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Job: Asset Manager, The Community Builders Inc, Chicago, IL

General Information

Job title:
Asset Manager
Job location:
Chicago, IL  60603 United States
Requisition code:
Date posted:
Job type:
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Job Description

The Community Builders, Inc.

Asset Manager (reporting to Director of Asset Management)

Job Description and essential functions:

Relationship Management

Bring Asset Management perspective into communications with internal staff and external partiesto achieve property goals.

  • Internal Relationships

    • Work cross functionally with other departments within TCB to develop and implement annual asset management plans, set operating benchmarks and achieve defined property goals consistent with TCBs strategic plan.

    • Participate in review and development of owner standards for condition of units, buildings and site within budgetary limitations

    • Participate in process improvement projects within and outside the department.

    • Prepare Board reports on portfolio performance, trends, goals, events, etc.

  • External Relationships

    • Direct third party managers in all areas of operations as TCBs owner rep

    • Connect with funders, investors and local partners as owner representative for TCB, developing trust and building consistent and constructive problem solving approaches

    • Coordinate all responses to questions from investors/lenders on assigned portfolio

      • Meet investors during site visits where feasible and on troubled properties

    • Negotiate with partners and/or lenders to ensure the long term physical and financial health of the properties.

    • Work with investors and lenders on exits, re-fis, dispositions and workouts.

Portfolio Oversight and Reporting

  • Cash Flow and Fees

    • Project and work to increase cash generated from operations

    • Understand LPA, waterfall and GP responsibilities for timely distributions to TCB and partners

  • Understand reporting requirements and work collaboratively with other departments to see that requirements are met.

  • Understand financing, affordable programs and regulatory requirements

    • Provide oversight for the portfolio to remain in good standing with the applicable file and physical compliance requirements in governing documents such as loans, partnership agreements, tax credit allocations, affordability restrictions, etc.

      • Programs: LIHTC, Historic Credits, HUD Programs, State and Local programs, HOME, TIF, REAC, RAD, Public Housing, Housing Choice Vouchers, etc.

  • Monitor and report on property management capacity and performance:

  • Organize/Monitor data and workflow systems in use at corporate office and at sites to track and plan for critical events

    • Maintain the integrity and quality of data in the property database

    • Utilize database and tracking tools

    • Inspections and Site Visits

    • Utilize TCB tools and systems for storage and archiving of all project documents

Financial Analysis

Savvy and holistic approach to the double bottom line including granular analysis and high level reporting on performance of portfolio and projects.

  • Measure and manage property performance against projections and annual budgets.

  • Develop project operating forecasts to determine potential operational challenges, corrective actions and opportunities for improvement.

  • Review and approve annual property budgets

  • Review monthly and quarterly operating statements

  • Review tax returns and audits for portfolio properties.

  • Respond to questions from lenders, partners or other approving agencies on property financials

  • Provide information for internal, board and external presentation of property and portfolio performance and strategic outlook on long term operations

Portfolio Preservation and New Development

Bring Asset Management perspective and experience of portfolio and capacity to discussions related to the preservation of current portfolio and prospective projects.

  • Pipeline / New Developments:

    • Participate in pipeline discussions of prospective projects and feasibility

    • Create/review operating projections

    • Facilitate in project lifecycle transitions (Development to Operations, Resyndication, Dispositions, etc.)

  • Aging Portfolio:

    • Identify properties as candidates for LP exits, refinancing or other restructuring.

    • Work with TCBs development department to prioritize and advance necessary funding requests and applications

  • Stabilized Portfolio:

    • Site visits, curb stops, preventive maintenance contracts, maximizing rents, controlling expenses, marketing, reserve analysis, reserve draws, long-term capital plans

Risk Management and Assessment

Analyze properties on a variety of dimensions, including proforma, physical condition, program compliance, and strength of market to articulate project SWOT analysis and report on portfolio as needed.

  • Create Asset Management Plans:

    • Identify watch list properties and create and monitor action plan

  • Understand industry best practices

  • Anticipate and prevent liability risks through monitoring of operational and financial matters:

    • Legal issues and contracts, insurance, property tax issues/exemption, utility consumption, security and neighborhood issue

Education & Experience

  • Bachelors Degree Required

  • Minimum of five to seven years of experience in affordable housing asset management

  • Demonstrated ability to lead a team and very strong ability to work independently

The Community Builders, Inc. is committed to ensuring diversity in its workplace, and candidates from diverse backgrounds are strongly encouraged to apply


(Job number: 3914826)
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