Asset Manager

  • Competitive
  • Los Angeles, CA, USA
  • Permanent, Full time
  • Hunt Mortgage Group
  • 19 Nov 17 2017-11-19

Asset Manager

Hunt Capital Partners seeks an experienced Real Estate professional to join our company as an Asset Manager. The Asset Manager is expected to monitor the performance of affordable housing properties pursuant to project and fund level partnership agreements, oversee compliance with IRC Section 42 and applicable tax codes or all LIHTC and other regulatory guidelines to ensure deliver of tax credits, oversee use of cash to ensure collection of all fees, distributions, and to minimize operating deficits, and ensure the completion of reporting requirements pursuant to project and fund level partnership agreements, and maintain relationships with general partners, lenders, agencies, investors, and third-party management agents to ensure all assets meet their investment objectives. The position will be based in Encino, CA.

Responsibilities include but are not limited to:

  • Review monthly books and records at the project level to ensure the property is operating as underwritten,
  • Produce a quarterly investor report summarizing the operations for each property including risk rating, review of financial statements, and property operations,
  • Collect and review the annual audit and tax return for each Property Entity,
  • Collect and review annual property budgets and identity unusual budget variances,
  • Diligently enforce the rights of the Limited Partner under each Property Entity agreement,
  • Calculate the annual property cash flow, monitor cash distributions, and ensure the distribution priority of the Property Entity Agreement is followed,
  • Review and facilitate approval of all requests for consent received from the General Partner or its Affiliates, as applicable, including, but not limited to, reserve withdrawal requests, management company changes, loan refinancing requests, and General Partner replacements,
  • As necessary, consultant with attorneys, accountants and other professionals for the benefit of the Limited Partners, the Partnership and the Property Entities,
  • Perform a property inspection of each property once each calendar year during the Compliance Period for such property,
  • Ensure the compliance of the properties in accordance with the low income housing tax credit program, Property Entity agreements, state and HUD requirements, including but not limited to (1) review and support the completion of third-party provider in connection with a Tax Credit compliance audit annually, (2) monitoring and ensuring resolution of 8823s, and
  • Identify and analyze under-performing and troubled assets, and prepare and implement work-out strategies (as necessary, consult with attorneys, accountants and other professionals for the benefit of the Limited Partners, the Partnership and properties) request appropriate additional information or initiate appropriate corrective action, including, but not limited to, consulting with the relevant property managers regarding property management issues, consulting with the General Partner regarding refinancing issues, more frequent on-site visits or, in extreme cases, seeking removal of the General Partner.
  • Perform special assignments for the Company's management, as well as assisting with preparation and distribution of quarterly reports to investors,
  • Review 8609s and process 8609 capital contributions,
  • Actively participate in the Asset Management department's initiatives to improve policies and procedures and risk management process.

Requirements:
  • Bachelor's Degree in Business with emphasis in Real Estate or Finance is required, an MBA is preferred, with three to five years of related work experience. Other majors with relevant work experience will be considered.
  • Familiarity with the Low-Income Housing Tax Credit (LIHTC) Program preferred. Industry credential such as HCCP, TCS or C3P certification is a plus.
  • Key skills and traits include property and partnership accounting principles, real estate concepts, attention to detail, self-starter, efficient time management, critical thinker, inquisitive, flexible, and strong organizational skills.
  • Proficiency in MS Suite Office, especially MS Excel and MS Word, and Adobe Acrobat.
  • Excellent verbal and written communication skills.
  • Ability to travel extensively.