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Affordable Housing Owner-Operator & Development
Director of Asset Management

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Location: Tennessee
 
Our Client
We’ve been retained by a growing non-profit Affordable Housing Developer to hire the company’s Director of Asset Management. The company an impact developer focused on raising the standard of living for low and moderate-income Americans by acquiring, rehabilitating, and preserving affordable senior and family apartment communities throughout the country.
  • 30+ year history of growth and success in Affordable Housing Real Estate Development and Management
  • The largest provider of affordable housing in the area where the company is headquartered
  • Very strong pipeline for continued growth
  • Positive, employee-centric company culture with a focus on work/life balance
  • Strong sense of mission, caring, and community
  • Well capitalized with a growing portfolio
 
The Head of Asset Management Opportunity
The Director of Asset Management will report directly to an Executive team member and have oversight of financial reporting and financial management of a portfolio of assets across the portfolio. They will have the opportunity to manage these aspects throughout the entire business cycle of Low-Income Housing Tax Credit and other multifamily investments by providing feedback to and coordination between the Accounting, Property Management, and Development teams.
 
The Director of Asset Management will be expected to:
  • Develop and implement Asset Management department goals that will ensure that the long-term financial health of the organization’s properties meets company and lender requirements
  • Work with the Executive team on long-range financials and strategic plans
  • Coordinate income and expense underwriting between Development and Property Management teams
  • Analyze market data to validate underwriting assumptions for prospective developments.
  • Review LOIs, MOUs, and other agreements to ensure alignment with Asset Management standards
  • Assist in creating business plans, serving as a liaison between Accounting, Property Management, Development and Construction
  • Lead monthly asset reviews with Property Management for properties in development and stabilized assets
  • Monitor and enhance the financial performance of portfolio properties during renovations and new building lease-ups to meet financial commitments
  • Oversee loan conversion and upsizing analysis
  • Offer guidance and make financial performance recommendations to the Property Management division
  • Monitor replacement reserve analysis and capital expenditure plans.
  • Act as the primary point of contact for lenders, investors, partners, and state agencies for reporting commitments
  • Prepare financial and compliance reporting processes by analyzing loan documents, investor agreements, and regulatory agreements to ensure compliance with reporting covenants
  • Generate internal property performance reports for internal stakeholders by collaborating with Property Management and Accounting
  • Supervise real estate tax appeals and annual abatement/exemption filings
  • Monitor GP guarantees, both pre- and post-permanent loan closings, including operating deficit guarantees
  • Coordinate first-year tax credit delivery analysis with Property Management and Development
  • Monitor portfolio valuations and provide recommendations to ownership on investor buyouts, dispositions, redevelopment, and refinances
  • Assist in the preparation of tax returns and audits
  • Regularly visit properties to evaluate performance
 
Qualifications:
  • Bachelor’s degree with a concentration in Real Estate, Finance, or Business preferred
  • 5+ years of experience in affordable multi-family real estate (Property Management or Development preferred)
  • Excellent verbal and written communication skills, organizational and interpersonal skills, and the ability to manage multiple assignments under deadlines
  • Strong quantitative skills with knowledge of multifamily valuation, discounted cash flow analysis, and property financial analysis with high proficiency in Excel and other Microsoft-based programs
  • Understanding of Low-Income Housing Tax Credits, HUD financing, Section 8 programs, agency financing, and state agency compliance programs
  • Familiarity with navigating compliance and reporting with multi-layered capital stacks
  • Ability to travel to projects and industry training
OUR FIRM
KM Partners’ national Executive Search and Professional Recruitment practice areas focus on high-growth, impact-investment-oriented businesses across relevant industries, including Investment Management, Real Estate, Clean Energy, Sustainable Infrastructure, and related Business and Professional Services. With a core focus in Tax Credits (LIHTC, NMTC, Historic, & Renewable), Multifamily, Affordable and Senior Housing, we partner with clients and place industry-specific professionals throughout the United States. At KM, we have established an unparalleled track record of repeat business and success recruiting in niche practice areas, including 140+ placements in Affordable Housing, which have led to 50+ promotions to date. We represent C-level Executive Leadership, Middle Management, and experienced Associates across industry professions.
If qualified, please contact:
Butch Edlinger | Managing Director
412.651.5446 | butche@kmcompanies.com
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