SVP Affordable Property, Midwest

US-IL-Chicago
Job ID
2231
Function
Asset / Portfolio Management
350 West Hubbard Street

Overview

Affordable housing laid the foundation of Related Companies and we continue to place a high priority on developing, acquiring and preserving housing for this sector. In fact, over 60% of our 50,000+ residential apartment homes under our management are part of one or more affordable housing programs, and an additional 20% of these homes provide workforce housing.

 

In the area of acquisitions and refinancing, we pursue properties that meet one of the following criteria: Section 8 properties with project-based contracts; Section 236 properties in need of rehabilitation; Section 42 LIHTC properties with expiring low-income restrictions; Section 515 FmHA properties with loans that can be prepaid; or other assisted properties, including HODAG, HOME, federal or state-financed public housing.

Many of the buildings we encounter are in need of substantial upgrading and preservation in order to continue to properly fulfill the needs of their tenants. Given our 42 years of experience in debt and equity financing – as well as our extensive management of government-assisted properties – we are well positioned to buy out existing owners who lack the resources and experience to recapitalize and, therefore, wish to exit the affordable housing arena. In addition, with our extensive development experience, we bring the knowhow to expertly rehabilitate the units, thus assuring the continued viability of these projects for years to come.

Responsibilities

The Senior Vice President of Affordable Property Management, Midwest is responsible for the effective and successful management of a portion of the company’s affordable portfolio consisting of over 47 sites and 6862 residential units. The Senior Vice President will be responsible for setting the strategic direction of the individual properties while leading a team of high level professionals to achieve established operational, financial and business performance goals. These properties will be located primarily in the Midwest region.

 

The position is both strategic, financial and operational in nature leading the development of and responsible for the implementation of comprehensive business plans, programs, initiatives, and strategies that promote the achievement of optimum operational, financial, and business performance of the company.

 

This position is based in  Chicago, IL.

 

The Senior Vice President is also responsible for assuring adherence to all applicable policies and procedures established by Related Management and/or by administrative agencies, state, local, and federal statutes, always with attention to and compliance with Equal Employment Opportunity and Equal Housing Opportunity statutes, regulations, and policies. 

 

While the Senior Vice President reports directly to the President of Related Management, s/he must be responsive to other Related executives, department heads, and Owners’ representatives.

 

ESSENTIAL DUTIES AND RESPONSIBILITIES

The Senior Vice President is directly responsible for the supervisory oversight, review and collaboration of and with at least three Regional Vice Presidents, as well as four Regional Managers and their associated portfolios in the following functional business areas:

 

Financial

 

1. Review and analysis of detailed budget variances, income expense, capital expenditures, leasing costs, NOI and cash flow; financial analysis of construction & development projects relative to each site’s operational and financial status and goals.
2. Timely and accurate review of BVR’s and budget preparation, with appropriate adjustments to reflect changes or variances in programs and/or operating factors
3. Acquisition of skills and consistent use of all technology tools implemented by Related; including time and attendance tracking applications, property management software, spreadsheets and applicable software, accounts payable/e-check system, budgets and budget tools, etc.


Leadership

 

1. Consistently review and assess staffing needs and participate in the hiring process to facilitate the development of skilled, professional, competent staff at all levels
2. Assure the leadership development of the Regional Vice President and Regional Management team and their associated site personnel
3. Collaborate with the Senior Vice President and the recruiting department to maximize the resource for all positions in the region and assure appropriate use of the recruiting resource, including identification of appropriate source outreach by market and building type, skills required, , responsiveness of hiring managers, etc.
4. Personally participate in the initial and ongoing training of critical staff in key performance areas.
5. Personally participate in the analysis of training needs and coordination with the training department, Regional Managers in assuring resources are identified and utilized, including consistent use of the Learning Center, scheduled classes, etc.
6. Develop a coaching strategy and set expectations for key roles, holding the Regional Vice President and Regional Managers accountable for same with their staffs.
7. In collaboration with the human resources department, develop and support a Progressive discipline strategy per Related procedures and philosophy for key roles and holding the Regional Vice President and Regional Managers accountable for same with their staffs
8. Conduct timely, effective employee evaluations to include discussion of professional goals and career/skill development.
9. Consistently monitor and assure compliance with Related‘s EEO obligations and Affirmative Action Program.
10. Identify, establish, and develop relationships with appropriate government agencies relative to the assigned regional portfolios.

 

Regional Operation

 

1. Assure accurate, consistent administrative processes, compliance with all licensing requirements in each state and compliance with Related Management procedural requirements for regional office and staff at remote offices.
2. Conduct regional meetings and events throughout the year. Provide recommendation for training on financial systems use, budgeting, Budget Variance Report preparation and the role these tools play in our management of the sites. Provide recommendation for training on site control techniques/methods.
3. Review the re-assignment and delegation of regional staff to assist when leasing new sites with the Vice President and Regional Managers. -
4. Encourage and ensure appropriate regional interface with central office staff.

 

Site Control

 

1. Consistently and regularly visit sites and provide documentation in site notes.
2. Follow up on all issues appropriately and timely and escalate resolution.
3. Partner with the Regional Vice President and Regional Managers in identifying and prescribing methods to better manage the site control needs of varied sites throughout the portfolio.
4. Supervise and provide oversight of the implementation and maintenance of effective site control programs. Assures adherence to all insurance requirements.
5. Supervise and provide oversight of the implementation and maintenance of appropriate/effective security programs and safety programs.

 

Maintenance

 

1. Assure the maintenance of building standards at all sites in the region, energy initiatives, capital expenditure due diligence, and the like.
2. Assure completion of significant repairs and improvements throughout the region
3. Consistently assure for all sites in region: curb appeal, site ground work, preventative/scheduled maintenance program, repairs projects, purchases and materials/ supplies, good vendor relations, appropriate site custodial work, cycle painting, site extermination, apartment renovations/turns, etc.

Qualifications

KNOWLEDGE AND SKILLS:

 

1. Bachelor's degree in Real Estate, Management, Finance or Business Administration or related field or comparable proven experience.
2. Minimum 15 years of relevant management experience within Affordable.
3. Strong financial acumen; must understand the components driving P&L.
4. Execute on strategic plans increasing NOI.
5. Extensive experience in managing, coaching and inspiring direct reports
6. Demonstrated success in leadership, staff development and team building
7. High level presentation, written and verbal communication skills.
8. Experience creating and managing budgets and reporting to investors
9. Ability to multi- task and prioritize tasks to ensure corporate goals and time frames are met.
10. Proven improvement of process and operating results.
11. Exceptional customer-service skills; demonstrated ability to maintain strong working relations with both internal and external clients.
12. Demonstrated ability to manage multiple and complex operational matters on a daily basis.

 

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