VP Property Development

Housing And Community Services Inc•San Antonio, TX

just now•Hybrid

About The Position

About Prospera Prospera has been empowering families since 1993 by providing safe, high-quality affordable housing with support services to those in need. As a mission-driven, values-based nonprofit, Prospera is committed to fostering family stability and a strong sense of community by addressing individual needs. At the heart of our work are our core values: integrity, accountability, excellence, commitment, dignity, fairness, and respect. These core values are our guiding principles and shape everything we do, from how we serve our residents, to how we support one another as a team. At Prospera, every team member plays a vital role in advancing our mission. We welcome passionate individuals who are ready to make a meaningful difference in the lives of others. Position Summary Under direction of the Executive Director/CEO, uses knowledge and skills obtained through training, education and experience to pursue planned growth per the Prospera Housing Community Services (Prospera HCS) Strategic Plan and to pursue funding to preserve and maintain the existing Prospera HCS portfolio. Performs analysis of potential affordable multi-family real estate investments, with a focus on Texas. In cooperation with the Asset Management Team, prioritizes rehabilitations of existing properties and identifies sources of funding, especially low-income housing tax credits. Identifies relevant issues regarding operating sustainability of current properties and potential acquisitions. In cooperation with the VP of Property Management/Resident Services and VP of Construction, coordinates seamless transition of development projects to property management. Must be able to operate within a team environment and in keeping with the Prospera HCS strategic plan.

Requirements

Knowledge of:
Company's working structure, policies, mission, purpose, and strategies.
Fundamental concepts, principles and practices of Low-Income Housing Tax Credit (LIHTC), bonds and other types of acquisition and/or rehabilitation funding
Strong understanding of affordable housing development
FHA, Freddie Mac and Fannie Mae
Fundamental concepts, principles and practices of the real estate industry
Principles of banking and finance industry operations
Skills in:
Project management
Leadership and team management
Communicating effectively both orally and in writing
Effective negotiation
Reading and understanding standard real estate and LIHTC specific documentation
Real estate investment risk analysis
Real estate financial projections and reporting
Operating standard office equipment and using required software applications including Microsoft Office to produce correspondence, reports, electronic communication, and spreadsheets
Ability to:
Work independently as well as collaboratively within a team environment
Organize, manage and track multiple detailed tasks and assignments with frequently changing priorities in a fast-paced work environment to meet required results
Identify required tasks, develop timelines and execute
Analyze data, identify issues, draw logical conclusions and interpret results for use in decision making
Provide accurate and high quality work product in a timely manner
Convey information clearly and effectively through both formal and informal documents
Gather data from multiple sources, review, and accurately input data into various spreadsheets or database
Proactively demonstrate readiness and ability to initiate action
Project a positive, professional image both internal and with external business contacts
Assume full responsibility and accountability for own actions
Demonstrate uncompromising adherence to ethical principles
Bachelor's degree (B.A.) in business, finance, accounting or related field
Minimum of 10 years’ experience in real estate/property development or similar field, with a focus on affordable multi-family housing preferred
Any equivalent combination of experience, education, and/or training approved by the Executive Director/CEO.

Nice To Haves

Master’s degree preferred
Real Estate Broker's License preferred

Responsibilities

Promotes Prospera HCS planned, sustainable growth and preservation of the existing portfolio by obtaining funding for acquisition of new properties or major rehabilitation/reconstruction of existing properties.
Cooperates and coordinates development efforts with 3rd party consultants and co-developers engaged by Prospera HCS
Creates, maintains, and updates checklist of outstanding due diligence items
Completes due diligence
Negotiates sale/purchase
Prepares and coordinates the assignment of any HAP Contract package and/or transfer of physical assets to new entities in the context of an acquisition or major rehabilitation project
Closes the transaction
Prepares application and all documentation required to apply for a FHA loan
Completes immediate repair analysis for any existing property
Obtains bids from contractors for immediate repairs required for any acquisition
Applies for and obtains interim and/or permanent financing as needed :
Engages attorneys, FHA lenders, brokers and contractors
Supervises, documents, and draws required funds for immediate repairs rehab work.
Analyzes the existing portfolio and new construction possibilities and determines which housing developments attain the
Analyzes Qualified Allocation Plan(s) (QAP) and other Competitive Funding Source Regulations. Knows the Application Procedures.
highest probability of allocation for the current QAP.
Prepares conceptual financial analysis for 4% and 9% underwriting as applicable.
Prepares Tax Credit Applications
Prepares a preliminary critical path schedule showing timing of key project milestones
Obtains and closes financing for the development taking the lead in negotiations
Prepares and submits financing packages to lenders.
Negotiates with syndicators and equity providers to secure equity for each transaction.
Clearly documents loan and partnership terms for file and for approval
Creates and maintains up-to-date proformas that accurately reflect the project budget, expenses to date and financing plan
Applies for and obtains required government permits and approvals
Obtains plan approvals
Oversees the community support process
Oversees the building permit process
Interacts with architects, engineers, contractors, attorneys, and other consultants through the development process representing Prospera HCS’s best interests
Reviews operating budget for reasonableness and completeness and compares to portfolio averages, other comparable properties, third party estimates and information. Contacts tax assessors, insurance agents, and utility providers to independently confirm expense estimates. Coordinates with Prospera HCS staff (Asset Managers) relative to property tax exemptions and valuations of new acquisitions or major rehabilitations.
Conducts site visits which include a thorough review of the subject property and surrounding neighborhood, and overall market. Provides conclusions regarding the prospective investment's competitive advantages and disadvantages relative to the market and determines the financial viability of the prospective investment.
Establishes and maintains rapport with TDHCA, HUD and its contractor administrator, and local municipality personnel.
Recruits, trains, motivates and evaluates development team personnel.
Reviews performance of development team's portfolio and provides feedback to the Executive Director/CEO, Finance Committee and Prospera HCS Board.