National Community Renaissance
  • Rancho Cucamonga, CA, USA
  • DOE
  • Salary
  • Full Time

National Community Renaissance offers a comprehensive benefits package!


"Together, we transform lives and communities!"

 

National Community Renaissance (CORE) is seeking a Vice President - Asset Management to join our Asset Management team. CORE is one of the nation's largest non-profit affordable housing developers with a 20-year track record in community revitalization. We transform the economic and social future of communities by building quality, affordable housing combined with best practice social services to improve the self-sufficiency of our residents.

 

National Community Renaissance C.O.R.E. Values:

COMMUNITY - Through our high-quality construction and social services, we build great communities where our residents and neighbors can thrive.

OPTIMISM - We believe in the ability of people to strive for better lives, and we help provide them with the means to achieve their dreams.

RESPECT - We serve our residents, partners, and employees with utmost respect.

EXCELLENCE - We strive for the highest standards in design, construction, property management, and customer service.

 

Benefit Summary:

National Community Renaissance offers a comprehensive benefit package including, medical, dental, vision, 401(k) plan with match, Life Insurance, LTD, FSA, paid holidays, vacation, and sick time.

About the Job:

The Vice President of Asset Management reports to the Executive Vice President, is a member of the Leadership Team, and is responsible for for strategically managing a portfolio of properties in California, Texas and Florida while working closely with members of an Asset Management Committee. The Vice President of Asset Management is also responsible for managing/directing the ongoing Re-syndication/Restructuring activity for the portfolio.

 

RESPONSIBILITIES

  • Strategize on long-term portfolio policies/approaches to sustain affordability into perpetuity.
  • Review and provide input on all project proformas, including NOI/Loan analyses, operating budgets, timelines and development budgets used in structuring transactions. Maintain and update database of key ratios and indicators that can be used in estimating project income, expenses, reserve amounts, soft costs, hard costs and development fees.
  • Identify, develop action plan, timing, strategy for re-syndication and rehab opportunities, particularly those in distressed/workout status where substantial corporate assets (money, guarantees, risk tolerance, brand, political capital) are at risk.
  • Manage/supervise transactional component of re-syndication work including coordinating with the Legal Department, external legal firms and investors, public agencies to efficiently close transactions. Maintain a cross-departmental approach to managing process to ensure key stakeholders' interests are considered in transactional documentation.
  • Develop operating benchmarks to monitor costs, compliance and portfolio performance, manage performance reports, maintain watch list, manage and organize key documents through ongoing implementation of Integratec/MRI as system of record. Act as administrator of database, granting cross departmental access as appropriate.
  • Review and monitor original budget and cash flow for all phases of project and coordinate with the Construction and Accounting department on any necessary future revisions to those budgets and cash flows.  Monitor ongoing project budget to ensure compliance.
  • Supervise the preparation of financing proposals to local, state and federal agencies. Prepare business term sheets, which serve as the basis for all housing and regulatory agreements. Prepare reports and seek project and funding approvals from National CORE's Leadership and Board of Directors.
  • Review loan packages for acquisition, development, construction and permanent financing. Coordinate application packages to CTCAC, CDLAC, FHLB and HCD for funding allocations. Negotiate financing terms with lenders and investors.
  • Ensure that purchase contracts and escrow instructions go through proper internal review.  Monitor status of project appraisals and reports, loan documents, etc.  Prepare and distribute "Interested Parties" lists. Review loan documents, regulatory agreements, and agreements with governmental partners to assure they conform to business points.  Assure that scheduled closings are organized and complete.  Monitor movement of funds and other matters per escrow instructions.
  • Maintain corporate memory for business points and financial structuring of each transaction in which he/she is involved. Provide office administrative staff with all closing and financing documents.
  • After closing, work with Compliance Department to establish all compliance monitoring requirements.
  • In coordination with vendor management personnel, supervise and manage vendor relationships that relate to the asset management function.
  • Hire and supervise all Asset Management staff.
  • Responsible for coordinating and maintaining Bond Arbitrage analysis with external accounting firm.
  • Responsible for representing Company's interest in front of committees, commissions, cities, counties, states, et all as required.
  • Oversee the organizations' portfolio ensuring that the properties' financial performance meets or exceeds expectations, and that the properties are physically maintained at or above company standards.
  • Responsible for executing on financial restructuring as appropriate, including refinancing old debt, as well as investor exits (buyouts).
  • Manage LIHTC capital accounts through annual analysis and exit tax projections.
  • Manage a team of Asset Management professionals.
  • Work closely with Property Management capital department in budget preparation
  • Track partnerships including distributions, cash flow, debt service, soft loans, reserves and capital accounts.
  • Develop and maintain long-term financial plans for each property to support adequate capital planning.
  • Strong knowledge of real estate development, affordable housing finance and asset management functions to work effectively and credibly with other departments.
  • Develop and implement overall budget for the Asset Management Department.
  • Act as liaison with investors and represent their interest in the partnerships.
  • Must attend Company sponsored events that relate to the development of the team, which, from time to time, may include overnight stays at locations away from the employee's home.

 

EXPERIENCE

The Vice President of Asset Management should have the following knowledge, skills and abilities:

  • Proven track record of successful transactional experience.
  • Broad knowledge of affordable housing finance, including (a) market comparability and rent-setting, (b) operating budgets and cost optimization, (c) capital needs assessment, capital planning, and replacement reserve activity/rules, (d) finance, including hard debt sources, soft debt providers (and participations), and equity investment (principally tax credits).
  • Knowledge of specialized financing programs used in affordable housing, such as Low-Income Housing Tax Credits, HOME funds, tax-exempt bonds, various HUD programs, AHP, housing trust funds, inclusionary funds.
  • Experience with conventional and tax-exempt financing of apartment projects.
  • Be familiar with the negotiation and structuring the purchase of land and improvements, specifically apartment buildings.
  • Experience with the due diligence process for multifamily properties.
  • Proforma analysis/financial modeling of affordable, mixed-income and mixed-use properties.
  • Familiarity with the activities of California cities, counties and housing agencies in relation to affordable housing.
  • Exposure to the construction process.
  • Experience interacting with government administrators in resource allocation, oversight, compliance, enforcement, and negotiation.  Able to effectively and independently represent the owner's will in such dialogs.
  • Strong managerial background.
  • Strong facility in both written explanation/persuasion and numerical presentations geared to secure approvals/decision/actions.
  • Must have demonstrated ability for problem solving, consensus building, enterprise and innovation.

 

EDUCATION

  • Bachelor of Science degree in Business, Management, or related field is required.
  • Must have a minimum of 10 years of active involvement with operating affordable housing properties or comparable experience.
  • Advanced degree or applicable work experience preferred.

 

PHYSICAL REQUIREMENTS/WORK ENVIRONMENT

  • Operate computer and office equipment.
  • Must be able to travel, visit properties and conduct physical walk-throughs.

 

National Community Renaissance is an equal opportunity employer.

National Community Renaissance
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