Downstreet Housing & Community Development

Asset Manager | Full Time

Category: Non-profit

Location: 22 Keith Avenue, Barre, VT, USA


We are currently looking for an Asset Manager to join our team!

The Asset Manager is responsible for understanding and implementing the owner goals for the Downstreet rental housing portfolio, and ensuring the long-term care and preservation of the physical condition, financial health and performance of the real estate assets. This is a full-time, exempt position and reports to the Chief Operating Officer.

Key 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 expirations, 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 Trustee’s (Board) asset management function on the Fiduciary Committee in support of CFO.
  • Establishes, monitors and achieves green and energy efficiency goals and practices in new and existing properties.

Financial Analysis

  • 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.
  • Provides regular dashboard portfolio reports to property management, Executive Team, Board and committees.
  • Works with property management staff to develop annual property budgets, produces monthly property financial statements and reviews them with property managers.
  • 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 maintenance staff 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.
  • Reviews capital needs assessments (CNAs) and ensures appropriate replacement reserves are in place for future needs; updates and procures CNAs in accordance with industry best practice.
  • 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.
  • Oversees LIHTC compliance of new developments.
  • Collaborates with asset management staff in investor, lender, partner and funder agencies.

Insurance, Contracts, Property Tax, and Valuations

  • Coordinates with staff, brokers, vendors and municipalities on annual bidding, renewals and taxation/reappraisal of properties.
  • 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 and 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.
  • Performs other duties as assigned.

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.

Downstreet Standards of Conduct

  • Demonstrates a commitment to the mission and values of Downstreet.
  • Demonstrates respectful and effective communication with others.
  • Protects the privacy and confidentiality of all private information related to participants, families, staff and general housing operations following privacy practices and HIPAA requirements.
  • Has excellent interpersonal skills and be able to relate to internal and external parties professionally, representing Downstreet in a positive manner.
  • Must be able to handle and protect the privacy of highly sensitive, confidential information.
  • Possess the 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 workday.
  • Demonstrates a commitment to high quality customer service, quality and proactively seeks to make improvements in systems and processes.
  • 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.

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. Downstreet is an at-will employer.

Downstreet 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.

Deadline:

To Apply:

To apply online, please complete the form at the bottom of the Asset Manager position page on our website. Please include a resume and a cover letter explaining why you would like to be a part of the Downstreet team. Applications submitted without a cover letter will be considered incomplete and will not be reviewed.

Downstreet is an equal opportunity employer, and all qualified applicants, including minorities, women, protected veterans, and individuals with disabilities are encouraged to apply.