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The Director of Asset Management will be responsible for planning and monitoring the operational and financial performance of the portfolio, benchmarking, and the refinancing and rehabilitation necessary to preserve the portfolio. This position will serve as primary contact for all investor relationships. The Director of Asset Management’s team will be responsible for all tenant certifications and will serve as final approval of all tenant move-in activity. Current rental portfolio consists of 600 units and growing, a mix of Low-Income Housing Tax Credits, Section 8 vouchers, IHDA, and naturally occurring affordable housing.
Job Duties and Responsibilities
- Establish annual property-level and portfolio-level performance budgets, goals and Key Performance Indicators
- Provide monthly operating reports measuring occupancy, waitlist, vacancies, NOI, capital expenditures, and overall financial performance.
- Develop and propose company capital expenditure planning priorities and ongoing maintenance programs in partnership with Real Estate Development.
- Coordinate transition from development to operations including document transition, creation of property binders, regulatory compliance, budgeting, LP payment and 8609 processing
- Develop and communicate strategic recommendations regarding optimal exit strategies; coordinate and execute successful asset dispositions
- Review all monthly physical and financial reports with the Chief Financial Officer.
- Work with the Director of Property Management to develop a course of action to address required expenditures which were not budgeted, or which would bring a project over budget. Provide constructive input to property management when adverse performance trends arise and actively participate in development corrective management plans.
- Develop a collaborative, team environment with strong communication and problem-solving capabilities.
- Analyze and recommend new property acquisitions and potential new development while working in close collaboration with Real Estate Development. Assist in the due diligence and underwriting of potential acquisitions.
- Monitor all aspects of partnership performance of Tax Credit portfolio including but not limited to status of proforma, equity accounts, future buy-outs, debt refinancing and capital planning.
- Respond to various requests for information from Regulatory Agencies, lenders and investment partners.
- Ensure all tenants are compliant with move-in requirements, serve as final approver of all move-ins, and ensure annual recertifications are performed as required
- Submit all required internal and external reports. Attend and participate in required organizational programs, board, committee and staff meetings.
- Ensure rent and utility limits are updated and correct in Property Management software
- Give final approval to tenant selection and affirmative action marketing plans created by Property Management
- Approve/Reject potential real estate development deals (via review of Executive Project Summary)
- Oversee replacement reserve accounts usage and direct withdrawals as needed
- Oversee compliance with Yardi property management software
- Develop and supervise assigned staff, including recruitment and selection; scheduling and job assignments; counseling/coaching; development and training; performance evaluation; and recommending salary, disciplinary and other personnel actions in accord with relevant policies and procedures.
- Update operating procedures for all functional roles.
- Maintain required job skills and core professional competencies.
- Develop and maintain a network with community organizations.
- Performs other duties as assigned.
- Achievement of cash flow on all portfolio properties as budgeted.
- Timely production of financial analysis, feasibility studies, pro formas, and operating budgets.
- Timely, quality production of financial evaluation tools, operational budgets, and other documents
- Effective, consistent execution of supervision responsibilities, including coaching, mentoring, evaluation, training, and development.
- Effective management of assigned division budget.
- Effective, strategic development of relationships with peers, leaders, and partners.
- Cultivate, manage, and expand relationships with TRP member institutions, leaders, and partners to promote TRP's rental goals and organizational mission.
- Active participation in required staff and community development meetings and programs, with the ability to speak of a demonstrated understanding of market conditions and trends.
- Accurate and effective communication with TRP staff, partners, and clients.
- Effective coordination with other department members to achieve organization goals.
Essential Skills and Knowledge
- Bachelor’s Degree is the minimum educational requirement. Master’s Degree in real estate or finance is strongly preferred.
- Managing Broker license strongly preferred
- Minimum seven years’ work experience with increasing responsibilities in real estate portfolio management or a related field.
- Minimum five years’ experience in budget development and financial analysis, residential and commercial lease negotiations, and real estate development. Proven track record of success in these areas.
- Have a commitment to community development.
- Possess strong mathematical and interpersonal skills.
- Supervisory experience strongly preferred.
- Represent the organization professionally.
- Demonstrated ability to build relationships and work effectively with people of diverse social, faith, economic, and racial/ethnic backgrounds.
- Excellent written and oral communication skills.
- Excellent analytic and quantitative skills.
- Demonstrated ability to use Word, Excel, Access and other relevant software.
Special Working Conditions and Demands
- Willingness to work flexible hours as needed; evenings and weekends required.
- Access to a car, valid driver's license, and ability to travel within the metropolitan area and sometimes out of state.
- Must be able to visit construction work sites/hard hat areas, including walking and maneuvering on uncompleted floor surfaces, among construction materials and debris, and climbing stairs and ladders.
- Maintain required job skills and all professional competencies.
Supervisory Relationship: Chief Financial Officer
Position Classification: Full-Time, Exempt. Salary commensurate with experience.
Statement of Equal Opportunity
The Resurrection Project is an equal opportunity employer and does not
discriminate on the basis of race, color, religion, sex (including pregnancy),
national origin, ancestry, age, marital status, sexual orientation (including
gender identity), military status, disability, language (any language use not
related to job duties), or any other status protected by applicable federal, state, or local law.
How to Apply
Please send resume and cover letter by email or mail. No phone calls please.
Contact Information Email: [email protected]
Mail: Human Resources, 1805 South Paulina St, Chicago, IL 60608