Director of Affordable Housing Finance

3 weeks ago

Springfield, United States LIFE ASSETS LLC Full time

Job Title: Director of Affordable Housing Finance


Company: Life Assets


Location: New Jersey


About :Life Assets Development

Life Assets Development is a leading design-build real estate development company based in New Jersey. We specialize in creating innovative, high-quality residential and commercial properties. Our team is dedicated to excellence in construction, design, and project management, ensuring that each project we undertake meets the highest standards of quality and efficiency.


Position Summary:

The Director of Affordable Housing Finance is responsible for supporting the financing of projects through the lifecycle of project development for current and future properties that are funded through a variety of private, federal, state, grants and local sources. Focused on affordable housing, the candidate will be a key member of the Company's community development team working in partnership with other real estate professionals in a collaborative, team-oriented environment. Successful work performance requires skill in coordinating work with other departments and outside agencies. The position interfaces closely with Life Assets Executive Management team.


JOB SUMMARY:

The Director plays a crucial role in the acquisition and finance process, leveraging their expertise to source, manage due diligence, review third-party reports, and collaborate with legal and community development teams to ensure seamless closings. Their responsibilities include preparing comprehensive financial analysis, underwriting, and deal summaries for opportunities under consideration or recommended, as well as monitoring the proforma performance throughout the project lifecycle.

The Director's ability to foster strong relationships within the brokerage, developer, government entities, and lender communities in target markets in New Jersey is invaluable in facilitating new opportunities. Their strategic networking and relationship-building skills are instrumental in driving the organization's growth and success.

ESSENTIAL DUTIES AND RESPONSIBILITIES:


FINANCE OF PIPELINE DEALS - 40%


  • Build, maintain and monitor financial models in Excel utilizing property financial statements, budgets, leases, expense information and market assumptions;
  • Support the underwriting, analysis and execution of real estate acquisitions;
  • Prepare and compile due diligence materials, budgets, financial models and schedules;
  • Produce project acquisition proposals and materials necessary for presentations related thereto;
  • Help coordinate the closing of transactions;
  • Maintain and update due diligence checklists for transactions;
  • Prepare budgets, financial models, market reports necessary for debt/equity proposals and investor reporting (and then produce such proposals and reports);
  • Carry‐out market research;
  • Generally, stay informed of current industry and market trends including attending industry conferences;
  • Facilitate project inspections and tours;
  • Create, monitor, track and interpret project data including contracts, schedules, budgets and cash‐flows on an on‐going basis; and
  • Assist in other special projects and assignments as they may arise from time‐to‐time.
  • Work with cross functional teams on any needed communication and engagement strategies necessary for successful acquisition and financing strategies.

FUNDING APPLICATIONS, BUDGET TRACKING & REPORTING - 40%


  • Oversee project budget and budget tracking, review draw requests and track project flow of funds, reimbursements etc.
  • Support the submission of various funding applications.
  • With team support, seek out sources of additional funding and help prepare financing applications or provide other documentation in support and provide initial options for acquisition, development, construction, and permanent financing.
  • Obtain formal budget approval prior to project implementation, including those requiring expenditure.
  • Ensure long-term viability by budgeting adequate reserves and operating expenses in consultation with Property and Asset Management.
  • Ensuring the protection of Life Assets assets and resources through conservative assumptions, and clear documentation of loan and partnership terms.
  • Support the preparation and submission of required compliance reporting.
  • Monitor project through to operational stabilization
  • Develop, provide, and present reports, performance dashboards, and other similar materials as required by various stakeholders.
  • Maintain effective relationships with residents, community and industry groups, including partners, investors, lenders, and regulatory bodies.

Other Duties - 20%


  • Participate in various external working groups dedicated to community development and/or affordable housing etc.
  • Participate in various agency events and initiatives as required or needed
  • Other duties as assigned

SKILLS, EXPERIENCE, AND EDUCATIONAL REQUIREMENTS:

  • 3-5 years of real estate finance underwriting experience preferred
  • Affordable housing finance
  • Ability to assess, underwrite and value affordable multifamily real estate investments.
  • Advanced Excel experience, strong analytical and financial modeling skills preferred.
  • Financial Analysis: Prepare financial models used in structuring transactions.
  • Support real estate closing process, including all loan and equity funding.
  • Support entitlement process through local governmental agencies.
  • Prepare and maintain ongoing project budgets and manage the draw process.
  • Firm understanding of the various Federal programs for affordable multifamily properties such as tax credits, HMFA programs, Section 8 rent support, etc.
  • Understanding of the various tax and financing alternative programs
  • Detail‐oriented with a commitment to a high‐quality work product.
  • Ability to think independently and present viewpoints in a thoughtful and professional manner.
  • Strong organizational skills
  • Ability to present information in oral and written form clearly and concisely.
  • Well‐developed interpersonal and communication skills.
  • Passion for the field of real estate finance/ real estate development
  • Outstanding analytical, verbal, and written communication skills
  • Computer Proficiency in Word, Excel, and Outlook
  • Ability to work with diverse cultures and aptitudes
  • Valid New Jersey driver’s license and regular availability of an insured vehicle for travel within the New Jersey area



What We Offer:

- Competitive salary and benefits package

- Opportunities for professional growth and development.

- A collaborative and supportive work environment.

- The chance to be a part of innovative and impactful real estate development projects.

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