Director Of Real Estate Development

APPLY FOR THIS JOB:

To be considered for this position, you must apply through NHT’s hiring portal: https://nhtinc.bamboohr.com/careers/92?source=aWQ9NTc%3D.

ORGANIZATIONAL BACKGROUND:

National Housing Trust (NHT) has been dedicated to creating and preserving affordable housing for almost 40 years. We build, preserve, and finance affordable housing and use that expertise to inform and advance resident-focused solutions to strengthen the broader affordable housing industry.

NHT has a staff of 60+ across five program areas: Policy, Lending, Real Estate Development, Community Outreach and Impact, and Energy Solutions. Our hallmark is our cross-functional, integrated approach to innovating, demonstrating, and amplifying solutions to the affordable housing crisis in the U.S.

ABOUT REAL ESTATE DEVELOPMENT:

Our Real Estate Development team, operating under our NHT Communities business line, develops and preserves housing that is healthy, safe and affordable for all people. Since 1999, NHT Communities has participated in the preservation and development of more than 10,000 affordable units nationwide. Today, we have an ownership interest in over 3,500 units in 30 properties in 12 states and the District of Columbia. Our current development pipeline includes 449 units under construction and over 900 units in closing prep, underwriting and due diligence. While we focus our development activity in the Mid-Atlantic region, the footprint of our real estate portfolio extends from Connecticut to Georgia and as far west as Chicago.

POSITION:

The Director of Real Estate Development reports to the Senior Director of Real Estate Development - Team Lead and collaborates with NHT staff members, including Finance and Accounting, Asset Management, Resiliency, Community Programs, Lending, and Policy.

The Director of Real Estate Development is responsible for identifying, evaluating, and managing development opportunities for NHT Communities. This individual directs the overall development process from initial conception through closing, construction, and stabilized occupancy for each project. Key responsibilities include identifying development opportunities, securing site control, developing financing and renovation plans, managing third-party professionals during the due diligence process, meeting with community representatives, applying for and securing financing, directing the closing process, overseeing third parties to monitor construction, and other close-out responsibilities.

We seek a mission-driven professional with a passion for affordable housing to join its highly productive development team. Individuals with affordable housing development experience in Maryland and Pennsylvania are highly encouraged to apply. This position is DC-based and qualifies for a hybrid work schedule.

RESPONSIBILITIES:

The Director of Real Estate Development will manage projects independently with oversight from the Senior Director of Real Estate Development - Team Lead and collaborate with other team members. Reporting to the Senior Director, the Director of Real Estate Development will:

1. Network within the affordable housing and community development industries to identify development and partnership opportunities.
2. Review and evaluate properties for new construction or acquisition and rehabilitation.
3. Conduct financial analysis to determine initial project feasibility.
4. Negotiate and draft letters of intent with sellers.
5. Develop, in consultation with legal counsel, purchase and sale contracts.
6. Identify and secure potential sources of predevelopment financing.
7. Develop and maintain budgets and timelines for various stages of the acquisition and development process.
8. Collaborate with professionals in due diligence processes, including capital needs and environmental assessments, architectural work, appraisals, market studies, tenant demographic assessments, resident service need surveys, and title work.
9. Working with design professionals and internal Resiliency, Asset Management, and Resident Services staff, develop construction scope of work for projects.
10. Support Asset Management in selecting and hiring property management firms to meet project needs; secure participation and advice in development process including development and/or review of operating budgets and review of the scope of work, specifications, and the relocation plan.
11. Complete initial underwriting and update and refining financial analyses and projections to comply with the NHTC Real Estate Investment Policy.
12. Present project proposals and action memorandums to the NHT Communities Internal Review Committee and the Board of Directors for consideration and approval.
13. Negotiate financing terms and documents with lenders and investors.
14. Review, in consultation with legal counsel, loan and investor documents.
15. Negotiate construction contracts and monitor rehabilitation/construction process, supervising the general contractor, architect, and/or owner’s representative.
16. Maintain project records and share with NHT Asset Management and Financing/Accounting groups as needed.
17. Remain current on changes in the housing and community development industry, particularly changes that affect the availability of financing for affordable, multifamily homes.
18. Represent NHT or NHT Communities at conferences, on panels, and industry task forces.
19. Establish and maintain professional networking relationships with industry trade groups (such as HPN, SAHF, HAND, CNHED, AHF, state housing conferences/alliances/coalitions), and others, to advance the NHT Communities brand and mission.
20. Other duties as assigned based on organizational needs and priorities.

DOES THIS SOUND LIKE YOU?

This is an extraordinary opportunity for a committed leader with at least 7+ years’ experience in successful development of affordable housing. Other qualifications include:

1. Bachelor’s or Master’s degree in a relevant field (e.g. real estate, business, finance, or similar field).
2. Experience in all aspects of the development process, including planning, permitting, design, construction, underwriting, and finance.
3. Strong working knowledge of Low-Income Housing Tax Credits and typical affordable housing finance programs.
4. Working knowledge of HUD Assisted Housing programs.
5. Ability to stay current with changes in the programs necessary to perform the responsibilities of the position.
6. Knowledgeable in all facets of the development/construction process.
7. Ability to travel (“averaging” once a month for one- or two-day trips).
8. Ability to work independently in a fast-paced, often changing environment.
9. Strong ethics in interpersonal relations and the ability to lead a multi-disciplinary team of consultants and partners.
10. Detail-oriented, entrepreneurial self-starter who relishes multitasking.
11. Excellent interpersonal, organizational and communications skills, including both verbal and written.
12. Results-oriented, can-do attitude with professional discipline.
13. Innovative thinker, creative problem solver; quickly identifies and resolves customer issues.
14. Strives for efficiency with excellent planning and execution skills.
15. Hands-on approach and willingness to take initiative to get the job done.
16. Strong computer aptitude skills, including knowledge of Microsoft Office Suite Programs.
17. Ability to integrate thoroughness and attention to detail with a big picture, strategic vision.
18. Resourcefulness, with the ability to deliver results in an entrepreneurial, dynamic environment.
19. Collaborative approach and team orientated.
20. Commitment to NHT’s mission, including a deep dedication to helping families create and access opportunities to thrive.

COMPENSATION:

1. Salary and benefits are competitive and commensurate with experience.
2. The salary range for this position is $154,240 to $172,780.

APPLY FOR THIS JOB:

To be considered for this position, you must apply through NHT’s hiring portal: https://nhtinc.bamboohr.com/careers/92?source=aWQ9NTc%3D.

No phone calls, please.