Asset Manager II

Primary Purpose of Position

The Asset Manager II is responsible for the oversight of the financial and regulatory administration of funded properties within Maine Housing’s multi-family portfolio as well as properties under the Performance-Based Contract Administration contract held with the U.S. Department of Housing and Urban Development (HUD). The position is responsible for establishing and maintaining the primary working relationship with their assigned property owners and management companies throughout Maine as well as federal regulatory agencies providing funding and contract work.

• Review projects for compliance to federal, state and agency regulatory requirements and proactively monitor to anticipate developing issues and risks that could impact Maine Housing’s financial exposure in the investments
  • Review and analyze budgets and Audited Financial Reviews (AFR) for financial risk by monitoring debt coverage ratio, accounts receivable, vacancy loss, bad debt, net income/loss and recognized cost deemed unreasonable
  • Analyze on-going capital investments/needs of a property through the evaluation and comparison of routine inspection results, capital needs assessments, budget data, damage claims and replacement reserve requests
  • Review of annual program reporting for conformance to state and federal requirements
  • Conduct management and occupancy reviews to ensure management practices and program occupancies conform to the regulatory requirements that are specific to each property. Review and sign off on any MORs conducted by AM I’s for projects in portfolio.
  • Review and approve all requests for use of property reserve funds
  • Review of management documents, which may include Management Plans, Management Agreements, Marketing Plans, Tenant Selection Plans, and leases whenever a document changes or an ownership or management change occurs to projects in portfolio.
  • Make recommendations to Director of Asset Management and Portfolio Manager on troubled projects
  • Draft Notice of Violations and defaults when non-compliance is identified, follow‑up on reporting and program compliance
• Perform essential key tasks required under the Performance Based Contract Administration (PBCA) held with HUD
  • Conduct management and occupancy reviews to ensure management practices and occupancy conform to the HUD regulatory requirements specific to each project.
  • Perform review and sign off on PBCA MORs completed by AM I’s.
  • Provide timely reporting of results of the review to owners (within 30 days).
  • Perform on‑site walk-through inspection of the property’s physical plant conditions.
  • Timely response to tenant inquiries regarding any life safety concerns
• Assist AM III with bringing new properties online by participating in project meetings and the Pre‑occupancy Meeting with the Owner/Management team for those projects that will be assigned once trained.
• Assist AM III and participate in workouts and new loan proposals for projects in portfolio.
• Participate in training for staff and external partners
• Maintain working knowledge of various federal and state program regulations applicable to the portfolio including Bond regulations, Code of Federal Regulations, IRC Section 42, HUD Handbook 4350.3, Sec 8 Contract Renewal Guide, Special Claims, FedHOME, HTF, HOME-ARP, PRA
  811, Fair Housing Laws and Section 504 Requirements as well as any new programs coming online
  • Apply the appropriate requirements to the projects assigned
  • Provide training and technical assistance to owners and management agents
• Respond to residents, owners, managers, and other external inquiries and issues through telephone, written, and electronic mediums
• Provide support to the Asset Manager III’s in processing ownership transfers that include a subsequent loan component
• Coordinate with AM III’s, Finance and Legal teams on Promissory Note Cancellations and Mortgage Discharge processes
• Other duties as assigned

Education and Experience: Education and four years of relevant work experience or a combination of education and training preferred. Experience with comprehending and interpreting legal documents and regulatory guidelines, and experience with the…