Job Information
RiseBoro Homecare Inc. Vice President, Asset Management in United States
ABOUT RISEBORO
RiseBoro Community Partnership strives to build a city where your zip code does not determine your health outcomes, housing stability, or economic power. To that end, RiseBoro reaches over 40,000 individuals each year through 80 programs divided among divisions of Housing, Health, Seniors, Empowerment, and Education. Our programs encompass senior services, health care, youth and family programming, homelessness prevention, public benefits access, adult education, arts, workforce development, worker-owned co-op development, and access to healthy food. In addition to our services, RiseBoro owns and manages over 2,000 affordable housing units, including set-aside units for veterans, people with disabilities, and formerly homeless families, and over 600 Section 202 senior housing units.
Our work is grounded in collaboration with community leaders, government agencies, private institutions, and other local stakeholders so that we may better serve historically marginalized communities that have suffered decades of disinvestment in infrastructure and human capital. We believe that housing development, community development, and service providers must be driven by local needs, informed by local partnerships, and involve neighborhood stakeholders often overlooked in the planning and development process. With your help, we can unleash the potential of communities to thrive, no matter the odds!
ESSENTIAL DUTIES AND RESPONSIBILITIES
Under the general supervision of the VP of Housing, the VP of Asset Management is a seasoned, passionate asset management professional, who will oversee and optimize the performance of RiseBoro’s stabilized Real Estate portfolio. An ideal candidate will have experience building and leading a nascent team with limited supervision, familiarity with Affordable Housing, and enthusiasm for RiseBoro’s mission. Specific duties and responsibilities include:
Create the structure for, build capacity of, and manage the hiring of RiseBoro’s asset management team
Supervise the Asset Management team, including Asset Manager and the On-Site Energy Manager
Coordinate asset management functionality at the interface with RiseBoro’s property management, development, construction, and finance teams to ensure timely task completion
Other duties as assigned by the VP of Asset Management
FINANCIAL RESPONSIBILITIES
Build and maintain a comprehensive five-year waterfall model to forecast each property’s performance as well as forecast portfolio-level results and measurements.
Conduct quarterly income and expense analyses and provide quarterly reports on the performance of RB’s existing portfolio to the CEO, CFO, COO, VP of Housing, and VP of Real Estate
Track the progress of, review drafts for, and distribute annual audited financial statements to partners as required by operating agreements
Analyze and report project underwritings to actual performance (income, expense, NOI, etc.); review and approve annual budgets as presented by property management; track cash flow and deferred developer fees.
Ensure timely submission of Project Based Voucher / HAP / PRAC renewals.
Prepare and analyze annual income & expense reporting to identify trends. Develop comprehensive tracking mechanisms and KPIs for analysis. Also, prepare reports and summaries of portfolio analytics to present to senior management at RiseBoro.
Liaise with the VP of Real Estate, Fiscal Department, and Property Management Team to periodically update RiseBoro’s Real Estate Owned (REO) schedule, Contingent Liabilities schedule, and Developer Fee Schedule
COMPLIANCE RESPONSIBILITIES
Ensure portfolio compliance with regulatory agreements (including but not limited to LIHTC, HOME, Art XI, HTF, HHAP) and local laws (building code, fire code, energy code)
Ensure timely submission and response of all compliance reporting (investor, city, state, and federal) as required
Ensure ongoing accuracy of property setup in RiseBoro’s Yardi Property Management System in coordination with the Property Management and IT departments
ASSET PLANNING RESPONSIBILITIES
Lead transition to property management for development projects, including setting up properties in Yardi, finalizing operating budgets, establishing building utility accounts, and locking in permanent insurance.
Work with the Property Management team to assess capital needs within the existing RiseBoro portfolio. Assess the adequacy of reserves to address capital needs.
Lead activities (including underwriting) related to all building recapitalizations, including timely loan refinancing and Year 15 investor exits within RB’s portfolio, in coordination with RB’s real estate development and construction management teams. Executions may include RAD for PRAC, HPD PLP, Tax Credit Syndication / Re-Syndication, Fannie/Freddie/FHA executions, or other financings.
Coordinate capital work resulting from refinancings and Year 15 exits in collaboration with the construction team if needed
SUSTAINABILITY PLANNING RESPONSIBILITIES
Ensure portfolio meets and when possible, exceeds New York City’s Climate Mobilization Act sustainability targets.
Assess financing structures for energy upgrades and retrofits, including the RB Solar initiative and other new financing products related to sustainability measures
Ensure compliance and when possible, exceed requirements under NYC LL97
COMPETENCIES:
Demonstrated experience in multifamily asset management; direct experience managing affordable housing assets preferred
Demonstrated excellent project management skills and strong relationship management skills
Passionate about the affordable housing industry and sustainable building practices
Ability to work independently and collaboratively as part of a team
Proficient in MS Office Suite with advanced Excel skills
Experience in low-income housing tax credits (9% and 4%) transactions and/or year 15 transactions preferred
Excellent prioritization, time management, and organizational skills
Meticulous with strong attention to detail
Excellent oral and written communication skills
Excellent critical thinking, problem-solving, and analytical skills
Proficiency in Yardi systems software or similar property management software is strongly preferred
Commitment to RiseBoro’s mission, vision, and values
Ability to understand the concepts of institutional and structural racism and bias and their impact on underserved and underrepresented communities
Demonstrated commitment to work that supports communities that have experienced systemic oppression and bias (i.e. people of color, LGBTQ+ people, immigrants, justice-involved persons, etc.)
EDUCATION and EXPERIENCE
Bachelor’s degree in a related field required; a Master’s degree preferred
A minimum of ten (10) years of professional work experience in multifamily asset management required
EEO/Affirmative Action Policy Statement
It is the policy of RiseBoro to provide equal employment opportunity to all employees and applicants for employment. No individual will be discriminated against on the basis of race, color, age, creed, religion, national origin, citizenship status, political or union affiliation, marital or partnership status, sex, sexual orientation or affectional preference, gender identity, familial status, genetic information or predisposition or characteristic, disability, status as a victim of domestic violence, status as a veteran or member of the U.S. military and related obligations, or any other characteristic protected by law. This policy applies to all terms and conditions of employment, including but not limited to, recruitment, hiring, job placement, compensation, benefits, training and apprenticeship, employee development, promotion, demotion, discipline, transfer, lay-off and recall, and termination. RiseBoro makes reasonable accommodations based on religion and/or disability as required by law, and requests for accommodation are to be directed to the Human Resources Department.