Job Details

Description

Summary:

As part of the Asset Management team, the Asset Management Associate plays a vital role in assisting the department in analyzing property-level transactions while monitoring portfolio performance in both financial health and physical long-term sustainability. The Associate assists in developing, updating, and monitoring portfolio performance throughout Burbank Housing's operating portfolio. The department is Burbank Housing's “owner representative” and is involved in all stages of real estate activities from pre-development through operations to ensure that the real estate assets achieve their goals in furtherance of the organizational mission.

The position is characterized by a high degree of initiative, responsibility, accountability, a strong technical aptitude, and the ability to work effectively with individuals and organizations with a wide variety of interests, issues, and concerns. This is a full-time, non-exempt position that reports to the Director of Asset Management and works in close coordination with Burbank Housing's internal departments (property management, facilities, accounting, resident services, compliance, and housing development) as well as being a key individual building and maintaining relationships with agencies, investors, and lenders.

Primary Responsibilities:

The Asset Management Associate will assist in the following areas and, over time, assume full responsibility for the following duties:

Financial Oversight

• Review and analysis of annual budgets, including capital expenditures, operating expenses, and revenue assumptions.
• Review monthly property financials, monitor variances, and work with property management to make progress in meeting financial performance standards.
• Prepare periodic reports analyzing replacement and operating reserve funding
• Monitor K-1s, pro-formas, and property operations to ensure property sustainability
• Forecasting property cash flows/needs.

Capital Expenditures

• Managing capital improvement projects for existing sites on a case-by-case basis.
• Process property reserve draws for capital expenditures, including working with Facilities on capital budgets and facilitating property needs assessments.
• Explore green initiatives and incentives for the portfolio

Ownership/Partnerships

• Maintain REO schedules, Portfolio & Property Dashboards

• Annual audit process and reporting
• Welfare Exemption – Annual & 1^st Filings
• Supplemental & Organizational Clearances
• Monitoring capital accounts of investors

Insurance

• Annual insurance renewals for existing projects, new developments, and Burbank corporate entities.
• Liaison with insurance/property on property incidents.
• Initiate insurance claims (if needed) & ensure all insurance claims are documented properly
• Manages all Evidence of Property Insurance (EPI) and Certificate of Insurance (COI) requests from various parties.

Other

• Development and management of departmental files, spreadsheets, processes and procedures, and other tools/resources.
• Support transitioning projects from development into property operations post-construction.
• Primary contact for Burbank Housing during property operations for lenders, investors, and public agencies.
• Identifying and managing risks related to the real estate portfolio.

Qualifications

Job Knowledge, Skills, and Experience:

Education and Experience:

• Bachelor's Degree with a major in finance, business administration, or related field.
• At least one to three years of combined experience in affordable housing property management, multi-unit rental housing development and management, lending, asset management, and/or real estate development highly preferred.
• Extensive exposure to analyzing real estate development pro-formas and preparing and reviewing property operating budgets.

Required Skills/Abilities:

• Ability to work cooperatively and effectively with a diverse group of people (partners, vendors, and employees).
• Excellent verbal and written communication skills.
• Excellent organizational skills and attention to detail.
• Ability to maintain confidential and sensitive information and use discretion and tact.
• Strong time management skills, including managing multiple projects simultaneously to achieve specific goals on time. Able to meet deadlines.
• Ability to troubleshoot and problem-solve.
• Ability to work independently.
• Intermediate or advanced knowledge of Excel as a financial analysis tool.
• Proficient with other Microsoft Office applications such as Outlook and Word., Yardi Voyager, and any document management software.
• Familiarity with, or ability to quickly learn, basic office and clerical procedures and equipment.
• Commitment & enthusiasm toward achieving Burbank Housing's Mission and Vision Statements.
• Ability to review, understand, and analyze property financial statements.
• Experienced in financial cash flow modeling and analysis using Microsoft Excel.
• Proficient in reading and interpreting legal documents.
• Ability to learn and become proficient in property management and accounting software such as Yardi Voyager and related software applications.

Language Skills:

Ability to read, interpret, and analyze written budgets and financial documents, government regulations, technical procedures, and refinancing application applications. Ability to effectively present information and respond to questions from groups or individuals.

Mathematical Skills:

College-level mathematics, including conceptualizing and analyzing financial questions in financial/mathematical terms.

Reasoning Abilities:

Ability to identify problems, collect data, establish facts, draw valid conclusions, and present findings to management. Ability to interpret financial statements, review contracts, manage projects efficiently, collaborate positively with others, and understand the importance of managing a vast portfolio of properties.

Qualification Requirements:

The requirements listed above are representative of the knowledge, skills, and/or ability required. Reasonable accommodation may be provided (except experience levels) to enable individuals with disabilities to perform essential job functions. Basic knowledge and/or understanding of affordable housing management and development, as well as familiarity with local, state, and federal programs related to affordable housing such as HUD, Tax Credits, etc., is highly desired.

Other Skills and Abilities:

1. If the job requires driving a car for business purposes, the Asset Management Associate must possess a valid California Driver's License, a good driving record, and automobile insurance per the requirements of the State of California.
2. Ability to work with individuals and/or groups as a representative of Burbank Housing, both in public and private arenas. Contacts may include public agency officials, housing development professionals, representatives of the business and financial community and community-based groups.
3. Must be self-motivated and demonstrate initiative.

Supervisory Responsibilities: None.

Physical Demands:

While performing the duties of this job, the employee is regularly required to walk; sit; use hands to handle objects/operate keyboards, tools or controls; reach with hands and arms both above the shoulder and below the waist; lift and or carry up to 15 pounds; stoop; kneel and crouch; talk and hear.

Work Environment:

The noise level in the work environment is usually moderate.

Position type and work schedule:

This is a full-time, non-exempt position. The work schedule is Monday-Friday, from 8:30am – 5pm, with ½ hour meal period. This is an in-house position. Requests for hybrid schedules will be reviewed and evaluated on an individual basis by the director of the department and must be approved by the Director of HR.