About the Organization: Preservation of Affordable Housing, Inc. (POAH) is a national nonprofit organization whose mission is to preserve, create and sustain affordable, healthy homes that support economic security, racial equity and access to opportunity for all. POAH owns and operates more than 12,300 affordable homes at more than 124 properties in 11 states and the District of Columbia. POAH is base din Boston with offices in Chicago and Washington, DC.
POAH’s reach is national in scope, and its pursuit of the preservation mission is empowered by a focus on the business bottom line. Its strong reputation is the result of a demonstrated ability to craft complex financial transactions, tackle tough multi-family projects, and close deals that preserve the affordability of at-risk properties. The organization and its leaders are at the forefront of policy and legislative discussions around housing preservation, affordable housing finance and regulatory reform, including energy efficiency in the multifamily sector.
The POAH team is dedicated, creative and passionate. We believe a diverse and inclusive team is a stronger, smarter team and we actively promote diversity and meaningful inclusion of different perspectives among our Board, our staff, our partners, in our procurement of goods and services, and at our communities. We understand that addressing structural racism and achieving racial equity are central to the work we do and we proactively integrate the issue of race in our housing work.
About the Opportunity: POAH is seeking a smart and motivated individual interested in working at the intersection of affordable housing, real estate finance, real estate law, data and technology. We seek a Boston-based Senior Asset Management Associate/Transactional Asset Manager to join our Asset Management team. For a description of the Asset Management team’s work see . The Senior Asset Management Associate/Transactional Asset Manager, working with other members of the team, will support refinancing and tax credit recapitalization efforts, assist with real estate tax submission to municipalities, the development of real estate tax budgets and cost mitigation strategies, and help administer, enhance and improve our real estate portfolio information system and portfolio oversight. Additionally, the Senior Asset Management Associate/Transactional Asset Manager will complete projects, analysis, surveys, and research related to the growing POAH Portfolio (currently 124 affordable multifamily properties that encompass ~12,300 units) and be tasked with assignments related to real estate finance, data collection, data integrity, technology, and asset management, as well as help with second stage tax credit recapitalizations and refinancing debt for our existing POAH-owned 124-property portfolio, as well as assisting occasionally with traditional asset management responsibilities (i.e. rental subsidy contract renewals, RE tax management, limited partner exits). Some of the Senior Asset Management Associate/Transactional Asset Manager’s specific and essential tasks may include:
- Work independently and/or with Transactional Asset Managers and the Vice President of Asset Management to assist with due diligence requests, tax credit application materials, underwriting, closing checklists, repair coordination, and funding requisitions for mortgage refinancing and recapitalization opportunities for the existing POAH portfolio
- Assist with the assembling a team of professionals including architect, engineer, lawyer and general contractor, and coordinating their work with other team members, including colleagues, on the refinancing and recapitalization projects.
- Assist with the establishment and management of the predevelopment and recapitalization budgets to achieve projected financial objectives, tracking costs, analyzing and resolving budget shortfalls.
- Assist in developing requests for proposals (RFPs) for debt and equity and negotiating term sheets with lenders and/or partners for second stage LIHTC transactions.
- Complete financial submissions to municipalities for assessed or other Real Estate Tax programs
- Implement tax abatement, exemption, or other strategies to reduce the tax burden for POAH developments
- Assist with developing annual real estate tax budgets for the existing POAH portfolio, as well as, developing those for new developments and acquisition prospects
- Assist with the management of the predevelopment and recapitalization budgets to achieve projected financial objectives, tracking costs, analyzing and resolving budget shortfalls.
- Work with the Senior Portfolio Asset Manager to monitor the financial performance of the existing portfolio including current year performance, budgeting capital needs and waterfall analysis.
- Collect and analyze financial information about individual POAH properties or the portfolio as a whole
- Develop analyses and presentations about the portfolio.
- Perform site visits and promulgate POAH and POAH Communities standards and knowledge in the field.
- Obtain property information as needed for portfolio surveys, lender/investor queries, portfolio information database.
- Complete lender/investor due diligence information requests.
- Perform a variety of tasks for POAH’s enterprise-wide database system (POAH’s Intel or “PI”) which houses property level data points and documentation on acquisition prospects and POAH owned properties serving as POAH/POAHC’s key document repository and reporting/dashboard tool.
Experience & Knowledge
Candidates for this position should possess three or more years of relevant experience and knowledge in some or all of the following areas:
- Real estate asset management, development and/or property management
- Real estate finance, especially affordable housing and the regulations and financing applicable to the industry;
- Proficiency or exposure to reading property audits, budgets, financial statements, and real estate closing documentation (LPAs, loan agreements, assignments, regulatory agreements, etc.)
- Proficiency or exposure to analyzing financial performance of multifamily real estate assets and evaluating trends
- Proficiency in use of computer including Outlook, Word, Teams, OneDrive, and PowerPoint – with intermediate or better understanding of excel
- Some exposure to property management and asset management softwares (i.e. Yardi, MRI, Real Page, Boston Post, Fussion, Starta, etc.) Equivalent relevant software or database experience will be considered.
- Exposure or working knowledge of HUD subsidy programs including Project-Based Section 8, Project-Based Voucher and Housing Choice Voucher programs and contracts.
- Exposure or working knowledge of Federal the Low Income Housing Tax Credit Program and/or FHA affordable multifamily loan products.
Candidates should have demonstrated ability to:
- Communicate effectively in person and in writing;
- Perform spreadsheet and other financial analyses;
- Manage simultaneous and competing activities and demands, and
- Remain organized and meet deadlines.
- Ability to travel locally approximately once a month and out of state up to a few times a year
- Ability to attend periodic evening meetings
Salaries are competitive and commensurate with experience. Benefits include generous vacation time, parental leave, medical, dental, vision, life and disability insurances, tuition reimbursement, generous professional development allowance and 401k retirement plan with company match. Job onboarding and training will be provided.
Applicants must include cover letter and resume.
POAH is an Equal Opportunity Employer committed to diversity in the workplace.