Paths is a full-scale, vertically integrated affordable housing developer, builder, and operator. Since 2004, the Paths team has created and preserved high-quality affordable housing across the U.S. that enhances communities and helps residents build better lives. With over 16,000 units across 13 states under management and more than 600 employees, Paths manages a suite of capabilities spanning the entire property life-cycle, including: development, construction, property management, maintenance, and security. Summary/Objective: We are seeking a skilled Asset Management Associate responsible for the ongoing oversight and performance management of a stabilized affordable housing portfolio. This role operates outside of the initial development and lease-up phases, focusing instead on the long-term financial health, regulatory compliance, and operational performance of properties following stabilization. The Associate works collaboratively with property management, accounting, and compliance teams to proactively identify risks, optimize performance, and ensure portfolio assets meet investor, lender, and agency obligations. Classification: Exempt
Location: New York, NY 10022
Schedule: This position follows a hybrid work schedule, with employees working in the office Monday through Wednesday and remotely on Thursdays and Fridays. Essential function/Responsibilities: duties include but are not limited to the following Financial Analysis: - Review and analyze monthly, quarterly, and annual financial statements for a portfolio of stabilized affordable housing properties.
- Monitor property-level income and expense performance against approved operating budgets; identify and investigate material variances.
- Conduct annual budget reviews in coordination with property management and accounting teams; assess the reasonableness of revenue projections and operating expense assumptions.
- Evaluate property cash flow, including distributions, replacement reserve contributions, and debt service coverage; track and maintain records of cash flow waterfalls.
- Prepare periodic asset management reports, including portfolio-level performance summaries and individual property watch lists.
- Analyze rent rolls, occupancy trends, and unit mix performance to assess financial sustainability and flag emerging risks.
- Manage and support semi-annual valuation exercises conducted by third-party appraisers to ensure accuracy and completeness
- Support development and transactions leads in internal underwriting and valuation exercises, as needed.
Regulatory Compliance & Governance: - Monitor and ensure ongoing compliance with all applicable federal, state, and local affordability restrictions, including LIHTC income and rent limits, HOME program requirements, Section 8 HAP contracts, and other regulatory agreements.
- Track key regulatory milestones including extended use periods, compliance deadlines, and regulatory agreement expirations across the portfolio.
- Support responses to agency audits, compliance reviews, and file audits conducted by state housing finance agencies (HFAs), HUD, syndicators, and other oversight bodies.
- Maintain up-to-date knowledge of affordable housing regulations, including IRS Section 42, HUD regulatory changes, and state-specific requirements.
- Coordinate with property management to ensure timely submission of required compliance reports to regulatory agencies.
Property Operations: - Serve as a primary asset management contact for property management teams, conducting regular calls and site visits to assess operational performance and address issues.
- Review and evaluate property management agreements, management fee structures, and performance benchmarks; escalate performance concerns as appropriate.
- Participate in annual property inspections and review physical condition reports; monitor the progress of capital improvement and deferred maintenance plans.
- Coordinate with property management on tenant relations issues, eviction trends, and lease-up concerns that may affect financial performance.
- Monitor and track insurance coverage requirements across the portfolio; review certificates of insurance for accuracy and adequacy.
- Review and approve operating and capital expenditure requests in accordance with established authority levels and reserve fund guidelines.
- Support the preparation of annual property management performance reviews and facilitate communication between ownership and management agents.
Investor Relations: - Act as ownership representative leading communication with tax-credit investors and key stakeholders.
- Track and manage external reporting requirements in close coordination with property management.
Requirements: - Bachelor's degree in Finance, Real Estate, Business Administration, Accounting, or a related field required; advanced degree a plus.
- Minimum 2-4 years of experience in real estate asset management, real estate finance, property management, or a closely related field.
- Demonstrated experience with LIHTC (Low-Income Housing Tax Credit) programs and Section 42 compliance requirements strongly preferred.
- Familiarity with Section 8 and other local and federal affordable housing program requirements is highly desirable.
Technical Skills & Core Competencies:
- Strong financial analysis skills with the ability to read and interpret financial statements, rent rolls, operating budgets, and cash flow models.
- Proficiency in Microsoft Excel, including financial modeling, variance analysis, and data management.
- Experience with property management and asset management software (e.g., Yardi, RealPage, MRI, or similar platforms) preferred.
- Familiarity with investor reporting platforms and tax credit compliance tracking systems
- Detail-oriented with strong organizational skills and the ability to manage multiple deadlines across a large portfolio.
- Excellent written and verbal communication skills; ability to synthesize complex financial and regulatory information for diverse audiences.
- Collaborative team player with the ability to work cross-functionally with property operations, accounting, legal, and investor relations teams.
- Proactive problem-solver with a commitment to portfolio performance and mission-driven affordable housing outcomes.
- Ability to travel periodically for property site visits and industry conferences.
Salary Range: $120,000 - $140,000
Benefits:
- Medical Insurance: 100% of medical benefits paid for employees only
- Voluntary dental and vision plan options
- Bonus Eligible
- 401(K) available plus company match
- Paid Time Off
- 12 Paid Company Holidays
- Commuter Benefits
- Voluntary short-term disability, long-term disability, life insurance, dependent coverage
- Voluntary accident insurance, critical Illness insurance, and hospital indemnity Insurance
- Employee Referral Program
- Employee Assistance Program (EAP)
PMP
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