Real Estate Development Intern

Impact Seven Inc

About The Position

Impact Seven’s Real Estate Development internship is a structured, mentorship-driven, paid internship supported by a Community First Internship Grant from the Federal Home Loan Bank of Chicago. It provides early-career affordable housing development professionals with hands-on exposure to the full lifecycle of new multifamily affordable housing development, including predevelopment, financing, construction, and post-construction activities. The internship is full-time and limited-term, ending May 15, 2028. Working under the close supervision and mentorship of the Vice President of Real Estate Development and/or a designated Real Estate Development Manager, the Intern observes, assists with tasks, and progressively takes on responsibilities as skills develop. The role includes regular coaching, feedback, and evaluations tied to learning objectives. The Intern gains experience in site feasibility, due diligence, financial analysis, funding applications, community engagement, construction monitoring, post-construction activities, and project transition to Property Management.

Requirements

Bachelor’s degree from a four-year college or university, preferably in urban planning, real estate, finance, public administration, community development, or a related field; or equivalent coursework, internship, or lived experience demonstrating interest in affordable housing development.
Genuine interest in pursuing a career in affordable housing development, community development, or real estate finance.
Ability to travel to development site prospects and construction sites as required, including periodic overnight stays.

Responsibilities

Attend Real Estate Development team meetings remotely and in person, as well as meetings with partner agencies, community organizations, political officials, and funders.
Assist with preparing due diligence, underwriting, and financial analysis materials for prospective projects under the direction of the Vice President of Real Estate Development.
Assist with preparing and submitting funding applications to state and local funding providers.
Travel to prospective development sites and construction sites as required, including periodic overnight stays.
Report on assigned tasks to management on an ongoing basis.
Participate in formal performance evaluations, including self-evaluation, against learning objectives at regular intervals.
Build an understanding of site selection criteria and screening prospective sites for feasibility.
Assist with due diligence materials related to site selection, property valuation, and title and site conditions.
Gain exposure to real estate development financial modeling, including project budgets, working capital, pro-forma operating statements, sources and uses of funds, and multi-year cash flow projections.
Learn how prospective Low-Income Housing Tax Credit projects are scored and assist with scoring under supervision.
Observe and participate in discussions regarding acquisition pricing and terms.
Attend meetings related to securing debt and equity financing commitments and observe financing closings.
Participate in public approval and community engagement processes involving city planning representatives, city councils, community stakeholders, partner agencies, elected officials, and funders.
Assist with construction monitoring, including tracking development expenses against budget.
Learn post-construction activities such as cost certifications and the transition of completed projects from the Real Estate Development team to Property Management.
Prepare progress reports for management as part of ongoing project monitoring.
Travel with senior staff to development site prospects and construction sites.
Attend job-related seminars, conferences, and training sessions.
Participate in regular check-ins and formal evaluations of performance and growth against learning objectives.