Job Title: Asset Manager Department: Asset Management Reports To: Deputy Director of Special Assets EEOC Class: Professional FLSA Status: Exempt Date: May 1, 2017 Job Summary The Asset Manager is responsible for helping manage Midwest Housing Equity Group’s (“MHEG”) investments in multiple affordable housing developments financed with Federal LowIncome Housing Tax Credits (“LIHTC”). This individual works with MHEG management, affordable housing developers, lenders, property managers, state Housing Finance Agencies and other government agencies. She or he will monitor, analyze and, if necessary, improve the financial, operational and physical health of the underlying properties and ensure delivery of the LIHTCs to MHEG’s investors. This individual also helps foster strong relationships with our various partners and potential partners. Job Duties and Responsibilities •
Financial/Operational Analysis, Review and Reporting: o Analyze monthly financial statements, comparing to both initial underwriting and budget; complete trending analysis of income and expenses, assist property managers to maximize occupancy and revenue and maintain expenses at or under budget. o Review and approve annual property budgets, ensuring rents, expenses and inflation factors track original underwriting and deliver a DSCR of at least 1.15:1. Annually conduct rent analysis, ensuring rent levels comply with LIHTC rules and other applicable funding source regulations (e.g., HOME, AHP). o Monitor property tax expenditures, comparing aggregate and per unit expense to original underwriting and budget; assist with appeals process when warranted. Ensure timely delivery of any required government filings related to same. Ensure taxes are paid. o Review insurance expenditures, comparing aggregate and per unit expense to original underwriting and budget; facilitate third party insurance review with our outside advisors. Ensure premiums are paid. o Analyze financial statements and real estate schedules of all counterparties. Ensure compliance with MHEG’s applicable net worth and liquidity requirements. o Complete required monthly, quarterly and annual reporting activities, including quarterly risk rating analysis in accordance with AHIC standards; complete quarterly investor write-ups. o Ensure timely delivery and review of partnership tax returns and audits each year. o Review and analyze audited financial statements. o Evaluate reserve withdrawal requests and recommend approval or denial to Deputy Director of Special Assets