Asset Manager
BACKGROUND
Manna, Inc. is a nonprofit developer of affordable rental and ownership housing, a condominium and homeowner association manager, and a HUD approved housing counseling agency, currently operating in the District of Columbia and Maryland. We are also a NeighborWorks network organization. Since its founding in 1982, Manna has invested over $350 million in District of Columbia neighborhoods to create affordable rental and owner-occupied housing and have helped over 2,000 low- and moderate-income households become homeowners. Its portfolio includes both ownership, preservation, and multifamily affordable rental units.
POSITION OVERVIEW
The successful candidate will have strong asset management skills and move easily between macro and micro analysis on Manna’s real estate owned. The successful candidate will review performance metrics such as occupancy and vacancy levels, cash flow, debt service coverage ratio, cash available for distribution, and operating costs of the properties. The Asset Manager will also be responsible for making the required reports to NeighborWorks America, lenders, or investors as required.
This position is also responsible for maintaining a filing system for the portfolio of property manager’s reports and related documents, and for creating dashboards to track property performance. Additionally, the position requires the Asset Manager to track Manna’s property filings, pull compliance documents with the state or District of Columbia, and ensure businesses licenses and other general compliance documents are filed and up to date. The Asset Manager will regularly brief Manna’s rental portfolio team (including representatives of senior leadership, finance, and real estate development).
Responsibilities include but are not limited to:
Compliance, Reporting & Analysis
· Create asset management plans, and oversee capital assessments and capital improvements in partnership with property management.
· Develop cost-effective options to maximize property net profits.
· Assure timely reporting to internal and third parties including NeighborWorks America reporting, syndicators, and financial institutions
· Prepare reports to Management
· Read and comprehend loan documents, agreements, and LIHTC documents
Managing Risk / Opportunities
· Be familiar with the debt and equity structure of each property and the waterfall; able to project waterfall profit with timeline
· Monitor NOI, net cash flow and A/R for each property
· Track property performance with comparison to pro forma; generate projections to pro-forma and compare actuals with proformas
· Review pro-forma for potential projects; compare to portfolio performance and advise on accuracy of projected pro-forma
· Overall financial monitoring and evaluation of property performance and reserves
Asset Management v Property Management
· Review monthly property budget-to-actual and balance sheet financials and assess monthly operational performance (ex; rent increases, vacancy rate, avg days vacant, PUPY operating expenses)
· Attend regularly scheduled meetings with staff team and third-party property management companies; Initiate and create workouts of troubled properties
· Inspect properties and units
Qualifications & Skills:
· Bachelor’s degree
· Three or more years of demonstrated professional asset management work experience
· Strong financial and analytical skills
· Understanding of LITHC compliance, legal documents, audits, financial statements, rent rolls, aging reports.
· Ability to complete assignments efficiently, set priority, meet deadlines, work on several projects at once, and to deal with staff effectively at various locations.
· Driver’s license and access to a vehicle (local candidates)
· Knowledge of SharePoint and advanced knowledge of excel and computer literacy
· Ability to walk construction sites
Compensation: Salary range commensurate with experience.
· Medical, Dental, Vision Insurance
· Life Insurance
· Disability Insurance
· 401K
· FSA
To Apply submit the following:
· Cover Letter
· Resume
· Send to: Swillis@mannadc.org
Manna Inc. is an equal opportunity employer.