Why work with YWCA Seattle King Snohomish? YWCA SKS is the region's largest non-profit organization with a 120+ year legacy, focused on the needs of women, with programs serving 7,000 people each year. When you work with YWCA, you make a difference. We're women and BIPOC-led, family-centered, and supportive of employees. As a full-time YWCA employee (30+ hours), you'll enjoy a benefits package including medical insurance, generous vacation, holiday, sick leave plans, and an outstanding retirement plan. Put your passion for racial equity and social justice to work - apply today! What You'll Do The YWCA self manages a permanent affordability housing portfolio of approximately 1,000 units over 16 properties within two counties. In addition, there are other YWCA properties that include transition or shelter housing and general offices. The Director of Asset Management is responsible for overseeing the performance, compliance, and long-term sustainability of the organization's affordable housing portfolio. This role focuses on ensuring that the housing properties are financially sound, operationally efficient and in compliance with affordable housing regulatory requirements. The Director will develop and implement asset management strategies to maximize property performance, value, and alignment with organizational goals for providing high-quality affordable housing. Ensuring each property meets its financial goals while honoring YWCA's mission. This will be accomplished working with the COO and by providing tactical leadership to Asset Management personnel, Housing Leadership, and onsite housing team members. Additional duties include supervising Centralized Applications which is incudes two team members. Note: This is a hybrid position, with a certain percentage of time spent working remotely and a certain percentage of time spent working out of a YWCA office. Expectations of your role:
- Strategic Asset Management
- Collaborate with the COO to develop and implement long-term asset management strategies for the affordable housing portfolio to maximize financial performance, sustainability, and resident satisfaction.
- Create and monitor key performance indicators (KPIs) for asset performance, including financial metrics, occupancy, rent collection, and operating expenses.
- Oversee the development and execution of capital improvement plans and property-level budgets.
- Work with COO to optimize the performance of the portfolio through refinancing, capital restructuring, and other financial strategies.
- Regulatory Compliance:
- Ensure that all properties comply with federal, state, and local affordable housing regulations, including Low-Income Housing Tax Credits (LIHTC), HUD regulations, and other funding program requirements.
- Coordinate with Property Management, Programs and Facilities to ensure properties meet all reporting requirements and maintain affordability covenants.
- Manage relationships with external regulatory agencies and funding bodies to address compliance-related matters.
- Submit the annual property tax exemption applications in addition to submitting applications for new property tax exemptions.
- Ensure Centralized Applications function meets all regulatory requirements.
- Collaborate with COO to propose, create, and implement policies and procedures pertaining to asset and risk management, financial reporting, incident reporting, documentation, projections, and tools for evaluation property performance.
- Manage the processes needed to prepare and submit compliance/progress reports for various lenders and funders.
- Train and support Housing staff and leadership: provide advice, additional knowledge, and directions related to seeking answers from appropriate sources as needed to ensure housing staff coordinate with asset management to support our housing portfolio goals.
- Monitor changes in national, state, and local building requirements and ordinances, inform staff of potential changes and if necessary and develop systems to implement changes if needed.
- Financial Oversight and Reporting:
- Work with Finance to monitor financial performance of properties, ensuring proper budgeting, cash flow management, and cost control measures.
- Conduct regular financial analysis, including variance reporting, to assess property profitability and identify areas for improvement.
- Ensure timely reporting to internal and external stakeholders, including investors, regulatory agencies, and senior leadership.
- Collaborate with COO to ensure all properties in the portfolio are financially viable and able to meet their operations and capital expense obligations.
- Assist Finance & Housing Directors to develop annual budgets and long-term financial projections for the portfolio.
- Ensure that all required Operating and Replacement Reserve payments are processed timely and accurately.
- Prepare check requests or account adjustments for various payments of: Housing Application Screening Fees, Monitoring Fees, Compliance Fees, Property Taxes, and obtain approval for Reserve reimbursements by lenders.
- Ensure rent increases and gross rent changes occur annually.
- Capital Planning & Investment:
- In coordination with Senior Facilities Director & COO oversee the development and execution of capital expenditure plans for property improvements, energy efficiency upgrades, and repairs in collaboration with.
- Participate in the analysis of market trends and investment opportunities to ensure that properties remain competitive within the affordable housing market.
- Support COO in the evaluation of new acquisitions and dispositions, including due diligence, financial modeling, and market analysis.
- Plan and lead capital projects process in partnership with Facilities, Properties Operations and Finance departments.
- Reporting and Data Analysis:
- Maintain reporting partnership with investors, lenders, Washington State Housing Finance Commission, and Subsidy authorities. This involves ensuring timely monthly, quarterly, annual and site visit reporting, timely responses, accurate information, and prompt fee payments.
- Prepare and submit Annual Bond Reports.
- Submit the Combined Funders Annual Report (CFAR) including uploading data monthly from Yardi (Property Management database) to the public funders Web Based Annual Report System (WBARS)
- Function as the WBARS Administrator for the agency, ensuring the Combined Funders Annual Report is completed in a timely and accurate manner.
- Manage and track portfolio vacancy minimizing days units remain vacant. Work with Housing Management and Facilities to improve needed performance for vacancies and unit turns.
- Communicate asset performance and property updates to COO, investors, and other key stakeholders.
- Leadership and Team Management:
- Lead and mentor the asset management team, ensuring professional development and performance management.
- Foster a collaborative and results-driven culture, encouraging innovation and efficiency within the department.
- Provide leadership to cross-functional teams and collaborate closely with the executive team to align asset management goals with the organization's mission.
- Work across multiple departments, from Property Operations, Facilities, Finance/Administration, and Community Initiatives to address and solve problems.
- Guide and support site staff, housing leadership and facilities leadership on processes and procedures concerning asset management, risk management and company policies.
- Race and Social Justice:
- Commitment to diversity, including sensitivity to the needs of residents and staff from diverse cultural and economic backgrounds.
- Participate and provide leadership in various ways for the agency's Social Justice Initiative.
- Support the YWCA's Social Justice Initiative by understanding how racism, sexism, classism, and other oppressions play out in institutions and systems.
- Use the lens of social justice to review policies and procedures.
- Shows demonstrated ability to interact with people of different cultures.
Must have's to be successful:
- Bachelor's degree in Business, Finance, or related field highly preferred or equivalent experience.
- A minimum of 10 years of experience in multifamily residential property management is required, with specific expertise in affordable housing programs, including tax credit, HUD, and WSFHC.
- 4+ years Asset Management or Tax Credit Compliance experience. Previous experience must include responsibilities for understanding property budgets, variance analysis, capital improvement plans, investor and lender reporting requirements.
- Exceptional data analysis ability what if scenarios, budgeting, forecasting.
- Strong ability to read and understand Limited Partnership Agreements (LPAs), loan agreements.
- In-depth knowledge of the nonprofit sector.
- Strong computer skills, including proficiency in Microsoft Office.
Hours, Rate, and Benefits
- Hourly Salary: $135,000-$145,000
- Hours: 40 hrs per week
- Excellent benefits package including medical insurance, retirement plan, plus generous vacation, holiday, and sick leave plans
- At the time of hire, employees may enroll voluntarily in the Fidelity 403b Plan
- After two years of employment, employees are eligible to participate in the YWCA Retirement Fund
Physical Requirements
- The physical demands described here are representative of those that must be met by an individual to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. In performing this position, the employee:
- Continuously exchanges information through listening and talking with agency staff, employers, elected officials, and community members.
- Frequently moves locations both within the workspace and in the community.
- *Continuously = Over 80% of the time * Frequently = 20-80% * Occasionally = Under 20%
YWCA encourages applicants with a variety of experiences to apply! At YWCA, we recognize that lived expertise is a powerful asset. This refers to the insights, knowledge, and skills developed by those who have navigated systems and experienced inequity. Valuing lived expertise helps build trust with program participants, develop culturally responsive programs, and break down barriers to equity. It enriches our collective understanding and enhances our ability to serve communities that are furthest from opportunity.
Mental Health Considerations All employees of the YWCA interact with clients who have experienced or are experiencing trauma in various forms, including but not limited to, racial trauma, domestic violence, sexual violence, homelessness, unemployment, and financial hardship. As a result, employees are at risk of secondary trauma. We encourage employees to seek support inside and outside the workplace and maintain self-care routines.
Equal Opportunity Employment YWCA Seattle King Snohomish is an Equal Opportunity Employer. To read more about this, view the EEO is the Law Poster and this EEO is the Law Poster Supplement.
For more information Contact us at ...@ywcaworks.org with any questions or if you need accommodation for your application.