Job Description
Job DescriptionSalary:
About Lotus Company:
At Lotus Company, we believe every person deserves more than a place to live - they deserve a place to belong.
Lotus exists to restore dignity, renew hope, and create sanctuaries where life can truly flourish. As a full-service builder, developer, owner, and operator, Lotus leads with intention at every stage - from design and development to construction, management, and community impact. Every detail reflects a belief that housing is sacred ground: a foundation upon which human potential awakens, and communities come alive. At Lotus, every team member plays a vital role in advancing our mission.
Our neighborhood communities blend thoughtful design, sustainable craftsmanship, and authentic connection. Through our Lotus Impact Foundation, we extend our mission beyond housing, offering programs that empower residents to heal, grow, and step into brighter futures. Through Lotus Hospitality, we design gathering places that cultivate belonging, beauty, and shared humanity.
With over $1 billion in projects in motion, Lotus is not merely constructing buildings, we are cultivating sanctuaries of hope across the nation. Each community is a living testament that every person is seen, safe and valued.
Job Description:
A mid-level role responsible for directly managing and improving the performance of a portfolio of multifamily affordable housing assets. The Asset Management Associate takes a more proactive role in implementing asset strategies than an analyst, working under the Asset Manager to ensure each property achieves its financial, physical, and compliance goals. This role serves as a bridge between analytical support and full portfolio management, often supervising Analysts and interfacing with property managers. The Associate reports to the Asset Manager.
Responsibilities:
- Portfolio Oversight: Manage day-to-day asset management tasks for assigned properties, ensuring occupancy, rent collection, and expense control meet targets. Use financial models to track each propertys cash flow and investment returns over time, updating assumptions as needed.
- Performance Management: Review monthly property reports and operating statements prepared by property management. Analyze KPIs (debt service coverage, NOI, compliance ratios) and initiate corrective actions for underperforming assets. For any property on the watchlist (not meeting benchmarks), work with the Asset Manager to develop a turnaround plan.
- Budgeting & Planning: Work with property management during the annual budget cycle to set operating and capital budgets that align with the portfolios financial objectives. Ensure budget assumptions (rent increases, vacancy, maintenance costs) are reasonable and meet LIHTC and lender requirements. Present/justify budgets and any rent increase plans to senior asset management leadership for approval.
- Investor/Lender Relations: Prepare required quarterly and annual reports for investors and lenders, including LIHTC compliance packets and variance explanations. Handle routine communications with stakeholders, such as addressing investor inquiries about performance. Coordinate with Accounting on distribution of surplus cash, fees, and ensure timely submission of audits and financials to investors.
- Compliance Monitoring: Ensure each assets compliance with LIHTC and other affordable housing regulations. Track key compliance benchmarks (e.g. year 15 planning, property regulatory agreement requirements) and coordinate with compliance specialists or property managers to address issues. Monitor that property management is renewing subsidies or rental assistance contracts on time (from analyst special responsibilities).
- Asset Strategy Support: Assist the Asset Manager in developing mid- and long-term strategies for each asset. This could include evaluating refinancing opportunities, rehabilitation needs, or disposition potential. Provide data and preliminary analysis for scenarios like Year 15 tax credit exit strategies, refinancing, or partnership buyouts.
- Mentoring & Collaboration: Provide guidance to Asset Management Analysts on data gathering and analysis. Review analysts reports and models for accuracy. Work closely with other departments: collaborate with Development on pro formas for new projects to ensure operating assumptions are realistic, and with Property Management to align on performance improvement plans.
- Special Projects: Lead or contribute to special initiatives, such as implementing a new asset management software, improving the reporting process, or conducting portfolio-wide analysis (e.g., portfolio rent comparability study or energy efficiency initiative).
Qualifications:
- Financial Acumen: Strong understanding of real estate finance and accounting. Able to interpret audits, loan agreements, partnership agreements, and other key documents to understand obligations and opportunities for the assets. Experience with complex financing structures (LIHTC equity, subordinate loans, HAP contracts) is expected at this level.
- Problem-Solving: Demonstrated ability to identify issues at a property (whether financial shortfalls or compliance risks) and recommend concrete solutions. Comfortable making recommendations to senior management on improving asset performance.
- Communication & Leadership: Effective in communicating with a range of stakeholders property managers, auditors, lenders, and internal leadership. Capable of leading calls or meetings to discuss property performance. Can succinctly write asset narratives and action plans. Emerging leadership skills to potentially supervise junior staff.
- Detail & Compliance Orientation: Thorough knowledge of affordable housing compliance requirements (LIHTC, HUD programs, etc.) or ability to quickly learn them. Ensures no compliance aspect falls through the cracks keeps meticulous compliance records and ticks/key dates (e.g. monitoring that real estate taxes, insurance, and reserve requirements are all in order).
- Technical Skills: Advanced Excel skills and familiarity with asset management and accounting software. Certified Housing Asset Manager (CHAM) designation or similar, or progress toward it, is a plus at this level.
Education & Experience:
- Bachelors degree in finance, real estate, business or related field (required). Masters degree (MBA or MRED) or relevant certification is strongly preferred for advancement.
- Approximately 35 years of increasingly responsible experience in real estate asset management, property management, or real estate finance. Experience should include exposure to multifamily housing operations; affordable housing experience is highly advantageous.
- Demonstrated track record of improving or maintaining real estate asset performance (e.g. increasing NOI, successfully navigating compliance audits, etc.).
- Some experience in a leadership or training capacity (e.g. mentoring an analyst or coordinating work among peers) is beneficial as preparation for senior roles.
Work Environment & Schedule:
This is a full-time, in-office position based on the 13th floor of our downtown Salt Lake City headquarters, with core hours Monday through Friday. Our office at Second + State offers expansive views of the city and surrounding mountains, access to a private balcony, and close proximity to a wide range of restaurants, cafs, and amenities within walking distance. The building also provides an on-site fitness facility and covered, year-round parking. Daily office essentials like coffee, snacks, and beverages are available to support a comfortable and engaging workday.
Benefits:
The Lotus Company offers a comprehensive benefits package designed to support the health, financial security, and overall well-being of our employees. Benefits include:
- Medical, dental, and vision insurance coverage, with eligibility beginning 30 days after employment
- Employer contribution of up to $1,430 per month toward insurance premiums
- Health Savings Account (HSA) option for eligible plans
- Access to telehealth and virtual care services
- Mental health and wellness support, including access to therapy and counselingresources
- Company-paid basic life insurance, with the option to purchase additional coverage
- Company-paid short-term disability insurance
- Paid time off (PTO), accruing at 15 days per year
- Ten (10) paid company holidays per year
- 401(k) retirement plan with employer matching contributions
- Performance-based bonus opportunities based on individual and company performance
- Employee recognition and milestone celebrations
- Access to an on-site fitness facility
- Covered, year-round parking in an attached garage
- Daily office amenities, including coffee, snacks, and beverages