Asset Manager (Foster City)

About MidPen

At MidPen, we build communities that change lives. Since 1970, we have been committed to our mission: to provide safe, affordable housing of high quality to those in need; establish stability and opportunity in the lives of residents; and foster diverse communities that allow people from all ethnic, social, and economic backgrounds to live in dignity, harmony, and mutual respect.

We develop affordable housing, provide professional property management for all our communities, and coordinate robust onsite support programs that help residents thrive. We are active in 12 Northern California counties and have earned recognition as one of the nation’s leading non-profit developers and stewards of affordable housing. Our current portfolio of more than 142 properties is home to 22,800 working families, seniors, and people with special needs. We take pride in delivering affordable housing solutions, and we invite you to join us on a journey toward social, economic, and racial equity.

Location: Foster City

Asset Manager

The Asset Manager oversees a portfolio of up to 50 properties and serves as the primary contact for each portfolio’s investors and lenders, representing the property owner in their capacity as a MidPen affiliate. They are responsible for ensuring the long-term financial health of their portfolio meets MidPen, owner, and lender requirements, while providing analytical support on financial matters. The role works closely with cross-functional teams, including Property Management and site staff, Accounting, Facilities, Purchasing, Legal, Insurance, Business Systems, the Board of Directors, and Development. The Asset Manager also maintains extensive external relationships with consultants, regulatory agencies, lenders, and investors.

This is a hybrid position, currently requiring office work on Tuesdays, Wednesdays, and Thursdays, with reliable internet required for remote work.

Responsibilities

• Establishes and maintains strong working relationships with lenders and investors, serving as the primary contact for properties within the assigned portfolio and coordinating responses to their questions and requests.
• Manages the annual budget process with Property Management and, where applicable, Development; evaluates property plans, analyzes budgets against MidPen benchmarks and goals, and develops solutions to cash-flow and financial ratio challenges.
• Ensures properties meet affordability, operating expense per unit, reserve funding, and surplus cash distribution requirements under applicable agreements and regulations; monitors financial performance against budgets and reviews variances.
• Reviews long-term capital plans, manages reserve balances to meet future needs, identifies properties requiring outside funding, monitors major project progress, and collaborates with internal teams and external partners to address cash-flow and capital needs.
• Reviews and analyzes investor and lender reporting, monitors audits to ensure accurate and timely surplus distributions, and prepares required reports and responses.
• Negotiates with partners and lenders, as needed, to amend agreements and facilitates required approvals for capital projects, reserve draws, financing, and other matters governed by property agreements.
• Presents resolutions, property performance summaries, and other required items to the Board Committee.
• Researches and reviews governing and source documents for new and existing properties, including partnership agreements, financing documents, regulatory agreements, ground leases, tax returns, and proformas, to identify constraints and assess long-term financial needs.
• Conducts site visits and property condition reviews, monitors initiatives, develops corrective action plans with Property Management, tracks progress, and escalates concerns through senior management as appropriate.
• Collaborates with Development and Property Management to develop accurate proformas and long-term strategic plans for new properties.
• Monitors the financial performance of properties transitioning into operations, ensuring alignment with the original proforma from the first complete fiscal year throughout the life of the asset.
• Creates and maintains comprehensive asset management and strategy plans for each property; completes portfolio analyses and summary reports, including enhanced reviews of properties outside established benchmarks or presenting financial or physical health concerns. Coordinates portfolio review meetings with investors, lenders, and internal teams, including on-site property visits.
• Perform other duties as assigned.

Qualifications

Education and Experience

• Bachelor’s degree in the field of Finance, Business Administration, Accounting or related field
• A minimum of three years’ experience in real estate or finance with a heavy emphasis on financial analysis of large portfolios
• Must have experience in at least four of the following areas: non-profit affordable housing, refinancing of debt, HUD regulatory programs, real estate accounting, financial analysis, property management or project development

Knowledge, Skills, and Abilities

• Demonstrated proficiency in Microsoft Excel, Word, and Outlook, with strong analytical, accounting, and financial skills.
• Ability to analyze complex problems, exercise sound business and financial judgment, and prepare financial feasibility analyses, strategic plans, research, narrative reports, and proposals.
• Strong written and verbal communication skills, with the ability to present confidently and effectively to large groups.
• Proven ability to collaborate with internal and external stakeholders, work effectively across all levels of staff and with public officials, and lead projects as needed.
• Ability to multitask, adapt to changing priorities, and thrive in a fast-paced, collaborative environment.
• Ability to independently manage day-to-day responsibilities and provide support for an assigned portfolio with minimal supervision.
• Demonstrated ability to manage competing priorities while maintaining organization, accuracy, and attention to detail.
• Must have a valid California driver’s license, reliable transportation, and proof of current auto insurance.
• Ability to build and maintain effective working relationships with colleagues, external financial professionals, and other stakeholders.

Physical Requirements

• Constantly perform desk-based computer tasks, frequently sitting
• Occasionally stand/walk, reach/work above shoulders, grasp lightly/fine manipulation, grasp forcefully, use a telephone, sort/file paperwork or parts, lift/carry/push/pull objects that weigh up to 15 pounds
• Rarely twist/bend/stoop/squat, kneel/crawl

Pay Range

$104,800.00 - $117,900.00 - Pay based on applicable experience and qualifications

Benefits and Compensation (see here for full details)

• Health Insurance
• Dental, Vision, Life & Disability Insurance
• 403(b) Retirement Investment
• Employee Education Reimbursement Program
• Paid Parental Leave
• FSA for Childcare, Medical, and Commuter Benefits
• EAP Program
• Pet Insurance
• Paid Time Off
• Company Holidays
• Wellness Days

EQUAL OPPORTUNITY EMPLOYER

MidPen Housing Corp. provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.

We are committed to providing an inclusive and accessible hiring process. If you need a reasonable accommodation for any part of the application or interview process, please notify your recruiter. Consistent with its obligations under the law, MidPen Housing Corp. will provide reasonable accommodation to any employee with a disability who requires accommodation to perform the essential functions of his or her job.