Asset Manager Extraordinaire

About Us:

Neighborhood Development Company is a mission-driven real estate development firm dedicated to community development. We specialize in developing and managing affordable housing properties, as well as commercial real estate assets, with a focus on creating vibrant and sustainable communities. Our team is passionate about making a positive impact through our work, and we are seeking an experienced Asset Manager to join us in achieving our mission.

NDC empowers all employees to act like owners – to drive results and see the biggest possible picture of our industry and our business. We are a small and mighty team, excited for the right person to join us and super charge our asset management efforts. We are a collegial and vibrant office, demanding excellence of ourselves and our colleagues. Half of us are immigrants, half are women and the last third of us are good at statistics. We have Harvard, Stanford, Wharton and Maryland alumni – some of us still struggle with putting soda cans in the blue bin.

Position Summary:

We currently seek an Asset Manager to oversee a diverse portfolio of LIHTC (Low-Income Housing Tax Credit) residential apartment buildings and related commercial real estate assets (often in a mixed-use format). The portfolio consists of five fully operational residential properties, one property currently under development, a range of commercial assets and a development pipeline that will continue to grow this portfolio.

We aren’t looking for a cookie-cutter PM seeking to make the leap to AM. Instead, you will play a crucial role at NDC in maximizing the investment performance, growth and social impact of these properties.

The ideal candidate will take the lead in developing, updating, and implementing a strategic asset management plan. They will also be responsible for monitoring and managing the performance of the third-party property manager and its onsite management teams (leasing, PM and maintenance) and making critical decisions related to capital expenses and operational improvements to optimize the financial performance and long-term value of our LIHTC portfolio. We encourage applicants who are self-motivated, able to work both independently and within a team environment, capable of managing multiple projects simultaneously and have excellent problem-solving skills.

A Day in the Life of this Position:

Below are just a few examples of what the qualified candidate might do, any given day:

Digest and analyze latest month’s rent collections data, reporting to the leadership team areas of concern and trends in the data
Evaluate the ROI between installing solar ourselves or partnering with a firm that will pay the upfront cost of installation in exchange for SRECs
Review annual budgets formulated by the property manager; highlight potential issues and areas for improvement while triangulating which costs increases are inline with the industry and which are not
Stay abreast of IRA opportunities to upgrade energy efficiency in our buildings

Responsibilities:

Develop and implement a comprehensive asset management plan to maximize the investment performance of our assets, ensuring alignment with our firm’s mission and goals.
Monitor and evaluate the performance of the onsite management team responsible for the day-to-day operations of the portfolio.
Make informed and strategic decisions regarding capital expenses and operational improvements to enhance financial performance and resident experience of the communities.
Conduct ongoing monitoring and analysis of property performance and benefit delivery.
Review fiscal and operating statements to assess financial performance and identify areas for improvement.
Drive healthy growth of Effective Gross Income (EGI) and Net Operating Income (NOI) through proactive management and hands-on approach.
Collaborate with the development team on the successful completion of development projects, ensuring a seamless transition from construction to lease-up to stabilized asset.
Manage relationships with LIHTC investors, JV partners, lenders, and regulatory agencies to ensure compliance with all reporting requirements and to cultivate positive partnerships.
Prepare and present comprehensive reports on the financial performance, occupancy rates, and other key metrics of the portfolio to senior management and stakeholders.
Stay up-to-date with industry trends, market conditions and regulations to proactively identify opportunities for optimization and risk mitigation.
Foster a positive and collaborative work environment, providing leadership and guidance to the onsite management teams and promoting a culture of excellence.
Support the company’s mission and values, promoting affordable housing and community development initiatives.

Qualifications:

Exceptional problem-solving and decision-making abilities, with a strategic mindset and the ability to think critically. This requirement, above all others, is paramount!
Bachelor’s and/or Master’s degree ideally in a business related field.
Minimum of three (3) years of experience in LIHTC asset management or a similar role within the affordable housing industry.
Practitioner knowledge of LIHTC regulations, compliance requirements, and reporting standards.
Proven record of enhancing operational efficiency and financial performance of multifamily properties.
Experience in managing commercial real estate assets is desirable.
Knowledge of DC landlord tenant laws and LIHTC regulations.
Excellent leadership and interpersonal skills, with the ability to build and maintain effective relationships with internal and external stakeholders.
Strong organizational and project management skills, with the ability to prioritize and manage multiple tasks simultaneously.
Excellent written and communication skills, with a detail-oriented approach.
Advanced user of Microsoft office suite; familiarity with Google Suite also helpful.

Please note that this job description is intended to provide a general overview of the responsibilities and qualifications required for this position. Other duties may be assigned as necessary, and the responsibilities and qualifications may be modified as the needs of the company evolve.

We offer a competitive compensation and benefit package. Join us in making a positive impact within communities through affordable housing management.

Interested candidates are welcomed to submit their resume and cover letter detailing relevant experience and qualifications.

To Apply:

Please send all resumes to: careers@neighborhooddevelopment.com