Job Description

WHY MIDPEN

At MidPen, we build communities that change lives. Since 1970, we have been committed to our mission: to provide safe, affordable housing of high quality to those in need; establish stability and opportunity in the lives of residents; and foster diverse communities that allow people from all ethnic, social, and economic backgrounds to live in dignity, harmony, and mutual respect.

We develop affordable housing, provide professional property management for all our communities, and coordinate robust onsite support programs that help residents thrive. We are active in 12 Northern California counties and have earned recognition as one of the nation’s leading non-profit developers and stewards of affordable housing. Our current portfolio of more than 130 properties is home to 20,000 working families, seniors, and people with special needs. We take pride in delivering affordable housing solutions, and we invite you to join us on a journey toward social, economic, and racial equity.

BENEFITS AND COMPENSATION

In 2025, MidPen was again certified as an official Great Place to Work®, and for good reason! In addition, we offer a best-in-class benefit package that includes healthcare options (Kaiser or Sutter), dental, vision, life & disability insurance. We also offer a wide range of voluntary benefits; 403(b) retirement investment opportunity and annual financial literacy and retirement planning options, FSA for childcare, medical and commuter benefit options, Employee Assistance program and pet insurance for our furry, feathered, and scaled friends. In addition to 14 paid company holidays, which include a paid winter holiday break between Christmas and the New Year, we offer 4 paid wellness days for employees to disconnect and recharge. As a learning organization, we encourage professional development and career advancement, and we offer up to $3,000 annually ($12,000 lifetime maximum) for education assistance with tuition reimbursement and/or loan debt relief that includes qualified family members. And, as a family-friendly company, we offer a paid time off parental leave benefit of 12 weeks in a 12-month period for new or expecting parents. Check out our benefits snapshot on our careers page.

PAY RANGE

$100,000 - $120,000 Annual Salary - Pay based on applicable experience and qualifications

POSITION OVERVIEW

The Asset Manager is responsible for a portfolio of up to 50 properties and is the primary contact for the assigned portfolio’s investors and lenders. The Asset Manager acts as the representative of the owner of each property, specifically in the capacity as a MidPen affiliate as it relates thereto. The Asset Manager is directly responsible for ensuring that the long-term financial health of properties in their portfolio meets MidPen, owner and lender requirements. In addition, the Asset Manager provides analytical support to financial questions regarding the assigned portfolio. The Asset Manager also works closely with several cross-functional teams focused on the financial health of the portfolio, including Property Management and individual property site staff, Accounting, Facilities, Purchasing, Legal, Insurance, Business Systems, the Board of Directors and Development. The Asset Manager has extensive external contact with MidPen’s consultants (legal, financial, etc.), regulatory agencies, lenders, and investors.

This is a hybrid position, based on current MidPen policy of working Tuesdays and Thursdays in the Foster City Office. Mon, Wed and Fri, option to work from home or the office. When working from home, requires a reliable internet connection.

ESSENTIAL DUTIES

• Establish and maintain good working relationships with lenders and investors as their primary contact for properties in the assigned portfolio
• Evaluates property plans to ensure surplus cash will meet long-term plans for distribution
• Manages the annual budget process with their portfolio, working directly with Property Management and, where applicable, Development staff to analyze budgets against MidPen’s benchmarks and goals and proposes creative solutions to cash-flow and financial ratio issues
• Ensures properties are meeting affordability, operating expense per unit, reserve funding, and surplus cash distribution goals as required under all agreements or regulations
• Reviews long-term capital plans for the properties in their portfolio, suggesting adjustments if necessary, managing reserve balances to meet long-term cash needs, identifying those properties requiring outside funding, and monitors that major projects are progressing on plan
• Monitors portfolio to ensure that financial performance is in-line with the budget and that variance explanations meet Mid-Pen and investor/lender requirements
• Monitors and reviews audits to ensure surplus distributions are made correctly and on a timely basis
• Reviews and analyzes all reporting information due to investors/lenders
• Coordinates all responses to questions from investors/lenders on assigned portfolio
• Negotiates with partners and/or lenders as needed to amend agreements to ensure the long-term financial health of the properties
• Presents resolutions, property performance summaries, and other items as required to the Board Committee
• Research partnership agreements, financing documents, regulatory agreements, tax returns, and other source documents to determine constraints and barriers to long-term needs
• Conducts site visits, document reviews of property condition and monitors progress on various initiatives. Develops corrective action with property management and tracks progress, escalating issues through senior management, as appropriate
• As assigned, works with Development and Property Management to create accurate Proformas and long-term strategic plans for new properties
• Review all governing documents for new and existing properties, including, but not limited to, partnership agreements, regulatory agreements, ground leases, etc.; and initial proformas and stabilized/lease-up budgets for new developments
• Monitors that properties moving into operations are meeting financial performance according to the Proforma from the first complete fiscal year of operations and through the life of the asset
• Facilitates approval processes with lenders and/or investors as needed for capital work, reserve draws, financing, and other items required under the property’s governing documents
• Creates and maintains comprehensive asset management/strategy plans for each property in their portfolio
• Completes portfolio analysis and summary reports as requested by Director with enhanced review and analysis of properties performing outside of established benchmarks and/or which have concerns impacting the financial and/or physical health of the asset
• Works in collaboration with others to resolve issues related to cash-flow and long-term capital needs, including working with investors/lenders to free-up existing reserves or secure loan
• Develops and sponsors occasional meetings to review portfolios with investors, lenders, and internal groups, including the coordination of on-site property visits in the portfolio
• Perform other duties as assigned

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential function satisfactorily. The requirements listed below are representative of the education, knowledge, skill, and/or ability required.

Education and Experience

• Bachelor’s degree in the field of Finance, Business Administration, Accounting or related field
• A minimum of three years’ experience in real estate or finance with a heavy emphasis on financial analysis of large portfolios
• Must have experience in at least four of the following areas: non-profit affordable housing, refinancing of debt, HUD regulatory programs, real estate accounting, financial analysis, property management or project development

Knowledge, Skills, and Abilities

• Demonstrated proficiency using Excel, Word, and Outlook
• Ability to multitask and adapt to changing priorities in a fast-paced and collaborative environment
• Must be able to present comfortably and in a well-organized manner in front of large groups
• Proven ability to work collaboratively with groups both internal and external, and able to lead a project where needed
• Ability to prepare financial feasibility analyses and strategic plans, conduct research, and prepare narrative reports and proposal
• Proven capability to analyze complex problem
• Strong analytical and accounting skills
• Strong written and verbal communication skills
• Good business and financial judgment
• Ability to work effectively with all levels of staff in many departments, external financial professionals, and public officials
• Ability to work in fast-moving, quickly changing environment
• Ability to provide day-to-day support of assigned portfolio with minimum supervision
• Commitment to the Mission and Values of MidPen
• Must have valid California driver’s license, reliable transportation, and proof of current auto insurance policy

Physical Requirements

• Constantly perform desk-based computer tasks, frequently sitting
• Occasionally stand/walk, reach/work above shoulders, grasp lightly/fine manipulation, grasp forcefully, use a telephone, sort/file paperwork or parts, lift/carry/push/pull objects that weigh up to 15 pounds
• Rarely twist/bend/stoop/squat, kneel/crawl

Working Conditions

• This is a hybrid position, based on current MidPen policy of working Tuesdays and Thursdays in the Foster City Office. Mon, Wed and Fri, option to work from home or the office. When working from home, requires a reliable internet connection.

This description reflects management’s assignment of essential functions, it does not proscribe or restrict the tasks that may be assigned.

EQUAL OPPORTUNITY EMPLOYER

MidPen Housing Corp. provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws.

Consistent with its obligations under the law, MidPen Housing Corp. will provide reasonable accommodation to any employee with a disability who requires accommodation to perform the essential functions of his or her job.

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