Job Description
Our SelectLeaders' client is a leading nonprofit developer of affordable homes, creates and manages a range of high-quality, affordable homes is seeking a VP of Asset Management.
The Vice President of Asset Management and Compliance (“VP”) is responsible for maintaining high-quality portfolio of assets and executing strategic goals relating to Portfolio Benchmarks, acquisitions, and dispositions. The VP will report to the Executive Vice President of Development and will oversee a rapidly growing portfolio of affordable, multifamily, and senior communities. The portfolio currently consists of assets located in California and the Pacific Northwest.
The objective of this role is ensuring that investment strategies are executed and are evolved to create value in our portfolio. Evaluate overall performance to assist strategic business planning, in establishing benchmarks, guidelines and polices. Work collaboratively with property management to identify challenges and execute timely and effect solutions. Oversee and ensure compliance with all regulatory programs within the portfolio. Responsibilities include analyzing the portfolio performances with particular concern for the financial, operational, and physical health of the properties.
The VP works with several cross-functional teams focused on the financial health of the portfolio, including Property Management, Accounting, Legal, Insurance, and Development. The Senior Vice President of Asset management and Compliance has extensive external contact with BRIDGE’s consultants (legal, financial, etc.), regulatory agencies, lenders and investors.
This professional will report on the performance of the portfolio to the executive management team on an ongoing basis.
Reporting to the Executive Vice President of Development, the SVP oversees the day-to-day management of the Asset, Portfolio and Compliance teams to ensure long-term strategic management at both the ownership and or partnership level of the portfolio. This position serves as department head for Asset Management, Portfolio Management, and Compliance.
Duties and responsibilities: - Provide day-to-day leadership and management in accordance with the mission and core values
- Oversees the portfolio of pre-stabilization properties to ensure that the properties’ financial performance meets or exceeds expectations, and that they are physically maintained at or above company standards
- Creates and maintains comprehensive asset management/strategy plans for each property in the portfolio.
- Leads the team in collaboration with others to resolve issues related to cash-flow and long-term capital needs, including working with investors/lenders to free-up existing reserves or secure loans.
- Reviews long-term capital plans for the portfolio, ensures the management of reserve balances to meet long-term cash needs, identifying those properties requiring outside funding, and ensuring that major projects are progressing on plan.
- Prepares annual Board reports for single purpose entities and projects with outside partners.
- Responsible for the measurement and effectiveness of all processes internal and external with regards to Asset, Portfolio and Compliance
- Monitors portfolio to ensure that financial performance is in-line with the budget and that variance explanations meet BRIDGE and investor/lender requirements
- Creates property plans to ensure surplus cash will meet long-term corporate cash flow targets.
- Provides timely, accurate and complete reports on the operating condition of the portfolio.
- Spearhead the development, communication and implementation of effective growth strategies and processes as it relates to Asset Management, Portfolio and Compliance.
- Collaborate with the Senior management team to develop and implement plans for the operational infrastructure of systems, processes, and personnel designed to accommodate the rapid growth objectives of our organization.
- Tracks & monitors LIHTC (low income housing tax credits) capital accounts through annual analysis and exit tax projections
- Motivate and lead a high-performance team; attract, recruit and retain required members of the Asset Management and Compliance team not currently in place; provide mentoring as a cornerstone to the management career development program.
- Foster a success-oriented, accountable environment within the company.
- Establishes and maintains good working relationships with lenders and investors as the primary contact for portfolio
Requirements: - Minimum of seven years of experience in a leadership role that includes asset management, property management or affordable housing development including with LIHTC
- Bachelor’s degree in Business Administration or another relevant field
- Demonstrated experience in financial planning and analysis
- Skilled in organizational development, personnel management, budget and resource development, and strategic planning
- Excellent people skills, with an ability to partner with a dynamic leadership team
- Flexible and able to multitask; can work within an ambiguous, fast-moving environment, while also driving toward clarity and solutions; demonstrated resourcefulness in setting priorities and guiding investment in people and systems
- Master's Degree preferred but not required.
- Compensation: $240-275k base plus 25% bonus.
- Schedule: 3 days a week in office, two days work from home.
Job Tags
Flexible hours, 3 days per week,