Description
Heritage Affordable Communities is a real estate investment firm that specializes in acquiring and developing affordable housing properties. The firm recently began to expand its operation nationwide. The firm strategically works with city, state & federal authorities in preserving affordability and utilizing municipal financing through low-income housing tax credits and tax-exempt bonds for their affordable housing projects. Heritage Affordable Communities’ main mission is to solve the affordable housing gap by acquiring and developing quality affordable housing across the country.
Responsibilities:
- Work with Heritage’s staff, third-party management companies, general contractors, and stakeholders with the overall goal of maximizing operating results and meeting investor and lender benchmarks
- Review and understand monthly financial reports to closely monitor property performance, identify issues and trends, and update stakeholders and external investors accordingly
- Responsible for the compliance performance of the assigned portfolio executed by third-party management companies
- Lead the development and review process of annual budgets. Develop action plans to correct issues with underperforming assets
- Play a key role in the year-end process and coordinate audit-related items with the auditors.
- Review closing documents (LPAs, Loan Agreements, UW, Operating Agreements, cash flow waterfalls, etc.) to make sure property compliance requirements are met and work with internal and external parties to ensure compliance.
- Communicate with the Development team during due diligence on acquisitions, tax credit transactions/refi, and dispositions
- Supervise and provide guidance to the Asset Management team with the goal of delivering effective and cost-efficient services designed to maximize partner and clients’ real estate portfolio’s dual contribution to financial and mission goals.
- Develop and implement strategies and systems to increase the efficiency and effectiveness of the Asset Management services, delivering effective customer service to partners and third-party clients and promoting the value of strong asset management, strategic portfolio goals, and annual work plans.
- Experience of reporting to both tax credit investors and private equity institutional partners.
- Market asset management services to prospective partners
- Work closely with the real estate development and resident services teams to update and refine, as needed, systems for managing phases of a development’s life cycle, in order to deliver consistently high-quality homes
- Provide, or oversee the provision of high-quality and efficiently delivered services, including:
- Implement proactive strategies to resolve operational, financial, and compliance issues.
- Establish relationships and communicate regularly with syndicators, lenders, management agents, and government officials, providing reports and responding to monitoring as requested.
- Analyze tax returns and work with the accountants to resolve problems.
- Analyze annual audited financial statements and follow up on any issues identified.
- Monitor construction and lease-up progress, including management's marketing efforts in conjunction with the real estate development team.
- Conduct site visits to evaluate property management, property marketability and market position, management plan, and physical condition of properties. Review tenant files and evaluate compliance with Section 42 requirements and regulatory agreements.
- Review and approve marketing and management plans and annual operating budgets and develop annual work plans for each portfolio.
- Manage the disposition of properties and/or partnership interests.
Work Requirements and Qualifications:
- Bachelor’s Degree with a focus in real estate, finance, accounting, or a related major. Advanced degree preferred.
- A minimum of 10 years of affordable housing asset management portfolio or related real estate professional experience.
- Significant experience in affordable housing and commercial property management, financing (including federal and state subsidies, HUD financing, and Low-Income Housing Tax Credits), and financial restructuring.
- Experience in developing property-based strategies in a community-sensitive environment.
- Must be available to travel.
This job is no longer active.