Development Officer

Housing Authority of the City of Los Angeles • Los Angeles, CA

4d

About The Position

Under general direction and reporting to the Director of Development, the Development Officer (DO) performs complex professional work of considerable difficulty managing HACLA’s real estate portfolio, including development, redevelopment, repositioning of assets, and acquisition. The DO represents HACLA with external stakeholders in advancing assigned projects and is responsible for the successful execution of assigned projects, including financial feasibility, budget, schedule, regulatory approvals, transaction closing, construction, conversion, and transition to operations and asset management. The DO works independently to direct and coordinate a development team relying on internal and external project staff, third party consultants and development partners to source and evaluate development opportunities, negotiate the repositioning of assets, acquisition and rehabilitation of new assets, and redevelopment of large, complex public housing sites, among other projects. The Development Officer is responsible for leading project due diligence and delivery, establishing milestones and budgets, and securing public and private financing. Additionally, the DO will lead the underwriting and negotiating terms for purchase agreements, development and consultant contracts, purchase and sale agreements along with property and ground leases, and complex financing documents related to real estate transactions. The DO also leads financial and real estate closings, coordination of required executive and Board approvals, and will work closely with the City, State, HUD and other regulatory bodies on entitlements, underwriting, reporting, environmental review, financing applications, relocation, and other community stakeholder related obligations.

Requirements

• Bachelor’s Degree in Business Administration, Economics, Public Administration, Urban Planning, Real Estate Management, Engineering, Architecture, or a closely related field
• Six (6) years of work experience in public housing, affordable housing, or a real estate redevelopment environment
• At least (3) three years of senior level management experience
• Equivalent combination of education and experience which meet the minimum qualifications requirement
• Must possess a valid California Class C Driver’s License.

Nice To Haves

• Experience in sourcing, structuring, and negotiating real estate transactions, preferably with experience in affordable housing transactions, which include public subsidies, low-income housing tax credits and tax-exempt bonds.
• Advanced management experience in reviewing, creating, preparing, and modeling real property financing which shall include work in government-assisted programs for developing, and financing mixed-use/mixed-income, affordable and market rate developments including both multifamily housing and commercial elements.
• Experience managing complex real estate development projects through multiple phases of the development lifecycle.
• Extensive experience in Excel, creating pro formas, budget planning and control, fiscal management, and personnel administration.
• Advanced experience in project management, inclusive of direct oversight of real estate and community development projects.
• Advanced experience in real estate underwriting, including the ability to independently evaluate complex development and acquisition opportunities, prepare and review development and operating pro formas, sources and uses, cash flow projections, investor level returns, financing structures, sensitivity analyses, and assess overall project feasibility and risk.
• Master’s Degree in Business, Real Estate, Finance, Economics, Urban Planning, or related field.

Responsibilities

• Oversight and management of complex real estate projects which includes affordable and market-rate housing acquisitions, development, and rehabilitation programs and operations; major public infrastructure projects; and mixed use, mixed income development from inception and predevelopment through construction, conversion, and transition to operations and Asset Management.
• Leads and coordinates real estate and financial closings and project conversion activities, including satisfaction of lender, investor and public agency requirements, permanent financing conversion, cost certification, placed-in-service requirements and issuance of IRS Form 8609s, where applicable.
• Prepares scopes of work, Requests for Proposals, Requests for Qualifications and other related documents with respect to development projects; coordinates and organizes documents related to the procurement process and leads a team that reviews, analyzes and evaluates development solicitation proposals received in response to such procurements; and analyzes and manages the resulting services contracts, schedules, and budgets.
• Identifies and develops project acquisition and funding opportunities; and feasibility analyses of new acquisition and development projects including development budgets, sources and uses, preparing and reviewing development and operating proformas, cash flows and financing scenarios, and other financial analyses.
• Identifies, pursues and negotiates public and private financing sources, including tax credits, tax-exempt bonds, conventional debt, public subsidies, grants and other financing sources; coordinates with lenders, investors, public agencies and financial consultants through financial closing and conversion.
• Negotiates, reviews, interprets, and guides execution of development-related agreements, including ground leases, joint development agreements, exclusive negotiation agreements, reciprocal easement agreements, and covenants; helps resolve legal, contractual, and technical issues by working with internal and outside counsel on such agreements including purchase and sale agreements, financing documents and regulatory agreements where applicable.
• Analyzes and interprets real estate appraisals, development proformas, project budgets, and other financial information related to development projects and uses such analyses and interpretations to inform development related agreements, including working with financial consultants to complete review and negotiation.
• Provides owner-level oversight during design and construction, including monitoring project scope, schedule, budget, contingency, change orders, financing requirements and significant project risks, and coordinates with architects, engineers, contractors, construction manager(s), development partners and consultants to resolve issues affecting project delivery.
• Directs and manages master planning, including California Environmental Quality Act (CEQA) and National Environmental Policy Act (NEPA) processes for large redevelopment projects; coordinates with third party consultants, resident and community organizations, and project partners on the preparation of planning documents according to project schedules.
• Reviews, monitors, and evaluates the effectiveness and efficiency of programs and services methods and procedures; supervises and coordinates activities of staff; consults with and assists various HACLA officials and agency representatives in the resolution of problems; makes recommendations or takes corrective action as appropriate.
• Coordinates development activities with HACLA departments, outside agencies and organizations, including legal counsel; provides staff assistance to the Chief Strategic Development Officer; prepares and may present reports, updates, and other necessary communications.
• Organizes and leads community outreach efforts and facilitates stakeholder and leaseholder meetings to garner support, receive input related to any projects, as well as provide important information, which can includes coordination of relocation, right-to-return commitments, and other applicable resident protections for assigned projects.
• Guides the development and implementation of Development Services goals, objectives, policies, budgets, and priorities for assigned portfolio; recommends appropriate service and staffing levels; allocates resources accordingly.
• Participates in the development of departmental policy and procedures; recommends and assists with the implementation of policies and procedures in assigned activities.
• Attends, participates, and may present at professional meetings and conferences; stays abreast of new trends and innovations in the fields of real estate, urban planning, finance, redevelopment, and affordable housing development and rehabilitation.
• May be required to drive a vehicle to different sites and/or locations.
• Performs other related duties as may be assigned.

Benefits

• The posted salary is an estimate of the potential annual pay. Final offer will be dependent on qualifications and experience.
• Anticipated Hiring Pay Scale : Candidates can expect to be hired within the 8-step annual salary range of $170,060.80 - $209,144.00.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior