Our Mission and Values
To provide safe, affordable housing of high quality to those in need; to establish stability and opportunity in the lives of residents; and to foster diverse communities that allow people from all ethnic, social and economic backgrounds to live in dignity, harmony and mutual respect.
We have established a list of core values which guide our work and culture: how we treat one another, our residents and our partners. We believe that upholding these values will help MidPen achieve operational excellence and will create an environment where employees feel valued and inspired to their best work. Our values are Integrity, Collaboration, Accountability, Respect and Excellence (ICARE).
The Senior Asset Manager (SAM) is the primary contact for the assigned portfolio’s investors and lenders. The AM’s portfolio is comprised of up to 40 properties, which may include up to 60 partners. The SAM is directly responsible for ensuring that the long-term financial health of properties in their portfolio meets MidPen, owner and lender requirements. If necessary, the SAM is responsible for securing lender and/or investor agreement on resolving financial issues. The SAM is responsible for collaborating with the Developer on long-term financial plans for assigned new properties and presenting these plans to the Vice President of Asset Management approval. The SAM is responsible for reviewing and analyzing the assigned portfolio against benchmark performance and assisting in the development of corrective action plans to address Watch List property issues. The SAM is integrally involved in monitoring budget to actual variances and communicating issues and proposed solutions to the lenders and investors.
The Sr. Asset Manager provides analytical support to financial questions regarding the assigned portfolio and may indirectly manage several cross-functional teams focused on the financial health of the portfolio including Property Management, Accounting, Facilities, Purchasing, Legal, Insurance, Business Systems, Development and the MidPen Board of Directors. The incumbent will have extensive contact with MidPen’s consultants (legal, financial, etc.), regulatory agencies, lenders and investors and will directly represent MidPen on significant financial strategy positions.
- Primary contact for lenders and investors for properties in assigned portfolio.
- Works with Property Management staff to analyze budgets against MPHC benchmarks and goals and proposes creative solutions to cash-flow and financial ratio issues.
- Evaluates property plans to ensure surplus cash will meet long-term plans for distribution.
- Review budgets to ensure properties are meeting affordability, operating expense per unit, reserve funding, and surplus cash distribution goals as required under all agreements or regulations.
- Reviews long-term capital plans for portfolio properties, suggesting adjustments if necessary for investor and lender needs, and monitors that major projects are progressing on plan.
- Monitors portfolio to ensure rent increases, or other revenue plans, have been implemented. Assists in presenting adjusted budgets when increases are not approved.
- Monitors portfolio to ensure that operating expenses are in-line with budget and that variance explanations meet MidPen and investor/lender requirements.
- Assists properties in gaining approval for replacement reserve draws when issues arise.
- Monitors audits to ensure surplus distributions are made correctly and on a timely basis.
- Reviews and analyzes all reporting information due to investors/lenders and writes a summary narrative.
- Coordinates all responses to investor/lender questions on assigned portfolio.
- Negotiates with partners when waterfall agreements need adjustment for long-term property financial health.
- Presents summary analyses to the Board Committee.
- Researches partnership agreements, financing documents, regulatory agreements, tax returns, and other source documents to determine constraints and barriers to long-term needs.
- Based on analyses, works with MidPen investors and lenders to make appropriate changes for the long-term health of properties. Includes preparing reports, making recommendations, composing written documentation, and coordinating partner negotiation meetings.
- Makes site visits and documents review of property condition, general file handling, and progress on initiatives. Develops corrective action with property management and tracks progress. Escalates and resolves issues through senior management, as appropriate.
- As assigned, works with Developer to create accurate Proforma financials and long-term financial plans for new properties.
- Ensures that all financial plans and regulatory agreements proposed on assigned new properties meet asset management requirements.
- Monitors that capital payments are done on a timely basis.
- Monitors that properties moving into operations are meeting Proforma performance through first complete fiscal year of full operations.
- Facilitates approval process for major rehab work.
- Searches for, and works with Vice President of Asset Management, to obtain funding for major rehab projects.
- Works with Facilities on major rehab projects (over $10k and up to $1 million or involving relocation) to ensure progress to plan.
- Manages refinancing, as required, to pay for major rehab projects.
- Creates and maintains asset management plans for each property in portfolio that specifically address buyout planning.
- Ensures that all activities required for a successful buyout are conducted on a timely basis. Includes ensuring that management is aware of required property condition, reserve and debt levels, and investor goals.
- Ensures that any issues projected on buyout plans are effectively communicated and resolved with investors and regulators, as appropriate.
- Monitors portfolio properties for potential re-financing opportunities that would substantially reduce interest expense or debt burden while simultaneously meeting long-term financial goals of all parties.
- Proposes buyout and re-financing approaches and gains approval from all parties.
- Completes all paperwork required for re-financings and buyouts of portfolio properties.
- Completes portfolio analysis and summary reports as requested by Vice President.
- Provides enhanced review and analysis of Watch List properties and properties outside of established benchmarks.
- Works with property managers to resolve operating cash-flow and long-term capital needs. If long-term issues, work with investor/lender to free-up existing reserves or secure an advance, loan, or donation from the Coalition.
- Develops and maintains good working relationships with all investor and lender contacts assigned to portfolio.
- In addition to providing commentary on required reporting packages, provides interim updates, as appropriate. This may include new litigation or compliance issues.
- Develops and sponsors occasional meetings to review portfolios with investors, lenders, and internal groups.
- Coordinates all investor/lender visits to property sites in portfolio.
- Ensures that all loan and bond payments are being made as scheduled and that redemptions are completed, if appropriate.
- Create a positive work environment with a focus on cross-functional collaboration and teamwork.
- Co-facilitate department meetings to discuss goals, workload and status updates.
- Work with Vice President, Asset Management to provide Asset Management training programs.
- Performs other assignments as requested.
- Must have a Bachelor’s Degree in the field of finance, business administration, accounting or related field. A Graduate Degree is highly preferred.
- A minimum of five (5) year’s experience in real estate or finance with a heavy emphasis on financial analysis of large portfolios.
- Must have experience in at least 6 of the following areas: Non-profit affordable housing, Refinancing of debt, HUD regulatory programs, Tax-credit Investor Buyouts, Managing Rehab projects, Real Estate Accounting, Financial Analysis, Property Management or Property Development.
- Proficiency using Microsoft Office Suite including MS Access.
- Ability to prepare financial feasibility analyses and strategic plans, conduct research, and prepare narrative reports and proposals.
- Expert level analytical and accounting skills.
- Strong written and verbal communication skills.
- Excellent business and financial judgment.
- Ability to work effectively with all levels of staff in many departments, external financial professionals, public officials, and low-income tenants.
- Experience with, or strong interest in, non-profit organizations.
- Ability to provide day-to-day support of assigned portfolio with no direct supervision. Expected to need minimal guidance from the Vice President for Major Projects.
- Ability to work in dynamic and fast –paced environment.