Asset Manager

Title: Asset Manager Reports to: Director of Asset Management How to Apply: To be considered for this position, please submit a letter of interest and resume to [email protected] with the subject “Asset Manager.” Job Location: Merritt offices are located in Oakland and Los Angeles. Remote work within California will be considered; preferred within any of the following metropolitan areas: Los Angeles, Orange County, San Francisco Bay area, or Capital Region. About Merritt Community Capital Corporation: Merritt is one of California’s leading nonprofit affordable housing funders. Our mission is to invest in affordable housing and people to build a stronger California. For 35 years we have been a trusted partner, investing over $1.7 billion creating over 12,500 affordable homes across California. Merritt invests in affordable housing with mission-aligned developers and funders to make the most challenging affordable housing projects possible and we invest in programs that develop the next generation of affordable housing professionals with a focus on making the industry more equitable, diverse, and inclusive. Merritt is guided by our values: People-First, Solutions-Oriented, Trust, Openness, and Kindness. Position Overview: Merritt is seeking a mission-driven, detail-oriented and collaborative Asset Manager to join our team. Essential Duties and Responsibilities include the following. Other duties may be assigned. Maintains contacts and implements policies and procedures of the Asset Management department. Conducts fund, direct investment portfolio and project investment reviews, including audits, tax returns, quarterly financials, annual site inspections, tenant file review and periodic reviews of insurance, property tax, debt service coverage and reserve requirements. Gathers and analyzes investment financial statements; industry, regulatory and economic information; and new government legislation. Assists with preparing reports for the Board and investors. Assists in the development and implementation of workout plans to resolve Watchlist issues and maintains Watchlist data. Monitors general partner/developer performance under the construction loan documents and limited partnership agreement during the construction and occupancy phases of development. Upon completion of the construction and occupancy phases, reviews compliance and due diligence items and makes recommendations on major and final equity pay-ins by Merritt Funds or Direct Investors. Monitors initial tenant leasing activity to ensure compliance with requirements and proper allocation of tax credits. Implements procedures to review and monitor the management, financial and accounting systems of the project partnerships. Provides technical assistance to developers and property managers. Supervisory Responsibilities: This job has no supervisory responsibilities. Qualifications: To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Education and/or Experience: BA in related field, or three years’ experience in accounting/bookkeeping, real estate property management or rental housing asset management, including at least two years of direct housing experience; or equivalent combination of education and experience. Language Skills: Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, project level General Partners, property managers, non-profit housing organizations, and the general public. Mathematical Skills: Ability to work with mathematical concepts such as probability and statistical inference, business math and trigonometry. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations. Reasoning Ability: Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form. Computer Skills: To perform this job successfully, an individual should have knowledge of Database, Spreadsheet and Word Processing software. Certificates, Licenses, Registrations: Must have a current driver's license and tax credit certification from recognized affiliation. Other Skills and Abilities: Possess strong customer relations skills, good judgment and initiative. Demonstrates ability to effectively communicate both orally and in writing with a variety of people and agencies, analyze affordable housing proformas and budgets, and monitor portfolio of real estate investments. Has expertise in affordable housing and/or private housing, asset and property management of rental housing and familiarity with real estate management including tenant documentation and budgets. Other Qualifications: Must have knowledge of the regulations governing the Section 42 Low Income Housing Tax Credit program, familiarity in working with tenants, tenant organizations and property managers. May have experience working for or with non-profit housing developers, knowledge of affordable housing industry in Northern California or experience with the Low-Income Housing Tax Credit program. BA in related field, budget experience or certification as an affordable housing asset manager desired. Physical Demands: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. While performing the duties of this Job, the employee is regularly required to sit and talk or hear. The employee is occasionally required to stand, walk and reach with hands and arms. The employee must occasionally lift and/or move up to 15 pounds. Specific vision abilities required by this job include close vision, distance vision and ability to adjust focus. Work Environment: The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Compensation: Merritt offers a competitive compensation package, including a bonus plan and benefits. This is an exempt, full-time position. The annual salary range for this position is $120,000 to $150,000, depending on education and experience. Resumes will be reviewed and considered on an ongoing basis. To be considered for this position, please submit a letter of interest and resume to [email protected] with the subject “Asset Manager.” Benefits : Merritt offers a collaborative culture with a passionate team focused on our mission. We provide excellent benefits, including medical, dental, vision, and life insurance; 10 sick days; 15 vacation days in 1st year, 20 days thereafter, plus 15 paid holidays; 401(k) with employer contribution; and performance bonuses. EEO Statement : Merritt provides equal employment opportunities for all employees. All qualified applicants will receive consideration for employment without regard to race, color, ancestry, national origin, religion, creed, age, sex, gender, sexual orientation, gender identity, gender expression, marital status, genetic information, disability status, protected military or veteran status or any other characteristic protected by law. Merritt is committed to creating a diverse, equitable, and inclusive workplace.