Asset Manager
Location: San Francisco, CA (Hybrid – 1+ days per week in office)
About the Employer
Housing Accelerator Fund (HAF) is an innovative nonprofit lender and Community Development Financial Institution (CDFI) established in 2017 by the San Francisco Mayor's Office of Housing and Community Development. HAF creates public-private partnerships and leverages private, philanthropic, and public capital to invest in and lend to affordable housing, accelerating the production of new affordable housing across the Bay Area. HAF has raised over $400 million since launch and channeled that capital into more than $600 million in affordable housing investments that create and preserve over 3,500 affordable homes. This includes innovative products and tools such as the Bay Area Housing Innovation Fund, Industrialized Construction Catalyst Fund, and the Home for Good Fund.
Role Summary
The Asset Manager will play a central role in overseeing the performance, risk, and long-term health of the Housing Accelerator Fund's growing loan portfolio, with a particular focus on permanent lending products. This role is responsible for monitoring individual investments and the portfolio as a whole, ensuring strong credit performance, compliance, and alignment with HAF's mission to preserve and expand affordable housing. As HAF continues to scale its lending activities, the Asset Manager will help build and refine the systems, tools, and processes needed to support a more complex and mature portfolio. Working closely with the lending and finance teams, the Asset Manager will lead portfolio reporting, risk assessment, and ongoing asset oversight, while also supporting key credit decisions such as loan extensions, modifications, and approvals. This role will serve as a critical bridge between underwriting and portfolio management, identifying emerging risks and opportunities early and elevating them for internal discussion.
What You'll Do
- Manage HAF's loan portfolio (and growing perm loan portfolio), with responsibility for credit quality, repayment risk, and long-term asset performance
- Monitor borrower and property-level financial performance, including DSCR, liquidity, operating trends, and covenant compliance
- Maintain and refine internal risk ratings and support loan loss reserve analysis
- Identify emerging risks early and develop mitigation strategies in collaboration with borrowers and internal stakeholders
- Lead regular portfolio reviews and present risk assessments, trends, and recommendations to senior leadership and Credit Committee
- Oversee post-closing loan management, including compliance with loan agreements, borrower payment obligations, covenants, and reporting requirements
- Oversee the conversion of HAF bridge/predevelopment loans to permanent financing, working with borrowers and takeout lenders
- Assist on conversions of HAF construction financing to permanent financing, working with lending and investment team members as well as borrowers
- Review and approve (or recommend approval for) borrower requests, including loan extensions, reserve draws, consent requests, and modifications
- Lead or support loan workouts, restructurings, or recapitalizations for underperforming assets
- Conduct site visits and borrower check-ins to assess project health and long-term viability
- Evaluate borrower financial health at both the project and organizational level, including liquidity, pipeline risk, and capacity
- Build strong relationships with nonprofit developers and mission-aligned sponsors while maintaining appropriate credit discipline
- Provide proactive guidance to borrowers to support asset stability and avoid distress
- Coordinate with property management and development teams to understand operational challenges and risks and to collect all necessary project/portfolio data to ensure strong asset health
- Manage cross-functional workstreams, coordinating with internal teams and external stakeholders to ensure timely, high-quality execution; may provide guidance or oversight to junior staff or consultants as needed
- Lead preparation of portfolio-level reporting for Board, investors, and internal stakeholders, with a focus on credit quality and risk trends
- Present loan performance, risk ratings, and key issues in Board and Credit Committee settings
- Facilitate weekly loan and portfolio meetings, ensuring timely escalation of issues requiring leadership input
- Partner with Finance and leadership to build and refine portfolio monitoring systems, dashboards, and reporting tools
- Improve internal processes for loan servicing, risk tracking, and borrower reporting
- Help establish best practices for permanent loan asset management as HAF grows this product line
- Work closely with the Originations team to ensure smooth transition from underwriting to portfolio management
- Provide feedback on underwriting assumptions, loan structuring, and risk considerations based on portfolio experience, especially regarding sponsor underwriting in advance of loan approvals
- Support new product development and scaling of HAF's permanent lending strategy
Required Qualifications
- 5+ years of experience in real estate lending, credit analysis, asset management, or portfolio management
- Experience managing or monitoring a portfolio of loans or real estate assets, ideally in a lending or credit-focused role
- Demonstrated experience assessing asset performance, identifying risk, and developing mitigation strategies
- Experience working with complex real estate transactions, including multi-layered capital stacks
- Strong understanding of real estate finance fundamentals, including DSCR, LTV ratios, cash flow analysis, reserves, loan structures, and borrower strength and credit risk status
- Ability to analyze financial statements at both the property and organizational level
- Ability to create and monitor risk-rating, watchlist, and compliance systems
- Experience reviewing and interpreting loan documents, partnership agreements, and regulatory requirements
- Advanced Excel skills and comfort working with financial models, projections, and portfolio data
- Strong relationship management skills, with the ability to work effectively with borrowers and external partners
- Clear and concise written and verbal communication skills
- Ability to present complex financial information to internal and external stakeholders, including senior leadership
- Ability to independently manage a portfolio and drive outcomes with limited oversight
- Strong judgment and problem-solving skills, particularly in complex or ambiguous situations
- Ability to balance mission orientation with financial discipline
- Highly organized, with the ability to manage multiple priorities across a portfolio
- Collaborative and team-oriented, with a willingness to contribute to a growing and evolving organization
- Proven ability to manage complex workstreams and collaborate across internal teams and external partners to ensure strong execution
Preferred Qualifications
- Interest and experience in leveraging technology, data systems, and emerging tools (including AI and automation) to improve portfolio management, risk monitoring, and operational efficiency
- Experience with community development finance, CDFIs, or mission-driven real estate
- Familiarity with affordable housing operations and nonprofit developers
- Interest in advancing housing affordability and working with mission-aligned partners
- Passion towards addressing the Bay Area's housing affordability and homelessness crisis
- Prior people management or supervisory experience
- Knowledge of affordable housing in the broader Bay Area
Compensation
$115,000–$135,000 + up to 10% bonus; salary placement within this range will be based on experience and qualifications.
Benefits
Comprehensive, employee-selected insurance coverage (medical, dental, vision, life); 100% coverage for employees and 50%–80% for dependent coverage; 401(k) plan with employer match after one year; generous PTO beginning at 18 days plus paid holidays; cell phone, internet, and fitness stipends; FSA and Commuter Savings accounts.
How to Apply
Submit the following via form link (requires Google account sign-in; if you do not have a Gmail or Google Workspace account, email hiring@sfhaf.org):
- Resume
- Cover letter of 1–2 pages addressed to Chief Lending Officer Kate Hartley, which includes: your interest in the position; how your background and experience will support you in performing the position's responsibilities; and your reflections on the following: in brief, how have your past experiences, activities, or background made you aware of inequities and challenges faced by historically underrepresented or economically disadvantaged groups, particularly in the context of HAF's mission to accelerate the production and preservation of affordable housing for California's economically disadvantaged households, individuals, and communities by lending to, investing in, and directly acquiring real estate assets? How has this awareness shaped your personal and professional growth, including your professional work?
We are aiming to make a full-time offer by June 1.
Additional Information
Manager: Kate Hartley, Chief Lending Officer. You will work with the internal team and partners including nonprofit developers across the Bay Area, local governments, and lenders/investors.
HAF values are mission-driven, collaborative, and optimistic. The organization is bold, nimble, and relentlessly solutions-oriented. HAF is committed to learning, unlearning, and disrupting towards equity. While HAF's primary scope of work has historically focused on the City of San Francisco, the organization is actively expanding to the broader Bay Area and encourages candidates who bring knowledge of affordable housing in the broader Bay Area to apply.
Equal Opportunity Statement
Housing Accelerator Fund is an Equal Opportunity Employer committed to ensuring that its hiring process is inclusive and equitable for all candidates. The organization strongly encourages applications from individuals of all backgrounds, particularly those who share lived experiences with the communities it serves, including candidates who identify as Black, Brown, Indigenous, Latinx, and Asian and/or a member of other underrepresented races and ethnicities; candidates of all gender identities and orientations; people of all ages; veterans; people with disabilities; and individuals who have lived experience of housing, food, and/or economic instability or scarcity. Pursuant to the San Francisco Fair Chance Ordinance, HAF will consider for employment qualified applicants with arrest and conviction records.
