POSITION ANNOUNCEMENT: Real Estate Asset Manager/Affordable Housing Development
LOCATED IN: Raleigh, North Carolina
Established in 1974, DHIC, Inc. is the Research Triangle area's leader in affordable housing development, maintaining an emphasis on innovation, quality, attractive design, and green features at our properties. DHIC has constructed, acquired and/or rehabilitated 2,923 affordable rental units in 46 different locations in eight counties in North Carolina, and has built more than 350 new homes for first time homebuyers in Wake County. Together, these projects leveraged $245 million in direct investment from both the private and public sectors. In addition to numerous design, community service, and management recognitions we have received, DHIC is consistently rated as an “Exemplary” member of the NeighborWorks® America national network of non-profit community developers. DHIC is also a member of the Housing Partnership Network. Learn more about DHIC at www.dhic.org.
THE LEADERSHIP OPPORTUNITY & NATURE OF WORK
The Asset Manager is responsible for the long-term viability of properties owned and operated by DHIC and its affiliates. This work involves participation in portfolio preservation efforts for aging multifamily housing assets and will require strong working knowledge in recapitalization/refinance strategies, physical needs assessments, preliminary scope of work/cost estimates, forecasting of operating expense and revenue projection at stabilized operations. The Asset Manager will work independently or alongside Project Management, Finance, Resident Services and Property Management as part of rehab due diligence, including onsite communication with general contractor and residents involving in-place rehab or temporary relocation as part of affordable housing preservation rehab strategy.
This individual reports to the Director of Asset Management and works directly with the property management companies of DHIC to ensure the efficient management of the operations of the properties. The Asset Manager is also responsible for external relationships on behalf of the organization and represents the owner/managing member in communications regarding the management or operation of the properties.
Key responsibilities of the Asset Manager include but, at any given time, may not be limited to:
• Conduct property physical condition inspections to evaluate and prioritize scope of work needs.
• Undertake revenue and expense analysis and propose changes to achieve proper stabilized operations for annual budget approval.
• Provide approvals for capital work and reserve withdrawals.
• Consult on physical condition findings with property management.
• Provide guidance on operations strategies and programs.
• Establish cost control measures to maximize operating efficiency and recommend value-add opportunities to enhance property financial and physical conditions.
• Ensure the safeguard of the assets through loan covenant compliance, coordination of loss prevention/insurance programs, long range financial planning, and evaluation of the impact of changes in affordable housing programs and regulations affecting the portfolio.
• Coordinate with investor/partners and property management for all partner reviews of projects and programs.
• Work closely with the Resident Service Team to ensure tenant programs are budgeted for and that property management is assisting as needed; provide assistance and guidance for the recent requirement of NC Housing Finance Agency (NCHFA) to house persons with disabilities moving out of adult care homes and other situations (Olmstead settlement).
• Work with the CFO and Director of Asset Management to implement all risk management/insurance programs & monitoring of these programs.
• Coordinate Real Estate Tax Exemption Applications, Revaluation Applications, and all activity related to Real Taxes of the portfolio.
• Periodically assist the Management Team to complete grant applications for existing projects and programs; research and assist in identifying project opportunities and funding sources.
• Assist the Management Team with NCHFA tax credit applications as needed.
• Maintain asset management watch lists and present findings to Management Team quarterly, or as needed.
• Prepare statistics on property financials and budgets; reports on progress of projects to management.
• Monitor progress toward overall objectives and adjust plans as necessary to accomplish them.
• Monitor the economic performance of each property by evaluating market conditions and overseeing marketing strategies; evaluate risk factors as related to market conditions.
• Regularly monitor the property financials against budget; maintain a working knowledge of variances and provide explanation to management, investors, and other partners.
• Ensure compliance with EEOC, Fair Housing, subsidy and tax credit compliance, and adherence to any other applicable laws.
• Perform other duties as required.
SKILLS, QUALIFICATIONS, AND ATTRIBUTES
The Asset Manager must demonstrate proven experience and ability to perform the functions indicated above and a firm commitment to DHIC’s mission. In addition, the successful candidate will possess the following attributes, skills, and qualifications:
• Bachelor’s degree in related field is required. Graduate level training a plus.
• Experience with the Low Income Housing Tax Credit program is required.
• Experience in real estate management and real estate finance is required; experience in project management is a plus.
• Intermediate to Advanced Excel Skills and strong general computer skills are necessary
• Proven ability to express thoughts, perceptions, and ideas clearly and concisely, orally and in writing.
This position is expected to maintain regular hours of work which will be a combination of remote work and working at the DHIC administrative office in downtown Raleigh. Periodic site visits will be expected as well as various off-site meetings.
Armstrong McGuire & Associates, based in Raleigh, NC, is conducting this search in partnership with DHIC. To apply, click on the link to the position profile at ArmstrongMcGuire.com/apply. You will see instructions for uploading a cover letter, resume, salary requirements, and professional references. Please provide all requested information to be considered; failure to do so may remove you from the process. In case of any technical problems, contact email@example.com. No phone calls, please, and no applications will be accepted by email or directly from third-party posting sites (LinkedIn, Indeed, etc.).