Asset Management Associate

L+M Development Partners is seeking a highly skilled and proactive Asset Management Professional to oversee a diverse portfolio of Low-Income Housing Tax Credit (LIHTC) and mixed-income assets. This role is crucial in maximizing property performance, ensuring compliance, and executing strategic long-term value creation across our New York City affordable housing properties.

Core Responsibilities

The professional will be responsible for developing and implementing sophisticated asset management strategies with a deep understanding of affordable housing finance and operations.

• Strategic Planning: Develop and formalize annual asset management plans, budgets, and long-term financial strategies focused on optimizing cash flow, maintaining physical condition, and ensuring the long-term viability of LIHTC assets.
• Value Maximization: Continuously analyze portfolio performance to identify opportunities for financial restructuring, capital investment, debt refinancing, or potential property disposition.
• Compliance & Risk Management: Monitor property performance against LIHTC underwriting pro-forma, regulatory agreements, partnership covenants, and debt service requirements to mitigate compliance risk and protect investor and partnership interests.
• Operational Oversight: Provide proactive, hands-on asset management, working closely with Property Management to analyze rent rolls, vacancy rates, collections, and operating expenses to ensure optimal property performance and resident satisfaction.
• Life Cycle Management: Manage properties transitioning from the Development team to operations, ensuring due diligence documentation is complete and operational strategies align with partnership agreements and preservation goals.
• Analyze monthly and quarterly property financial statements, budget variances, and key performance indicators (KPIs) against underwriting benchmarks and operating budgets.
• Manage and monitor the physical condition of assets, reviewing Capital Needs Assessments (CNAs), tracking reserve balances, and approving significant capital expenditure projects.
• Evaluate and formally assign property ratings, placing assets on watch lists when appropriate, and collaborating with the team to develop and execute corrective action plans.
• Abstract, interpret, and summarize complex business terms found in LIHTC partnership agreements, loan documents, regulatory agreements, and development closing documents.
• Oversee all partnership reporting requirements, ensuring timely and accurate delivery to lenders, investors (Limited Partners), and government agencies.
• Collaborate with Legal and Finance teams to support complex transactions, including debt restructuring, partnership buyouts, and property sales.

Qualifications & Experience

• Experience: 2-5 years of direct experience in real estate asset management, investment, or finance, with significant exposure to multifamily properties.
• Affordable Housing Expertise: Proven working knowledge of the Low-Income Housing Tax Credit (LIHTC) program (Sections 42/LIHTC).
• Analytical Skills: Strong financial modeling, quantitative analysis, and proficiency in interpreting real estate financial statements.
• Education: Bachelor's degree required. Advanced degree in Business Administration, Real Estate or Urban Planning preferred.
• Location Focus: Experience with assets in the New York City metro area preferred.

Knowledge, Skills, and Abilities:

• Highly organized, self-motivated, and capable of prioritizing competing deadlines in a fast-paced, entrepreneurial environment.
• Strong verbal and written communication skills for effective stakeholder engagement (partners, lenders, property management, and internal teams).
• Ability to navigate and interpret transaction legal documents and financial projections.