Under the direction of the CEO, the Director of Housing and Community Development (Director) is responsible for real estate development across the portfolio, namely cultivating and evaluating real estate development opportunities and relationships that enable the company to successfully grow its portfolio of high-quality affordable housing. Working in partnership with the Deputy Director of Housing and Community Development (Deputy Director), the two will establish and implement systems for best practices as well as an annual budget for real estate development, and will assist in the promotion and execution of our corporate vision and real estate development activities. As a member of the Leadership Team, this position participates in establishing department priorities, embodies and protects our brand and culture, and actively works to grow our reputation for excellence.
The principal activities of this position are cultivating and managing acquisition activities, soliciting potential joint venture partnerships and prospects for mergers, and identifying RFP opportunities consistent with our corporate vision and real estate development priorities. The Director develops new and manages existing relationships that increase our visibility and credibility with potential sellers and buyers of real estate, investors or their advisors/consultants, other developers, and public and private sector entities that assure our real estate development goals are met or exceeded annually. This position is characterized by a high degree of initiative, responsibility, accountability and ability to work congenially with a wide variety of individuals, community-based organizations and governmental entities. This position requires a well-developed sense of strategy and timing, tact, discretion, persuasion and negotiation. The Director will work with other departments as necessary to ensure successful closing of a specified number of real estate projects when compared with the approved Department Business Plan (Go/No-Go criteria), project completion timelines, and budget limits.
ESSENTIAL DUTIES AND RESPONSIBILITIES
A. Cultivates, evaluates, and maintains new and existing relationships with property sellers and owners, lenders and other funding partners, for profit and nonprofit developers, public and private sector entities, etc.; Primary manager of relationships through closing.
B. Drives and researches potential development sites; researches ownership and title information on high prospect sites (or oversees successful and timely completion of duties).
C. Performs and/or oversees the successful completion of all initial due diligence work on viable development sites per Go/No-Go criteria including reviewing preliminary title reports, evaluating infrastructure review with local public works and building officials, estimating market values through comparable sales analysis prior to appraisal, assessing ability to obtain entitlements for contemplated projects in the context of local general plan and zoning designations, initial site cost analysis, etc.
D. Identifies, evaluates and monitors new and existing funding sources and remains up to date on the status of those sources; analyzes funding competition and scoring of competitive applicants in connection with various sources.
E. Meets regularly with Executive Team and Deputy Director to coordinate all acquisition activities.
F. Works with Deputy Director to develop, execute, implement, regularly assess and update the Real Estate Development Business Plan (Go/No-Go criteria), including an acquisition strategy.
G. Creates and analyzes preliminary financial projections with assistance of real estate development staff and CFO for proposed transactions per Go/No-Go criteria.
H. Compiles comprehensive deal analysis and assesses risk associated with any acquisition for review and approval by Executive Team.
I. Works with Leadership Team to develop department annual acquisition goals and budget; creates acquisition strategy as part of real estate development Go/No-Go criteria.
J. Reports to CEO and CFO regarding the financing of each new deal, including revenue stream, developer fees and development checklists approvals (per Go/No-Go criteria).
K. Establishes memorandums of understanding, letters of intent, purchase and sale agreements, or other tools to formalize relationships with partners, but does not have signature authority.
L. In consultation with the attorney and Executive Team, negotiates terms and specific language to be included in purchase and sale agreements; monitors key performance dates under agreements once a site is under contract; negotiates financing terms specific to the community and related subsidy environment for proposed affordable housing developments.
M. In conjunction with the CEO and Real Estate Development team, prepares and makes public presentations to city planning commissions and city councils related to projects; Makes presentations in other public venues and to the Board of Directors, as necessary.
N. Coordinates with Deputy Director and Community Engagement team to obtain public approval, develop and implement community engagement/acceptance strategies; conduct public presentations and outreach on behalf of the company and the project; Submits use applications, and attends hearings and community meetings.
O. Insures efficient transition of purchased assets to Deputy Director.
P. On select projects, coordinates geo-technical and environmental analysis, planning and building code research, community planning, entitlements, and market analysis.
Q. Works with organizations within the housing, healthcare, creative, education, religious and other communities to create opportunities and support for affordable housing development.
R. Represents us at targeted industry conferences and seminars, housing organizations, public agencies, financial institutions, on panels and in community and public policy groups.
S. Stays informed of public policies affecting affordable housing.
T. Provides organizational advocacy and visibility at the local and state levels for our efforts by participating in state affordable housing associations and developing relationships with state housing finance agencies and state and local agencies within our footprint.
U. Coordinates with HR staff to recognize performance; Ensures department performance appraisals are completed effectively and as scheduled.
A. Detail- and results-oriented; mission driven.
B. Strong knowledge and experience with local, state and federal housing financing programs including HCD, HOME, LIHTC, and Tax-Exempt Bonds; willingness to learn about new and nontraditional financing opportunities.
C. Working knowledge of housing and land use policy that impact our developments.
D. Ability and experience in coaching, motivating and managing staff.
E. Effective oral and written communication, interpersonal and conflict-resolution skills.
F. Excellent critical thinking skills; Ability to work through ambiguity to find answers.
G. Ability to read, analyze and interpret complex documents.
H. Ability to multi-task and establish appropriate work priorities.
I. Ability to see both specific situations as well as the ‘big picture’ is essential.
J. Ability to conceptualize and strategize; willing to actively consider new and innovative opportunities.
K. Ability to work independently and as a member of a team; Ability to lead or to take and follow directions, when necessary.
L. Understands development process, programs and schedules related to specific projects.
M. Possesses high level of proficiency in financial spreadsheets (Excel) – including a detailed understanding of the affordable housing financial models - and proficiency in MS Office Suite and Outlook.
N. Ability to complete work within deadlines or, if not, to appropriately communicate such to allow colleagues to establish appropriate work priorities.
O. Ability to track and self-manage assignments as well as report on the status and progress of those assignments and goals.
P. Able to shift priorities and assignments with little notice and based on changing circumstances; Able to work under pressure.
Q. Responsive to emails, phone calls and text messages.
R. Excellent written and verbal communication skills. This includes being able to communicate the nuances of analyses to others internally and externally in “layman’s” terms.
S. Demonstrates understanding of the development process, programs and schedules related to specific projects.
T. Demonstrates a high degree of initiative, responsibility, and accountability.
U. Ability to work congenially with and through a wide variety of personality types, individuals, community-based organizations, governmental entities, internal and external stakeholders.
V. Willingness to do "whatever it takes" to get the job done, including working occasional nights and weekends with deadline driven work.
Supervises project managers and other RED administrative staff. May direct the work of staff from functional departments charged with assisting in the development and rehabilitation of affordable housing in our portfolio.
A. Education – Bachelor’s degree in real estate development, finance, planning, or related field. Other fields of study would be acceptable combined with appropriate work experience.
B. Experience – Seven (7) or more years of direct work experience in affordable housing development, or a related field, with increasing responsibility.
C. Experience – Successful financial closing of multiple real estate development transactions in California including Market Rate and/or 9% and/or 4% Low Income Housing Tax Credits.