Vice President of Property Management | Hispanic Housing Development Corp.
Hispanic Housing Development Corporation (HHDC) is seeking an experienced, mission-driven property management executive to oversee and direct property management activities related to the organization’s diverse residential portfolio of more than 3600 units in four states. The diverse portfolio includes a broad range of 41 affordable and mixed income properties, primarily in the metropolitan Chicago region. HHDC is one of the premier community development organizations in the US, led by Hipolito (Paul) Roldan, with a 42 year history of providing a gateway into America’s economic mainstream for working-class families by providing an affordable home base from which to grow their prospects and opportunities.
Reporting to the CEO and the COO, the VP of Property Management is responsible for the overall successful operations of all of HHDC’s properties and works to ensure that the department meets or surpasses industry standards. The VP is a member of the HHDC Senior Management Team, along with the Executive Vice President, Chief Financial Officer, VPs of Real Estate Development, Acquisitions and Asset Management, and Chief Operating Officer of the Tropic Construction wholly-owned subsidiary, working to strategize short?range and long?range goals for the organization.
The VP of Property Management manages what is by far the largest division of the HHDC, with a staff of 149 employees overseeing a portfolio of 3815 units in 2018. The portfolio includes family, veterans and elderly housing developments, ranging from 7 to 292 units, with affordability supported by a variety of subsidy programs ranging from Low Income Housing Tax Credits to Section 8,202 and 236 properties, to other state and local subsidies. The vast majority of the properties are located in the city of Chicago and its suburbs, with fewer properties in southern Wisconsin, northwest Indiana and Grand Rapids, MI.
Supporting the VP of Property Management in managing this large portfolio are a number of key positions including the Director of Property Management Operations, the Manager of Portfolio Services, a Fair Housing Compliance Manager and 5 Property Supervisors whose responsibilities are divided by a combination of geography and program expertise. In general, HHDC has a very stable property management and maintenance staff team, with many employees serving for 20 years or more.
Management responsibilities for the portfolio have recently been reorganized and maintenance oversight has been adjusted to increase efficiency. Most of the property management and maintenance staff is unionized, although some smaller properties are not unionized. Collections problems are being dealt with, and long term management succession planning has been done throughout the organization. Particular current challenges include solving some problems related to the rent structure, continuing to contain costs, keeping up with compliance issues related to LIHTC, and integrating the 5 new “ground up” projects that are currently in the pipeline.
The VP has primary responsibility for the business and personnel management of HHDC’s property operations. This includes the following specific responsibilities:
- Provide clear direction for operations within Property Management ensuring that the Company financial and business objectives are being achieved.
- Assure the preparation of the annual property budgets, with input from PM Director, Supervisors, Managers and the Vice President of Acquisitions and Asset Management, and reviewed by the COO and President.
- Work closely with the VP of Real Estate Development to establish budgets and management practices for new real estate developments.
- Work closely with Vice President of Acquisitions and Asset Management and CFO to evaluate financial performance against benchmarks established by investors, lenders, and the properties’ operating proformas.
- Set performance goals by project, related to industry standards; monitor performance, adjust strategies as needed.
- Develop and negotiate new management contracts.
- Drive consistency of operations, identify best practices and lead implementations.
- Consult with Construction partners for property management-related considerations for developed assets as well as assets undergoing renovation.
- Monitor new acquisitions, building turnover and leasing programs; approve plans for office establishment and operations set-up. Approve vendor/service contracts.
- Ensure legal and regulatory compliance for all property management programs.
- Monitor resident service programs and grant proposal submissions for funding and staffing those programs.
- Facilitate a healthy, collaborative team atmosphere. Develop internal trust and employ team integrity to achieve industry-leading results.
- Directly supervise Director of Operations and work closely with the Property Management Supervisors to provide leadership, guidance and support.
- Oversee major decisions and assure that team members implement their portfolio objectives and work plans.
- Approve all hiring and terminations; key staff performance evaluations, salary levels and employee change of status.
- Ensure clear communications between staff, residents and community contacts.
- Prepare and present departmental reports relating to project performance, goals, standards, benchmarks, etc.
- Ensure financial reports are submitted to stakeholders accurately and timely.
- Attend industry association meetings, trainings, etc.
- Maintain appropriate CEU’s to ensure CPM and Real Estate license requirements are met.
- Stay abreast of property management and other real estate related industry standards, legislation impacting department and industry practices, policies and procedures.
The ability to visit properties within the portfolio as well as ability to respond to issues outside of normal operating hours are essential job functions of this position.
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