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:
The Asset Manager is responsible for the overall performance and oversight of the assigned affordable housing portfolio, functioning as the primary owners representative for those properties. This is a seasoned professional who ensures that each asset achieves its long-range financial, physical, and compliance benchmarks. The Asset Manager supervises Asset Management Associates/Analysts and frequently interacts with other departments (Development, Property Management, Accounting) to protect and enhance portfolio value. This role reports to the Director of Asset Management.
Responsibilities:
- Strategic Portfolio Management: Implement the organizations asset management plan and strategy for the portfolio. Set performance goals for each asset (financial targets, occupancy, compliance metrics) and develop property-level asset management plans. Continuously monitor portfolio performance and adjust strategies to meet overarching goals.
- Financial Performance & ROI: Take ownership of property financial outcomes. Review monthly and quarterly financial results for each property in detail, including income, expenses, net operating income, and cash flow. Approve or adjust operational plans to improve performance (e.g., rent increases, expense reductions) while maintaining compliance and resident satisfaction. Manage LIHTC capital accounts (track tax credit equity contributions, ensure IRS compliance) and perform annual analyses of tax credit yields and investor IRR, especially as projects approach Year 15.
- Annual Budgets & Capital Plans: Lead the preparation and approval of annual operating budgets and capital expenditure plans for the properties. Set clear guidelines for property management on budget targets (including appropriate rent levels and operating cost benchmarks). Review and finalize budgets, then present them (with justification) to senior management or the Board for approval. Ensure capital needs (e.g., renovations, major maintenance) are properly planned and funded through reserves or financing.
- Compliance & Risk Management: Ensure 100% compliance with all regulatory and investor requirements across the portfolio. Oversee compliance staff or directly manage compliance reporting (such as LIHTC tenant certifications, financial audits, lender covenants). Proactively identify compliance risks (e.g., approaching deadlines, rent limit issues) and address them. Periodically conduct property site visits and audits of property management operations to assess physical conditions, regulatory files, marketing, and overall management quality. Develop action plans for any deficiencies noted.
- Stakeholder Reporting: Provide regular dashboard reports and presentations on the portfolio to senior leadership. This includes summarizing key performance indicators, notable achievements, and areas of concern. Interface with investors and lenders: deliver required quarterly/annual reports, lead annual investor property inspections or calls, and maintain strong relationships by addressing questions or concerns promptly.
- Problem Resolution: For assets not meeting performance expectations, devise and implement corrective action plans. For example, if a property is underperforming financially or operationally, step in to guide or change property management, adjust leasing strategies, or invest additional resources. Lead workout strategies for troubled assets, coordinating with legal, finance, and property management as needed to protect the owners interests.
- Acquisition & Disposition Support: Participate in due diligence for potential acquisitions (reviewing financials, compliance status, and physical condition to inform underwriting). For dispositions, coordinate with the acquisitions/finance team and ensure that all asset-related obligations (like ROFRs, use agreements) are addressed. Assist in negotiating terms with buyers or partners for sales or refinancings by providing detailed property knowledge and analysis.
- Team Leadership: Supervise Asset Management Associates and Analysts. Set their work priorities, review their analyses, and provide mentorship to develop their skills. Foster a collaborative environment where the asset management team works seamlessly with other groups (e.g., Development, Accounting). Conduct performance evaluations of direct reports and guide their professional development (e.g., recommending training or certifications).
Qualifications:
- Expertise: Strong expertise in real estate finance, particularly in affordable multifamily housing. Thorough grasp of LIHTC program rules, property financial statements, and real estate valuation. Able to creatively structure solutions for maximizing property value and cash flow within regulatory limitations.
- Leadership & Management: Proven ability to lead a team and manage multiple projects/properties simultaneously. Skills in coaching and developing junior staff are important. Able to delegate effectively but also dive into details when necessary.
- Communication & Negotiation: Excellent communicator with the capacity to persuasively present asset performance and strategy to executives and boards. Strong negotiation skills to work with property management companies (for management agreements or performance issues) and to negotiate terms with lenders, investors, or partners in refinancings and dispositions.
- Analytical & Systems Skills: High proficiency in financial modeling and analysis. Comfortable using advanced software for asset management and reporting. Able to identify trends and insights from complex data sets and translate them into actionable strategy.
- Industry Knowledge: Up-to-date on industry best practices and market trends affecting affordable housing. Familiar with federal and state housing regulations, Fair Housing laws, and emerging issues (e.g., changes in tax credit policy or programs that could impact the portfolio).
- Problem-Solving: Creative and resourceful in solving problems. Can handle high-pressure situations (like a failing project or investor issue) calmly and effectively, drawing on experience and industry contacts as needed.
- Recognized in the industry: While not required, it adds credibility if the candidate has relationships with major LIHTC investors or has been involved in speaking at industry events, etc., showing they are a known quantity in affordable housing finance.
Education & Experience:
- Bachelors degree in finance, real estate, business or related field; masters degree preferred (MBA or MPA for nonprofit, or MS in Real Estate). Professional certifications (e.g., CHAM, CPM) add value.
- 57+ years of direct experience in asset management of multi-family real estate, with at least 3+ years in affordable housing asset management. Should include track record of full life-cycle asset oversight (from lease-up through stabilization and ideally through a refinancing or disposition event).
- Experience supervising staff (even if small teams) and managing cross-functional initiatives. At least 12 years of direct people management or extensive project leadership experience is expected.
- Demonstrated success in meeting financial targets for a portfolio and maintaining compliance. References or portfolio results should reflect strong performance under the candidates stewardship.
- Familiarity with construction/rehab processes is helpful (to coordinate capital improvements) and advanced knowledge of partnership taxation as it relates to LIHTC is a plus.
- Experience tracking real estate development projects (from term sheet through closing). Ideally has experience closing both construction and permanent loans, and syndicating tax credits or other equity investments.
- Experience in a supervisory capacity (managing analysts/associates or leading deal teams). Leadership in cross-functional project settings can suffice if direct reports experience is limited, but managerial aptitude must be evident.
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