1771 MF – Senior Director of Multifamily Development Multifamily

Our Client:

Is a vertically integrated, design-focused real estate development company that creates distinctive hospitality, real estate and lifestyle destinations and has earned a reputation for creating place-making destinations that enliven their urban neighborhoods.

They’ve recently created their new multifamily and affordable housing division and are looking for strong candidates to join their successful team in a variety of positions including this Senior Director of Affordable Multifamily. They are a fast paced, creative and invigorated group that loves what they do and have a passion for Los Angeles.

Objective:

Responsible for sourcing the development, acquisition or preservation of affordable housing utilizing Federal, state, local and private funding sources, including LIHTC and conventional debt in the assigned region. Assist in promoting affordable housing advocacy to benefit the company and support its position as a recognized nonprofit leader. Core measures of accomplishment include successful closing of real estate development, acquisition, or preservation projects, as well as generation of developer fees and revenue when compared against approved project completion schedules and board approved budgets limits.

Essential Functions, Duties & Responsibilities:

Housing Strategy Development:

• Work with the SVP, Housing Development, and others in the National Office to define and carry-out strategic direction in assigned geographic areas. Work with assigned company Affiliates to; a) determine their strategic areas of focus, b) establish local criteria for developing housing in their geographic areas, and c) determine how the company’s housing development can assist them in meeting their goals.
• Assess and analyze local housing programs and funding sources to be utilized for furthering the success of local growth.
• Lead the process to establish relationships with state housing finance agencies, local municipalities, financing sources including banks, HOME providers, CHDO’s to gain support for local development and funding and influence policy around housing issues.

Predevelopment Stage:

• Analyze real estate market and recommend available sites for development.
• Perform site due diligence, directly or in conjunction with site finder, (utilities, zoning, etc.).
• Present the project to the company’s Development Review Committee (DRC), which consists of COO, CFO and EVP Affiliate Relations and make recommendations to move forward.
• Organize and lead the Post-DRC Kickoff Call and Interdepartmental Process.  Collaborate with Interdepartmental Housing Team to assess feasibility of the project.  Analyze potential problem situations and develop solutions for project success. The Interdepartmental Team will include representatives from the company’s, legal, asset management, housing management, resident services, accounting, financial analysis, construction management, affiliate representatives and compliance departments.
• Secure zoning changes when necessary, including speaking at public hearings, and gaining support of local municipalities and neighborhood organizations to secure necessary changes in zoning codes.
• Direct third party due diligence by engaging contractors, architects, appraisers, market analysts, and other consultants.
• Negotiate site control/secure option, including broker, land seller, and legal representative negotiations.
• Solicit community support/funds, which includes organizing and attending public meetings, researching funding opportunities and preparing or assisting in the preparation of funding applications.
• Prepare pre-development funding applications and present and secure approval from the Housing Development Loan Committee (HDLC).  HDLC membership includes nationally recognized real estate professionals, affiliate CEO’s and staff, board members and other leaders in the affordable housing field.
• Research and organize information regarding Low Income Housing Tax Credit (LIHTC) or tax-exempt or taxable bond feasibility, which consists of highly complex technical procedures that are updated and changed each year.
• Research and organize information regarding other funding sources, such as HUD HOME program funds and FHLB Affordable Housing programs, along with governmental and non-governmental mortgage loan sources.
• Recommend and obtain approvals from SVP, Housing Development, Development Review Committee, and Housing Development Loan Committee.
• Solicit, analyze, select and negotiate project debt and equity with lenders and investors, working closely with Housing Underwriting

Development Stage:

• Analyze financial feasibility, including proformas, revenues, operating expenses, budgets, construction estimates, and financing.
• Working with Construction Director, direct architect and contractor in the design, value engineering and permitting of the project.
• Lead development team members in the preparation of documentation required for the submission of application packages for financing and approval.
• Research and apply for other funding sources, as necessary.
• Research property tax exemption possibilities for developments.  If eligible for exemption, ensure the necessary materials are filed in a timely manner to ensure exemption is obtained.
• Negotiate with local taxing entities for tax reduction, PILOT, etc.
• Represent ownership sponsor at city, state and federal meetings pertaining to funding or tax credit requests – multiple meetings may be required at various stages of project development to secure approval from various agencies and funding sources.
• Direct appraiser, surveyor, cost analysts, and any other third-party to secure timely documentation for application packages for funding, tax credits, or bonds.  Analyze reports for accuracy and secure corrections as necessary.
• Engage and direct legal counsel (internal and external) in the formation of new entities, closing documents, board resolutions and other documents that may be required for the successful development of the project.
• Represent ownership sponsor at city/county zoning meetings/neighborhood meetings – this may require multiple meetings throughout the development.•  When not prepared by third parties, prepare application for funding commitment, tax credits or bonds.  When applications are prepared by third parties, provide necessary oversight and direct changes in design, financing and operations as necessary for a successful development.
• Negotiate with land or building Seller to finalize the purchase of the site or extend options as required.
• Complete necessary tasks to meet tax-credit carry-over requirements and other pre-closing funding agency milestones.

Initial or Construction Closing:

• Analyze funding, tax credit, or bond commitment documents for accuracy.
• With assistance from SVP Housing Development and Finance Department, resolve any financing shortfalls or issues.
• Direct the Architect and Construction Director to analyze the prepared plans and specifications for compliance with the company’s design standards including ADA, Fair Housing, Enterprise Green Communities and 504 requirements.
• Manage the Construction Director and Architect analysis of the contractor’s bid including value engineering, if required.
• Review initial closing and construction draws, working with Development Accounting.
• Provide direction to attorney/contractor/architect on preparation of initial closing documents and contracts.
• Analyze documents and follow-up with governmental agency, state housing finance agency or mortgage lender/HUD to assure that closing documents are acceptable.
• Provide guidance to the development team for closing requirements – documents to be completed, schedule date with funding source attorney and team.
• Analyze additional loan/grant funds relating to supplemental funding for consistency with lender/HUD loan requirements.  Negotiate changes in the documents with the local city, state and federal departments.
• Facilitate ongoing collaboration with and advise all Interdepartmental Team members of closing and receive approval sign-off from each member as required.

Construction:

• Complete construction draw and equity draw packages timely and completely for submittal to construction lenders and equity providers.
• Work with Development Accounting to assure the cost certification is completed on time.
• When not provided by Construction Director, provide construction oversight by serving as owner representative at construction draw meetings.  The number of draw/construction progress meetings should be determined on a project-by-project basis and as needed, being cognizant of travel expense and individual project needs.
• When not provided by Construction Director, direct architect and contractor during construction.
• Oversee Construction Director and Architect review and recommendation of approval of change orders including negotiating cost and changes to the project.
• When not provided by Construction Director, oversee contractor final punch-list.
• When not performed by Construction Director, attend the 9 and 12- month warranty inspection meetings and assure adequate follow-up.
• Provide direction and guidance, and facilitate the transition from development to operations – which includes consistent communication with and directing activities for the Interdepartmental Team including housing management, accounting, asset management and local affiliate staff, among others.
• Responsible for organizing ground breaking and grand opening ceremonies, including providing direction and guidance to Communications Department, directing local affiliate staff, vendors, media and local politicians.

Final Closing (If not completed as part of earlier closings):

• Work with Construction Director to ensure all punch lists, warranty lists, final lien waivers, final contractor payments are completed.
• Oversee final closing requirements imposed by tax credit agency and private funding providers, including delivery of cost certifications, 8609s, and K-1 Schedules.
• Collaborate with Interdepartmental Team to coordinate review of documents with accounting, legal, asset management and compliance resulting in conversion to permanent financing.

General:

A. Keep supervisor informed of progress of all projects.
B. Direct actions and obtain consent from Legal, Finance, Asset Management, Compliance, and Property Management departments during each stage of the development process.
C. Provide day-to-day direction and supervision to third-party development consultants.
D. Ensure all department reports (weekly, monthly, etc.) are accurate as related to projects assigned.
E. Ensure DRC, HDLC and requests and resolutions are submitted in a timely and accurate manner.

Knowledge, Skills and Abilities:

• Bachelor’s degree required with graduate degree preferred.
• Excellent project management skills and experience
• 5 – 7 years’ related experience and/or training; or equivalent combination of education and experience in affordable housing real estate development, , acquisitions and construction.
• Knowledge of state housing finance program technical programs and procedures and ability to influence changes in state policy regarding housing programs.
• Experience having lead project managed and closed at least two LIHTC transactions
• Experience leading project management teams
• Excellent organizational skills.
• Excellent written and verbal communication skills including public speaking and making presentations
• Candidate must have real estate/construction experience.
• Knowledge of Section 42 regulations required.
• Good vendor management skills, including negotiating skills.
• Exemplary interpersonal communication skills both within and outside of the company.
• Mature judgment with an ability to support and explain reasoning for decisions.
• Collaborative nature with a “results oriented” mindset.
• Excellent problem solving skills.  Ability to think outside the box while staying within guidelines.
• Mature approach to risk assessment and management.
• Self-starter: ability to work proactively and independently.
• Passion for providing housing to those in need.
• Personal credibility and high degree of integrity: presentation of self is honest and forthright and reflects well upon the company.
• Initiative: able to work well within ever-changing and dynamic circumstances.
• Responsive to those within and outside of the company.
• MS Office skills including Outlook, Word, Excel.
• Ability to work independently and keep flexible hours.  Ability to travel is required, up to 30% of time.

Working Conditions:

The work environment characteristics and physical demands described here are representative of those an employee encounters while performing this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Works in office areas.  Interacts with staff, consultants, and outside vendors.  May be subjected to interruptions throughout the workday.
• While performing the duties of this job the employee is frequently required to sit; use hands to finger, handle, or feel; and talk or hear. The employee is occasionally required to lift up to 10 pounds. The vision requirement includes close vision.

Compensation:

• Base salary – $185 to 225K plus bonus
• Plus strong benefits and other perks. Please call to discuss.

Gillian Executive Search is a leader in Multifamily Development recruiting.