Asset Manager

Company: VCDC

Location: Richmond, VA

Job Function: Administrative/Operations/IT


Background

VCDC is a nonprofit organization that specializes in supporting community and housing development through our managed financial programs and collaborative consulting. We work with our partners to create and maintain flourishing communities where neighbors thrive.

Summary

VCDC’s Asset Managers support our network of affordable housing partners served by the Low-Income Housing Tax Credit program throughout Virginia and the surrounding states. This position will provide the necessary financial analysis and assistance to ensure that each community in the VCDC portfolio maintains a high-quality living environment; the properties are managed and maintained in an economical and fiscally responsible manner; adequate reserves are being accumulated for future maintenance needs; all federal, state and local legal and financial obligations are met; and reports are provided to VCDC as required. Asset Managers report to the Director of Asset Management.

This is a mid-level portfolio and relationship management position that is well suited for someone that has prior experience in housing and community development, a knowledge of property management and the Low-Income Housing Tax Credit program, and an expertise in developing, analyzing, and managing project budgets. Our ideal candidate has a passion for mission-driven community development and creating equitable and affordable housing opportunities.

Responsibilities

  • Oversee the financial health and operational performance of a portfolio of approximately 35-50 tax credit properties across Virginia and adjacent states.

    • Review of property financial reporting; compiling and analyzing that data and reporting it to investors.

    • Identify financial and operational risks that could result in a loss of tax credits, or could negatively affect the residents and/ or the reputation of the property.

    • Ensure that all properties within the portfolio have properly documented compliance of resident income and occupancy eligibility under Section 42 of the Internal Revenue Code (LIHTC compliance) o Help to design and approve annual property operating budgets.

    • Review annual GP audited financial statements.

    • Enter annual project audited financial statements into the VCDC proprietary database. Review and compare audited financial statements to financial statements reported to VCDC by the sponsor.

  • Provide technical assistance and guidance to on-site property managers and owners to help ensure that the asset performs well and complies with all regulatory requirements

    • Visit a portfolio of properties across Virginia and adjacent states to perform physical property inspections and meet with management agents/general partners for property operating discussions/relationship building.

    • Throughout the year, provide whatever technical assistance is needed for the assigned portfolio to operate optimally, including but not limited to the following: marketing/leasing strategies, budgeting assistance, LIHTC compliance, and preventative maintenance plans – a broad range of activities to support our partners in keeping our housing communities healthy and in compliance with applicable rules and regulations.

    • Collaborate with the Asset Management Team to plan and organize periodic property management training conferences.

    • Closely monitor “watch list” properties and support the managing agent/sponsor in identifying any issues that might help improve the financial performance of the property.

  • Other duties as assigned, including, but not limited to:

    • Actively serve on interdisciplinary teams as assigned.

    • Travel to properties (mostly in Virginia), which may include overnight travel, for site inspections, compliance audits and to deliver technical assistance.

The typical work schedule is 8:30am-4:30pm, Monday through Friday, though hours may shift occasionally based on business needs. The designated primary base of operations for this position is our office in Richmond, VA. We are currently temporarily operating on a hybrid in-office and remote work schedule.

Requirements

The ideal candidate will have:

  • Familiarity with property management principles and have ability to read and analyze financial reports and budgets.

  • Knowledge of affordable housing programs such as Section 42 Low Income Housing Tax Credits, HUD Project Based Section 8, and Tenant Choice Voucher program.

  • Strong organizational skills and ability to coordinate complex activities, prioritize conflicting demands, and meet deadlines.

  • Excellent interpersonal skills with ability to oversee and interact with property management companies and residents.

  • Strong written and oral communication skills.

  • Attention to detail and capacity to adapt to a variety of situations in a professional and diplomatic manner.

  • Ability to work independently, but also as part of an overall team.

  • Strong computer skills, particularly with Microsoft Office Suite (Word, Excel) and other data management software.

A college degree and/or unique lived/employment experience that will help you successfully service up to 50 clients/properties at a time is required. A degree in Business Management, Administration or Accounting is preferred.

We are looking for someone with a minimum of at least six years’ experience with increasing levels of responsibility in residential property management or asset management. Holders of professional certifications such as HCCP, CHAM, ARM, CAPS, CPM are preferred.

Compensation and Benefits

Salary is commensurate with qualifications and relevant experience; we ask that you provide your salary requirements in your application. In addition to competitive pay, we provide a competitive benefits package including health insurance with an employer/employee shared cost model, an employer paid retirement plan after a one year, an education assistance program for job-related educational opportunities, and generous leave and sick time policies.

How to Apply

To apply for this position, please submit your cover letter and resume here.

Deadline:  Priority review will be given to applications received by Friday, August 12, 2022.

VCDC is proud to be an equal opportunity employer. We are committed to building a team that represents diverse backgrounds, perspectives, and experiences, and we strongly encourage applications from BIPOC candidates.