Position Description The Vice President of Real Estate Development is the executive in charge and responsible for all aspects of the real estate development process for the organization. It includes the acquisition, financing and rehabilitation of affordable housing projects and sustaining existing projects. Development activities include helping to identify and assess purchases or development proposals, analyzing housing needs and identify areas suitable for affordable housing development, assess project feasibility, perform due diligence, assemble the necessary financing using a variety of public and private sources, and oversee design and construction services. This position will work closely with outside agencies, tax credit syndicators, the District Government, and assist in and oversee the preparation of funding applications to these and other entities. This position will serve as a liaison with asset management and property management functions regarding building turnover and stabilization; and supervises the work of the Development Associate and a host of external consultants. Specific Duties
- Oversees the life cycle of the real estate pipeline
- Manages production of applications and documentation necessary for debt and equity financing, property purchase and sale, and government subsidy renewal
- Prepares and analyzes pro-forma financial spreadsheets, income statements, project development and operating budgets and other relevant financial analyses of low-income housing and other real estate developments.
- Coordinates underwriting and due diligence with lenders and investors
- Works with counsel to negotiate all real estate transaction related documents, including purchase and sale documents, loan documents, equity investment agreements, and operating agreements of all types
- Responsible for the management of day-to-day project activities to meet project schedule, quality, and budget objectives
- Responsible for the overall performance of contractors and subcontractors
- Initiates and administers bid process for selection of Architects, General Contractors and other project professionals
- Monitors project safety and enforces company standards with all onsite personnel without exception to ensure the project is safe for all workers and visitors
- Coordinates delivery of cost certifications, production of 8609's, and other close out items
- Meet with Executive Staff at Jubilee, other Jubilee staff, employees of other public agencies, consultations, and employees of private organizations as required to share information, resolve problems, agree upon courses of action, or to otherwise arrive at appropriate processes to create acceptable outcomes.
- Coordinate with the Chief Financial Officer; and directors of Asset Management, Property Management, and Maintenance across the lifecycle of development projects and in evaluating the existing portfolio for reinvestment.
- Efficient working knowledge of MS Office and real estate data subscription services, strong underwriting skills and knowledge of affordable housing financial pro-forma modeling systems.
- Ability to obtain market and demographic information and analyze that information.
- Ability to read, analyze, and interpret reports, technical procedures, real estate financing documents and contracts, and governmental regulations.
- Strong attention to detail.
- Ability to effectively manage and oversee work of others and hold them accountable, enforcing performance improvement plans when necessary.
- Ability to work independently and cooperatively; demonstrate professionalism, diplomacy and flexibility in a variety of situations.
- Ability to communicate effectively verbally and in writing.
- Ability to organize multiple complex tasks and schedules.
Desired Qualifications
- Leadership Traits: Good communicator, team builder, excellent interpersonal skills.
- Strategic Mindset: Sees ahead to future possibilities and translates them into breakthrough strategies.
- Business Perspective: Applies knowledge of the industry to advance the organization's goals.
- Decision Making: Obtains information and identifies key issues and implications to make sound and informed decisions.
- Influence and Negotiation: Uses persuasion and authenticity to gain support and cooperation from stakeholders to achieve a desired outcome.
- Budgeting & Project Proformas: Creates and manages financial plans that allocate resources effectively to achieve the organization's goals.
- Education: Bachelor's degree in finance, accounting, real estate, urban planning, or related field. MBA or MRED preferred.
- Experience: Minimum 10+ years of experience specifically in affordable housing development including LIHTC, HUD, Fannie, Freddie, DCHFA, DHCD, TOPA and working with other District agencies, and rental subsidy programs; previous experience working with diverse populations preferred. Proven track record of acquisition, financing, and closing multiple LIHTC and rent subsidized deals. Familiarity with the general principles of real estate, including operations and analysis, underwriting, budgeting, financial reporting, general accounting and lending practices.
- Other Requirements: Must have multiple relationships with lenders, syndicators, investors, government housing agencies, development departments and key executives/stakeholders within the District and or DC Metro area. Strong stakeholder service skills. Exceptional dedication to dependability and punctuality. Strong work ethic. Ability to engage a team toward a common mission.
All qualified applicants will receive consideration for employment without regard to race, color, national origin, age, ancestry, religion, sex, sexual orientation, gender identity, gender expression, marital status, disability, medical condition, genetic information, pregnancy, or military or veteran status. We consider all qualified applicants, including those with criminal histories, in a manner consistent with state and local laws, including the California Fair Chance Act, City of Los Angeles' Fair Chance Initiative for Hiring Ordinance, and Los Angeles County Fair Chance Ordinance. For unincorporated Los Angeles county, to the extent our customers require a background check for certain positions, the Company faces a significant risk to its business operations and business reputation unless a review of criminal history is conducted for those specific job positions.