Vice President of Asset Management

Vice President of Asset Management:

The Housing Opportunities Commission of Montgomery County (HOC) was established in 1974 to better respond to the County's need for affordable housing. HOC is authorized to acquire, own, lease, and operate housing; to provide for the construction or renovation of housing; obtain financial assistance from any public or private source to assist its housing activities; and arrange for social services, resident services, and daycare.

HOC builds and renovates properties, and provides acquisition, construction and permanent financing of affordable multifamily communities through the issuance of tax-exempt and taxable bonds. HOC also utilizes a variety of financing tools, including the innovative Housing Production Fund it created IN 2021 with Montgomery County, private equity, grants, and other favorable financing to execute its affordable housing initiatives and strategic goals.

Considered a national leader in the industry, the organization provides credit enhancement of its bond funded multifamily mortgages through the U.S. Department of Housing and Urban Development's ("HUD") Federal Housing Administration ("FHA") Section 542(c) and 542 (b) or Risk Share Program.

The organization also utilizes the full reach and range of FHA insured multifamily loan products, as well as Fannie Mae or Freddie Mac, for affordable communities it develops. When appropriate, HOC utilizes private conventional bank financing and financing via the Federal Financing Bank to fund its transactions.

Job Description:

This is an executive level position responsible for overseeing the Asset Management Division, which monitors and evaluates the physical, fiscal, legal, regulatory, and operational activities for HOC's portfolio of multifamily and scattered site properties. The Asset Management division is critical to the Agency's ability to optimize real estate life cycles through property development, operations, and maintenance.

As part of the Executive Leadership team and reporting to the President/Executive Director, the Vice President of Asset Management is responsible for maximizing the fiscal and financial performance of the organization's multifamily and scattered site properties. The Vice President of Asset Management also determines the appropriate operational and financing strategies and recommends actions based on those strategies to maximize owner and investor returns and values, and ensures property compliance with regulatory and lender requirements. To effect the satisfaction of these responsibilities, the Vice President of Asset Management will lead a team of Asset Managers charged with reporting performance to and deploying the portfolio strategies provided by the Vice President of Asset Management.

The Vice President of Asset Management will also work actively with the Vice President of Property Management to facilitate immediate, short- and long-term plans for the assets. He/she will work with the Real Estate Development team to assist with acquisitions, new construction, and rehabilitation as well as participate in the due diligence process, with the long-term asset view in mind. The Vice President of Asset Management should be an articulate, professional leader who brings a demonstrated history of excellence in Asset Management, and one who can manage people and priorities in this highly collaborative, dynamic, and fast pace environment.

The current portfolio includes 9,430 units across 53 multifamily communities and over 1,700 scattered site units, and three (3) stand-alone commercial sites, all within Montgomery County, MD. HOC has a robust development pipeline and continually pursues acquisition, development and preservation opportunities to execute its strategic plan goals and meet its mission.

Responsibilities:

• With an overall responsibility for the management and strategic direction of the organization's portfolio of real estate assets, establish the strategic plan for each asset including revenue (rent and subsidies), expenses (cost of operations), NOI, capital expenditures (repairs and renovations), in the form of an annual capital and operating budget. The Vice President of Asset Management must clearly communicate this strategy to the property management team, including third party managers.
• Closely monitor all elements of financial performance; analyze financial statements and make necessary operating adjustments to realign with budgets or take advantage of opportunities within the market. Review adverse trends and recommend corrective actions quickly to the property management team.
• Analyze monthly operating statements and reports to the organization's Executives, significant variances from the budget and business plan by recommending the strategy of an action plan that proactively manages cash flow and resolves to the business plan or better.
• Form close relationships with property management personnel at all levels that successfully monitor the daily operations by conducting routine site visits and inspections, discussing weekly leasing, occupancy, capital expenditures, and/or renovation programs to maximize the overall success of each asset, with heavy focus on troubled assets or underperformers. Maximize opportunities for improvement even from high performers.
• Oversee monthly financial reviews.
• Serve as the key contact with the internal and any external financial partners, compliance with the various agreements, monitoring the asset performance, returns and recommending operational or financial strategies to optimize returns at the asset level.
• Work with the Acquisition and/or Development and Construction teams in conducting new property inspections, setting up Due Diligence, and working in collaboration on underwriting. Engage early and throughout the entire process to provide constructive input.
• Complete any other financial or market report and competitive analysis or other duties deemed necessary.
• Manage the execution of the asset's investment strategy by working alongside various company functions, including the acquisition team, property operations, design and construction, and accounting.
• Conduct frequent site inspections and monitor competition and market conditions; develop, recommend, and implement value-add action plans; supervise the planning, budgeting and control of capital expenditures.
• Assess financial strength of portfolio assets and value-add strategies through sale recommendations, refinancing strategies, or other re-capitalizations; coordinate asset dispositions and execute refinances within the portfolio.
• While it is rare for the HOC to dispose of its assets, the incumbent in the position will work with the Real Estate team and the President/Executive Director to develop an overall disposition strategy in accordance with the overall strategic plan for the organization.
• Oversee a team of two to three direct reports, initially.
• Serve as the subject matter expert and manager all Year 15 LIHTC exits as well as monitor and advise on all Extended Use Compliance.
• Create metrics by focusing on KPI for assets and monitor trends to recommend corrective actions to Property Management, Compliance, and Maintenance teams.

Minimum Qualifications:

Education:

• Bachelor's Degree specializing in Business Administration, Finance or related field. Master's Degree preferred, but not required.

Experience:

• At least 10-15 years of proven asset-management and property management experience in the commercial real estate market, with primary focus on multifamily with some low-income housing tax credit/affordable housing.

Knowledge, Skills, and Abilities:

• Established track record of business plan development, execution and value creation across multiple and residential asset classes.
• Highly effective leader with the ability to build strong teams and relationships with prospective and existing clients/partners and sellers/buyers of real estate as well as direct reports.
• Maintains a high level of professionalism, leadership and analytical skills.
• Working knowledge of leasing, accounting, development and operations of projects.
• Strong leadership and teamwork ability; provide support/direction to members of the management team.
• Strong multi-tasking, time management, leadership and decision-making skills.
• Ability to set personal and project priorities, and demonstrate strong organizational skills in day-to-day and long-term planning and execution.
• Strong analytical skills, problem analysis, project budget modeling and project scheduling. Ability to see the big picture.
• Excellent written and oral communication skills. Ability to effectively delegate and negotiate.
• Proficient in the use of computer software including Argus, Yardi, and MS Office, MRI.

* Min: $138,467 / Max: $200,110 | Salary determined by departmental budget - Offer commensurate with experience.

HOC is an equal-opportunity employer committed to diversity and inclusion in the workplace. All qualified applicants will receive consideration for employment without regard to sex, race, color, age, national origin, religion, disability, genetic information, marital status, sexual orientation, gender identity, gender reassignment, citizenship, immigration status, protected veteran status, or any other basis prohibited under applicable federal, state or local law. HOC promotes a drug-free workplace.

HOC conducts criminal background checks, employment reference checks, and where applicable, reviews driving records in determining suitability for employment. Selected applicants will be required to submit to pre-employment drug and alcohol screening. Employment is contingent upon drug and alcohol test results.