Senior Asset Manager

Job Details

Description

SUMMARY

Under the general direction of the Senior Director of Finance and Accounting Affiliates, the Senior Asset Manager is responsible for ensuring that the portfolio of ECS properties achieves the financial, regulatory, and social goals and standards of the owner and its funders.

The Senior Asset Manager also ensures the long-term sustainability of each property in the portfolio through participation in all stages of the property’s lifecycle, from project development and stabilization through disposition and recapitalization.

The ECS portfolio of properties includes owned properties, partnership properties, and master leased properties, all assisted with a variety of funding sources, such as Low-Income Housing Tax Credits and City of San Francisco financing through the Mayor’s Office of Housing and Community Development and the Department of Homelessness and Supportive Housing.

On a typical property, ECS provides direct supportive services through the Programs Department, and contracts the property management responsibilities to a third-party manager.

The Senior Asset Manager is responsible for oversight and direction to the property manager and coordination with the supportive services program.

Additionally, the Senior Asset Manager is responsible for coordination with owner partners for co-owner properties and coordination with landlords for master leased properties.

Additionally, the Senior Asset Manager will provide general direction to the Asset Manager.

KEY RESPONSIBILITIES

Financial Well-Being :

Responsible for property operating budgets. Particular attention should be placed on budget attainment, reserves and debt service obligations, insurance and fees.

Participate in development of operating budgets during project development process.

• Monitors the current and long-term financial status of ECS properties by reviewing budget variance reports and other financial reports, and by preparing short term and long term forecasts including Revenue, Operating Expenses, Net Operating Income, and Operating Cash Flow.
• Oversee the collaborative efforts of Accounting and Property Management to analyze variances in operating performance against budgets and industry benchmarks.

Develops and presents solutions to structural deficits and disposition of annual surplus / deficits. Proposes, implements and oversees solutions to structural deficits and disposition of annual surplus / deficits.

• Monitors vacancy, delinquency losses, rent collections, debt service, NOI; and provides monthly reporting portfolio-wide.
• Develops and maintains a Real-Estate Owned (REO) schedule for all ECS properties.
• Prepares and monitors capital budgeting and planning in coordination with Property Management; recommend long-term and annual capital plans and budgets.
• Supports the annual audit process as needed.
• Provide reporting to lenders and investors on financial status of the properties.

Regulatory Compliance :

• Responsible for compliance reporting to lenders, investors, and public agencies, per regulatory agreements.
• Develops and maintain summaries of financing, regulatory and other agreements; develops and manages most restrictive analyses of over-lapping regulatory restrictions and requirements.
• Ensures compliance with reporting requirements to public agencies, lenders, investors, and partners on a timely basis.
• Ensures timeliness of reporting to all stakeholders.
• Reviews insurance requirements for lenders and investors to ensure compliance with loan documents or other regulatory requirements.
• Ensures preparation and updating of Capital Needs Assessments / remaining life analyses.
• In coordination with Property Management and Operations, recommends approval of individual capital improvement proposals and obtain necessary third-party agreements;

manage reserves to compliance requirements.

Portfolio Planning and Re-capitalization

• Responsible for developing and maintaining property-specific asset management plans to identify challenges, opportunities and actions.
• Responsible for portfolio long-range planning and execution of actions, such as increasing savings or finding new funding sources.
• Manages the execution of mortgage re-financing, limited partner exits, and project restructurings (including re-syndications), in coordination with Housing Development staff.

Contract, Board Administration and Relationship Management :

• Responsible for administration of contracts after project occupancy, including interim reports as may be requires from various stakeholders, annual contract rent increases, loan renewals, limited partner buyouts and other end of contract matters.
• Assists Senior Director of Finance and Accounting Affiliates with managing affiliate nonprofit owner boards, including preparing information to be presented, and other related documentation.
• Build relationships with local partners including City and County staff, lenders, investors, and the general public in a professional manner.
• Develop positive working relationships with Internal Partners from other teams through collaboration, proactive communication, and empathy.

Responsibilities Furthering Multiple Owner Goals :

• Assists Operations with overseeing Property Management contract and performance of third-party property manager to advance Owner’s main objectives.
• Assists Operations with management plans, management agreements and other property management contracts with respect to accomplishment of owner’s asset management goals, and recommend executive approval.
• Ensure appropriate insurances are in place, welfare exemptions are renewed, and property taxes paid.
• Perform other duties as assigned.

ECS will consider for employment qualified applicants with arrest and conviction records as consistent with San Francisco's Fair Chance Ordinance.

ECS celebrates diversity, equity, inclusion and belonging and is an equal opportunity employer committed to creating an inclusive environment for all employees.

Qualifications

REQUIRED SKILLS AND STANDARDS

Knowledge and skills :

• Sound judgment, assessment and problem-solving skills.
• Ability to transfer lessons learned between similar tasks and projects.
• Strong time management skills.
• Ability to partner and effectively collaborate cross-functionally.
• Proactive; takes initiative and highly organized with meticulous attention to accuracy and detail.
• Ability to prioritize effectively and consistently meet deadlines while maintaining the highest of standards.
• Exceptional analytical and critical thinking skills, with a focus on improving processes and driving efficiencies.
• Ability to thrive in a fast-paced, deadline-driven and growth-oriented environment, while maintaining a positive approach.
• High comfort in working with people from diverse backgrounds and experience.
• Intermediate knowledge of MS Word and MS Excel

Judgment and Reasoning Ability.

• Ability to reason, review, monitor, instruct.
• Ability to use independent judgment in non-routine situations, such as evaluating implications of financial statements and proposed procedures, policies and plans.
• Will honor and abide by ECS rules and regulations, including discretion and confidentiality.

Communication Ability

• Ability to comprehend and correctly use informational documents including budgets, financial reports, occupancy reports, bids, contracts and meeting minutes.
• Ability to prepare policies, procedures, compliance reports, investor / owner reports and correspondence conforming to standard rules of punctuation, grammar, diction and style.
• Ability to comprehend publications and manuals including HUD and tax credit manuals, industry publications and legal documents.
• Ability to communicate effectively with coworkers and staff at all levels, residents, government officials, both verbally and in writing.
• Ability to keep abreast of changes in policy, methods, operations, etc. as they apply to property and asset management operations and activities.

MINIMUM QUALIFICATIONS

• Bachelor’s degree.
• Four years’ experience in : owner / lender asset management; residential affordable or supportive property management;

financial management; housing development; full-charge accounting; internal auditing; contract administration; or other related experience.

• Experience in operating subsidy and the Low-Income Housing Tax Credit programs.
• Demonstrated strong project management skills / experience.
• Two years’ experience in quantitative analysis helpful.

PREFERRED QUALIFICATIONS

• Experience with fiscal, regulatory, and tenant relations aspects of property management.
• CPM, NAHP, CHAM or other certification related to housing development, property or asset management.

PHYSICAL REQUIREMENTS AND ENVIRONMENTAL ADAPTABILITY

• Ability to exert light physical effort involving moving around buildings, climbing stairs, moving from one area to another, or standing and / or sitting for brief or long periods of time.
• Ability to work in a range of environments : office, Single Room Occupancy units, and the neighborhood environment.

As this is a newly created position with ECS, this job description may change both prior to hire, and after, as we continue to implement the best approach for this role.