Asset Manager II

Primary Purpose of Position: The Asset Manager II oversees the financial and regulatory administration of funded properties within MaineHousing’s multi-family portfolio, as well as properties under the Performance-Based Contract Administration contract with the U.S. Department of Housing and Urban Development (HUD). This role establishes and maintains primary working relationships with assigned property owners, management companies, and federal regulatory agencies.

Training and certifications to be obtained within the first year of employment or as courses become available.

Responsibilities

• Review projects for compliance with federal, state, and agency regulatory requirements; proactively monitor to anticipate risks impacting MaineHousing’s financial exposure.
• Review and analyze budgets and Audited Financial Reviews (AFR) for financial risk by monitoring debt coverage ratio, accounts receivable, vacancy loss, bad debt, net income/loss, and unreasonable costs.
• Analyze ongoing capital investments and property needs through evaluation of inspection results, capital needs assessments, budget data, damage claims, and replacement reserve requests.
• Review annual program reporting for conformance to state and federal requirements.
• Conduct management and occupancy reviews to ensure compliance with regulatory requirements; review and sign off on MORs conducted by AM I’s.
• Review and approve requests for use of property reserve funds.
• Review management documents (e.g., Management Plans, Agreements, Marketing Plans, Tenant Selection Plans, leases) during changes in ownership, management, or document updates.
• Make recommendations to the Director of Asset Management and Portfolio Manager on troubled projects.
• Draft Notice of Violations and defaults for non-compliance; follow up on reporting and program compliance.
• Perform key tasks under the Performance-Based Contract Administration (PBCA) with HUD, including:
  • Conducting management and occupancy reviews for HUD regulatory compliance.
  • Reviewing and signing off on PBCA MORs completed by AM I’s.
  • Providing timely reporting of review results to owners (within 30 days).
  • Performing on-site walk-through inspections of property conditions.
  • Responding to tenant inquiries regarding life safety concerns.
• Assist AM III with bringing new properties online, including participation in project meetings and Pre-occupancy Meetings.
• Assist AM III in workouts and new loan proposals for projects in the portfolio.
• Participate in training for staff and external partners.
• Maintain working knowledge of federal and state program regulations (e.g., Bond regulations, IRC Section 42, HUD Handbook 4350.3, Fair Housing Laws, Section 504 Requirements).
• Apply appropriate regulatory requirements to assigned projects.
• Provide training and technical assistance to owners and management agents.
• Respond to inquiries from residents, owners, managers, and external parties via phone, written, or electronic communication.
• Support AM III’s in processing ownership transfers with loan components.
• Coordinate with AM III’s, Finance, and Legal teams on Promissory Note Cancellations and Mortgage Discharge processes.
• Other duties as assigned.

Requirements

• Education and four years of relevant work experience, or a combination of education and training.
• Experience with interpreting legal documents and regulatory guidelines; affordable housing industry experience highly desired.

Qualifications

• Certified Occupancy Specialist Training (COS).
• Tax Credit Specialist Training (TCS).
• Federal HOME, HTF, and HOME-ARP Program Training.
• General Asset Management Training (Risk Assessments, Real Estate, etc.).
• Fair Housing/Section 504/ADA Training.
• Competency with department databases: Prolink, HDS, HUD Secure Systems.
• Experience working with multifamily real estate.
• Ability to understand and interpret regulatory documents and State/Federal statutes.
• Strong project management, time management, and organizational skills.
• Proficiency in Microsoft 365 (Word, Excel), ShareFile/SharePoint, Windows, and internet browsers.
• Ability to establish and maintain effective working relationships with business partners.
• Excellent communication skills (speaking, writing, listening) via phone, email, and in-person meetings.
• Ability to communicate effectively in group settings.
• Initiative to work independently and use creativity/analytical skills to resolve complex issues.

Working Conditions

• Fast-paced environment with multiple priorities, interruptions, and deadlines.
• MaineHousing office hours: Monday–Friday, 8:00 AM–5:00 PM.
• Hybrid schedule may be considered after 6 months of employment.

Pay

Starting hourly rate: $28.0980 (annual $58,444).

Benefits

• Comprehensive benefits package, including health, dental, and vision insurance.
• Retirement options with employer match.
• Life insurance, short- and long-term disability.
• Employee assistance program.
• Generous earned time and all major federal holidays.
• Eligibility for the Public Service Loan Forgiveness Program.