Homestead Community Land Trust empowers individuals, stabilizes families and strengthens neighborhoods by creating and preserving affordable homeownership opportunities for low- to moderate-income (LMI) homebuyers in the Seattle area. Homestead assists LMI buyers in achieving their homeownership dreams, develops affordable homes, supports homeowners’ ongoing success and stewards the ongoing affordability of the homes in our portfolio. When people have the opportunity to gain stability and create wealth safely through truly affordable homeownership, neighborhoods gain strength and resilience, and our community moves together towards social justice, economic vitality and environmental sustainability.
Founded in 1992 by 12 citizen activists from modest-income communities, Homestead has established a reputation for innovation by adapting our acquisition strategies as market-conditions evolve. In 2017, we adopted a commitment to develop an integrated standard for new construction projects that would achieve multiple green-building certifications. We seek to advance a conversation about investments in deeper green standards as an element of the affordability of homes by reducing the “Total Cost of Homeownership.”
BUILDING NEW HOMES FOR AFFORDABLE HOMEOWNERSHIP
King County’s Affordable Housing Task Force reports that 57,000 people in the LMI segment we serve are either cost-burdened or extremely cost-burdened by their housing. We seek to significantly increase the number of permanently affordable homes to address this need. The Director of Real Estate Development will work collaboratively with the Executive Director, partner agencies, funders, staff, and other stakeholders to scale Homestead’s development of permanently affordable homes in Seattle and King County. Homestead seeks an innovative real estate development professional capable of managing a range of project types with the ability to adapt development strategies to match changing market conditions. Our developer joins a team with three active projects in the pipeline and others in predevelopment.
SUPPORTING COMMUNITY-LED HOUSING DEVELOPMENT
King County’s housing affordability crisis — which impacts all LMI residents — is also creating a crisis of displacement in formerly low-income neighborhoods. Home prices are increasing rapidly and residents, in particular people of color, are being priced out. Neighborhood groups have been organizing and expressing the desire to carry out affordable housing and community development projects reflecting their priorities. Homestead Community Land Trust seeks to partner with these organizations in supporting community-led housing development, including identifying development priorities, identifying and prioritizing appropriate sites, conducting initial feasibility analysis and finding appropriate development partners. Homestead will assist with these activities as a capacity builder and technical assistance provider. The Director of Real Estate Development will be a key member of the staff team working with partner neighborhoods and organizations.
The Director of Real Estate Development will be responsible for the following:
Affordable Homeownership Development
- Work with the Executive Director to identify partnerships and opportunities for the development of community land trust homeownership properties
- Conduct initial feasibility analysis of sites prioritized for affordable homeownership (opportunities will include new construction, acquisition rehab and building conversion)
- Work with Executive Director on contract negotiation, acquisitions and acquisition, predevelopment and development financing
- Prepare proposals or applications for funding including development subsidy, grants, and debt-financing
- Prepare and manage project budgets
- Negotiate, prepare and revise agreements with all professional services providers, individual and general contractors, and consultants required by real estate projects utilizing established procurement policies as applicable. Oversee the work of all contracted parties.
- Interpret and explain contracts to internal audiences
- Oversee the creation and maintenance of construction schedules and budgets
- Develop and maintain safety and quality standards and compliance
- Secure all permits and licenses needed for development projects
- Oversee the development of program compliance reports for city, state, county, federal and private funders and assure compliance with funder requirements
Community-Led Housing Development – In the course of accomplishing the responsibilities above, the Director of Real Estate Development will be a key member of the team working with communities at risk of displacement as partners. This will include:
- Working with neighborhood based organizations on goal setting and role identification
- Managing relationships with partner agencies, including contract negotiation and ongoing communication
- Working with Executive Director and other staff to refine and deliver capacity building education programs on the housing development process, site selection, financing, and working with a development partner, to neighborhood based groups
- Working with neighborhood groups to develop criteria and identify appropriate sites for new construction and existing buildings to be preserved
Asset Management and Stewardship
- Responsible for warranty process for all new construction or rehabilitated homes directly or with assistance of contractor or Construction Manager
- Identify opportunities to redevelop properties at resale in order to improve quality or increase the number of homes in the portfolio
- Help to identify contractor and volunteer resources to provide home repair and maintenance services to Homestead homeowners