Associate Asset Manager

Overview:

The Associate Asset Manager (“AM”) position is an opportunity to work with an established, dynamic and rapidly growing real estate investment company that has provided affordable housing nationally since 1971. The candidate may office remotely and not necessarily at the home office or one of WNC’s satellite offices.

The AM oversees a portfolio of Low-Income Housing Tax Credit (LIHTC) multi-family properties as relationship manager and problem solver. The AM reports to the Regional Team Leader and Vice President – Asset Management and works closely with other departments within the company. The AM will be responsible for the cyclical reporting accountabilities and ongoing operational oversight of properties in the stabilized team. In addition, the AM will perform financial analysis; schedule and execute site visits and work closely with respective general partners and property managers to ensure long-term viability of the LIHTC asset. The AM will work to enhance WNC’s relations with local general partners and investors. The AM will also be responsible for asset management concerns from initial stabilization through the life of the lower-tier partnership, to ensure the delivery of appropriate tax credit benefits.

Responsibilities:

• Oversee a portfolio of approximately 65 LIHTC properties.

• Oversee, analyze, and report on financial performance; monitor budgets (compared to actuals) and review occupancy levels (rent rolls) as necessary, or in the case of Watchlist properties, monthly, according to specified benchmarks.

• Monitor overall operational performance of regional portfolio and communicate progress and issues with Watchlist properties on an ongoing basis.

• Evaluate property management performance as required.

• Conduct all necessary annual site visits (including tracking those outsourced). Concerning properties must be visited more regularly; stabilized properties are to be visited annually or as reflected in the partnership agreement.

• Work closely with third party property managers and leasing agents to provide direction for and oversight of business plans, budgets, forecasts, leases, analysis, and approvals.

• Maximize total return for each assigned asset through the analysis of property efficiencies and identifying opportunities for improved performance.

• Evaluate and monitor LIHTC compliance and other risk factors quarterly, or as needed.

• Review partnership agreements, regulatory agreements, financing documents and other sources to determine enforceability of terms, financing structures and constraints, as needed.

• Analyze and process partner requests to amend, update, or modify partnership documents, ensuring accuracy, compliance, and timely completion.

• Review year-end financial audits for respective LIHTC partnerships.

• Analyze quarterly and annual property performance compared to budget and underwriting, and report quarterly to investors through Fund Management.

• Ascertain and work to resolve issues through collaboration with general partners, property managers, internal committees, lenders, and governmental/regulatory entities.

• Forecast and analyze benefit streams of lower tier partnerships for Fund Management and Accounting.

• Management and collection of the partnership asset management fees and cash flow distributions (or Return-to-Owner obligation).

• Monitor reserve balances and oversee requests for release of replacement and operating reserves.

• Review and process investor capital calls and lower tier capital contributions.

• Develop and distribute periodic asset management reports to investors, consultants, and other partners. Complete ad hoc assignments and/or projects required by the Asset Management Department.

• Collaborate with team members by providing feedback and contributing to group discussions that drive continuous process improvement and enhance team efficiency.

Qualifications & Skills:

• Candidate must have financial analysis skills.

• Knowledge of multi-family real estate operations, including property management; marketing and leasing; budgeting; capital needs planning; financial reporting and compliance with financing covenants or regulatory agreements preferred.

• Must have strong computer skills and thorough knowledge of Outlook, MS Word and Excel.

• Must have excellent communication and organizational skills.

• Must be proactive and can multi-task and work in a fast-paced deadline driven environment.

• Must exhibit strong time management and organizational skills to efficiently manage priorities while maintaining accuracy and quality standards.

• Exhibit attributes that serve our mission and values: Quality, Responsibility, Integrity, Teamwork and Respect

Education & Experience:

The candidate should have a bachelor’s degree in real estate, Finance, or Accounting and at least one of the following qualifications:

• 1-3 years of experience in multi-family housing as an asset manager.

• 1-3 years of experience in public accounting specializing in affordable housing.

• 2+ years of experience as a financial analyst at a LIHTC syndication firm.

• Experience in LIHTC recommended.

Benefits & Opportunities:

WNC offers a competitive benefits package which includes medical, dental, and vision insurance, paid time-off, 401k match, life insurance, and long-term disability.