Sr Developer

VISION STATEMENT: People in every community have an affordable place to live and opportunities to thrive.

MISSION STATEMENT: We work with partners to connect underserved communities in the northern New England region with capital and expertise to advance projects and policies that create more inclusive places to live.

SUMMARY:

Directs real estate development activities of Evernorth to achieve organizational goals. Represents the company’s interests to, and maintains good working relationships with, investors, funders, nonprofit housing organizations, community groups, governmental entities, principal real estate professionals and the general public. This position plays a critical role in Evernorth’s efforts towards continuous improvement, based on data-driven feedback, towards delivering high quality housing and community development projects.

RESPONSIBILITIES:

• Work under the general supervision of the SVP of Real Estate to create and evaluate multifamily housing development opportunities.
• Share responsibility with the SVP of Development in project selection and maintaining a robust project pipeline.
• Negotiate the purchase of real estate---both raw land and existing buildings; such real estate offers are subject to the approval of the SVP Real Estate.
• Makes time for special projects that improve quality of housing design and delivery. Serves as a resource for all staff for development questions. Assist in training new development team staff members.
• Work with a high degree of independence to take the project through the permitting process and apply for public and private financing.
• Hire the design team and supervise project design, in coordination with Evernorth project manager. Coordinate preliminary meetings with potential local partners, prepare pro forma, identify funding sources, and assess financial, permitting, and political issues for each project.
• Responsible for securing all required local, state and land use permits prior to the start of construction drawings.
• Attend night meetings with municipalities during permitting phase.
• Coordinate closely with the Director of Asset Management to prepare project operating budgets that accurately reflect true costs.
• Provides SVP Real Estate with status reports and updated project proformas as significant changes occur in each project.
• Advise SVP Real Estate and CFO as to interim capital needs.
• Ensures that electronic files for each project reflecting current status of each development project are maintained.
• Lead the construction closing process, working with staff and consultants to bring the project to a timely and successful closing and comply with all requirements of closing a transaction as a Low-Income Housing Tax Credit (LIHTC) partnership.
• Track projects during construction, meeting regularly with project managers to ensure the project stays on budget and meets the projected tax credit basis and LIHTC delivery projections. Coordinate and problem solve with project managers on specific design and construction issues.
• Responsible for maintaining and updating an expert level of knowledge including but not limited to federal and state funding programs, Section 42 of the IRS Code (LIHTC), Rehabilitation Investment Tax Credit (RITC), partnership tax law, environmental regulations, Act 250 and local permitting process, handicap accessibility regulations and/or developments.
• Take the lead in external and internal efforts to assess and improve the delivery of affordable housing, as assigned by the SVP Real Estate.
• Maintain excellent relationships with Evernorth partners and seeks opportunities to further improve partner relations.
• Work with design team, EVT and Evernorth project manager and Energy Services to make informed decisions about energy efficient systems and details, and the use of renewable energy.
• Perform other tasks as reasonably required by Evernorth management.

SUPERVISES: None

REPORTS TO: Senior Vice President of Real Estate Development

REQUIRED EDUCATION & EXPERIENCE:

• Bachelor’s Degree required and post graduate work or professional training in relevant field.
• Valid Driver’s license with insurance.
• OSHA 10 construction certificate or must complete within three (3) months of hire.
• High level of knowledge. with affordable housing federal and state funding programs, Section 42 of the IRS Code (LIHTC), Rehabilitation Investment Tax Credit (RITC).
• High level of knowledge of tax partnerships, and legal documents; in depth understanding of the Evernorth limited partnership agreement models, and ability to accurately model the tax implications of the LPA and explain the LPA deal implications to local partners.
• In depth experience with the normal array of legal documents used in development including Option Agreements, Partnership Agreements, Notes, Mortgages, Regulatory and Security Agreements, and AIA contract forms.
• Demonstrated leadership in bringing innovation to the Evernorth real estate development process, design approach, and/or identifying new capital sources.
• 8-10 years of experience in real estate development, community development, or an associated field. A high level of expertise and experience in financial analysis
• Excellent proficiency in Microsoft Office products required – Excel, Word, and Outlook.
• Demonstrated experience in financial analysis.
• Experience in real estate development, and in affordable rental housing design and development.
• In depth knowledge of applicable housing programs and regulations.
• Strong understanding of environmental regulations, Act 250 and local permitting process, construction of multifamily housing.
• Demonstrated leadership in bringing innovation to the Evernorth real estate development process, design approach, and/or identifying new capital sources.

ESSENTIAL JOB SKILLS:

• Excellent written and verbal communication skills including, including listening skills, and ability to effectively communicate during conflict.
• Highly skilled in financial analysis and advance user of Excel.
• Must have experience in maintaining frequent, clear communication with Evernorth staff.
• Ability to work effectively with a wide variety of people with varied levels of experience.
• Well organized and flexible.
• Skilled in negotiating and able to move all parties toward shared goals and resolutions of issues.
• Must be able to balance multiple, competing priorities with sensitive timelines.
• Work well independently and as a team member.
• Excellent knowledge of the various housing regulations and programs applicable to Vermont.
• Aesthetics and design knowledge preferred.
• Curiosity that leads to gathering knowledge and generating ideas and solutions.

The following are the general Evernorth work environment and physical demands:

• Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of this position.
• The noise level in the office work environment is usually quiet.
• This position requires periods of sitting, standing, walking, stooping, and bending.
• Ability to reach with hands and arms and talk and hear.
• Specific vision abilities required by this job include close, distance and peripheral vision, depth perception and ability to adjust focus.
• This position requires substantial typing, reading, and writing emails, and other related computer work.
• The employee is regularly required to use hands and fingers.
• May require driving to meetings and offsite locations in personal car.
• May require lifting up to 20 pounds.