Asset Manager
Location: Richmond, VA - With frequent travel to a portfolio of properties across Virginia and adjacent states
Position Type: Full-Time, Exempt
Reports to: Director of Asset Management
Supervisory Responsibility: No
Position open: August 28, 2024
About VCDC:
VCDC, a Richmond-based non-profit, collaborates with mission-driven organizations to advance transformative community projects. We provide equity investments through Low-Income Housing and Historic Tax Credits, supporting developers in affordable housing and community development. Our services include compliance management, operational support, and capacity building. Through our lending affiliate, the Virginia Community Development Fund (VCDF), we offer loans and capital, leveraging New Markets Tax Credits for housing and economic development. Our subsidiary, Virginia Community Development Advisory Services (VCDAS), provides expert consulting for affordable housing and commercial real estate projects in Virginia and West Virginia. Together, these efforts empower community developers to create vibrant, resilient communities across the region.
Job Summary:
VCDC’s Asset Managers support our network of affordable housing partners served by the Low-Income Housing Tax Credit program throughout Virginia and the surrounding states. This position will oversee a portfolio of approximately 35-50 properties at any time and work collaboratively with them to help maximize operating performance and ensure program compliance.
This is a mid-level portfolio and relationship management position that is well suited for someone that has prior experience in housing and community development, a knowledge of property management and the Low-Income Housing Tax Credit program, and an expertise in developing, analyzing, and managing project budgets. Our ideal candidate has a passion for mission-driven community development and creating equitable and affordable housing opportunities.
Essential Functions, Duties and Responsibilities:
Oversee the financial health and operational performance of a portfolio of approximately 35-50 tax credit properties across Virginia and adjacent states.
Review of property financial reporting; compiling and analyzing that data and reporting it to investors.
Identify financial and operational risks that could result in a loss of tax credits, or could negatively affect the residents and/ or the reputation of the property.
Ensure that all properties within the portfolio have properly documented compliance of resident income and occupancy eligibility under Section 42 of the Internal Revenue Code (LIHTC compliance).
Help to design and approve annual property operating budgets.
Review annual GP audited financial statements.
Review and compare audited financial statements to financial statements reported to VCDC by the sponsor.
Provide technical assistance and guidance to on-site property managers and owners to help ensure that the asset performs well and complies with all regulatory requirements.
Frequent travel to a portfolio of properties across Virginia and adjacent states to perform physical property inspections and meet with management agents/general partners for property operating discussions/relationship building.
Throughout the year, provide whatever technical assistance is needed for the assigned portfolio to operate optimally, including but not limited to the following: marketing/leasing strategies, budgeting assistance, LIHTC compliance, and preventative maintenance plans – a broad range of activities to support our partners in keeping our housing communities healthy and in compliance with applicable rules and regulations.
Collaborate with the Asset Management Team to plan and organize periodic property management training conferences.
Closely monitor “watch list” properties and support the managing agent/sponsor in identifying any issues that might help improve the financial performance of the property.
Other duties as assigned, including, but not limited to:
Actively participating in interdisciplinary teams as assigned.
Frequent travel to properties across Virginia and surrounding regions for site inspections, compliance audits, and technical assistance, which may involve overnight stays.
Experience & Qualifications
The ideal candidate will have a comprehensive understanding of the Low-Income Housing Tax Credit (LIHTC) program, with strong expertise in property management and financial analysis. They should be a confident self-starter with a collaborative and personable disposition, capable of managing a varying workload with multiple deadlines, requiring flexibility and creative problem-solving. Resourcefulness and autonomy are essential, particularly when adapting to new tasks and projects. The candidate must excel in ensuring regulatory compliance, providing technical assistance, and building effective relationships with various collaborators. Excellent verbal and written communication skills are critical, along with a commitment to mission-driven community development and a willingness to travel frequently across Virginia and adjacent states.
Experience:
At least six years’ experience with increasing levels of responsibility in residential property management or asset management.
Education:
A college degree and/or unique lived/employment experience that will help you successfully service up to 50 clients/properties at a time is required. A degree in Business Management, Administration or Accounting is preferred.
Certification/License:
Holders of professional certifications such as HCCP, CHAM, ARM, CAPS, CPM are preferred.
Computer/Technology Skills:
Minimum: Skilled with the following applications: Office 365, Excel, and Adobe Acrobat. Experience with answering telephone, use of the cell phone, ability to use a copier machine, ability to communicate clearly via email messages, telephone, virtual or in-person.
Experience with CRM software, and project management tools is preferred.
Work Environment
The typical work schedule is 9:00am-5:00pm, Monday through Friday, though hours may vary occasionally based on business needs.
The designated primary base of operations for this position is our office in Richmond, VA with a hybrid in-office and remote work schedule.
Travel: This position necessitates extensive travel across Virginia and the surrounding regions, with frequent overnight stays required. A valid driver’s license is essential. The role involves hands-on work at various project sites, requiring the ability to adapt to the diverse needs and locations of ongoing projects.
Physical Demands and Requirements: The physical demands and requirements described below are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodation will be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this job, the employee is frequently required to: sit, move, communicate (verbally and written), frequently lift objects up to 20 pounds, and read, analyze, and calculate various types of data and information. In addition, site visits and inspections may require kneeling, crouching and squatting.
Salary & Benefits
The salary for this position is competitive and dependent on the candidate's experience and qualifications. We encourage applications from individuals with varying levels of expertise, and the salary range is flexible to accommodate different skill sets, the starting range is $55,000-$70,000.
Benefits: We offer competitive benefits, including health insurance with an option for a 100% employer-covered plan, retirement plans with an employer-funded option after 1-year, educational assistance, professional development opportunities, volunteer time off, and generous leave policies.
Salary Negotiation and Cover Letter: Candidates are encouraged to include their salary expectations in their cover letter. Additionally, we encourage you to highlight any relevant experience or expertise, including housing and community development programs, housing management, real estate, or experience in industries with complex transactions and varied customers. This approach will help foster an open dialogue during the interview process, allowing us to better understand how the candidate’s skills align with our organizational needs and compensation structure.
We recognize the unique skills each candidate brings, and we are open to tailoring our offer accordingly. The hiring range is flexible, and exceptional candidates may be considered for added responsibilities and a higher salary.
To Apply
To apply for this position, please submit your cover letter and resume here.
Open until filled - resumes will be reviewed on a rolling basis. Priority review will be given to applications received by September 20th.
We are an equal opportunity employer, committed to building a diverse team. All offers of employment are contingent upon clear results of a thorough background check.
VCDC recruits, employs, trains, compensates, and promotes regardless of race, religion, color, national origin, sex, sexual orientation, gender identity or expression, disability, age, veteran status, and other protected status as required by applicable law.
Background Check Information
All offers of employment at VCDC are contingent upon clear results of a thorough background check. Background checks will include:
Social Security Verification: validates the applicant's Social Security number, date of birth and former addresses.
Prior Employment Verification: confirms applicant's employment with the listed companies, including dates of employment, position held and additional information available pertaining to performance rating, reason for departure and eligibility for rehire. This verification will be run on the past two employers or the previous five years, whichever comes first.
Personal and Professional References: calls will be placed to individuals listed as references by the applicant.
Educational Verification: confirms the applicant's claimed educational institution, including the years attended and the degree/diploma received.
Criminal History: includes review of criminal convictions and probation. The following factors will be considered for applicants with a criminal history:
The nature of the crime and its relationship to the position.
The time since the conviction.
The number (if more than one) of convictions.
Whether hiring the applicant would pose an unreasonable risk to the business, its employees or its customers and vendors.
