Asset Manager – Affordable Housing

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Building a Brighter Future Today

Asset Manager – Affordable Housing

Want to join a dynamic & growing company in the affordable housing industry, making a difference in the world?

Ginosko Development Company – Novi, Michigan – www.Ginosko.com

Ginosko Development Company is a multi-state affordable housing development company with over 20 years of experience in affordable housing development dedicated to “building a brighter future today” for the residents of our communities.  Ginosko and our principals or affiliates are the developers and owners of over 4,000 units of multifamily housing, most of which are affordable or mixed income. Our portfolio is location throughout Michigan, Illinois, Ohio and growing.
We are seeking a reliable individual with a positive attitude, strong work ethic and excellent excel, analytical and computer skills for a full-time Asset Manager position at our office in Novi, MI. The Asset Manager will report to the Vice President-Asset Management and will be responsible for asset management activities as assigned by the VP-Asset Management for sustaining and enhancing existing housing projects including LIHTC year-15 conversions, Section 8, RAD components 1 and 2, mixed-use, mixed-income, and market rate, both new construction and acquisition/rehab.  Assist with: the oversight of the property management company’s performance and compliance with property management agreements, regulatory agreements and other requirements; the development and oversight of property budgets and financial performance compared to proforma objectives; lender, investor and program compliance reporting; capital needs assessments and planning; insurance risk management; property site inspections and process, including for REAC, Agency, internal, risk management and other purposes. Also responsible for working with Acquisitions and Development Department to assist with developing operating proforma budgets for housing project acquisitions and the recycling/refinancing of existing projects, especially for LIHTC year-15 re-syndications.

The ideal candidate for this position should have:
·      Minimum of Bachelor’s degree from an accredited college or university, preferably in accounting, finance or related field.
·      At least 5 years of experience in affordable housing real estate asset management or property management. Familiarity with the general principles of real estate, including operations and analysis, budgeting, financial reporting, general accounting and lending practices.
·      Familiarity with the general principles of real estate, including operations and variance analysis, budgeting, financial reporting, general accounting and lending practices.
·      Highly analytical and highly skilled working knowledge of Excel.

Primary Work Location:  Novi, Michigan and sites throughout Michigan, Illinois, Ohio and more.  Hybrid remote work and onsite work.

ESSENTIAL DUTIES AND RESPONSIBILITIES:
 
Manage portfolio assets
·       Assist with all aspects of asset management for a multi-state portfolio of Section 8,
LIHTC, mixed-income and market rate housing including both multi-family, senior and ability inclusive housing.
·       Further develop the existing electronic database of property operations for benchmarking, performance evaluation and acquisition underwriting purposes.
·       In conjunction with property management firm, assist with developing annual operating budget for each property.
·       Conduct monthly financial performance analysis and scoring of each property.
·       Provide oversight at both the property and portfolio level with a focus on achieving efficiencies and improving economic performance at both levels.
·       Monitor key financial assets of each project, including all reserve and cash accounts.
·       Monitor long-term financial health of properties, including compliance with financial performance objectives and capital accounts.
·       Monitor physical health of properties, including identification of immediate and long-term repair and replacement needs and required preventative maintenance measures, green retrofits.  Institute / monitor energy tracking systems for purposes of achieving reduced consumption.
·       Identify and implement improvements to risk management policies and procedures to reduce insurance risks; monitor insurance incidents and claims.
·       Work proactively to identify property performance issues before they arise. If needed, work collaboratively with property management firm, finance and other staff to create and implement workout plan or other steps to address performance concerns.
·       Recommend restructuring/refinancing projects, if necessary.
·       Maintain detailed and complete working files for all properties such as operating, management and development agreements.
·       Provide timely, detailed and accurate property reporting on a monthly, quarterly and annual basis.
Manage property management companies
·       Assist with negotiating and administering management agreements.
·       Monitor performance of contracted management companies.
·       Maintain clear and consistent communication with property management companies regarding objectives and operations as they relate to project budgets, lease-up, maintenance, rent collections, annual and periodic monitoring and compliance, rent increases, and day-to-day procedural issues.
·       Monitor contracts, leases, and service agreements, vendor oversight and cost containment measures.
·       Monitor property management company’s responses to any compliance violations or defaults that arise and ensure proper and timely resolutions.
·       Issue instructions, assist with correcting budgetary/contractual exceptions and provide feedback and counsel when appropriate.
·       Coordinate tenant engagement and develop / oversee programs that enhance the social, health / wellness and community aspects of the properties.

 Ensure compliance
·       Assist with planning, developing and implementing procedures to ensure compliance with all contractual agreements including HUD, tax credit and other regulatory agreements, partnership / owner operating agreements, financing agreements and subsidies program requirements, as well as compliance with legislation, ordinances, and other statutory requirements.
·       Ensure timely completion and filing of all required regulatory and financial reports.
·       Conduct periodic site visits and file reviews.
·       Prepare reports, memos and presentations to management and investor/lenders, as needed.

  Assist in development of projects
·       Provide feedback on project design, scope and financing for projects in development.
·       Develop proforma operating budgets for projects in development.
·       In conjunction with property management company, ensure successful and timely lease-up of newly-completed projects.
·       Assist in purchase/sale of properties, especially at year-15 time frame.
·       Perform asset valuations (hold/sell analyses) and other general analysis functions.

Other activities
·       Assist with portfolio-wide initiatives such as the greening of operations and maintenance practices.
·       Provide assistance where appropriate to other departments, including facilitating the completion of annual audits and the delivery of required tenant services.
·       Other related duties as assigned by supervisor.

KNOWLEDGE / SKILLS / ABILITIES:
·      Bachelor’s degree from an accredited college or university, preferably in accounting, finance or related field.
·      At least 5 years of experience in affordable housing real estate asset management or property management. Familiarity with the general principles of real estate, including operations and analysis, budgeting, financial reporting, general accounting and lending practices.
·      Effective communication, team building, and interpersonal skills.
·      Strong computer skills with excellent Microsoft Excel skills.
·      Strong analytical skills.
·      Efficient working knowledge of Microsoft Word, business intelligence and property management software, e-mail and other business and communication software; familiarity with RealPage suite of products and familiarity with accounting software.
·      Ability to prepare proforma financial spreadsheets, income statements, project operating budgets and other relevant financial and physical analyses of low-income housing and other real estate developments.
·      Ability to read, analyze, and interpret reports, technical procedures, real estate financing documents and contracts, and governmental regulations.
·      Ability to provide feedback on materials and design that are most cost effective from a property management standpoint.
·      Ability to define problems, collect data, establish facts, draw valid conclusions and offer solutions.
·      Strong attention to detail.
·      Ability to effectively manage and oversee work from third party consultants.
·      Ability to work independently and cooperatively; demonstrate professionalism, diplomacy and flexibility in a variety of situations.
·      Ability to communicate effectively verbally and in writing.
·      Ability to organize multiple complex tasks and schedules.
·      Ability to work as part of a team and quickly prioritize among numerous tasks.

Ginosko Development Company has a deep commitment to diversity. We are an equal opportunity employer. Company policy prohibits discrimination or harassment on the basis of race, color, religion, national origin, ancestry, sex, age, marital status, familial status, sexual orientation, disability, or veteran status. We support and promote equal employment opportunity, human dignity, and racial, ethnic, and cultural diversity by taking positive steps to eliminate barriers that may exist in hiring and in employment practices.

Ginosko Development Company offers a competitive salary along with a comprehensive benefits package.  Salary is commensurate with experience, qualifications and industry standards.

To apply for this job email your details to maryt@ginosko.com