SVP of Asset Management

Title: Senior Vice President Asset Management

Reports To: Chief Financial Officer

Department/Division: Finance

FLSA Status: Exempt

Position Summary

Responsible for refinancing, recapitalizing, and oversight of property portfolio for INLIVIAN, Horizon Development Properties, Inc and Horizon Acquisition Corporation’s (“portfolio”). Performs a variety of complex and diverse managerial, and administrative duties focused on monitoring the financial and physical health of the portfolio. Incumbent is responsible for the day-to-day oversight of the portfolio of multi-family properties, undeveloped land and/or commercial facilities. This primary responsibility includes all aspects of the operational, financial and regulatory compliance administration of the portfolio. Requires proactive management, including analytical review of property level financials, compliance monitoring, physical site inspections, regular interaction with investor and general partners, sponsors and property managers, processing waiver and modification requests from general partners, recognition of negative trends, and resolution of problems timely. The duties listed below are illustrations of the various types of work that may be performed. Incumbent supervises a team of Asset Managers. Responsibilities include, but are not limited to, the following:

Responsibilities

• Oversees the preparation and management of RFP process for selection of 3rd party management companies as required for residential and non-residential properties.
• Directs the development of and revisions to policies, procedures, and plans to ensure program compliance with on going regulations and guidelines and makes administrative and management decisions concerning overall operations of applicable plans.
• Collaborate with SVP of Real Estate Development and other INLIVIAN divisions on the review of any new Partnership Agreements, Regulatory & Operating Agreements, Management Agreements, Loan Agreements, Applicable Contracts, and other Legal Documents; to ensure compliance with HUD, the Lenders, Investors, Low Income Housing Tax Credit (“LIHTC”) and HDP requirements for each property and take corrective action with any noted discrepancies.
• Takes the lead in the preparation and planning for Year 15 exits, including all partner negotiations and recapitalization of any LIHTC property that is concluding its initial compliance period.
• Maintains in-depth familiarity with portfolio, including ownership structure; underwritten 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.
• Directs oversight of portfolio performance through the ongoing monitoring of the operational, financial, management, regulatory compliance, and budgetary compliance of all assets, continually comparing actual asset performance to underwriting expectations. Ensure the asset’s plans maximize their value given market conditions. Determine causes of variances and create an action plan, if necessary, to ensure the financial viability of the asset.
• Leads the research of economic, demographic, and multifamily market trends and benchmarks current trends against the portfolio.
• Ensures performance of periodic on-site inspections of all properties within the portfolio, focusing on physical condition, local market conditions, overall property administration, and continuing program compliance. Prepares reports based on inspections, and takes any appropriate actions based on findings. Oversees, monitors, develops, and assists in implementing policies and procedures related to eligibility and 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.
• For Owned Assets: In conjunction with the property management team, manage preparation of capital plans Use planning to inform the budget process and, following budget approval, ensure execution on capital projects. Assist in the preparation and maintenance of a five-year capital projects plan for each property and maintain replacement reserve limits as necessary to accomplish the capital plan.
• For Non-Owned Assets: Leads the review of capital expenditures to ensure that properties are maintained in a Class B condition at a reasonable cost and within the approved budget. Assist owners and property managers in the preparation and maintenance of a five-year capital projects plan for each property and maintain replacement reserve limits as necessary to accomplish the capital plan.
• Maximize total return for each asset through the analysis of property efficiencies and identifying opportunities for improved performance.
• Ensure the review and analysis of the financial and operational information and reports provided from the partnerships on a monthly, quarterly and/or 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.
• Conducts short and long-term strategic analysis on historical financials, projected operating cash flows, reserve needs and cost benefit analysis on varying management decisions.
• Ensures asset managers are acting as primary contacts for internal and external stakeholders, partners, and investors Fosters strong business 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.
• Conducts due diligence and analytical analysis of real estate assets and programs for potential investment 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.
• Conducts periodic property visits to confirm staff observations and recommendations, particularly of assets identified as troubled, poised for refinancing and major capital work, or are concluding its initial compliance period.
• Participates in the closing process (for improved real property); reviews service contracts; reviews closing statements to ensure accurate pro-rations; finalizes post-closing matters including final pro-rations. Determines how to seamlessly integrate the potential asset into the portfolio.
• Presents periodic high-level quantitative and narrative asset management portfolio analy7sis to senior leadership and/or Board of Commissioners.
• Responsible for mitigating issues that arise from the various active programs within the property portfolio. Includes 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.
• Maintains familiarity with regional and local economic and demographic trends within portfolio markets and analyzes the results against industry benchmarks useful in evaluating asset and portfolio performance and value.
• Responsible for continuing education to ensure new laws, regulations, and HUD notices are properly addressed and that a process of implementation is created when needed.
• Develops and maintains the operating budget for the Asset Management Department.
• Maintains filing system to ensure vital documents are recorded and filed correctly for proper retrieval when needed.
• Reviews and approves invoices and ensures proper billing based on agreements.
• Foster teamwork with other INLIVIAN affiliates.
• Provide mission-focused leadership to achieve and maintain excellence in all housing and building operations and client relations.
• Facilitate quarterly meetings with property managers, case managers, and INLIVIAN staff for portfolio to foster cooperative relationship, ascertain training, share programmatic updates, address effective processes, etc.
• Performs other duties as assigned.
  
  

Education And Experience

Bachelor’s degree from an accredited college or university in Business Administration, Real Estate or closely related field with at least five (5) years of progressively responsible experience in an area related to the position, such as public financing, finance, real estate, business administration, or an equivalent combination of education and experience sufficient to perform the requirements of the position.

The Following Certifications Must Be Obtained Within Eighteen (18) Months Of Employment Or Other Allowable Period Of Hire As Authorized By The Chief Financial Officer

• Certified Housing Asset Manager
• Fair Housing Certification
• Tax Credits - NCP, C3-P or equivalent
  
  

Knowledge And Skills

• Ability to model complex transactions in various software programs.
• Knowledge of real estate property management operations.
• Strong finance acumen. Ability to determine the best financing tools and ability to manage to a closing.
• Proven leadership skills, with the ability to plan and manage change
• Knowledge of basic office procedures and practices, grammar, and business English. Ability to communicate verbally and in writing to a broad audience.
• Knowledge of Fair Housing, Equal Opportunity, and Nondiscrimination laws and regulations.
• Ability to monitor staff activity.
• Ability to understand, interpret, explain and apply detailed and complex regulations, policies and procedures governing the administration of assisted housing programs such as HUD RAD and LIHTC.
• Strong analytical skills and experience in financial analysis (NPV, IRR, lease comparison, ROI, DCF modeling, payback, analyzing financial statements, etc.)
• Advanced verbal and written communication skills and the ability to present effectively to both small and large groups.
• Ability to determine, calculate, tabulate, summarize and analyze data/information and includes performing subsequent actions in relation to these computational operations.
• Ability to establish priorities in workload and to assure continuity of workflow.
• Strong work ethics and commitment to meeting deadlines aggressive deadlines, handle multiple projects, set priorities, think creatively and bring fresh ideas to the team.
• Ability to establish and maintain effective working relationships with co-workers and persons outside the Authority.
• Ability to prepare clear and concise narrative and statistical reports and deal effectively with situations requiring tact and diplomacy, yet firmness.
• Considerable skills in operating appropriate computer equipment, applicable software, and general office machines.
• Ability to be covered under the agency’s fidelity bond.
  
  

Supervision Controls

The employee receives broad instruction from the Chief Financial Officer. The employee initiates and develops policies and procedures and follows through on activities with minimal 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 makes general or specific assignments to their assigned staff, specifying priorities, deadlines, and objectives to ensure quality of work, and offering suggestions for streamlining work responsibilities. The employee trains and makes recommendations regarding the hiring, firing, promoting, development of or disciplinary actions of their assigned staff to the Chief Financial Officer.

Guidelines

Guidelines followed by this position 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.

Complexity

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 executes. The employee makes decisions regarding unusual circumstances, conflicting data and other 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 the Chief Financial Officer 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 INLIVIAN the employee's work affects the entire organization and its assets, and associated programs and residents. Successful accomplishment of tasks by the employee will protect the assets of INLIVIAN and will enhance its ability to maintain quality standards in all aspects of its operations which will ensure continued achievement of its goal of private market-comparable housing.

Personal Contacts

Most of the contacts are with INLIVIAN employees, 3rd party management employees, investors, partners, architects, engineers, attorneys and development-related professionals. Contact is made to manage the refinance or recapitalization process, oversight of asset feasibility/viability, obtain information to make decisions, resolve problems and provide services or assistance for conflict resolution. Degree of cooperation is largely dependent upon individual characteristics and/or viewpoints.

Physical Requirements

• Work is principally sedentary, but may involve some physical exertion, such as kneeling, crouching, lifting to obtain relatively heavy files and records, and eyestrain from working with computers and other office equipment.
• Must be able to sit and/or stand for up to eight hours at a time while preforming work duties.
• Must be able to bend, stoop, push, and pull in the performance of office-related duties.
• Must be able to use fingers bilaterally and unilaterally to operate office equipment.
• Must have vision and hearing corrected to be able to perform essential job functions.
• Must be able to perform essential job functions in an environment that will sometimes include increased levels of work-related stress.
• Must be able to walk, climb stairs and enter/exit buildings that are occasionally under construction, without normal ingress/egress available.
• An employee may request a reasonable accommodation to mitigate any of the physical requirements listed above.
  
  

Work Environment

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.

Other Requirements

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.