Vice President, Development - Affordable Housing

The Company

Our client is a Texas-based, Regional Affordable Housing Developer / Operator and is one of the premier and best capitalized, shops in the state. The company is primed for growth and seeking an innovative and creative development leader to lead the strategy, growth initiative, and efforts for the company.

• The company is primed for growth: deal flow, expanding geography, and building a larger team
• Very strong financial position and willingness to do deals
• Fantastic support from CEO and Board
• Offers a great opportunity for an individual to build something bigger with their flair and style

The Opportunity

The Head of Real Estate Development reports to the CEO and oversees all project development activities from strategic planning of new development through construction, lease-up, and finance conversion. Leading a development team and growing the organization’s development platform and portfolio. This role also coordinates all development activities within other divisions of the organization, ensuring effective communication of development status and needs.

Scope of Responsibility

• Supervise and mentor an in-house team of Project Managers to ensure accurate, high-quality work product and act as a resource for questions from other departments
• Initiate all strategic planning for future development sites as well as development and acquisitions opportunities.
• Lead the obtaining of site control, review materials related to the purchase of the land, and monitor deadlines in the land purchase contract.
• Responsible for development forecasting and modeling (profitability/pro forma). Prepare cost estimates, sources, and uses operating statements, cash flow analysis, and supporting schedules, together with executive management.
• Develops and recommends best alternatives on transactions involving new developments, expansions, acquisitions, and dispositions; operating expenses, taxes, utility charges, and rent escalators.
• Work in conjunction with the architect to review design development and construction documents to ensure conformance with the development scope and defined construction standards specifications.
• Coordinate due diligence to evaluate the physical condition of new acquisitions and third-party assignments including formulating the scope of work, creating budgets, and scheduling environmental testing.
• Interface, together with executive management, with local, state, and national public officials.
• Determine the optimal financial structures and funding sources for the future proposed developments.
• Prepare application materials for any applicable government/quasi-governmental funding programs and respond to any concerns to resolve deficiencies.
• Prepare documentation needed for third-party lenders and investors and coordinate activities required to obtain final commitments from funding sources.
• Prepare documentation for post-award activities and submit appropriate documentation according to deadlines.
• Define requirements to ensure all scheduled milestones for planned development activities are in compliance with applicable regulatory and contractual requirements.
• Responsible for developing and validating construction cost estimates for bid evaluation, together with executive management.
• Assist executive management in developing and negotiating contract terms and contracts with lenders and financial partners.
• Prepare development status reports for management.
• Prepare documentation and coordinate closing with all participating parties.
• Assist executive management in negotiating construction agreements and overseeing the contractual relationships with vendors/contractors to ensure vendor/contractor performance under these agreements.
• Oversee development schedule and costs in cooperation with construction personnel.
• Responsible for ensuring the completion of all construction and renovation development according to the agreed timeframes.
• Perform final development inspections, review punch lists, and close out the program.
• Establish, maintain, and track development from inception through completion.
• Work with on-site staff to ensure all required programs are reviewed/implemented for new developments.
• Coordinate initial on-site compliance monitoring. Review regular reporting for financial and compliance performance.

Required Education and Experience

• Bachelor’s Degree from an accredited four-year college or university with major course work in real estate, finance, business administration, or other related fields.
• Experience with the state (Texas) or federal housing programs is a plus.
• Knowledge of affordable housing issues and programs.
• Maintain up-to-date knowledge of changes in laws or requirements that affect company interests or performance.
• Possess the ability to gather, assemble, correlate, and analyze facts, data, and instructions; devise solutions to problems; prepare concise reports, and develop and evaluate procedures.
• Outstanding interpersonal, organizational, and analytical skills, coupled with strong written and verbal communication skills.
• A strong professional presence that demonstrates skill and authenticity, thereby instilling confidence and trust in corporate, foundation, governmental, and other nonprofits.
• An effective team member and strong leadership qualities.
• Responsible for seeking educational opportunities for career self-improvement for growth and development.
• Ability to work independently with limited supervision.
• Proficiency in Microsoft Word, Excel, Access, and PowerPoint.

Our Firm

KM Partners’ national Executive Search and Professional Recruitment practice areas focus on high-growth, impact-investment-oriented businesses across relevant industries, including Investment Management, Real Estate, Clean Energy, Sustainable Infrastructure, and related Business and Professional Services. With a core focus in Tax Credits (LIHTC, NMTC, Historical, & Renewable), Multifamily, Affordable and Senior Housing, we partner with clients and place industry-specific professionals throughout the United States. We represent C-level Executive Leadership, Middle Management, and experienced Associates across industry professions.