OUR CLIENT
Our client is a nonprofit organization that works to create permanently affordable housing for low-to-moderate-income individuals by promoting community ownership of land. With a focus on combating displacement and promoting racial justice, the organization strives to stabilize neighborhoods and increase access to housing and homeownership, particularly in communities who have historically been denied opportunities to build wealth through homeownership.
THE OPPORTUNITY
This is a director-level position within Affordable Housing and will be a member of the executive leadership team and has overall responsibility for the supervision of a small real estate department. Working as a collaborative leader, the Housing Director is responsible for leading a team to create an innovative pipeline of multi-unit residential real estate projects and ensure the financial health of the organization's housing as well as the overall health, empowerment, and leadership of its residents. The Housing Director is hired by and reports to the Executive Director. The organization values teamwork and a more horizontal leadership management approach.
PRIMARY RESPONSIBILITIES:
Asset Management
- Oversee the operations of the organization's small asset management team to achieve financial sustainability for both internal and fee-for-service housing projects.
- Optimize properties to achieve a DSCR minimum of 1.1 or greater.
- Manage reserves – Operating and Replacement.
- Identify optimal hard debt and soft debt (private and public) financial products for refinancing.
- Review monthly/quarterly financials and work with the bookkeeper to create systems and improve internal financial management.
- Create and present annual budgets for staff and residents.
- Identify cost-saving methods like electrification and solar.
- Regularly review Capital Needs Assessments with the Construction Management Director.
- Oversee marketing and lease-up activities with the Lease-Up Manager.
- Ensure lender reporting – quarterly and annual – and compliance with loans.
- Maintain working relationships with third-party property management firms.
- Lead the Asset Management team in managing refinance events.
- Review key legal agreements, including mortgages, loan documents, subordination agreements, and guarantees, in conjunction with the ED for presentation to the Board of Directors.
- Educate staff and board members regarding the current financial health of the properties on a quarterly basis, as well as review year-end financials once a year.
- Oversee the asset management team, including the Director of Stewardship and Program Managers, to ensure affordable housing compliance, stewardship, and resident support/education.
- Oversee the Construction Management Director in resolving all code violation-related issues.
- Provide asset management education and training to both staff and fee-for-service clients.
Real Estate Acquisition Pipeline Development
- Lead in creating an innovative pipeline of multi-unit residential real estate housing projects, focusing on preservation (acquisition/rehab of existing buildings).
- Develop strategic partnerships with lenders and other housing developers to advance innovative preservation and production projects.
- Collaborate with and oversee the Acquisitions Director to ensure at least two internal acquisitions a year.
- Research existing affordable housing programs and financing sources at local, regional, and state levels which could be utilized for the organization's projects.
- Collaborate with the ED, Acquisitions Committee, and Finance & Credit Committee to review and assess the risk of potential acquisitions, debt, equity, public subsidy proposals, and partnership/operating agreements.
QUALIFICATIONS:
The ideal candidate will have experience working with people from diverse socio-economic and cultural backgrounds, will be passionate about the organization’s mission, and be experienced in project management, facilitation, and working independently with accountability to a team.
- Experience leading a team in Development or Asset Management.
- At least 3 years of demonstrated experience as a Transactional Project Manager or in Asset Management in multi-unit residential real estate, with technical and management proficiency in the operations of a real estate development organization.
- A proven track record of successful acquisitions and/or refinancing of multi-unit residential real estate projects, preferably in the Bay Area.
- Affordable housing experience is a must.
- Knowledge and experience with real estate accounting and finance, preferably in affordable multi-family housing.
- Familiarity with the lender ecosystem and financing available for preservation projects at the local, regional, and state levels.
- Commitment to community development, helping low-income communities, and a strong work ethic with an understanding of nonprofit business models.
- Demonstrated experience with the design and implementation of enhanced financial systems and procedures.
OUR FIRM
KM Partners is the only Executive Search & Professional Recruitment Firm in the U.S. fully dedicated to Commercial Real Estate, Multifamily Affordable, Senior, and Workforce Housing, Tax Credits (LIHTC, Historic, Renewable, Carbon, & NMTC), as well as Impact-Investing and related financial and professional services. We partner with clients and place industry-specific professionals across occupations, including C-level executives, middle management, and experienced associates throughout the United States. We represent C-level Executive Leadership, Middle Management, and experienced Associates across industry professions.
