AVP​/VP of Asset Management

The Opportunity

We are seeking an Area Vice President or Vice President of Asset Management to maximize the long-term value, performance, and mission alignment of a portfolio of affordable housing communities. This role is heavily focused on acquisition support, recapitalization, and repositioning strategies—overseeing assets from due diligence and closing through renovation and stabilization.

The position will oversee the financial, physical, and regulatory performance of an affordable housing portfolio across the full asset lifecycle. This leader will partner closely with Acquisitions, Development, Property Management, lenders, investors, and regulatory agencies to achieve targeted financial outcomes while maintaining compliance with applicable affordable housing programs.

• Implement and continuously refine asset management strategy, identifying opportunities to enhance value, mitigate risk, and improve operational efficiency
• Develop and execute asset-specific business plans aligned with acquisition underwriting, capital improvement strategies, and long-term hold objectives
• Monitor performance across the lifecycle including lease-up, stabilization, repositioning, recapitalization, and long-term hold

• Support underwriting and due diligence, including review of operating performance, compliance status, physical condition, capital needs, and partnership structures
• Partner with Acquisitions and Development to evaluate recapitalization scenarios, LIHTC resyndications, Year 15 strategies, and disposition alternatives
• Analyze exit strategies and tax implications, including LIHTC capital account modeling and exit tax projections

• Create, manage, and enhance asset-level financial models to track operating performance, capital expenditures, and long-term projections
• Establish annual operating and capital budgets (including rent growth assumptions) in collaboration with Property Management; present recommendations to senior leadership and/or Board
• Review monthly financials and performance against KPIs; identify trends, risks, corrective actions, and watchlist items
• Prepare and maintain dashboards and portfolio reporting for senior leadership, investors, and Boards

• Maintain a working understanding of partnership agreements, regulatory agreements, loan documents, subsidy requirements, and investor obligations
• Oversee compliance performance and reporting to state housing agencies, HUD, investors, and lenders
• Review draft audits and oversee corrective actions as needed
• Proactively manage property and partnership risk factors; develop and implement corrective action plans
• Build and maintain relationships with investors, lenders, regulators, syndicators, property management partners, and internal stakeholders

• Manage LIHTC capital accounts, surplus cash calculations, asset management fees, deferred developer fees, and other owner incentives
• Ensure fulfillment of partnership waterfall obligations, including payments to subordinate lenders
• Oversee replacement reserve and escrow reimbursement reviews and approvals
• Support insurance procurement, property tax abatements, and exemption processes

• Conduct periodic physical and administrative reviews to assess condition, market positioning, management effectiveness, and capital planning
• Partner with Development and Construction teams to execute capital improvement and repositioning initiatives aligned with business plans
• Evaluate market comparability, rent positioning, and affordability restrictions to inform long-term strategy

Required:

• Bachelor’s degree in Real Estate, Finance, Accounting, Economics, Business Administration, or a related field
• 7–10+ years of progressively responsible affordable housing asset management experience, including involvement in acquisitions, recapitalizations, and/or portfolio repositioning
• Deep working knowledge of LIHTC structures, subsidy programs, partnership accounting, and…