Affordable Housing Asset Manager

General Capital Management, Inc., Asset Manager (Full Time) – Affordable Housing Portfolio

General Capital is seeking an Asset Manager to maximize long-term objectives for its affordable housing portfolio. The portfolio currently consists of 36 affordable housing communities in 4 states (IL, MI, PA, and WI).

Job Description

The Asset Manager will be responsible for the oversite and performance of a portfolio of affordable housing projects.  The role includes monitoring the physical and financial condition of the portfolio, ensuring compliance with legal and regulatory requirements, fulfilling internal and external reporting requirements, and implementing strategies that will maximize the financial performance and value of the portfolio.  The Asset Manager will report to a Senior Partner on the Affordable Housing team.

Essential Duties and Responsibilities 

• Responsible for analyzing and monitoring property financial and operating metrics against required benchmarks and devising action plans to improve financial performance.  Establish internal tracking system to monitor monthly, year-to-date, and annual financial performance for trends, variances, and opportunities for improvement. 
• Responsible for oversite of Third-Party Property Management companies.  Oversite to include, but not be limited to, leasing, marketing, and expense management.  Work closely with property management teams to devise and carry out business plans for each property.

• Main point of contact for Third-Party Management companies - Lead regular calls with onsite property management teams to discuss leasing, submarket conditions, capital projects, and operating performance related matters.  Collaborate with onsite staff to maximize revenue and control expenses.  Note that Third Party managers have existing processes and procedures in place and Asset Manager will be working within current systems to review and improve. 

• Quarterly Site Visits – Visit the sites quarterly to review property presentation and operations with onsite management teams.  Ensure curb appeal, file compliance, and delivery of brand promise to residents.  In addition, ensure maintenance procedures and policies are being followed.
• Reporting – Fulfill all internal and external reporting requirements accurately and timely.  Understand, partnership agreements, financing documents, and regulatory agreements in order to file required financial and regulatory reports and ensure properties’ compliance. Includes maintaining annual project compliance and monitoring schedules for all properties.

• Create project summaries for key equity and debt terms and dates (e.g., debt maturity; debt service payments; interest rate; equity buyout rights; equity/debt required consents; reduction/release of reserve accounts, etc.).

• Maintain organized, electronic, and traditional files as needed for all properties.
• Assist with new developments’ openings, including lease-up and transition from construction teams to property management teams.

• Budgeting Existing Properties – supervise and help Third-Party Property managers in the preparation of annual operating and capital budgets, cash flow forecasting, marketing, and business plans for all communities.  

• Budgeting New Developments - Consult with GCG Development Team to prepare operating budgets for new developments.  Prepare transactional due diligence materials as necessary.
• Interface with lenders/investors, as necessary, on questions related to property performance. 
• Ensure Third Party Property managers have operations and compliance oversight procedures in place to ensure units are leased only to eligible tenants and rents are in accordance with all regulatory agreements.
• Work with Partner, CFO, and appropriate insurance broker personnel to ensure that all investors, lenders, regulatory agencies etc. are notified annually upon the renewal of property and liability insurance policies.  Also assist on pricing and renewing insurance policies for properties.
• Assist Partners with tax credit investor buyout activities for projects that are at the completion of the initial 15-year compliance period and assist with implementing refinancing, disposition, or other capital events to achieve determined financial milestones or outcomes outside of investor buyouts. Familiarity with Section 8 Housing Choice Voucher and Section 42 Low-Income Housing Tax Credit Programs desired.

Qualifications

• Bachelor’s degree.
• 3-5 years multifamily real estate/financial analysis/asset management experience; affordable housing sector experience highly desired.
• Knowledge of public and private housing finance programs and rental subsidized housing programs.
• Operations Management Skills – Ability to identify, collect and analyze operations performance data, market research data, and other related data to improve performance.
• Project Management Skills - Ability to formulate and execute strategic and tactical organizational and operational plans to improve performance and support Company goals.
• Independent Work – Ability to work independently and execute using sound decision-making and problem-solving skills.
• Communication Skills – Excellent verbal and written communication skills with the ability to professionally present vision, strategy, goals, and results both internally and externally.
• Results-Oriented - Track record of delivering quantifiable results to the organization), highly organized and disciplined.
• Must be able to work under pressure and meet deadlines, while maintaining a positive attitude and providing exemplary internal and external customer service.
• Ability to read/interpret limited partnership agreements, loan documents and regulatory agreements.
• Excellent judgment and decision-making, interpersonal and time management skills with the ability to work under pressure and successfully meet deadlines.
• Expertise in use of MS Word and MS Excel software.
• Ability and willingness to travel to fulfill job responsibilities.  Valid Driver's License and availability of an insured vehicle to travel within Wisconsin, Michigan, and Illinois.

Compensation

• Commensurate with experience, motivation, and impact.  

Additional Information

This is a full-time exempt position. Benefits include competitive salary with bonus, health, dental, vision and life insurance, long-term disability insurance, 401(k) plan with employer match, Flexible Spending Accounts (Health and Dependent Care), paid vacation and sick leave, and a flexible hybrid work schedule to be coordinated with the Affordable Housing Portfolio Partner. 

Location preference is Milwaukee office.