Senior Development Manager
Employment Type: Full-Time
'Together, we transform lives and communities!'
National Community Renaissance (CORE) is seeking qualified individuals to join our team. CORE is one of the nation's largest non-profit affordable housing developers with over a 25-year track record in community revitalization. We transform the economic and social future of communities by building quality, affordable housing combined with best practice social services to improve the self-sufficiency of our residents.
National Community Renaissance C.O.R.E. Values:
COMMUNITY - Through our high-quality construction and social services, we build great communities where our residents and neighbors can thrive.
OPTIMISM - We believe in the ability of people to strive for better lives, and we help provide them with the means to achieve their dreams.
RESPECT - We serve our residents, partners, and employees with utmost respect.
EXCELLENCE - We strive for the highest standards in design, construction, property management, and customer service.
At National CORE, we offer competitive compensation packages and comprehensive benefit plans that include medical, dental, vision, 401(k) plan with match, Life Insurance, LTD, FSA, paid holidays, vacation, and sick time.
About the Job:
The Project Development Department at National Community Renaissance is the bridge between Business Development and Construction. A National CORE Senior Development Manager is responsible for coordinating and closing the acquisition/purchase of assets, coordinating pre-development activities, and assisting with the coordination process during the construction and permanent conversion / lease up phase. A Senior Development Manager must be able to manage up to five (5) projects in various stages of development independently with consultation from Assistant Vice President or Vice President of Project Development on an as needed basis. Specific responsibilities of the position are outlined below.
* Packaging of Project Acquisition/Funding Proposals: Coordinate preparation of financing proposals to local, state and federal agencies. This includes preparing responses to Requests for Proposals (RFPs) and Requests for Qualifications (RFQs) that have been sent to National CORE, as well as preparing information packages for National CORE's Board of Directors. Prepare business term sheets, which serve as the basis for all housing and regulatory agreements. The Senior Development Manager will independently establish and periodically update proformas (including pre-development budget, timelines (including major milestones) and project team make-up with consultation from Assistant Vice President or Vice President of Project Development, as needed which will form the basic road map to successfully completing the project.
* Project and Loan Analyses: With input from appropriate staff, the Senior Development Manager will prepare all initial NOI/Loan analyses, operating budgets and development budgets used in structuring transactions. He or she will also maintain and update the database of key ratios and indicators that can be used in estimating project income, expenses, reserve amounts, soft costs, hard costs and fees to National CORE.
* Financing: Coordinate preparation of loan packages for acquisition, development, construction and permanent financing and prepare grant applications as needed. Coordinate application packages to CTCAC and CDLAC for funding allocations. Negotiate financing terms with lenders and investors with consultation from Assistant Vice President or Vice President of Project Development, as needed.
* Meetings: Attend selected meetings with Business Development Directors in order to become acquainted with key participants in transactions. Attend follow-up meetings with appropriate city staff, financial partners and lenders. Prepare and coordinate community outreach, including neighborhood and key stakeholder meetings.
* Budget Administration: Prepare original budgets and cash flows for all phases of projects and coordinate with the Construction and Accounting departments on any necessary future revisions to those budgets and cashflows. Monitor ongoing project budgets to ensure compliance: and.
* Closing Logistics: Ensure that purchase contracts and escrow instructions go through proper internal review. Monitor status of project appraisals and reports, loan documents, etc. Lead and schedule conference calls as needed among the parties. Prepare and distribute 'Interested Parties' lists and conference call agendas. Assign, track and ensure resolution of closing issues by interested parties with consultation from Assistant Vice President or Vice President of Project Development, as needed. Review loan documents, regulatory agreements, and agreements with governmental partners to assure they conform to business points. Assure that scheduled closings are organized and complete. Monitor movement of funds and other matters per escrow instructions.
* Corporate Memory: Maintain corporate memory for business points and financial structuring of each transaction in which he/she is involved.
* Record Keeping: Provide Accounting, Asset Management and Property Management staff with all closing and financing documents.
* Compliance: After closing, work with Asset Management Department to establish all compliance monitoring requirements, including, but not limited to determining prevailing rent restrictions and applicable utility allowances.
* The Senior Development Manager must have more than three years experience with:
* Negotiating and structuring the purchase of apartment projects
* Conventional and tax-exempt financing of apartment projects
* Operating costs of apartment projects
* Financial statement analysis
* The activities of California cities, counties and redevelopment agencies in affordable housing
* Specialized financing programs used in affordable housing such as Low Income Housing Tax Credits, HOME funds, tax-exempt bonds, various HUD programs, AHP and pledges of housing set-aside funds from redevelopment agencies
* Anticipating and resolving project issues individually and in coordination with appropriate project team members and financial partners in a timely manner
* Preparing and updating proformas, project timelines and project team makeup
* Track and coordinate the work of project members and financial partners
* The Senior Development Manager must have the ability to:
* Prepare and/or interpret quantitative analyses of project feasibility and financing
* Excellent written and verbal communication skills
* Work harmoniously with clients, consultants and other professionals
* Manage multiple projects concurrently with a likely project workload of up to five 'real' projects in various stages of development.
* Be a team player
* Work easily with PCs and National CORE's software
* Show initiative
* Must attend Company sponsored events that relate to the development of the team, which, from time to time, may include overnight stays at locations away from the employee's home.
* BS/BA - Bachelor of Science degree in Accounting, Finance, Business Administration or other Management related field
PHYSICAL REQUIREMENTS/WORK ENVIRONMENT
* Exposure to various types of weather conditions
* Standing, walking, sitting
* Operate computer and office equipment
National Community Renaissance is an equal opportunity employer.