Asset Management Reserve Associate (Commercial Real Estate

About Us:

The Community Preservation Corporation (CPC) believes stable and sustainable affordable housing is the foundation of strong communities and we strive to contribute to comprehensive neighborhood revitalization through our lending and partnerships. A nationally recognized leader in affordable housing finance, CPC has provided a consistent source of capital to underserved housing markets throughout New York State since our inception in 1974.

Today, CPC stands as the largest CDFI solely committed to investing in multifamily housing, having invested more than $15 billion to finance the creation and preservation of more than 230,000 units of quality housing in neighborhoods across New York State and beyond. CPC has a robust construction lending platform, a mortgage bank, and equity and impact investment platforms that focus on our three goals:
Expanding Affordable Housing, Closing the Racial Wealth Gap and Investing in the Green Economy.

As a member of our team, you'll have the opportunity to work on impactful projects that make a real difference in people's lives. We're looking for talented individuals who are passionate about our mission and share our values of commitment, respect, excellence, accountability, and collaboration.

Role

Summary:

The Reserve Associate is responsible for the administration, oversight, and analysis of repair and replacement reserves, immediate repairs, and capital improvement requirements for an assigned multifamily commercial mortgage portfolio. The role exercises independent judgment in evaluating reserve disbursement requests, assessing compliance with loan documents and investor requirements, identifying portfolio risks, and recommending appropriate resolutions. The Reserve Associate partners closely with Asset Management, Surveillance, Credit, Legal, borrowers, and third‑party consultants to ensure reserve requirements are effectively managed and portfolio risk is mitigated.

In addition to managing day‑to‑day reserve activities, the position contributes to process improvement initiatives, operational enhancements, reporting, and control functions that support the Asset Performance & Oversight team.

What You’ll Do:

• Independently manage an assigned portfolio of loans with reserve requirements, ensuring compliance with loan documents, Agency guidelines, servicing agreements, and internal policies.

• Review and evaluate reserve draw requests, exercising judgment to determine eligibility, identify exceptions, and recommend approval, denial, or escalation.

• Analyze reserve activity, property condition information, and repair progress to identify emerging risks and proactively recommend corrective actions.

• Monitor compliance with immediate repair requirements, deferred maintenance obligations, life‑safety items, insurance‑related repairs, and capital improvement plans.

• Coordinate and oversee Property Needs Assessments (PNAs), engineering reports, inspections, and other third‑party reviews to support reserve administration and risk management.

• Interpret loan documents, reserve agreements, inspection reports, and investor requirements to ensure accurate application of servicing standards.

• Serve as a primary point of contact for borrowers, property managers, consultants, attorneys, and vendors regarding reserve‑related matters and compliance requirements.

• Partner with Asset Managers and other servicing teams to evaluate property performance concerns and recommend appropriate reserve‑related solutions.

• Prepare portfolio analyses, exception reports, trend reporting, and management summaries to support decision‑making and risk oversight.

• Support investor, Agency, and audit requests through research, analysis, and documentation review.

• Identify opportunities to improve operational efficiency, controls, reporting, and reserve administration practices; participate in the implementation of process improvements and workflow enhancements.

• Assist in training team members and promoting consistent application of reserve policies and procedures across the Asset Performance function.

• Support in ad‑hoc or team projects as assigned.

Skills and Experience:

• Bachelor’s degree in Finance, Real Estate,…