Director, Real Estate Development - NorCal

LIHTC Leaders; San Rafael (CA); Hybrid; USD 125,000 - 220,000; Full time

Job summary

LIHTC Leaders in San Rafael, CA is seeking an acquisitions professional to manage initial acquisition activities for affordable housing projects. You will evaluate potential projects, market and externally represent the organization, and negotiate purchase and sale terms.

You'll lead due diligence, coordinate with development staff, and develop financial projections and deal analyses to support executive decisions.

Qualifications

• Bachelor's degree in Real Estate, Finance, Civil Engineering, Business, or related field.
• 3–5 years of direct experience in residential multi-family development.
• Experience with Low Income Housing Tax Credits is strongly preferred.
• 2 years of management/supervisory experience.

Responsibilities

• Drives and researches sites in EAH's opportunity cities and cultivates relationships with property owners.
• Performs due diligence on viable sites: title reports, infrastructure, entitlements, and market value analysis.
• Leads Business Development staff through the entitlement process.
• Creates preliminary financial projections and deal analyses with Real Estate Development staff.
• Coordinates with project development on terms for purchase agreements and subsidies for affordable housing.

Education

Bachelor's degree in Real Estate

Finance

Civil Engineering

Business

Job description

Location: San Rafael, CA

Work Arrangement: Hybrid

Employment Type: Full-time

Compensation: $125K-$220K

Role Summary

Primarily responsible for managing initial aspects of acquisition activities, including the evaluation of potential acquisition projects, marketing and externally representing EAH, and negotiating terms of purchase and sale agreements and other formal agreements Responsible for initiating acquisition opportunities consistent with the company's mission and strategic plan and proposing new opportunities to the executive management team.

What You'll Do

• Drives and researches sites in EAH's opportunity cities. Researches ownership and title information on high prospect sites and cultivates relationships with property owners
• Performs all basic due diligence work on potential sites deemed generally viable for development purposes. Due diligence review includes reviewing preliminary title reports, evaluating infrastructure review with local public works, and building officials, estimating market values through comparable sales analysis prior to appraisal, and assessing ability to obtain entitlements for contemplated projects in the context of local general plan and zoning designations
• Leads Business Development staff through the entitlement process
• Creates and analyzes preliminary financial projections with assistance of Real Estate Development staff for proposed transactions; Compiles comprehensive deal analysis packages and assesses risk associated with any acquisition for review by supervisor and Executive Team; creates a development and/or acquisition strategy
• Coordinates with project development staff on basic financial terms and conditions viable for purchase and sale agreements that are specific to the community and related subsidy environment for affordable housing developments
• Reports to Chief Real Estate Development Officer regarding the financing of each new deal, including revenue stream and developer's fees and development checklists approvals
• Establishes memorandums of understanding, letters of intent, purchase and sale agreements, or other tools to formalize relationships with partners, but will not have signature authority
• Assists in negotiations for the purchase of property and terms of financing
• Works with supervisor to negotiate terms and specific language to be included in purchase and sale agreements as well as monitoring key performance dates under agreements once a site is under contract to purchase
• Manages seller relationship through closing
• Obtains public approval by developing and implementing community acceptance strategies, giving public presentations on behalf of the project
• Coordinates geo-technical and environmental analysis, planning and building code research, community planning, entitlements, and market analysis
• Ensures that local approvals and neighborhood acceptance of proposed housing development projects occur, including submitting use applications, and attendance at hearings and neighborhood meetings. Obtains public approval by developing and implementing community acceptance strategies, giving public presentations on behalf of the project
• Ensures efficient transition of purchased assets to Real Estate Development Department
• Meets with Executive Team as well as CREDO on regular basis to coordinate all acquisition activities
• Works with Executive Team and President to develop annual goals and budget for acquisitions. Develops organization's overall acquisition strategy in coordination with other departments and executive staff
• Maintains positive working relationships with lenders and grant sources
• In conjunction with the Real Estate Development Department and President, prepares and makes public presentations to city planning commissions and city councils related to various EAH projects. Also makes presentations in other public venues and to the EAH Board of Directors, as necessary
• Identifies and cultivates relationships with for-profit developers
• Works with other organizations within the housing development, healthcare, and religious communities to create opportunities and support for low-income housing development
• Assists in identifying and evaluating new financial partners
• Represents EAH at targeted industry conferences and seminars
• Serves as organizational representative to housing organizations, public agencies, financial institutions, and community meetings. Advocates for affordable housing by giving public presentations, participating in community and public policy groups; attending conferences, and staying informed of public policies affecting affordable housing

Supervisory Responsibilities

May supervise one or more Analysts or department staff. Hires, trains, supervises, motivates, and develops staff; assures staff conforms to organizational policies and procedures and government regulations; provides day-to-day guidance and oversight of subordinates; actively works to promote and recognize performance; ensures department performance appraisals are completed effectively and as scheduled.

Required Qualifications

• Bachelor's degree in Real Estate, Finance, Civil Engineering; Business, or related field
• At least 3-5 years of direct experience in residential multi-family development, particularly sourcing land, or existing buildings for purchase
• An emphasis on deed restricted affordable housing, including multi-family developments financed with Low Income Housing Tax Credits in the State of California strongly preferred
• Background in planning, zoning, and general entitlements
• 2 years management/supervisory experience with proven leadership abilities

Preferred Qualifications

• Master's Degree in Business, Finance, Real Estate, Civil Engineering, Economics or other related field
• Success in full cycle development of affordable housing using California Low Income Housing Tax Credits or other related programs
• Ability to create a draft feasibility analysis of proposed site which includes zoning, entitlement risk, environmental risk, political and predevelopment financing risk

Benefits

Medical, dental, vision, disability and life insurance; a 403(b) retirement plan with a match up to 5% of pay; 15 days of vacation per year (increasing with years of service), 10 paid sick days and 13 paid holidays; an employee wellness program, flexible spending account and EAP; and EAH University, an in-house training program. The hiring range for new employees is generally $125,000 to $172,500, depending on experience.

Equal Opportunity Statement

EAH Housing is an EEO employer.