Developer

Gratus Development, LLC; Indianapolis (IN); Hybrid; USD 95,000 - 150,000; Full time

Benefits offered by this job

401(k) retirement plan

Health insurance reimbursement

Mentorship and advancement

Job summary

Gratus Development, LLC is seeking a Development Analyst or Director to lead affordable housing development in Indiana. The role involves identifying opportunities, securing LIHTC awards, and managing projects from concept through final certification.

Gratus offers a small, experienced team with mentorship from the founder and leadership. Prior LIHTC experience is preferred but not required, with training provided and close collaboration across all project phases.

Qualifications

• Must align with mission of affordable housing and serving others.
• Proven ability to evaluate development opportunities and conduct feasibility.
• Experience with LIHTC knowledge is preferred but not required.

Responsibilities

• Identify development sites and partnership opportunities in Indiana.
• Lead LIHTC applications and coordinate reports and deadlines.
• Coordinate closing, construction, and placed-in-service activities with partners.

Skills

Mission alignment

Integrity

Initiative

Curiosity

Organization

Communication

Competitiveness

Solutions orientation

Education

Urban planning / Real estate / Finance degree

Tools

Excel

Financial modeling

Job description

Development Analyst or Development Director, commensurate with experience

About Gratus Development

Gratus Development, LLC is an affordable housing development and consulting firm headquartered in Indianapolis, Indiana. Founded in 2019, Gratus develops neighborhood-centered, community-driven housing in Indiana and Iowa, including senior, family, and supportive housing. Since its founding, Gratus has developed more than 600 affordable homes across 16 projects, frequently in partnership with local nonprofit organizations.

The name Gratus is Latin for “grateful.” The company’s vision is to pursue goodness. The company’s mission is to create thoughtful, impactful, neighborhood-centered developments that lift up their tenants, communities, and partners.

Gratus pursues projects on their merits: developments that are financially sound and will meaningfully serve the communities in which they are located.

Position Summary

Gratus Development seeks a Developer to lead the company’s affordable housing development activities in Indiana. The Developer will identify and evaluate development opportunities, cultivate relationships with municipalities and nonprofit partners, secure competitive 9% or 4% Low-Income Housing Tax Credit (LIHTC) awards from the Indiana Housing and Community Development Authority (IHCDA), and manage projects from initial concept through construction, lease-up and final tax credit certification.

Gratus is a small, experienced team. From the outset, the Developer will work directly with the company’s founder and principal, Jonathan Ehlke, alongside the company’s Development Director and part-time staff who bring decades of LIHTC closing, compliance and asset management experience. Working within a small firm offers direct involvement in every phase of development and close collaboration with leadership. The Developer will assume increasing ownership of the Indiana development portfolio over time.

Prior LIHTC experience is preferred but not required. Gratus places the greatest weight on character, judgment and potential.Gratus will provide training in the Gratus way.

Origination and Feasibility

• Identify development sites and partnership opportunities through municipalities, nonprofit organizations and the Gratus network
• Evaluate sites against the IHCDA Qualified Allocation Plan and assess project feasibility
• Prepare and update project pro formas using the Gratus financial model, in coordination with the principal
• Secure site control, zoning approvals and local support, and pursue municipal incentives and gap financing

Tax Credit Applications

• Lead the preparation and submission of LIHTC applications, including coordination of market studies, environmental assessments, surveys, architectural services and other third-party reports
• Prepare application narratives, exhibits and supporting documentation, and ensure all deadlines are met
• Present proposed developments to municipalities, neighborhood stakeholders and partners

Closing, Construction and Placed-in-Service

• Coordinate closing activities with legal, accounting and financing partners
• Lead owner-architect-contractor meetings; review pay applications and change orders in coordination with the project architect and draw consultant; monitor budget and contingency
• Manage lease-up, the 10% test, cost certification, IRS Form 8609 applications and investor equity installments in coordination with the compliance team
• Provide timely and accurate project updates to the principal, and identify issues early with recommended solutions

Qualifications

Core Attributes

• Mission alignment: a genuine commitment to affordable housing and serving others
• Integrity and transparency: sound ethical judgment and candid, timely communication
• Initiative: self-directed, with the resourcefulness to learn what is not yet known
• Curiosity: an inquisitive approach to understanding projects, programs and people
• Organization: the ability to manage multiple projects, priorities and deadlines
• Communication: clear, professional written and verbal communication
• Competitiveness: motivated to succeed
• Solutions orientation: a constructive, positive approach to challenges and professional relationships

Preferred Qualifications

• Bachelor’s or graduate degree in urban planning, public policy, real estate, finance, architecture, construction, or a related field
• Experience in affordable housing, community development, local government, lending or real estate development
• Familiarity with LIHTC, HOME or other federal and state housing finance programs
• Proficiency in Microsoft Excel and financial modeling

Compensation and Benefits

• Competitive base salary commensurate with experience
• Performance compensation based on a share of the developer fee, well above industry norms
• 401(k) retirement plan; potential health insurance reimbursement
• Direct mentorship from the company’s principal and opportunity for advancement as the company grows

Location and Travel

Indianapolis area preferred; hybrid work arrangement. Regular travel within Indiana to project sites, municipalities and partner meetings is required.

Gratus Development, LLC is an equal opportunity employer. All employment decisions are made without regard to race, color, religion, sex, national origin, age, disability or any other characteristic protected by law.