The Senior Project Leader will focus on opportunities in the Michigan, with a focus on Detroit and the Southeast Michigan areas. The Senior Project Leader will be accountable for the success of each assigned affordable housing project including deal sourcing in targeted markets, deal underwriting, preliminary deal evaluation, negotiation of purchases and related documents, procurement of financing, management of third party consultants, and coordination of internal resources to facilitate a successful closing. The Senior Project Leader must have initiative, be an effective communicator and have excellent organizational skills.
The Senior Project Leader will report directly to the Director of Affordable Housing Development and will provide ancillary support to the Senior Director of Affordable Housing Development and the Development Department leadership team.
The Senior Project Leader will be a part of the Development Department at National Church Residences. National Church Residences is the nation’s largest not-for-profit developer and manager of affordable senior housing with 300+ properties in 24 states. The Development Department applies its 40 plus years of property development credentials to initiate, construct, acquire and expand the nation’s senior affordable housing supply.
Key Duties and Responsibilities:
- Identify new construction opportunities and potential acquisitions/acquisition rehabilitations of affordable senior housing properties, primarily with a focus on Michigan, but also as needed in other states where opportunities present themselves.
- Actively involved in relationship building and policy-shaping with State Housing Finance Agencies, affordable housing owners, developers and brokers.
- Submit multiple tax credit applications each year. It is anticipated that in Year 1 at least one 9% application would be submitted and in subsequent years at least three applications (9% or 4%) would be submitted.
- Obtaining not less than two revenue producing projects per year (9% awards and/or, 4% awards and/or acquisition projects).
- Identify and pursue project related subordinate (“soft”) funding such as FHLB funds, HOME funds, Housing Trust Funds, etc.
- Utilizing various development department resources, take the lead in tracking and satisfying project related critical path benchmarks such as entitlements, third party reports, design documents and construction approvals.
- Prepare and/or coordinate the preparation of preliminary financial analysis for potential new construction projects, substantial renovations and/or acquisitions.
- Negotiate business terms of Purchase & sale Agreements.
- Represent National Church Residences with various jurisdictional staff (city, county, state, etc.).
- Coordinate tax credit and bond application submittals, additional subsidy requests and lender applications.
- Review construction/rehab plans with Construction Management and third party architects.
- Participate in strategic planning efforts for the Development Department.
- Provide departmental leadership support as required by Director, Affordable Housing-Development in such areas as project presentations for National Church Residences’ internal investment committee; management of quality/consistency regarding various originator activities such as loan applications; HUD pre-pay applications; tax credit applications; and acquisition due diligence review etc.
- Bachelor’s degree required. Advanced degree preferred.
- Minimum 7 years of relevant multifamily, affordable housing, real estate experience.
- Demonstrated ability to take ownership of projects
- Extensive understanding of affordable housing fundamentals, financing, market dynamics, and economic and demographic drivers.
- Direct experience with tax credits, FHA mortgage programs, tax-exempt bonds, Section 8, and other sources of affordable housing financing.
- Excellent written and verbal communication skills
- Excellent networking skills
- Demonstrated analytical skills, including an understanding of financial models
- Collaborative skills, working with diverse internal and external entities to accomplish project goals
- Demonstrated ability for multi-tasking and meeting simultaneous deadlines
- Negotiation skills
- Ability to travel on a regular basis