Operating Property Asset Manager

About the role

Affordable Equity Partners, Inc. (AEP) is a financial resources company providing services for developers and investors in the Section 42 LIHTC Program, with over 500 tax credit developments and more than $5 billion syndicated in federal and state tax credits. The Operating Property Asset Manager (OPAM) serves as the owner's day-to-day point person for a portfolio of stabilized LIHTC properties, driving operating performance, ensuring compliance, managing reserve draws and capital projects, overseeing leasing and marketing, preparing investor reporting and budgets, and coordinating refinancings or dispositions.

Responsibilities

• Own monthly and quarterly property performance: evaluate P&L, occupancy, rent variance vs. budget, concession usage, utility expense trends, and prepare action plans to correct variances
• Ensure properties meet or exceed underwritten expectations and maintain the Actual Versus Underwritten tracking worksheet (update monthly/quarterly)
• Maintain LIHTC compliance in collaboration with the Compliance team: ensure annual recertifications, tenant file integrity, unit set-aside and rent limit adherence; respond to audits and monitor corrective actions
• Assist in responses to Housing Finance Agency (HFA) 8823 reports and manage cure documentation; coordinate with Legal and Compliance to meet cure deadlines
• Prepare and deliver quarterly investor comments and ad-hoc investor updates; provide accurate and timely evidence for investor inquiries
• Update AHIC Operating Property Risk Rating categories in MRI at least quarterly for all assigned assets; update monthly for assets on the watchlist
• Ensure clean audit trail in MRI: inspection results, reserve draws, and capital project milestones
• Manage requests to draw from operating reserves and replacement reserves: collect supporting documentation, validate eligibility under governing documents, prepare internal approval packages, and obtain required sign-offs prior to disbursement
• Oversee capital projects from scoping to closeout: supervise budgets, bids, vendor selection, schedules, quality, and final acceptance to ensure projects finish on time and on budget; track projects in a capital register and update forecasts
• Review all third-party inspection reports (NSPIRE or HFA inspections) and ensure timely capital asset project development, assignment, and closure with property staff and contractors
• Oversee leasing and marketing strategies to maximize rents while maintaining target occupancy: evaluate rent comps, make recommendations on concessions, lease terms, and staffing changes; approve marketing expenditures and track results
• Work with on-site property management to ensure lease enforcement, timely move-ins, and an effective resident retention program
• Collaborate with Portfolio Management and Transactions teams on refinancing or disposition efforts: provide up-to-date operating histories, capital expenditure projections, lease & compliance documentation, and transition materials; coordinate property tours for brokers and prospective purchasers
• Champion process improvement and the adoption of AI/automation tools to enhance reporting, compliance, and portfolio monitoring
• Ensure smooth asset transitions from Development Asset Management and maintain responsive communication with internal and external stakeholders

Performance measures (KPIs)

• Occupancy and rent growth versus underwriting and market comps
• Net Operating Income (NOI) versus budget
• Timeliness and quality of capital project delivery
• Accuracy and timeliness of investor reporting
• Compliance response rates and cure timelines

Systems / tools

• MRI (AHIC Operating Risk module)
• Real Page or other PMS
• Excel (advanced)

Qualifications

• Bachelor's degree in Real Estate, Finance, Business, Construction Management, or related field (or equivalent experience)
• 4–7 years of experience in multifamily asset management or affordable housing, with strong financial analysis and LIHTC program knowledge
• Experience with MRI or similar asset management systems, and comfort with automation/AI tools is preferred