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Affordable Housing Development

Vice President of Development, Affordable Housing New Construction

Private Equity Real Estate

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Location: Remote
Our Client:

KM Partners has been retained in the search for a leadership opportunity spearheading development for Affordable Housing new construction assets across the country for one of the largest owners of Affordable Housing in the United States, supported by the resources of a top private investment firm. This is an entrepreneurial opportunity supported by decades of expertise in real estate across product types, asset classes, and geographies with tens of billions in assets under management. Our client has received multiple industry accolades for their investment performance, and firm dynamics in addition to creating several market-leading platforms. Their commitment to socially responsible investing, through environmental, social, and governance (ESG) principles, as well as dedication to building a culture of diversity and inclusion, are some of the other characteristics that make this company an exceptional place work.   

Report directly to the Head of US Development, who has more than 20 years of experience, with core expertise in multifamily development, construction, and team building. Participate in the upside of your own deals as you grow the development pipeline and leverage internal expertise alongside 3rd party consultants while collaborating with executive leadership. With unrestricted access to capital, you can execute multiple deals simultaneously and contribute to growing the Affordable Housing development team into a national powerhouse.

The Role

Build and lead the development pipeline of Affordable Housing new construction assets to compliment the large, growing portfolio throughout the United States. Leverage established networks while growing the presence of the company in high target markets and leading deal execution from sourcing, origination, acquisition, financing, and development.

Essential Responsibilities

  • Lead and manage all aspects of sourcing and site diligence, land acquisition, design oversight, and coordination of financing for Affordable Housing and Low-Income Housing Tax Credit (LIHTC) new construction, ground-up development opportunities

  • Define growth strategy for Affordable Housing development while collaborating with executive management to optimize execution through leveraging internal resources

  • Oversee the preparation, coordination, and review of new investment summaries and present to investment committee

  • Optimize all aspects of new development projects to maximize QAP scoring

  • Lead the financing of new developments with tax-exempt bonds, low income housing tax credits, other low-interest subordinate loans, impact fee waivers, conventional mortgages, and construction loans, with support from senior executives

  • Identify and secure soft sources of financing, development incentives, and other resources to optimize development financing

  • Establish and maintain rapport with local governments and non-profits in active markets

  • Review and negotiate major contracts including Purchase and Sale Agreements, Ground Leases, JV Partnership MOUs and Operating agreements, GC contracts, and Architect & Engineering proposals

  • Guide all third-party professionals and the internal development team throughout the complete development process, including planning, entitlement (i.e. site plan approval, environmental/land use approvals, tentative & final maps, and density bonuses), design, and permitting including attorneys, architects, surveyors, planners, engineers and interior designers.

  • Take final accountability for the on-time and on-budget closing of the funded Affordable Housing development project pipeline.

  • Lead, and manage financial underwriting, closing coordination, and debt conversion

  • Develop project schedules, reporting and cost management reporting and provide regular updates to senior executives

  • Partner with internal construction team to

    • Approve and finalize all construction documents and value engineer as needed

    • Evaluate GC contracts along with all subcontracts and any exclusions and allowances to ensure all construction costs are accounted for. Approve all pay applications and change orders

    • Coordinate weekly Owner, Architect and Contractor (OAC) meetings and monthly draw meetings with lending representatives / inspectors. Review all documents that are submitted to lending institutions

  • Manage startup budget in coordination with property management; manage the transition from development and construction closeout to property and asset management teams

  • Diagnose problems quickly to mitigate risk and minimize negative implications to the bottom line; Help to identify future issues

  • Execute measured and strategic decisions making to ensure principals and the company are protected from risk to the greatest extent possible in the ordinary course of business

  • Work in conjunction with executive management team to establish and improve the departments operations with the refinement and implementation of effective systems and processes

Qualifications
  • A highly successful track record acquiring sites and completing the ground-up development and construction process utilizing Low Income Housing Tax Credits (LIHTC) financing (self-sufficiency leading a minimum of ~five+ deals); a visionary with proven leadership qualities and an entrepreneurial mindset

  • Demonstrated track record of successfully developing LIHTC assets from feasibility through construction completion.

  • Strong Financial acumen managing complex capital stacks, hard and soft funding, tax exempt bonds, and private funding

  • Experience managing multiple individuals and teams in fast-paced and evolving environment.

  • Strong communication and presentation skills and ability to communicate with employees at all levels of the company, particularly executive-level management.

If qualified, please contact:
Morgan McCormick | Senior Director, National Executive Search & Professional Recruitment
303-495-3156 | morganm@kmcompanies.com