Stamford, CT
October 31, 2018 2018-12-30
Job Description

New Neighborhoods is a nonprofit affordable housing development and management organization. Since 1967, New Neighborhoods has been committed to improving the quality of life in our towns and cities with affordable housing that provides a safety net and springboard to economic self-sufficiency for families, veterans, and seniors throughout Fairfield County, Connecticut.
Job Summary:
New Neighborhoods is seeking an experienced Director of Development in the affordable housing industry, specifically experienced with HUD Section 8 properties with project-based contracts and/or Section 42 LIHTC properties tax credit recertification processes to acquire, develop new and preservation of affordable housing units throughout Fairfield County, Connecticut. Preferred past work experience should come from another affordable housing development organization, a tax credit syndicator, a developer, an investor, or as an industry consultant.
This is a role where you will be looking for new opportunities, modeling deals in Excel and helping the organization close acquisitions. The Director of Development must have a proven track record and financial experience and expertise to manage new LIHTC development projects from the application stage through the completion of the 8609.
Job Responsibilities – Including but not limited to the following:

• Responsible for housing and real estate pre-development and development activities including preparing pro-forma models, conducting due diligence, assisting with securing LIHTC equity investment, debt financing, grants and subsidies, coordinating design and construction deliverables, assisting with financial closings, overseeing the redevelopment of the acquired properties, including design, construction and relocation and operations during redevelopment, transitioning new acquisitions to the property management team once stabilized.
• Prepare financial analysis and models, predevelopment budgets, income and expense underwriting, solicit term sheets from LIHTC investors and lenders, and communicate with state agencies on the availability of Affordable Housing resources.
• Meet with appropriate local community representatives regarding the plans for a specific site and ensure that all required permits and other approvals are obtained for projects.
• Handle the preparation of financing and grant applications.
• Manage site acquisition, due diligence and negotiations.
• Prepare and review applications for 9% low-income housing tax credits and 4% tax-exempt bonds.
• Oversee property rehabilitation activities, including oversight of relocation, tenant income qualification, and monthly financial draws.
• Coordinate with state agencies on successful allocation of LIHTC and tax-exempt bonds.
• Work with the contractors on the preparation of architectural plans and specs, construction budgets and contracts, and project schedules
• Work with attorneys, investors and funders and provide them the documents they need in order to receive funding commitment letters.
• Supervise the development and administration of all steps in the development of new or rehabilitated housing units.
• Track the delivery of LIHTC against projections and oversee the preparation of cost certifications and 8609s
• Work with the appropriate NNI Board of Directors’ committees during the development process.
• Participate in other community planning and real estate development activities as may be determined by the President and CEO.
• Work with the NNI management team to assure the effective implementation of other aspects of organizational operations necessary to meet the missions and strategic goals of the organization.
• Complete other tasks, duties and/or special projects as may be assigned by the President and CEO.
Education, Experience, Skills and Other Requirements:
• Bachelor’s Degree in Finance, Real Estate, Construction Management, Banking, Law, Engineering, Architecture or other related field is required.
• Master’s Degree in Finance, Accounting, Real Estate, Business or related field preferred.
• A minimum of three years of direct experience in LIHTC housing and real estate development.
• In-depth experience and knowledge of low income housing tax credit programs, HUD housing finance programs, state and federal funding sources and preparing funding applications.
• Familiar with developing and evaluating financing strategies and alternatives in relationship to affordable housing projects.
• Experience in overseeing new construction and rehabilitation projects, executing construction contracts, reviewing and approving requests for payment and preparing draw requests.
• Experience with the LIHTC application process, CHFA, HUD and DOH affordable housing finance rules and regulations.
• Ability to analyze and complete site and property acquisitions and coordinate property feasibility and due diligence studies.
• Ability to coordinate project design and permitting activities.
• Ability to evaluate project work scopes and design specifications.
• Work with attorneys, investors and funders and provide them the documents they need in order to receive funding commitment letters.
• Strong knowledge base pertaining to project controls, construction costs, alternate materials, methods, construction documentation and sequencing, value-engineering techniques and building/occupancy laws is necessary.
• Ability to review and evaluate financing contracts, notes, deeds, and regulatory agreements and coordinate property closings.
• Experience in developing and monitoring annual operating and capital improvement budgets.
• Knowledge of local, state of Connecticut and national policies, issues and best practices regarding affordable housing finance and construction.
• Strong analytical, verbal, written, negotiation, computational and interpersonal communication skills.
• Competent technology skills, including proficiency with using Microsoft Office (Word, Excel, PowerPoint, Outlook), Microsoft Project and Adobe Acrobat.
• Ability to work effectively with people of diverse personalities, cultures and communication styles.
• A valid driver’s license and ability to travel as needed.

Please submit cover letter with salary requirements to: [email protected]