Chief Development Officer

Gans, Gans & Associates; Newark (NJ); On-site; USD 120,000 - 220,000; Full time

Job summary

Newark Housing Authority seeks a Chief Development Officer to lead all development activities in Newark, providing strategic direction and ensuring financial sustainability for affordable and market-rate housing.

The role oversees a small professional staff, drives site identification, feasibility, financing, and construction supervision, and coordinates with officials to advance the agency's long-term vision and compliance with HUD requirements.

Qualifications

• Broad knowledge of LIHTC, RAD, MF, PBV, PBRA and HUD programs.
• Experience in managing complex development pipelines and financing.
• Ability to interpret real estate market data and perform pro-forma modeling.

Responsibilities

• Provide development strategies for current and future projects and HUD programs.
• Lead and supervise development staff and coordinate with attorneys, architects, engineers and consultants.
• Oversee financing procurement including FHA, conventional mortgages and construction loans.

Skills

Development strategy

Financial analysis

Regulatory compliance

Stakeholder communication

Contract management

Leadership

Project management

Networking with officials

Education

Bachelor's degree in business administration/finance/public administration/urban planning

Graduate degree preferred

Tools

Yardi

Word/Excel/PowerPoint

Job description

This member of the Executive Management Team has the oversight and ultimate responsibility for creating well-designed and financially sustainable affordable and market-rate housing. The Chief Development Officer will lead all development activities for the Newark Housing Authority, providing management and oversight of our development staff. Department activities encompass all facets of housing development, including site identification, project feasibility evaluation, applying for and securing financing, and construction supervision. The position is also responsible for developing the long-term vision and strategic planning for the development team. General supervision is exercised over a small number of professional staff. Does related work as required.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Provides development strategies for current and future development projects and HUD programs such as Rental Assistance Demonstration (RAD), Low-Income Housing Tax Credits (LIHTC), Mixed Finance (MF), Project Based Vouchers (PBV), Project Based Rental Assistance (PBVA), etc.
• Collaborates with the Asset Manager to evaluate and provide for maintenance and rehabilitation of projects and coordinates the implementation of quality control inspections.
• Develops plans for successful development of affordable housing projects, including extensive financial investment analysis, pro-forma modeling of new developments, opportunistic investment strategies, and potential acquisition opportunities.
• Directs activities with attorneys, architects, engineers, and other consultants to plan projects related to public entitlement, site permits, acquisition due diligence, and closing activities.
• Monitors procedures and policies to ensure compliance with HUD regulations and agency policy compliance. Completes all related reports as required.
• Creates and supervises the development of construction including standard boiler plate for bid specifications, contracts, notices to proceed, change orders, time extensions, stop work orders, and contract settlement documents.
• Confers with federal, state, and local officials related to plans, construction proposals, financing and budgets, providing information and briefing to the Board of Commissioners, planning commissions, advisory boards, and other official groups as necessary.
• Provides oversight, physical and financial evaluation of land and properties, obtains information and analyzes land use, including ownership, zoning, compliance with master plans, special use permit requirements, environmental problems, utility availability, and compiles required documents and applications.
• Evaluates the effectiveness of projects under development and issues instructions governing their progress as needed.
• Pursue prospective tenants for leasing of available commercial space and other non-housing project components and negotiate letters of intent and lease agreements to ensure achievement of stated development and investment goals.
• Keeps up to date on new developments in urban planning, project management, affordable, low-income, and public housing field.
• Leads and participates in the preparation of written information and instructional material for current and future Newark Housing Authority development and rehabilitation projects.
• Responsible for real estate development projects from inception to completion.
• Responsible for securing permanent financing for projects such as FHA loans, conventional mortgages and construction loans.
• Review all proposals from investors and lenders to ensure project financing is structured in the best interest of the Authority.
• Responsible for all required due diligence associated with real estate transactions.
• Work with representatives from financial institutions, investors and government agencies to ensure timely closings of real estate transactions.
• Oversee the Authority's conversion from HUD's Low-Income Public Housing properties to other more sustainable platforms.
• Work with the Authority's legal, architectural, financial and accounting firms throughout real estate transactions.
• Ensure compliance with investors, HUD, NHA and other government agency reporting requirements and regulations.
• Attend Owner Architect and Contractor (OAC) weekly meetings for properties under construction to ensure project remains on time and on budget.
• Create marketing and management plans for projects.
• Identify new real estate development opportunities and financing options.
• Work with Occupancy Department and Asset Management on lease-up efforts and tenant eligibility to ensure timely delivery of tax credits.
• Represent the Authority when meeting with outside agencies for funding opportunities.
• Serve on procurement evaluation committees.
• Perform routine supervisory duties including performance evaluation and maintaining discipline.
• Performs all duties in accordance with Authority policies.

QUALIFICATIONS

• Extensive knowledge of applicable national, state and local rules, regulations, statutes, policies and procedures regarding Low-Income Housing, or other housing type as determined by the department at the time of job posting.
• Extensive knowledge of operating policies and procedures of the Low-Income Public Housing program, IRS Low-Income Housing Tax Credit program and HUD's Rental Assistance Demonstration program.
• Extensive knowledge of all facets of affordable housing development procedures and requirements.
• Familiar with appraisals, Property Needs Assessments, market studies and Phase I Environmental reports.
• Organizational and problem-solving skills.
• Demonstrated computer literacy including knowledge of Word, Excel, Adobe Acrobat, Yardi, PowerPoint and related applications.
• Ability to organize and structure financing applications.
• Ability to meet deadlines.
• Ability to oversee multiple development projects at one time.
• Ability to perform accurate mathematical functions.
• Ability to write and proofread materials for accuracy.
• Ability to multi-task and prioritize responsibilities.
• Ability to communicate and interact appropriately with the public, applicants, residents and staff.
• Ability to follow verbal and written instructions.
• Ability to work effectively with others and work independently.
• Analytical skills and problem-solving ability.
• Customer relations skills.
• Demonstrated attention to detail.
• Demonstrated punctuality and reliability.
• Ability to produce clear, accurate and timely reports

EDUCATION, EXPERIENCE AND/OR CERTIFICATIONS

Bachelor's degree in business administration/finance, public administration, urban planning or a closely related field. Graduate degree preferred.

• Experience should include at least ten (10) years of progressive responsibility in management and supervision in public housing management, construction, public finance or general contracting or similar professional employment. A combination of private sector and public sector background is highly desirable.
• Detailed knowledge of affordable housing financing tools including Rental Assistance Demonstration (RAD), Low-Income Housing Tax Credits (LIHTC), Mixed Finance (MF), Project Based Vouchers (PBV), etc.
• Direct experience managing complex and time-critical processes, funding requirements, and relationships to complete projects on time and on budget.
• Extensive experience developing and maintaining external stakeholder and business relationships, including with regulatory agencies and government officials.
• Demonstrated ability to work in partnerships with funders, investors, consultants, contractors, regulatory bodies, Newark Housing Authority residents, employees, and Board of Commissioners.
• Adept at seeking out new properties and future development opportunities with the ability to evaluate risk and develop risk management plans for projects.
• Demonstrated ability to source, negotiate, and execute contracts, public incentives and financing, debt financing, raw land and existing building acquisition, and all types of development related contracts.
• Skilled in designing and implementing management systems and tools to create efficient, effective, and well documented business processes.
• Excellent ability to communicate both orally and in writing.
• Must be able to obtain PHM, RAD-PBV, HCV Executive Management Certification within first year of employment.

ADDITIONAL WORKING CONDITIONS

• Requires availability to work beyond normal workday.
• Work environment consists substantially of indoor office activities performed in a heated/air-conditioned setting.
• Occasional travel to various work locations in all weather conditions.
• Position requires the need to walk, sit, and/or stand for extended periods of time.
• Requires stooping, bending, crouching and/or reaching for files or tools.
• Frequent repetitive hand movement (e.g. typing).
• May lift, carry and/or push up to 20 pounds.
• Appointees will be required to possess a valid driver's license and be insurable according to agency guidelines only if the operation of a vehicle, rather than employee mobility, is necessary to perform essential duties of the position