Seasoned Senior VP of Development

National CORE is an established Southern California based National nonprofit Multi-family Housing Developer. We are seeking an experienced Senior VP of Development to serve as the Leader of our Business Development and Project Management departments. The Senior VP of Development is responsible for overseeing all aspects of acquisitions, project financing, entitlement and project management and acts as a liaison during the construction process.

Specific responsibilities will include but are not limited to the following:

• Project and Loan Analysis:   Review and provide input on all project proformas, including NOI/Loan analyses, operating budgets, timelines and development budgets used in structuring transactions. Maintain and update database of key ratios and indicators that can be used in estimating project income, expenses, reserve amounts, soft costs, hard costs and development fees.
• Budget Administration:  Review and monitor original budgets and cash flows for all phases of projects and coordinate with the Accounting department on any necessary future revisions to those budgets and cash flows.  Monitor ongoing project budgets to ensure compliance.
• Packaging of Project Acquisition/Funding Proposals:  Supervise the preparation of financing proposals to local, state and federal agencies. This includes responses to Requests for Qualifications and Proposals (RFQ/Ps) and Notices of Funding Availability (NOFAs), as well as information packages for organization's Board of Directors. Prepare business term sheets, which serve as the basis for all housing and regulatory agreements.
• Financing:  Preparation and/ or review of loan packages for acquisition, development, construction and permanent financing. Coordination of application packages to CTCAC, CDLAC, FHLB, HUD and HCD for funding allocations. Negotiate financing terms with lenders and investors.
• Acquisition meetings: Coordinate acquisition meetings with Business Development VPs to become acquainted with key participants in the transactions. Attend follow-up meetings with appropriate city staff, financial partners and lenders and maintain those relationships throughout the project period.
• Due Diligence/Closing Logistics:  Ensure that purchase contracts and escrow instructions go through proper internal review.  Monitor status of project appraisals and reports, loan documents, etc.  Prepare and distribute “Interested Parties” lists. Review loan documents, regulatory agreements, and agreements with governmental partners to assure they conform to business points.  Assure that scheduled closings are organized and complete.  Monitor movement of funds and other matters per escrow instructions.
• Corporate Memory/Record Keeping:  Maintain corporate memory for business points and financial structuring of each transaction in which he/she is involved. Provide office administrative staff with all closing and financing documents.
• Compliance:  After closing, coordinate work with Compliance Department to establish all compliance monitoring requirements.

EXPERIENCE

The Senior Vice President of Development will have significant expertise with the following:

• Specialized financing programs used in affordable housing, such as Low Income Housing Tax Credits, HOME funds, tax-exempt bonds, various HUD programs, AHP and pledges of housing set-aside funds from redevelopment agencies or other federal, state or local entities 
• Conventional and tax-exempt financing of apartment projects
• Negotiation and structuring of land and improvement purchases, specifically apartment buildings
• The due diligence process for multifamily properties
• Proforma analysis/financial modeling
• Multi-state affordable housing development experience
• Knowledgeable in the construction process

EDUCATION

BA/BS - Business, Finance, Economics, Accounting or related field

MBA - Preferred

MINIMUM EXPERIENCE REQUIRED:

Minimum 10 years progressive experience in Real Estate development and 5 years Affordable Housing development experience.

Well qualified candidates may submit resumes directly to Laura Siaba at Lsiaba@nationalcore.org   

National CORE is an Equal Opportunity Employer

www.nationalcore.org