Director Asset Management

Role overview

This position reports to the Senior Director of Asset Management and focuses on overseeing the performance of affordable housing assets. The role is centered on partnership compliance, financial oversight, tax credit delivery, cash management, reporting, and relationship management with general partners, lenders, agencies, investors, and third-party management agents so that each asset continues to meet its investment goals.

Key responsibilities

The asset manager will review operating results, evaluate compliance, and support decisions that protect the interests of the limited partners and the partnership. The role requires regular financial review, annual reporting, property inspections, issue resolution, and active participation in improving department processes.

• Examine monthly books and records at the property level to confirm operations are aligned with the underwriting assumptions.
• Prepare a quarterly investor report for each property, including operating performance, financial statement review, and risk rating.
• Gather and review annual audits and tax returns for each partnership entity.
• Review yearly operating budgets and flag unusual or material variances.
• Enforce the rights of the Limited Partner under each property entity agreement.
• Calculate annual property cash flow, monitor distributions, and ensure the distribution waterfall in the property entity agreement is followed.
• Review and help approve consent requests from the General Partner or its affiliates, including reserve withdrawals, management company changes, loan refinancing requests, General Partner substitutions, and similar matters.
• Work with attorneys, accountants, and other professionals when needed to protect the interests of the Limited Partners, the partnership, and the property entities.
• Conduct at least one property inspection per property each calendar year during the applicable compliance period.
• Oversee compliance with the LIHTC program, property entity agreements, state requirements, and HUD requirements, including annual third-party tax credit compliance audits and resolution of 8823 findings.
• Identify underperforming or troubled assets and develop and carry out workout strategies when needed.
• Seek additional information or corrective action as appropriate, including engaging property managers on management issues, discussing refinancing concerns with the General Partner, increasing site visits, or pursuing General Partner removal in severe cases.
• Handle special assignments for management and assist in preparing and distributing quarterly investor reports.
• Review 8609 forms and process 8609 capital contributions.
• Support department efforts to improve policies, procedures, and risk management practices.

Required qualifications

The company is looking for someone with a finance, business, real estate, or related background, along with LIHTC and asset management experience. The role also calls for a professional credential, strong technical and analytical ability, and the capacity to manage a fast-moving workload independently and collaboratively.

• Bachelor’s degree from an accredited college or university in finance, business, real estate, or a related discipline is required.
• An advanced degree is preferred.
• 4 to 6 years of experience with the Low-Income Housing Tax Credit program is preferred.
• One of the following industry certifications is required: HCCP, TCS, or C3P.
• Working knowledge of property and partnership accounting, real estate concepts, and related financial practices.
• Strong attention to detail, sound time management, inquisitiveness, flexibility, and organized work habits.
• Proficiency with Microsoft Office, especially Excel and Word, as well as Adobe Acrobat.
• Excellent verbal and written communication skills.
• Ability to travel extensively.
• Valid driver’s license required.
• Self-directed, collaborative, and comfortable in a fast-paced environment with a high-volume caseload.
• Ability to work both independently and as part of a team.
• Strong project management and execution skills with a results-focused mindset.
• Effective relationship-building, customer service, and communication skills for working with clients, peers, business partners, and professionals at multiple levels.
• Ability to think critically while balancing business goals and prudent risk management.

Benefits

The compensation package includes more than salary and may feature paid time off, medical, dental, life and disability coverage, HSA/FSA accounts, retirement benefits, rewards programs, and other company offerings.

EEO and accommodations

The employer provides equal employment opportunities without regard to race, color, creed, religion, gender, age, sexual orientation, national origin, disability, veteran status, or other protected characteristics under applicable law. Reasonable accommodations may be available for individuals with disabilities to perform essential job functions.

Legal notice

Applicants are entitled to the rights described in the federal Know Your Rights notice issued by the Department of Labor.