POSITION: Assistant Director of Asset Management
DIVISION: Administration- Asset Management
LOCATION: North Hollywood, CA
HIRING RATE: $97,164/annually
SUMMARY OF THE ORGANIZATION
LA Family Housing is a leader in homeless services and affordable housing development in Los Angeles. We believe that everyone deserves the dignity of a home and we are invested in innovative solutions to ensure their long-term stability. With over 35 years of experience, we know what works to end homelessness in people’s lives: an individualized approach that combines housing options with supportive services. Our commitment to best practice impacts 11,000+ people each year, and our community-based approach allows us to influence how homelessness is addressed in Los Angeles and nationwide. Our growing portfolio of 26+ properties enables vulnerable groups access to permanent homes, and our services help them overcome their barriers to overall well-being.
We take tremendous pride in the emergence of our staff as national leaders in innovation, best practices, and policy within housing production and homeless services. From presenting at national conferences to facilitating service collaboration among providers in other regions, we equip our industry to effectively respond to homelessness and ultimately move more people home, together. Join the fight to end homelessness and make a difference in people’s lives at LA Family Housing!
SUMMARY OF RESPONSIBILITIES
The Assistant Director of Asset Management is responsible for assisting with the overall operation of LA Family Housing’s property portfolio. This position will oversee the third-party management company and LA Family Housing’s Asset Management staff. The Assistant Director of Asset Management will assist in monitoring the implementation of policies, procedures and programs that ensure a well-managed, well-maintained portfolio. This position will monitor compliance in applicable regulatory agencies and federal, state and local laws as well as monitoring the acceptable occupancy levels and assisting in developing a supportive environment for all residents.
Financial Review, Oversight and Planning for Affordable Housing Portfolio:
- Coordinates with the Director of Asset Management to ensure property budgets, financials and audits are in-line with projections and owner’s objectives.
- Discuss identified issues and concerns with the Director and Property Management and cooperatively develop strategies and actions to correct identified issues and concerns
- Works closely with Property Management to develop and adopt realistic annual operating budgets that meet the organizational objectives
- Prepares financial evaluation and recommendations for portfolio-wide initiatives including development pro forma budgets, benchmarking and utility analysis
- Participates in the coordination and implementation of all aspects of refinancing and partnerships buyouts, including rehabilitation, refinancing and re-syndication, from funding through construction and final investor payment
- Collaborates with Housing Development Department on rehabilitation projects which require new subsidy financing and works cooperatively with that department to see project completion through
- Assists in ensuring annual capital improvement budgets are maintained and monitors their implementation
- Attends various agency, county, and community meetings as directed by supervisor
- Initiates requests from funders to draw on replacement reserve funds when applicable
- Other duties as assigned to ensure effective operation of asset management portfolio
Compliance, Monitoring and Relationship with Outside Agencies:
- Assists with monitoring all aspects of partnership performance of the Tax Credit portfolio
- Responds to various requests for information from regulatory agencies, lenders and investment partners
- Reviews and responds to any audit/inspection findings. Monitors that required corrections are made quickly and works with management agent to ensure that identified problems are resolved
- Ensures timely and accurate completion of Property Tax Welfare Exemptions and Tax Credit Annual Owner Certification and reporting packages
- Assists in coordinating transition from development to operations including document transition, creation of property binders, regulatory compliance, budgeting, LP payments and 8609 processing
- Monitors the status and use of projects operating reserves. Makes requests to draw on operating reserve funds, when applicable
Physical Oversight, Inspections and Planning for Affordable Housing Portfolio:
- Ensures units turnovers are performed to LA Family Housing standards
- Conducts formal risk management inspections at least once a quarter, discusses any concerns with property management and monitors applicable corrections in an appropriate timeframe
- Participates in quarterly unit inspections with property management staff. Ensures identified problems are corrected in a timely manner and residents are charged for resident-caused damages
- Participates in creating Capital Needs Assessments (CAN’s) in coordination with Property Management and Asset Management staff and producing recommendations as needed
- Maintains specification lists for fixtures, replacements, finishes and furnishings
- Maintains vendor lists for assigned portfolio
- Creates and maintains successful Property Management relationships including negotiating and amending management agreements and plans and budgets monitoring budgets and performance standards
- Conducts surveys to monitor residents’ satisfactions with project management, maintenance and resident services. Provide evidence-based recommendations when needed
- Reviews all incident reports of injuries, thefts or significant damages to properties and handles matters relating to major damages, insurance claims or lawsuits with insures and attorneys. Reports risks to the Director and helps develop strategies and implements approved action plans relating to designated risks
- Participates as an active member of development teams for LAFH projects providing input on unit mix, design features and materials, security and operating budget proformas to promote cost effective management and maintenance
- Meets with residents’ groups to discuss issues and concerns and obtain resident input regarding property or asset management
- Additional duties, responsibilities and tasks as assigned by supervisor
EDUCATION AND EXPERIENCE
- Bachelor’s degree required with a concentration in business, finance, accounting and/or real estate OR seven (7) plus years of proven experience in affordable housing field including development and property management
- Minimum of three (3) years of proven experience in asset management
- Proven computer literacy in databases such as Microsoft Excel, Word and PowerPoint
TOTAL REWARDS COMPENSATION PHILOSOPHY
LA Family Housing provides a Total Rewards Compensation Philosophy that includes Comprehensive benefits, Industry leading cash compensation opportunities, Recognition of employee performance, Staff development resources, and Commitment to employee wellness. The salary listed on this job description is reflective of our compensation structure and is a firm amount. Future increases are performance-based.
Health, Dental, Vision, Basic Life/AD&D, Voluntary Life/AD&D, 403B Retirement Plan, 529 Education Savings Plan, Long Term Disability, Employee Assistance Program, Supplemental Plans – AFLAC, Flexible Spending Accounts (FSA), Legal Access Plan, Employee Appreciation Program, Company Sponsored Employee Outings, 9/80 Alternative Work Schedule, Paid Sick, Vacation and 12 Observed Holidays.
EQUAL EMPLOYMENT OPPORTUNITY
LAFH is committed and proud to provide equal employment opportunities to all employees and applicants without regard to race, color, religion, sex, sexual orientation, national or ethnic origin, age, disability or status as a veteran.
FAIR CHANCE INITIATIVE
LAFH is in compliance with the Fair Chance Initiative for hiring and will consider qualified applicants with criminal histories.
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