The Director of Real Estate Development is responsible for all affordable real estate matters of the organization. This role leads a small, dedicated team that oversees all aspects of affordable real estate development: site acquisition, land use and zoning analysis; financial feasibility, packaging, grant writing, and closing; construction administration and permanent conversion through transfer to operations. Extensive experience with affordable and/or supportive housing development including usage of low-income housing tax credits (LIHTC), tax exempt bonds, state/federal capital programs, local funding and mixed-financed deals is essential. The Director will report to and work closely with the Chief Executive Officer. In addition, they will partner with senior leadership and the board of directors to develop and implement strategies across the organization.
Key Responsibilities
• Manage and lead the entirety of the real estate development process including financing, closing, construction administration, and placement into service.
• Interfaces with development consultants to achieve desired outcomes. Cultivates long-term resources, including the development of private and public funding opportunities, reviews and analyses grant applications prepared by staff for appropriateness prior to submission. Monitors the the progress and performance of developments and the contractors.
• Work collaboratively with internal departments to gain input on real estate development strategy and create projects that reflect the community needs, organization’s expertise and risk tolerance.
• Identify and secure viable development sites, often through option agreement or joint venture.
• Establish strong relationships with community based non profits, as well as religious entities for possible development partnerships.
• Obtain capital from a variety of public and private sources including municipal, state, federal, and tax credit opportunities, often through competitive RFP processes, for the development of affordable and supportive housing, including new construction and rehab.
• Identify re-syndication opportunities within the portfolio.
• Complete financial analysis of all prospective projects to determine funding strategy, and highest and best use.
• Collaborate with asset management to develop re-capitalizing and re-structuring strategies for existing assets.
• Prepare proformas and other projections to create financially viable construction and work with property management, resident services, and asset management to establish permanent operating budgets.
• Hire, retain, and oversee the professional development and career advancement of the department’s staff.
• Oversees the daily workflow of the department.
• Identifies opportunities and sites for housing development, including site selection, land acquisition, and feasibility analysis.
• Prepares and presents clear and concise reports for staff and Board.
• Effectively represents the department and organization in meetings with governmental agencies, community groups and other stakeholders.
• Collaborates closely with the finance department to mitigate risk and provide transparency.
• Establishes and maintains a variety of filing, record-keeping, and tracking systems.
• Organizes and prioritizes a variety of projects and multiple tasks in an effective and timely manner; organizes own work, sets priorities for self and others, and meets critical timelines/deadlines.
• Collaborate with internal teams on PRAC for RAD conversions.
• Supervise team of Real Estate Development Project Managers.
• Supervise and work collaboratively with a team of consultants including lenders, attorneys, architects, engineers, contractors, and others.
• Work with local and regional elected officials and boards to advise strategy.
• Participate in organizational strategic planning and other executive management processes.
• Ensure legal and regulatory compliance regarding all development functions.
Qualifications
• Ability to engage in continued conversations about justice, equity, diversity, and inclusion, with an equity focus, and to apply those conversations to daily work.
• Bachelor’s degree in a related field and work experience and/or graduate level coursework
• MA in real estate or urban planning a plus.
• Extensive experience (10 years+) in the affordable real estate development field including a demonstrated track record of leading all aspects of the real estate development cycle.
• Minimum of 5 years’ supervisory experience of real estate development staff.
• Occasional travel (regional and national) as required to fulfill primary job responsibilities and duties.
• Passion for the organization’s mission to provide quality affordable housing in caring communities.
• Strong real estate development experience including local government procedures to secure entitlements and all necessary permits.
• Ability to work effectively with various community groups (including residents, government and private lenders, business community members, and surrounding neighbors of proposed developments to listen and respond to community concerns.
• Experience managing development for a complex nonprofit with multiple funding sources including government (federal and state) contracts and an affiliate structure with diverse program areas delivered nationally.
• Excellent verbal and written skills and the ability to present information effectively.
• Excellent organizational skills and attention to detail.
• Excellent supervisory and leadership skills.
• Knowledge of and experience with Microsoft Office Suite and proficiency in sophisticated financial analysis using Excel and with word processing software such as Microsoft Word.
Compensation, Classification, and Hybrid Work Schedule
This is a full-time, exempt position. The salary range for this position is $175,000 - $200,000. The organization has a competitive benefits package with health, dental, vision, and life insurance, 8% of an employer contribution for retirement, and more. All employees are expected to attend 3 days per week in the central office, located in the Greater Bay Area, north east of Oakland. Development roles often require travel to the portfolio and those travel duties will meet the in-office requirement.
