ASSET MANAGER-TWIN CITIES AREA - RED LAKE BAND OF CHIPPEWA INDIANS
March 1, 2021
ASSET MANAGER-TWIN CITIES AREA
RED LAKE BAND OF CHIPPEWA INDIANS
Open: March 1, 2021
Closing: March 19, 2021 @ 12:00 p.m.
The primary responsibility of the Asset Manager is monitoring the Red Lake Band of Chippewa Indians long-term owner interests to obtain goals of each assigned property. Work is focused on maintaining high performing properties by executing on financial, physical, policy, and mission opportunities for assigned properties, contributing to the overall health of the entire portfolio. Productive and respectful collaboration with Red Lake Band of Chippewa Indians property management, advantage services, accounting, compliance, facilities and housing development teams is required. Full-time position w/Benefits, salary; DOQ.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
Analysis, Planning & Monitoring:
• For assigned properties, provide property managers with annual budgets/goals including rent increases, cash flow goals, approve final budgets.
• Monitor and evaluate property management/facility's development of, and annual updates to, capital improvement plans for each assigned property. Ensure each plan contains sustainability components. Identify resources to address the needs. Secure external resources as appropriate.
• Prepare reports for Acquisitions & Development team which compares underwriting proforma to actual performance (developer fees, operations, etc.).
• Assess monthly performance of all assigned properties by reviewing financial statements on a monthly basis (e.g., review budget-to-actual and balance sheet financials). Participate in Portfolio Review meetings
• Work cross functionally within Common Bond Communities to generate annual asset management plans for each assigned property, ensuring each plan clearly denotes owner's goals (e.g., population to be served, service level/outcome, affordability, etc.) and includes green/sustainability components, prioritizing watch list properties.
• Monitor, and ensure timely renewal of key rental and other subsidy contracts for assigned properties; confer on budget-based vs OCAF Section 8 Contract renewals
• Ensure cash flow, asset management and other fees/reimbursements, and incentives due to Owner are received, maximizing Owner's waterfall opportunities for assigned properties.
• Analyze, and communicate to property management, utility consumption data.
• Conduct annual property tax analysis and appeals.
• Participate in pre-audit meeting with auditors for assigned properties; analyze internal and external audit results, report findings, and oversee corrective actions.
• Periodically inspect assigned properties, prioritizing properties on watch list within assigned portfolio.
• Attend, and assist property management staff in coordinating inspections by investors within assigned portfolio.
• Ensure timely and accurate submission of required reporting to limited partners, lenders, funders, etc. for assigned properties.
New Projects/Deal Books
• Ensure receipt of "Closing Letter" for each new property acquired/developed by the Red Lake Band of Chippewa Indians, and other information required for creation of deal books for all properties. Create deal books.
• Convene 'stabilization' meetings to ensure new properties meet financial stabilizations tests as defined in Limited Partnership Agreements, and other pertinent agreements.
Managing Portfolio Opportunities
• Maintain a clear understanding of requirements within Limited Partner Agreements, particularly waterfalls and responsibilities, and timing for, cash distributions to the Red Lake Band of Chippewa Indians and partners for assigned portfolio. Report refinance, limited partner exits, and other potential opportunities to Asset Manager.
• Build effective, positive, respectful working relationships across functions/business areas within Red Lake Band of Chippewa Indians to achieve stated property and portfolio goals. Serve as resource for other departments regarding partnership agreements, loan documents, tax returns, restrictive covenants, and other concerns as necessary
• Ensure "Entity Maintenance" (i.e., annual business renewal; additional insureds on policies; DUNS #/SAM registrations; etc.) for assigned properties.
• Stay abreast of asset management industry best practices, and new industry-related policies, statutes, rules, and regulations (e.g., impact of 2018 Tax Reform Act on Red Lake Band of Chippewa Indians investors).
• Develop and maintain effective relationships with investors, funders, lenders, auditors, vendors, clients, and other key external partners, ensuring prompt and thorough responses to all inquiries.
• Other duties as assigned.
Bachelor's degree with an emphasis in real estate, urban planning, political science, business administration, finance, public administration or a closely related field, or five+ years of housing asset management, real estate development, or other equivalent role.
3+ years of housing asset management, real estate development, or other equivalent role.
• Advanced skill in financial analysis.
• Excellent oral and written communication skills.
• Strong ability to independently interpret and analyze business terms in legal documents (e.g., mortgages, loan and regulatory agreements, limited partnership agreements, etc.); understand and interpret deal underwriting, property audits, partnership tax returns, etc.
• Skilled in drafting both persuasive and informative correspondence to investors, lenders and other external and internal parties.
• General understanding of real estate finance and development concepts, including all debt and equity affordable housing programs or demonstrated ability to learn.
• Strong, mature interpersonal skills with the ability to interact respectfully, collaboratively, and professionally with internal colleagues, and external partners, investors, lenders, etc.
• Proficient in Microsoft programs including Word, Excel, PowerPoint, MS Project, and others.
• Ability to work independently, establish priorities and follow through on completion of tasks.
• Ability to sit for extended periods of time.
• Ability to lift and carry up to 15 pounds.
• Ability to file documents.
• Ability to type data into a computer.
• Must have access to reliable transportation.
• Must have willingness and ability to occasionally overnight travel.
TO APPLY: Applications (w/resumes attached) are being accepted at the Red Lake Human Resources Department, P.O. Box 546, Red Lake, MN 56671 Phone (218) 679-1847 *Fax (218) 679-4176.