Asset Manager (COM 3)
State of Washington, Olympia, WA, United States
Asset Manager (COM 3)
At the Department of Commerce, we’re reimagining what’s possible in government. We’re builders, thinkers, and change‑makers, working at the intersection of innovation, community, and impact. From unlocking critical funding to fueling inclusive economic growth, we’re turning big ideas into real‑world solutions that uplift people and places. Let’s build what’s next, together.
Scope and Responsibilities This position works within the Multifamily Housing Unit (MHU) of the Housing Division and is responsible for specific tasks within the State Housing Trust Fund (HTF), Housing Preservation Program (HPP) and the federal HOME and National Housing Trust Fund (NHTF) programs. It operates as a technical specialist in real estate development and finance, developing, negotiating, and managing key terms and conditions for state and federally funded contracts that specialize in affordable housing for low‑income and special‑needs populations. It maintains Commerce databases to ensure accurate project data and establishes program priorities and policies to preserve affordable low‑income housing units from award through long‑term performance. It exercises independent judgment on policy and regulation interpretation, coordinates with MHU and agency staff, and prioritizes customer service.
Contract Workouts & Amendments
Review and analyze organization information and project data to determine compliance with MHU program and contract requirements, organizational and project financial status, and other pertinent conditions for affordable housing projects in workout status; prepare written analysis and provide recommendations to MHU management for action.
Facilitate project loan refinances/restructures, property transfers/sales, tax credit exit transactions, and security interest changes to ensure long‑term sustainability.
Coordinate with contract specialists to ensure timely workflow and documentation for appropriate amendments that meet MHU and HD statutes and policies.
Co‑ordinate the closing of amendments for additional fund awards and other workout restructures with internal MHU staff and outside funding partners; may involve third‑parties for construction review, progress monitoring, contract compliance, drawing requests, project management, and contract closeout.
Monitor contracts due for payoff or termination, recommend and coordinate next steps with awardees and other public funders; prepare written reports/presentations.
Identify risks to the MHU portfolio’s sustainability and report to management; when instructed, take corrective action.
Coordinate and communicate with private and public financing partners and third‑party consultants; troubleshoot and problem‑solve contract, construction, and project schedule issues, including technical assistance and renegotiation of financial structure.
Facilitate real estate closings, ensuring escrow receipt of closing instructions, completion of recording package, agreement on closing funds with signed A‑19, and receipt of all recorded document copies for the project file.
Review federal program requirements to ensure amendments do not impact federal compliance; report to compliance team.
Oversee data collection, analysis and state reporting requirements for the HPP program in CMS and HCMS.
Collaborate with internal and external stakeholders to develop processes and policies that align with HTF’s mission and vision.
Asset Management
Provide technical assistance to MHU staff, external partners, and awardees related to loan modifications, ownership transfers, property sales, refinances, and subordination of debts.
Develop performance improvement plans and monitor progress of contractors experiencing performance or compliance issues.
Review management plans, financial data and reports to inform development of organizational/project performance reviews.
Maintain knowledge of industry best practices in affordable housing real estate development and underwriting, as well as program requirements for HTF, HOME, and NHTF.
Participate in unit and teamwork groups to further understand unit and agency mission, goals, and purpose while ensuring the asset management work is considered in process or policy updates.
Develop, Maintain and Update Policies/Guidelines and Processes
Assist with continuous process improvement activities and establish guidelines, policies, and processes related to the Asset Management team.
Collaborate with MHU teams to drive process improvement efforts and establish clear guidelines and procedures.
Review, edit and update external and internal program policies, guidelines and processes as program needs change.
Required Qualifications Seven (7) years of combined experience and/or education as described below.
In affordable housing, housing finance, real estate/lending, community, trade, or economic development with a focus in two or more of the following areas:
Contract Management
Affordable Housing Asset Management
Project Management
Demonstrated understanding of multifamily/rental housing development and lending, and related real estate transactions and legal documentation
Demonstrated understanding of affordable housing finance, including layered financing using private and public funds, tax credits, and partnership structures
Involves housing finance, business, public administration or related field. Post‑High‑School education may be substituted year for year for experience.
Examples of how to qualify: 7 years of experience; 6 years of experience and one year of education; 5 years of experience and two years of education; 4 years of experience and three years of education; 3 years of experience and four years of education; 2 years of experience and five years of education; 1 year of experience and six years of education.
Preferred/Desired Qualifications
Good understanding of state and federal low‑income housing program regulations.
Experience with the Washington State Housing Trust Fund or with U.S. HUD programs such as HOME, federal Housing Trust Fund, Low‑Income Tax Credit Program, or similar.
Experience developing rental housing or home ownership opportunities in rural communities.
Experience with writing and implementing policies and procedures.
Willingness to work flexible hours and in a collaborative, team‑based environment.
Required Competencies
Demonstrated skills in organization, team building, and succession planning.
Demonstrated ability to collaborate and build partnerships, develop work teams, and work effectively with the authorizing and external environment.
Demonstrated ability to manage and work with diverse personalities, styles, and cultures.
Ability to apply negotiation and conflict resolution skills.
Exceptional written and verbal communication skills, as well as interpersonal and relationship building skills.
Knowledge of agencies, institutions, and processes involved in real estate development.
Advanced proficiency with Microsoft Excel and ability to create and manipulate pro forma financial models.
Application Requirements
A complete and detailed online application.
A cover letter (enter online).
At least three professional references (enter online).
Work Location This position may be located anywhere within Washington State, though occasional travel to a Commerce office or in‑state travel to attend events or meetings may be required. Many Commerce employees work remotely or have a hybrid schedule.
Benefits Department of Commerce offers a competitive benefits package including: medical and dental insurance benefits, retirement and deferred compensation plans, 11 paid holidays each year, 14‑25 vacation days per year (depending on length of employment), 8 hours of sick leave per month (if full‑time employed), bereavement leave, an employee assistance program, and other benefits. Please see the Benefits Tab for more details.
Equal Opportunity Statement The Washington State Department of Commerce is an equal‑opportunity employer. We strive to create a working environment that includes and respects cultural, racial, ethnic, sexual orientation, and gender identity diversity. Women, racial and ethnic minorities, persons of disability, persons over 40 years of age, veterans, or people with military status, and people of all sexual orientations and gender identities are encouraged to apply. Persons needing accommodation in the application, testing, or interview process or this job announcement in an alternative format may email Human Resources at Human.Resources@commerce.wa.gov. Applicants who are deaf or hard of hearing may call through the Washington Relay Service by dialing 7‑1‑1 or 1‑800‑833‑6388.
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At the Department of Commerce, we’re reimagining what’s possible in government. We’re builders, thinkers, and change‑makers, working at the intersection of innovation, community, and impact. From unlocking critical funding to fueling inclusive economic growth, we’re turning big ideas into real‑world solutions that uplift people and places. Let’s build what’s next, together.
Scope and Responsibilities This position works within the Multifamily Housing Unit (MHU) of the Housing Division and is responsible for specific tasks within the State Housing Trust Fund (HTF), Housing Preservation Program (HPP) and the federal HOME and National Housing Trust Fund (NHTF) programs. It operates as a technical specialist in real estate development and finance, developing, negotiating, and managing key terms and conditions for state and federally funded contracts that specialize in affordable housing for low‑income and special‑needs populations. It maintains Commerce databases to ensure accurate project data and establishes program priorities and policies to preserve affordable low‑income housing units from award through long‑term performance. It exercises independent judgment on policy and regulation interpretation, coordinates with MHU and agency staff, and prioritizes customer service.
Contract Workouts & Amendments
Review and analyze organization information and project data to determine compliance with MHU program and contract requirements, organizational and project financial status, and other pertinent conditions for affordable housing projects in workout status; prepare written analysis and provide recommendations to MHU management for action.
Facilitate project loan refinances/restructures, property transfers/sales, tax credit exit transactions, and security interest changes to ensure long‑term sustainability.
Coordinate with contract specialists to ensure timely workflow and documentation for appropriate amendments that meet MHU and HD statutes and policies.
Co‑ordinate the closing of amendments for additional fund awards and other workout restructures with internal MHU staff and outside funding partners; may involve third‑parties for construction review, progress monitoring, contract compliance, drawing requests, project management, and contract closeout.
Monitor contracts due for payoff or termination, recommend and coordinate next steps with awardees and other public funders; prepare written reports/presentations.
Identify risks to the MHU portfolio’s sustainability and report to management; when instructed, take corrective action.
Coordinate and communicate with private and public financing partners and third‑party consultants; troubleshoot and problem‑solve contract, construction, and project schedule issues, including technical assistance and renegotiation of financial structure.
Facilitate real estate closings, ensuring escrow receipt of closing instructions, completion of recording package, agreement on closing funds with signed A‑19, and receipt of all recorded document copies for the project file.
Review federal program requirements to ensure amendments do not impact federal compliance; report to compliance team.
Oversee data collection, analysis and state reporting requirements for the HPP program in CMS and HCMS.
Collaborate with internal and external stakeholders to develop processes and policies that align with HTF’s mission and vision.
Asset Management
Provide technical assistance to MHU staff, external partners, and awardees related to loan modifications, ownership transfers, property sales, refinances, and subordination of debts.
Develop performance improvement plans and monitor progress of contractors experiencing performance or compliance issues.
Review management plans, financial data and reports to inform development of organizational/project performance reviews.
Maintain knowledge of industry best practices in affordable housing real estate development and underwriting, as well as program requirements for HTF, HOME, and NHTF.
Participate in unit and teamwork groups to further understand unit and agency mission, goals, and purpose while ensuring the asset management work is considered in process or policy updates.
Develop, Maintain and Update Policies/Guidelines and Processes
Assist with continuous process improvement activities and establish guidelines, policies, and processes related to the Asset Management team.
Collaborate with MHU teams to drive process improvement efforts and establish clear guidelines and procedures.
Review, edit and update external and internal program policies, guidelines and processes as program needs change.
Required Qualifications Seven (7) years of combined experience and/or education as described below.
In affordable housing, housing finance, real estate/lending, community, trade, or economic development with a focus in two or more of the following areas:
Contract Management
Affordable Housing Asset Management
Project Management
Demonstrated understanding of multifamily/rental housing development and lending, and related real estate transactions and legal documentation
Demonstrated understanding of affordable housing finance, including layered financing using private and public funds, tax credits, and partnership structures
Involves housing finance, business, public administration or related field. Post‑High‑School education may be substituted year for year for experience.
Examples of how to qualify: 7 years of experience; 6 years of experience and one year of education; 5 years of experience and two years of education; 4 years of experience and three years of education; 3 years of experience and four years of education; 2 years of experience and five years of education; 1 year of experience and six years of education.
Preferred/Desired Qualifications
Good understanding of state and federal low‑income housing program regulations.
Experience with the Washington State Housing Trust Fund or with U.S. HUD programs such as HOME, federal Housing Trust Fund, Low‑Income Tax Credit Program, or similar.
Experience developing rental housing or home ownership opportunities in rural communities.
Experience with writing and implementing policies and procedures.
Willingness to work flexible hours and in a collaborative, team‑based environment.
Required Competencies
Demonstrated skills in organization, team building, and succession planning.
Demonstrated ability to collaborate and build partnerships, develop work teams, and work effectively with the authorizing and external environment.
Demonstrated ability to manage and work with diverse personalities, styles, and cultures.
Ability to apply negotiation and conflict resolution skills.
Exceptional written and verbal communication skills, as well as interpersonal and relationship building skills.
Knowledge of agencies, institutions, and processes involved in real estate development.
Advanced proficiency with Microsoft Excel and ability to create and manipulate pro forma financial models.
Application Requirements
A complete and detailed online application.
A cover letter (enter online).
At least three professional references (enter online).
Work Location This position may be located anywhere within Washington State, though occasional travel to a Commerce office or in‑state travel to attend events or meetings may be required. Many Commerce employees work remotely or have a hybrid schedule.
Benefits Department of Commerce offers a competitive benefits package including: medical and dental insurance benefits, retirement and deferred compensation plans, 11 paid holidays each year, 14‑25 vacation days per year (depending on length of employment), 8 hours of sick leave per month (if full‑time employed), bereavement leave, an employee assistance program, and other benefits. Please see the Benefits Tab for more details.
Equal Opportunity Statement The Washington State Department of Commerce is an equal‑opportunity employer. We strive to create a working environment that includes and respects cultural, racial, ethnic, sexual orientation, and gender identity diversity. Women, racial and ethnic minorities, persons of disability, persons over 40 years of age, veterans, or people with military status, and people of all sexual orientations and gender identities are encouraged to apply. Persons needing accommodation in the application, testing, or interview process or this job announcement in an alternative format may email Human Resources at Human.Resources@commerce.wa.gov. Applicants who are deaf or hard of hearing may call through the Washington Relay Service by dialing 7‑1‑1 or 1‑800‑833‑6388.
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