Senior Housing Developer
DATE POSTED: January 27, 2017
REPORTS TO: Director of Housing Development
HOURS: Full time, 40 hours per week
PAY RANGE: $58,941 – $73,757 per year, DOE
BENEFITS: Medical, dental, vision, life/disability, retirement, vacation & sick leave.
The Low Income Housing Institute (LIHI) develops affordable housing for people who are low-income, work force and/or homeless, provides technical assistance to communities and other non-profits, and advocates for housing justice. The Low Income Housing Institute is noted for its innovation in low income housing advocacy.
The Senior Housing Developer (Project Manager) implements the Housing Development Department work program to develop LIHI-owned low income housing.
The Senior Housing Developer will be responsible for medium to large scale complex multifamily and mixed-use developments that require multiple funding sources. This is an exempt position. This work will be carried out independently under the supervision of the Housing Development Director. The Senior Developer must have the capacity and experience to:
- Plan Projects
- Conduct Feasibility Studies
- Write funding applications-narratives and numbers
- Develop project development budgets, operating pro formas, and services budgets
- Search for suitable development sites
- Negotiate and secure site control
- Oversee site due diligence related to environmental and geotechnical conditions
- Select other development team members
- Draft and/or review contracts
- Negotiate and participate in due diligence process to achieve equity and loan terms, loan closings and Notice to Proceed, including managing the due diligence calls and making progress on submission of items required for closing
- Work with Title Companies in project finance closings
- Close plenary financing including all sources of loans and equity
- Secure insurance
- Participate in the owner/architect/contractor team throughout pre-construction, construction and close-out.
- Collaborate willingly with other LIHI staff including our Construction Manager and Design Manager, project accountants and property management staff.
- Function as lead project manager driving developments from start to finish
- Perform tasks for special projects as they arise
- Demonstrate competence, patience and responsiveness in our relationships with private lenders, public agencies, equity investors, syndicators, colleagues and peers.
KEY AREAS OF RESPONSIBILITY:
Finance: The LIHI Senior Developer is responsible for securing the funding needed to advance projects into construction and complete their development meeting schedule and budget. This includes private and public funding–pre-development loans, pre-development lines of credit, land loans, tax-exempt bonds, City, State and County loans, FHLB awards, HUD, philanthropic commitments, conventional private loans, construction loans, Historic Tax Credits, and 4% and 9% Low Income Housing Tax Credits.
Project Management: The LIHI Senior Developer works with the development team which also consists of a LIHI construction project manager, LIHI Design Manager, General Contractor, Project Architect, Project Engineers and various consultants including Building Envelope Engineer, Geotechnical Engineer, Interiors Designer and ADA consultant. This role fulfills all tasks and requirements of funders, keeps track of construction schedule, project budget, processes the monthly draws, fulfills all the details at completion for close-out, and facilitates the hands-on hand-off to property management. Construction loan partial pay-downs and final pay-off conversions also are also responsibilities of this position.
Technical Assistance: The LIHI Senior Developer provides training, technical assistance in their areas of particular strength and guidance to grow the skills of less experienced developers in the Department. This will include supervising staff, volunteers and interns and sharing knowledge with other departments at LIHI. When LIHI acts as development consultant to other organizations who request our assistance, the LIHI Senior Developer is part of our consultant team.
The Senior Housing Developer must have at least 4 years of experience with the complete real estate development process with knowledge of low-income housing development in general. Specifically, the candidate must have proven project experience from start to finish on projects that included Low-income housing tax credits, both 9% and/or 4% projects, finance closings, review of syndication documents, collaboration with attorneys, architects, engineers and contractors, participation in owner/architect/contractor teams during construction, construction draws, close-out process for public and private sources, placing in service requirements and achievement of the 8609 for tax credit investors.
The Senior Housing Developer must be able to handle multiple development projects at different stages. The LIHI Development staff members are normally responsible for 3 or more projects that involve multiple and complex funding sources. Knowledge of public and private financing sources is very important. Prior experience supervising staff is beneficial.
Must understand LTV, DSCR, Interest Rates, Amortization Schedule, LTC, Cap Rates, and perform cash flow and feasibility analyses, draw requests and maintain financial workbooks throughout a project’s multiple phases.
A bachelor’s degree is required. A Master’s degree in a related field is preferred, although experience can be substituted.
The person must be experienced in working with computers including word processing and spreadsheet software (Microsoft Word and Excel), and must be enthusiastic about managing details and feel very strong and comfortable with numeracy. The person must have excellent organizational, written and verbal communication skills, and be a team player.
This is a unionized position, represented by Local 8 of the Office of Professional Employees International Union (OPEIU). A drug test is required as a condition of employment.
If interested in this position please send in a cover letter and resume. Application forms can be used as a substitute to a cover letter and resume, but are not required during the first step of the application process. Applications are available on the LIHI website at www.lihi.org, may be obtained in person at the office, or will be mailed to you by phone request at (206) 443-9935 ext 0. All application materials should be mailed, faxed, or dropped off in person to:
The Low Income Housing Institute
Attn: Human Resources
2407 1st Avenue
Seattle, WA 98121
Fax: (206) 443-9851
Or e-mailed to: email@example.com
NO PHONE CALLS, PLEASE
Closing date: Open until filled.
The Low Income Housing Institute is an equal opportunity employer. LIHI participates in E-Verify. Qualified women and minorities are encouraged to apply.