Director of Asset Management

Company: National Community Renaissance
Location: Rancho Cucamonga
Posted on: April 4, 2025

Job Description:

The Director of Asset Management reports to the Vice President of Asset Management and is responsible for supervising a team providing oversight of portfolio performance and maximizing value of a large number of housing units in California, Texas and Florida. The essential functions of the Director of Asset Management are listed below.RESPONSIBILITIES

• Oversee daily operations of the Asset Management department by providing appropriate oversight of staff activities, directives and overall departmental systems.
• Proactively communicate to VP of Asset Management any issues that materially impact portfolio, asset-level risk, market trends, or relationships with stakeholders.
• Assist VP of Asset Management in developing and implementing strategic business plans and term sheets for each asset as well as the department.
• Monitor performance of all assets quarterly and re-visit strategy as needed to meet the objectives established in the business. Ensure properties are meeting affordability and reserve funding as required under all agreements and/or regulations. Analyze long-term property performance against projections.
• Identify properties that are candidates for refinancing, re-syndication and other restructuring. Work with VP of Asset Management, Development and consultants for exit strategies, assist in appraisals, valuations and disposition process.
• Assist with the feasibility review and due diligence of prospective new projects. Review and provide input on project proformas as well as reforecast of post-rehab budgets.
• Assist team members as needed with onboarding new deals, including the breakeven analysis.
• Provide analytical support on a wide variety of assignments including cash flow modeling, reforecasting, review of property operations and market research.
• Provide quarterly portfolio reporting and strategic recommendations to address issues related to the financial performance of the property, capital planning or operational issues for his/her own portfolio. Assist in establishing quarterly executive reporting and flash reports.
• Develop and foster productive working relationships with brokers and industry stakeholders. Act as direct contact with lenders, investors, municipalities and regulatory agencies for operational inquiries, reporting and reserve withdrawals.
• Conduct periodic site inspections, document property condition and develop corrective action as necessary.
• Work with Risk Management regarding insurance requirements, review quarterly insurance updates, identify and mitigate areas of risk.
• Monitor quarterly and specialty reporting distribution ensuring all requirements are met with the external stakeholders including the filing of the annual property tax exemptions, annual CTAC reporting, bond arbitrage, etc.
• Participate in the annual budget process for the department and provide quarterly variance analysis.
• Review and approve annual property budgets and capital needs assessments for his/her own portfolio and assist VP of Asset Management in review of remaining portfolio.
• Contribute to preparation of the audited financial statements, i.e., related party fees, contingent liabilities, reserves and surplus cash analysis and oversee the audit review process.
• Interact with internal staff (Property Management, Finance, Accounting, Development, Risk Management and Compliance) and external parties (investors, lenders, regulators, auditors) to achieve property goals.
• Maintain a record of "best practices", asset management due dates, bi-weekly meeting agendas and various other reporting as required by the VP of Asset Management.
• Work independently and continue to increase industry knowledge.
• Participate on projects to improve department and interdepartmental processes.
• Conduct annual performance reviews of direct reports.
• Perform other related duties and assignments as needed.
• Attend Company sponsored events that relate to the development of the team, which, from time to time, may include overnight stays at locations away from the employee's home.SKILLS & QUALIFICATIONS
  • Possess well-developed analytical and negotiation skills.
  • Must be computer literate, with strong spreadsheet and word processing knowledge: MS Word, Excel, Outlook, internet required. MS Project is helpful.
  • Ability to work flexible hours. Ability to travel is required.
  • Valid driver's license, current insurance and vehicle required.EXPERIENCE & EDUCATION
    • Four-year degree, preferably in related field, or comparable industry experience.
    • Minimum of 5 years in asset management or related areas of real estate or affordable housing which may include development, investment, property management, acquisitions/dispositions.
    • Must have knowledge of regulatory programs, the housing industry, marketing, physical asset management, and working knowledge of multi-family and senior communities.
    • Must be familiar with HUD, Bond, Tax Credit, and Conventional financed occupancy related regulations.
    • Incumbent must have demonstrated track record of exceptional problem solving within a sophisticated operating environment and able to implement rapid turn-around plans.PHYSICAL REQUIREMENTS/WORK ENVIRONMENT
      • Exposure to various types of weather.
      • Standing, walking, sitting.
      • Driving.
      • Operate computer and office equipment.FLSA CODE
        • ExemptPAY$140,000 - $150,000/yr
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Keywords: National Community Renaissance, Pasadena , Director of Asset Management, Accounting, Auditing , Rancho Cucamonga, California