating results; LIHTC, State Agency and/or HUD/RD-affiliated
regulatory requirements and compliance.
compliance, and budgetary compliance for all assigned assets, continually comparing actual asset performance to
condition, local market conditions, overall property administration, and continuing program compliance.
compliance with the requirements of a mixed residential portfolio including but not limited to Housing Authority
special programs, Low Income Housing Tax Credits and other affordable and/or market rate programs.
Ensure budgets are prepared within established timeframes. Ensure that properties meet or outperform approved
operating budgets. Ensure that the asset’s plans maximize their value given market conditions. Determines
causes of variances and creates an action plan if necessary to insure the financial viability of the asset.
inspections and identifies the funding sources. Review and approve of RFPs and meets with third party contractors,
partners and managing agent. Facilitates in the construction oversight for all projects.
class condition at reasonable costs and within budget limits. Assist Owners and property managers to prepare
and maintain a five-year capital expenditures projection for each property and review reserve for replacement
funding requirements necessary to accomplish the capital plan.
Prepares reports based on inspections, and takes any appropriate actions based on findings.
Agreements, Loan Agreements, Applicable Contracts, and other Legal Documents; to insure compliance with
HUD, the Lenders, Investors, LIHTC and Housing Authority requirements for each property and take corrective
action with any noted discrepancies.
opportunities for improved performance.
monthly, quarterly and annual basis. Prepares informative reports on property performance; provides problem
resolution and corrective action strategies when necessary. Conducts analytical analysis (monthly) of the financial
performance of the real estate assets and provide recommendations of project performance and managerial
strategies to ensure the continuous flow of net operating income and cash flow.
cost benefit analysis on varying management decisions.
relationships with General Partners, management agents, lenders, contractors, third-party monitors, investors, local
and state housing agencies, and others in the industry to ensure the flow of current and relevant information. Meets
with investors, third party agents and partners to discuss portfolio performance.
develop new types of housing, which include legal counsel (internal and external), community partners and other
departments within the Housing Authority.
opportunities. Conducts financial modeling scenarios to determine ideal operational structure (i.e. unit mix, reserve
requirements and capital needs) and project feasibility and assist with the underwriting.
statements to ensure accurate pro-rations; finalizes post-closing matters including final pro-rations. Determines how
to seamlessly integrate the potential asset into the Agency’s portfolio.
being the Agency contact for fielding and resolving resident complaints (on 3rd party managed sites). Addresses
requests to interpret certain language in agreements and/or State, Federal, and HUD regulations.
analyzes the results against industry benchmarks useful in evaluating asset and portfolio performance and value.
and that a process of implementation is created when needed.
correct calculation of annual reconciliations of the subsidy program and for payments based on the reconciliation.
spending, assist in financial analysis.
foster cooperative relationship, ascertain training, share programmatic updates, address effective processes, etc.
Education and Experience
Bachelor’s degree from an accredited college or university in Business Administration or closely related field with at least
three (3) years of progressively responsible experience in an area related to the position, such as Public or Assisted
Housing, real estate, or property management of an equivalent combination of education and experience sufficient to
perform the requirements of the position
The following certifications must be obtained within twelve (12) months of employment or other allowable period of hire
as authorized by the EVP of Real Estate Management:
* Fair Housing Certification
* IREM Certified Property Manager
* Public Housing Manager or Asset Management for Executives
* HCV Specialist or Developing and Managing Project-Based Vouchers
* Tax Credits – NCP, C3-P or equivalent
Knowledge and Skills
governing the administration of assisted housing program.
payback, analyzing financial statements, etc)
actions in relation to these computational operations.
creatively and bring fresh ideas to the team.
tact and diplomacy, yet firmness.
The employee receives broad instructions from the Senior Asset Manager and Property & Asset Management Director.
The employee initiates and follows through on activities without supervisory direction. Deadlines, priorities, and objectives
are developed by the employee or in consultation with the supervisor depending on the assignment and/or project.
Problems or situations not covered by instructions are either dealt with independently or in consultation with the
supervisor. The employee produces reports on demand detailing activities completed, progress, obstacles, and expected
completion dates. The employee’s work is spot-checked for progress and finished work is reviewed for attainment of
objectives and compliance with policies and procedures. The employee has no supervisory duties.
Guidelines followed by the Asset Manager include traditional practices, established policies and procedures, applicable
reference materials, published laws, regulations, and handbooks. Materials used vary with the issues involved, and
independent research is necessary depending on the activity and/or program requirements. Exercise of sound judgment
is necessary to ensure appropriate and equitable application of guidelines.
Most of the work performed by the employee is complex and varies from issue to issue. The employee identifies work
that needs to be done, prioritizes, coordinates efforts, and performs the tasks. The employee makes decisions regarding
unusual circumstances, conflicting data and non-routine circumstances on a consistent basis. The employee adapts
procedures or develops new approaches to the work within area of expertise and/or consults with the Senior Asset
Manager or other appropriate executive staff when necessary or appropriate. Difficulty may arise in updating program
policies and procedures as a result of frequent changes in relevant regulations and guidelines.
Scope and Effect
As a representative of the Housing Authority the employee's work affects the entire organization its assets, associated
programs, and residents. Successful accomplishment of tasks by the employee will protect the assets of the Housing
Authority and will enhance the Housing Authority's ability to maintain quality standards in all aspects of its operations
which will insure continued achievement of its goal of providing decent, safe, and sanitary housing.
Most of the Asset Manager’s contacts are with Authority employees, 3rd party management employees, investor
representatives, partners, applicants, residents, and personnel in other agencies/or organizations. Contact is made to
develop working relationships, obtain information, make decisions, resolve problems, and provide services or assistance
for conflict resolution. Degree of cooperation is largely dependent upon individual characteristics and/or viewpoints.
obtain relatively heavy files and records, and eyestrain from working with computers and other office equipment.
Work involves the normal risks or discomfort associated with an office environment and is usually in an area that is
adequately cooled, heated, lighted, and ventilated.
Must possess a valid State of North Carolina or South Carolina driver’s license and regularly participate in continuous
improvement and education. Must work with the highest degree of confidentiality