Careers at MassHousing

Senior Asset Manager

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Organization: MassHousing

Location: One Beacon Street, Boston, MA 02108

Posting Closes: Close of Business on March 27, 2025

Website: www.masshousing.com

All positions at MassHousing require a customer service mindset, in accordance with our values: Respect, Service, Empathy, Accountability, Collaboration, and Inclusion.

The Organization

MassHousing will confront the housing challenges facing the Commonwealth to improve the lives of its people. A bold mission for an innovative agency. Since its inception in 1966, MassHousing has provided more than $29 billion for more than 125,000 apartments and more than 105,000 home mortgage loans. Beyond lending, we also work to promote economic growth and empowerment for families, individuals, and businesses; help communities increase their housing stock; provide hope and homes for vulnerable populations, and look for new, cost-effective ways to provide equitable housing opportunities. We have a relentless determination to confront the Commonwealth's housing challenges and improve lives.

We know that we cannot meet our mission without a workforce that is committed to standing with us in our efforts. We achieve this by making investments in staff development and prioritizing individuals who align with our values including an unwavering dedication to diversity, equity, and inclusion.

As an employee of MassHousing you are offered a great career opportunity which is more than a paycheck. MassHousing's total compensation package features an outstanding set of employee benefits which you should consider towards your overall compensation, including but not limited to:

• Tuition reimbursement up to $10,000 per calendar year
• A 35-hour work week and a hybrid work schedule
• Back up Child/Elder Care
• Retirement Savings including a pension and a deferred compensation plan (with a match)
• Comprehensive health, dental and vision plans
• 12 paid Holidays per year and generous sick, vacation, and personal time
• Short-Term Disability
• Central Boston office location, convenient to public transportation and amenities on site

If you're ready to join our dynamic team of mission driven professionals, this might be the job for you! Interested candidates should send a letter of interest and a resume to MassHousing by logging in to www.masshousing.com/workwithus. 

Position Summary

The Senior Asset Manager oversees a portfolio of financed and non-financed developments across multiple program and financing platforms that have complex structures and potential risk issues. The Senior Asset Manager serves as the primary contact for owners, management agents, and residents and responds to inquiries from federal, state and local partners. The Senior Asset Manager monitors the financial performance and physical condition of developments, as well as compliance with affordability restrictions and housing programs. The Senior Asset Manager is responsible for conducting development inspections, reviewing and understanding underlying loan documents, financial reports, capital needs assessments, and program guidelines. Using the available information and tools, the Senior Asset Manager prepares reports, analyses, risk assessments and proposes solutions to issues with respect to financial performance, physical condition, and compliance with regulatory and affordability requirements.

The Senior Asset Manager is an expanded role with responsibilities that center on complex and challenging developments and those that appear on the Asset Management Watch List. The Senior Asset Manager supports the Portfolio Manager and is expected to have knowledge of all MassHousing business platforms. Accuracy, critical thinking, adherence to deadlines and problem-solving skills are important to the position.

Specific Duties and Responsibilities

• Reviews underlying loan, legal and program documents to gain a detailed understanding of each development’s affordability profile, compliance reporting and financial requirements. Using the applicable documents and site-specific reports, identifies and defines issues, and suggests potential solutions.
• Performs property inspections to assess operational performance, fiscal management, and compliance with applicable federal, state and MassHousing program and loan requirements. Documents the assessment and recommendations in the required report format.
• Reviews budgets and capital improvement plans provided annually by the owner/agent. 
• Analyzes annual audited financial statements to evaluate performance, identify issues, determine cash flow payments due and recommend approval of distribution requests.
• Determines and updates financial, physical, and compliance risk ratings as needed. As determined by the rating, creates, implements and updates risk action plans up to and including formal action plans.
• Analyzes Capital Needs Studies and determines sufficiency of replacement reserve escrows and makes recommendations to address funding shortfalls. Reviews replacement reserve withdrawal requests in conjunction with the capital needs study and makes approval recommendations to the Portfolio Manager. 
• Addresses complaints received from residents, applicants and HUD staff. Appropriately directs any complaints received from Government Officials or the media to internal staff. Facilitates a resolution and works toward an effective solution with the management agent and resident. 
• Participates in Deal Teams and collaborates with rental lending staff by providing comparable developments and conducting operating budget analysis for underwriting. Reviews new management companies, completes Tenant Selection Plans and Management Agreements during underwriting in conjunction with internal and external Deal Team members.
• Monitors loans for compliance with affordability requirements and potential Business Development financing opportunities, paying particular attention to pre-payable, balloon, and maturing loans.
• Collaborates with the Portfolio Manager in training Asset Managers and provides guidance to Asset Managers on tasks and topics. Supports the Portfolio Manager by assisting with additional assignments or projects as needed.
• Participates in Department initiatives and committees to achieve All Rental, Department, and individual goals. Leads sub-committees as assigned by the Senior Manager of Asset Management.

Knowledge, Skills and Abilities Required

• Ability to negotiate and resolve non-compliance issues and deliver the message in an effective way that preserves partnerships.
• Exceptional critical thinking and problem-solving skills.
• Strong work ethic and ability to work independently, and as a member of a team.
• Strong interpersonal and communication skills.
• Effective time management and project management skills.
• Proficiency with Microsoft Office Suite programs.
• Ability to travel to properties throughout Massachusetts.

Minimum Education and Training

• Bachelor's degree in finance, Real Estate Management, Business Administration, or related field preferred, or equivalent combination of education, training, and/or work experience.
• 3 years of experience with Asset Management or multifamily housing preferred but not required.
• Valid driver’s license.

Salary Range: $86,572.50 - $112,544.25

MassHousing has a hybrid work policy. Employees will be required to report to the office at One Beacon on a schedule to be determined with their supervisor depending on the needs of the position. However, during the first 90 days, the employee may be expected in the office more frequently for training and onboarding.

MassHousing is an Equal Opportunity Employer