Asset Manager, Multifamily Rental Portfolio

City of New York • New York, NY • 3h ago

Job Description

About the Agency:

The New York City Department of Housing Preservation (HPD) promotes quality and affordability in the city's housing, and diversity and strength in the city's neighborhoods because every New Yorker deserves a safe, affordable place to live in a neighborhood they love.

We maintain building and resident safety and health

We create opportunities for New Yorkers through housing affordability

We engage New Yorkers to build and sustain neighborhood strength and diversity.

HPD is entrusted with fulfilling these objectives through the goals and strategies of "Housing Our Neighbors: A Blueprint for Housing and Homelessness," Mayor Adams' comprehensive housing framework. To support this important work, the administration has committed $5 billion in new capital funding, bringing the 10-year planned investment in housing to $22 billion the largest in the city's history. This investment, coupled with a commitment to reduce administrative and regulatory barriers, is a multi-pronged strategy to tackle New York City's complex housing crisis, by addressing homelessness and housing instability, promoting economic stability and mobility, increasing homeownership opportunities, improving health and safety, and increasing opportunities for equitable growth.

Your Team:

The Office of Asset and Property Management (APM) leads the agency's effort to protect the City's investment in affordable housing and ensure that properties remain stable and affordable over the long-term. APM actively monitors the performance and regulatory compliance of projects sponsored, supervised, and owned by the city, and connects people to affordable housing opportunities. The Office of Asset and Property Management (APM) is composed of three divisions, which includes the Divisions of Asset Management, Property Management and Housing Supervision.

The Division of Asset Management is responsible for ensuring the longevity and affordability of units the agency has created and preserved. Its programs are geared to proactively identify at-risk buildings and portfolios and to stabilize struggling and mismanaged assets. The Division tracks information on the physical and financial condition of properties, as well as oversees compliance with regulatory agreements ensuring affordability. Working with owners, partners, and HPD's Office of Development, the division helps reposition projects using a variety of approaches including financial assistance, changes in property management and/or ownership.

Your Impact:

As an asset Manager in the Multifamily Rental Portfolio within the Division of Asset Management, you will be responsible for overseeing a portfolio of more than 10,000 units of affordable rental housing. In this role, you will work directly with property owners and other partners to ensure that properties remain affordable and are maintained in both sound financial and physical condition. Additionally, you will play a critical role in identifying properties that may require enforcement actions or additional assistance from the City.

Your Role:

Your role will be to work directly with property owners and internal and external partners to promote and ensure the responsible ownership of a portfolio of affordable rental housing projects.

Your Responsibilities:

Under general supervision, you will:

Work with the unit's third-party data management system to collect and record requisite project documents

Work with property owners to monitor and analyze financial statements, municipal arrears information, reports on building conditions, and other information to assess project financial and physical health

Review regulatory agreements, mortgages and other legal documents to determine project compliance obligations

Review periodic risk ratings reports and other available data to monitor and prioritize working with at-risk or distressed projects

Work with property owners to manage the intake of inquiries from developers and property managers

Review and facilitate capital and operating reserve withdrawal requests to ensure property owners are using their reserves effectively and appropriately to promote healthy, sustainable, and affordable properties

Recommend and pursue corrective actions for properties with poor health or compliance issues.

Work closely with internal and external partners to develop plans to correct comprehensive poor performance or compliance issues

Assist and/or facilitate a variety of real estate transactions that may arise within your portfolio (e.g. mortgage confirmations, satisfactions, subordinations, and property sales and transfers)

Work on special projects as needed

Preferred skills

Must be curious, motivated, and work well independently

Excellent written and verbal communication skills

Strong analytical and research skills

Experience with financial analysis

Experience reading legal documents

A background in affordable housing, asset / property management, or auditing / accounting skills preferred

Experience with Excel

COMMUNITY COORDINATOR - 56058

Qualifications

A baccalaureate degree from an accredited college and two years of experience in community work or community centered activities in an area related to the duties described above; or

High school graduation or equivalent and six years of experience in community work or community centered activities in an area related to the duties as described above; or

Education and/or experience which is equivalent to "1" or "2" above. However, all candidates must have at least one year of experience as described in "1" above.

Additional Information

The City of New York is an inclusive equal opportunity employer committed to recruiting and retaining a diverse workforce and providing a work environment that is free from discrimination and harassment based upon any legally protected status or protected characteristic, including but not limited to an individual's sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, veteran status, gender identity, or pregnancy.

Salary Min: $ 62,868.00

Salary Max: $ 72,298.00

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