1854AH – Senior Asset Manager, Compliance

Gillian Executive Search, Inc.     Construction | Development     Affordable Housing | Multifamily     Irvine - California     May 3, 2021

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Gillian Executive Search, Inc.

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Position Overview

SENIOR ASSET MANAGER – Owner’s Compliance Our client is one of the largest developers of affordable and workforce housing in the country boasting more than with more than 55,000 affordable...

SENIOR ASSET MANAGER – Owner’s Compliance

Our client is one of the largest developers of affordable and workforce housing in the country boasting more than with more than 55,000 affordable residences in cities across America. Their California office has developed over 15,000 affordable units and continue to work directly with community leaders forming partnership to transform urban life in California. They have a robust pipeline of new projects to had to their portfolio. It’s a wonderful time to join the team!

Asset Management + Compliance – There is a direct relationship between compliance and asset management, both areas of focus need the other to maintain a healthy property.  Asset managers need to understand that to do their jobs effectively, compliance is critical. Asset management for compliance is increasingly becoming a more necessary role within affordable housing organizations and is currently the fastest growing area of our client’s business platform.

PRIMARY OBJECTIVES

Senior Asset Manager will optimize and preserve the investor’s benefit stream (typically tax credits and passive losses) and protect the real property generating the benefits. Asset management achieves these objectives through effective, ongoing monitoring and analysis of property performance and benefit delivery, including fiscal and operating statement reviews, regular site visits, and discussions with the developers, general partners and property managers.

Role and Responsibilities:

  • Exemption Process:
    Monitor, coordinate and in some cases prepare and process the welfare tax exemptions for each property. This includes interacting with MGP’s, the Board of Equalization, The Assessor’s Office and the Tax Collector’s Office to ensure the exemption is obtained and applied.

    • Annual Exemption Process
    • Initial Exemption Process
  • Review of annual Property Tax Bills
    • Review annual property tax bills to ensure welfare exemption received and valuation is accurate.
    • If necessary, coordinate and resolve any discrepancies with the Managing General Partner and/or the Assessor’s office.
    • Coordinate payments with accounting.
    • Protest assessed values with various assessor’s offices when deemed appropriate.
  • Prepare and calculated various taxes.
  • Ensure all tax forms are completed correctly, filed and paid on time.
  • Maintain compliance and mitigate risk for the company by interfacing directly with Management Companies, Partners, Lenders and Government Agencies on a variety of correspondence and requests.
  • Coordinate and prepare documentation for annual compliance reporting to the Tax Credit Allocation Committee. Documentation includes but is not limited to:
    • Annual Owners Certifications
    • Project Ownership Profile
    • Lend Profile Form
    • Annual Owner Expense Form
  • Coordinate and prepare documentation for annual compliance reporting to the California Debt Limit Allocation Committee (“CDLAC”)
  • Develop and maintain the Compliance Database to monitor and track:
    • Annual welfare tax exemptions
    • Annual CDLAC certifications
    • Annual TCAC Certifications
    • HCD Reporting
    • SFMO AMR
    • Asset Management fees
    • Other taxes and compliance reporting filling that are due throughout the year.
  • Development and maintain the REO property database.
  • Prepare Deal Summary Memorandums on all properties.
  • Insurance claims
    • Receive and coordinate the reporting of all property insurance claims.
    • Liaison between insurance agent and carrier adjuster
    • Annual insurance renewal process
    • Update and maintain insurance database on an ongoing basis.
  • Ensure property management compliance timelines are met.
    • Work in conjunction with the client’s Operational Risk Leader (ORL)
    • Annual review of the Bands of Affordability
    • 8703 submission
    • Utility allowance updates
    • Section 8 increases
  • Asset Management of the non-client portfolio by:
    • Interacting with management companies and MGP representative to resolve issues.
    • Review financial statements and budgets.
    • Site visits when deemed necessary.
  • Provide input and assistance to Project Mangers on their development deals, specifically as it relates to tax and insurance questions.
  • Special projects as assigned that include, project sales and refinances. RAM coordinates the due diligence process on these deals and interacts directly with the broker, Management Company, buyer, and lender to ensure timelines are met.
  • Coordinate payment of CSC (Service of Process for our entities) invoices relating to biannual filings for LLC’s and searches for closings.

    Compensation: Market or higher base salary (depending on qualifications) plus strong bonus and benefits.

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