Senior Asset Manager – Affordable Housing
Senior
Asset Manager – Affordable Housing
Location: Greater Sacramento Area
(Gold River, CA)
Work Arrangement: On-site with regular
travel
Compensation: $130,000 – $150,000 Base
Salary + ~15% Target Performance Bonus (KPI-based)
Benefits: Comprehensive Medical
& Dental Coverage, 401(k) with Company Match, Paid Time Off
Travel: Approximately 25%–30%
(regional driving and occasional multi-state flights)
The
Opportunity
A well-established,
privately held real estate owner and developer with nearly 30 years of
stability is expanding its corporate leadership team. Managing an established,
100% affordable housing portfolio across multiple states, the firm specializes
in long-term preservation, acquiring, rehabilitating, and operating Section 42
LIHTC, HUD Project-Based Section 8, and USDA Rural Development communities.
This is a rare opportunity
to step into an ownership-level role offering direct, daily visibility to
executive leadership and principals. Rather than functioning as a remote
corporate cog, you will partner directly with operational leadership to shape
asset performance, participate in portfolio-wide optimization, and help
streamline operational workflows. Clear pathways for upward progression to an
executive/VP capacity exist as the platform expands.
Role
Overview
As Senior Asset Manager,
you will assume financial, operational, and regulatory oversight of a dedicated
portfolio of approximately 17 to 20 multi-family affordable housing
communities. Serving as the strategic bridge between executive ownership and
third-party property management partners, your mission is to protect asset
value, drive Net Operating Income (NOI), evaluate capital re-investment, and
maintain compliance across complex multi-layered funding structures.
Key
Responsibilities
- Strategic Financial Performance: Conduct rigorous
monthly balance sheet, P&L, rent roll, and variance analyses across
your assigned portfolio. Identify opportunities to optimize NOI, analyze
utility allowances and annual rent increases, and evaluate long-term
capital structures (including loan refis, re-syndications, and hold/sell
modeling).
- Third-Party Management Oversight: Hold outside
property management companies accountable to rigorous operational,
physical, and financial targets. Conduct regular audits, review operating
budgets, approve non-routine expenses, and establish operational
alignment.
- Regulatory Compliance Oversight: Ensure strict
adherence to IRS Section 42 Low-Income Housing Tax Credit (LIHTC)
guidelines, HUD APPS/Section 8 regulations, USDA-RD covenants, and bond
regulatory agreements. Supervise compliance audits, state agency
reporting, and tenant file reviews during ongoing operations and
post-acquisition lease-ups.
- Capital Improvements & Renovations: Partner on physical
asset planning, evaluating major capital reserves, monitoring CapEx draws,
and tracking scopes of work for substantial rehabilitations (roofing, MEP
systems, green energy/solar retrofits, and accessibility updates).
- Site Inspections & Travel: Conduct routine
on-site asset reviews to verify property conditions, curb appeal, deferred
maintenance resolution, life-safety standards, and third-party on-site
staffing effectiveness.
- Partner & Agency Relations: Manage
communications and filings with lenders, Limited Partners, syndicators,
non-profit general partners (MGPs), and local housing authorities.
Requirements
Candidate
Profile
- Demonstrated Asset Management or Regional Leadership: 4+ years of direct
experience in commercial real estate asset management, multi-family
portfolio operations, or regional property management within the
affordable housing sector.
- Affordable Housing Acumen: Deep working
knowledge of LIHTC (Section 42), HUD Project-Based Section 8/HAP
contracts, or USDA Rural Development programs is strongly preferred.
- Strong Financial Acumen: Ability to analyze
property financial statements, understand debt structures, interpret rent
rolls against maximum allowable limits, and build financial pro formas.
Advanced proficiency with Microsoft Excel is required.
- Tech-Savvy Operations: Familiarity
navigating property management accounting architectures (e.g., Yardi
Voyager, RealPage) and federal reporting platforms (HUD APPS).
- Education & Credentials: A Bachelor’s degree
in Real Estate, Finance, Business Administration, Accounting, or a related
field is preferred (equivalent practical industry track record valued).
- Presence & Agility: Strong communication
skills suited for executive-level collaboration, entrepreneurial
problem-solving, and managing high-trust relationships with external
agency partners.