MaineHousing | Augusta, ME
Primary Purpose of Position: The Asset Manager is responsible for the oversight of the financial and regulatory administration of some of the more standard and less complex financially structured and funded properties within MaineHousing’s multi-family portfolio as well as properties under the Performance-Based Contract Administration contract held with the U.S. Department of Housing and Urban Development (HUD). The position is responsible for establishing and maintaining a close working relationship with their assigned property owners and management companies throughout Maine as well as federal regulatory agencies providing funding and contract work.
Education/Experience: Bachelor’s degree and two years of relevant work experience or a combination of six years of education and training preferred. Experience with comprehending and interpreting legal documents and regulatory guidelines, and experience with the affordable housing industry highly desired.
- Certified Occupancy Specialist Training (COS)*
- Tax Credit Specialist Training (TCS)*
- Federal HOME Program Training*
*training and certifications to be obtained within the first year of employment or as the courses become available
- Review projects for compliance to federal, state and agency regulatory requirements and proactively monitor to anticipate developing issues and risks that could impact MaineHousing’s financial exposure in the investments. Key essential tasks include:
- On a limited portion of the assigned portfolio, review and analyze budgets and Audited Financial Reviews (AFR) for financial risk by monitoring debt coverage ratio, accounts receivable, vacancy loss, bad debt, net income/loss and recognized cost deemed unreasonable.
- Analyze on-going capital investments/needs of a property through the evaluation and comparison of routine inspection results, capital needs assessments, budget data, damage claims and replacement reserve requests.
- Review of annual program reporting for conformance to state and federal requirements
- Conduct management and occupancy reviews to ensure management practices and program occupancies conform to the regulatory requirements that are specific to each property.
- Review and approve all requests for use of property reserve funds.
- Make recommendations to Director of Asset Management and Portfolio Manager on troubled projects.
- Draft Notice of Violations and defaults when non-compliance is identified, follow-up on reporting and program compliance
- Perform key essential tasks required under the Performance Based Contract Administration (PBCA) held with HUD. Key tasks include:
- Conduct management and occupancy reviews to ensure management practices and occupancy conform to the HUD regulatory requirements specific to each project.
- Provide timely reporting of results of the review to owners (within 30 days).
- Perform on-site walk-through inspection of the property’s physical plant conditions.
- Participate in the establishment of new properties in the portfolio by:
- Review and approve the proposed operating budget for the new project and provide feedback/support for modifications as necessary
- Review draft legal documents prepared by MaineHousing Legal counsel and provide feedback/input as necessary
- Review Management Plans, Management Agreements, Marketing Plans, leases and rent levels prior to projects coming on line
- Participate in Pre-Occupancy meetings and Closings for new projects
- Maintain working knowledge of various federal and state program regulations applicable to the portfolio including Bond regulations, Code of Federal Regulations, IRC Section 42, HUD Handbook 4350.3, Fed HOME, Risk Sharing, Fair Housing Laws and Section 504 Requirements as well as any new programs coming on line and:
- Apply the appropriate requirements to the projects assigned
- Provide training and technical assistance to owners/management agents
- Respond to resident, owners, managers, and other external inquiries and issues through telephone, written, and electronic mediums
- Miscellaneous duties relevant to the position and assigned portfolio:
- Review and understand HAP-related functions including: vouchering process, utility allowance, HAP assignments, vacancy & damage claims, management changes
- Understand and assist in the following actions: ownership changes, prepayments, loan payoffs, risk ratings, watch desk, and mortgage discharge reviews
The starting hourly wage for this position is $23.46, plus a comprehensive benefits package.