Senior Asset Manager
Position Summary
The Senior Asset Manager provides owner-level oversight of CHAI's affordable housing portfolio, analyzing financial, operational, compliance, capital, and physical performance; overseeing third-party property management; and identifying risks, opportunities, and strategies to support long-term portfolio sustainability and preservation. The position serves as CHAI's day-to-day owner representative and collaborates with Housing Development, Finance, and Resident Services.
Essential Responsibilities
Portfolio Performance, Financial Analysis & Property Management Oversight
- Analyze monthly financial statements, occupancy, delinquency, budget variances, compliance, and other key performance indicators; identify trends, exceptions, and emerging risks.
- Monitor and evaluate third-party property management performance against CHAI ownership standards, approved budgets, management agreements, and performance expectations.
- Lead regular asset management meetings with third-party property management companies, establish performance expectations, and monitor follow-through on identified issues.
- Develop and maintain dashboards, watchlists, and performance tracking tools.
- Identify underperforming properties and material performance issues; recommend corrective actions and monitor resolution.
- Review annual operating and capital budgets and evaluate property and portfolio performance against approved budgets and owner goals.
- Conduct periodic property inspections and site visits and monitor physical condition standards and management plan implementation.
- Coordinate with Resident Services and property management regarding operational or property issues affecting resident experience and CHAI's mission objectives.
Strategic Planning, Capital Planning & Portfolio Preservation
- Develop and maintain asset management plans for each property.
- Monitor reserves, capital needs, debt obligations, and long-term replacement requirements.
- Review capital needs assessments, reserve studies, and other physical asset planning tools.
- Develop data-driven recommendations for recapitalization, refinancing, preservation strategies, and asset repositioning.
- Monitor debt maturities, regulatory milestones, subsidy contract renewals, and other critical events.
- Support portfolio cash flow forecasting, capital planning, and long-range portfolio planning.
Compliance, Risk Management & Reporting
- Oversee the maintenance of deal books, compliance calendars, ownership entity records, required filings, and critical portfolio documentation.
- Monitor compliance with regulatory agreements, loan documents, partnership agreements, management agreements, HAP contracts, LIHTC requirements, and lender/investor obligations.
- Oversee required owner, lender, investor, regulatory, and stakeholder reporting and coordinate responsibilities with property management, Finance, and other partners.
- Track audit, management review, REAC/NSPIRE, compliance, and other findings; identify recurring issues and ensure corrective actions are implemented and closed.
- Monitor property insurance coverage and requirements, identify potential gaps or issues, and escalate significant insurance or legal matters to the Vice President.
- Identify and escalate significant financial, operational, compliance, physical, and ownership risks.
Development, Preservation & Operational Transition Support
- Serve as Asset Management's representative in development, acquisition, refinancing, recapitalization, rehabilitation, and preservation activities and transactions.
- Provide an ownership and operations perspective on proposed scopes of work, operating and reserve assumptions, and management plans throughout the development and redevelopment process.
- Support transitions from development or rehabilitation to property operations.
- Participate in lease-up, stabilization, post-construction reviews, and other transition activities.
- Identify operational risks and lessons learned to inform future development and preservation activities.
Qualifications
- Bachelors degree in Finance, Accounting, Real Estate, Business Administration, or related field
- Minimum five years of progressively responsible experience in affordable housing asset management, housing finance, multifamily real estate or real estate development
- Demonstrated experience with HUD, LIHTC, PRAC, HOME, or other affordable housing programs and regulatory requirements
- Strong financial analysis skills, including property financial statements, operating budgets, variance analysis, cash flow, and capital planning
- Advanced Excel proficiency
- Experience working with third-party property management companies, lenders, investors, auditors, regulatory agencies, and other affordable housing stakeholders
- Experience with affordable housing refinancing, recapitalization, rehabilitation, or preservation transactions preferred
Core Competencies
- Financial and analytical acumen
- Strategic thinking and sound judgment
- Portfolio and risk management
- Accountability and follow-through
- Organization and prioritization
- Problem solving and decision-making
- Written and verbal communication
- Relationship management and cross-functional collaboration