What are the responsibilities and job description for the Senior VP of Real Estate Development position at Nevada HAND Inc?
Summary Duties and Responsibilities:
The SVP of Real Estate Development is responsible for managing and directing all development and financing for Nevada HAND. This position must create a fiscally responsible strategy for long-term sustainability for every property that includes strong collaboration from Property Management and Asset Management. This position will represent Nevada HAND to its many constituents, including lenders, investors, community leaders, and other strategic partners who are key to the execution of its developments. This position is the primary expert in the organization on Low-Income Housing Tax Credits, HOME Program, and other affordable housing financing products. The person in this position must be a visionary that keeps the financial stability of the entire organization in mind and can provide real estate and financial feasibility details by property. The person in this position is also responsible for all predevelopment and entitlement, and design coordination for new construction and rehabilitation projects.
Essential Functions and Work Duties:
The following essential functions of this position are performed personally, in cooperation with the supervisor, and/or in coordination with other staff. Additional work functions and duties may be assigned.
- Together with Nevada HAND’s CEO, COO, and CFO, will research, strategize, and set real estate development goals through the strategic planning process.
- Identify and evaluate new development, refinancing, resyndication, and rehabilitation opportunities. Collaborate with the Investment Committee to prioritize and pursue opportunities compatible with the overall strategy of the organization.
- Complete real estate development due diligence reviews for all potential new developments including: land purchase, new construction, rehab and others.
- Complete financial feasibility analysis for all development financial transactions including: refinancing, resyndication, new construction, rehabilitations, 202 conversions, and many other types of transactions; determine strategy; community findings to Deal Structuring Committee, Peer Review, and Investment Committee.
- Work in collaboration with other departments such as HAND Construction Company, Property Management, Asset Management, Resident Services, and Finance to create the pre-development plan, including but not limited to: target populations, determination of resident needs, on-site amenities, off-site amenities, resident services offered, and other related project criteria.
- Develop and maintain relationships with Nevada Housing Division, Federal Home Loan Bank, county and municipal staff, bankers, lenders, CDFIs, syndicators, and other organizations that provide affordable housing financing.
- Manage the application process and obtain financing for first mortgage lending including Tax Exempt Bonds, Low-Income Housing Tax Credits, other affordable housing financing, (ex: HOME, AHP, HUD programs), construction, and permanent financing.
- Works closely with the CFO and HAND Construction Company team regarding pre-development design work and site planning, pre-development budgeting, construction draws, timing of units being placed in service, and transition to property management.
- Leads all pre-development and entitlement work, site planning, and initial design coordination for all projects. This position will ensure close coordination with the HAND Construction Company team.
- Ensure compliance with all federal, state, and local funding requirements.
- Make presentations regarding development deals to government agencies, city and county commissions, and community groups.
- Work closely with the CFO on a variety of development issues, including but not limited to: ensuring funds are available for predevelopment costs, funding the construction draws, all low-income housing tax credit compliance regulations (ex: 10% test, 8609 process), meeting the terms in the Limited Partnership Agreement, and other issues.
- This position is a key educator of staff on affordable housing programs to ensure the financing is set up in a way to provide a smooth transition from construction to property management, and with terms that allow ease in successful and sustainable property management and asset management.
- Work closely with the CEO, COO, CFO and Asset Management team on long-term sustainability strategies for the entire portfolio.
- This position is:
- A member of the Deal Structuring Committee.
- A member of the Investment Committee.
- A member of the Sustainability Committee.
- The staff liaison with the Board of Directors’ Housing Committee, including producing written reports and materials.
- Lead the Real Estate Development and Asset Management teams. Recruit, train, motivate, and support assigned personnel.
- Provide regular reporting on ongoing development projects and pipeline to Deal Structuring, Peer Review, and the Board of Directors.
Other Functions and Work Duties:
- Perform other duties as from time to time may be determined necessary for the well-being of the total operation.
- Coordinate specific work tasks with other personnel within the department as well as with other departments in order to ensure the smooth and accurate flow of work and information.
- Perform tasks which are supportive in nature to the essential functions of the job, but which may be altered or re-designed upon individual circumstances.
Qualifications and Skills Required:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. Requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Education and Experience:
- A Bachelor’s degree in finance or business-related studies.
- MBA or Master’s degree in real estate finance or business-related field studies preferred.
- Seven years of experience in real estate development and/or real estate finance, with a focus on affordable housing finance and tax exempt bonds
Skills and Abilities:
- Strong oral and written communication skills.
- Strong presentation skills with the ability to present to a varied audience.
- Outstanding financial analytical abilities.
- Extensive knowledge in current issues of real estate development, acquisitions, asset management, and finance.
- Familiarity with affordable housing, Low-income Housing Tax Credit program, and other affordable housing financing
- Effective interpersonal skills.
Physical Requirements:
- Stooping - frequently bending body downward and forward by bending spine at the waist, requiring full use of the lower extremities and back muscles.
- Kneeling - frequently bending legs at knees to come to rest on knee or knees.
- Reaching - frequently extending hand(s) or arm(s) in any direction.
- Handling - frequently seizing, holding, grasping, turning, or otherwise working with hand or hands.
- Ability to transport files up to approximately 20 pounds.
- Ability to lift files up to 20 pounds from the ground level to 4 feet in height, and move them from shelf to shelf in storage.
- Walking- moving about on foot to accomplish tasks, particularly walking the property.
- Regularly required to use hand to finger, handle, or feel, reach with hands and arms, and talk or hear using telephone, computer keyboard, mouse and calculator while seated at a desk.
- Able to sit at desk for extended periods of time.
- Specific vision abilities required by this job include close vision, depth perception and ability to adjust focus.
- Light work: Exerting up to 20 pounds of force occasionally, and/or up to 10 pounds of force frequently, and/or a negligible amount of force constantly to move objects.
