LIHTC Development Manager
1 month ago
The Cesar Chavez Foundation (CCF) inspires and transforms communities by providing critical social enterprise services that address the needs of working families. CCFs Housing and Economic Development (HED) Fund builds, owns, and operates high-quality, service-enhanced affordable housing for working families, seniors, and those with special needs across the Southwest region of the United States (i.e., California, New Mexico, Arizona, and Texas).
CCF is looking for a Low-Income Housing Tax Credit (LIHTC) Financial Development Project Manager. This future LIHTC Financial Development Project Manager will be responsible for coordinating and closing the acquisition/purchase of assets, coordinating predevelopment activities, managing relationships with lenders and investors, orchestrating financial closings, and assisting with the coordination process during the construction phase. A LIHTC Financial Development Project Manager should be capable of managing up to five (5) projects and working under the direct supervision of the Project Management Supervisor / Director of Project Development.
RESPONSIBILITIES
+ Packaging of Project Acquisition/Funding Proposals: Coordinate the preparation of proposals to local, state, and federal agencies, including responses to Requests for Proposals/Qualifications (RFPs/RFQs). Prepare business term sheets that serve as the basis for all housing and regulatory agreements. Establish and periodically update proformas (including predevelopment budget, timelines (including major milestones).
+ Project and Loan Analyses: With input from appropriate staff, develop budgets used in structuring transactions. Maintain and update a database of key ratios and indicators used in estimating project income, expenses, reserve amounts, soft costs, hard costs, and fees to be earned.
+ Financing: Coordinate preparation of loan packages for acquisition, development, construction and permanent financing. Coordinate application packages to CTCAC, CDLAC, ADOH, TDHCA, and MFA, and all other public agencies for funding allocations.
+ Meetings: Attend selected meetings with Business Development Directors to become acquainted with key participants in transactions. Attend follow-up meetings with appropriate city staff, financial partners, and lenders.
+ Budget Administration: Prepare original budgets and cash flows for all phases of projects and coordinate with the Construction and Accounting departments on any necessary future revisions to those budgets and cash flows. Monitor ongoing project budgets to ensure compliance.
+ Closing Logistics: Ensure that purchase contracts and escrow instructions go through proper internal review. Monitor the status of project appraisals and reports, loan documents, etc. Schedule conference calls as needed among the parties. Review loan documents, regulatory agreements, and agreements with governmental partners to ensure they conform to business points. Assure that scheduled closings are organized and complete. Monitor compliance with escrow instructions.
+ Corporate Memory: Maintain corporate memory for business points and financial structuring of each transaction in which he/she is involved.
+ Record Keeping: Provide Accounting, Asset Management, and Property Management staff with all closing and financing documents.
+ Compliance: After closing, work with the Asset Management Department to establish all compliance monitoring requirements, including but not limited to determining prevailing rent restrictions and applicable utility allowances.
+ Other: Other duties as assigned.
EXPERIENCE
Optimally, the LIHTC Financial Development Project Manager should have experience with the following:
+ Supporting, documenting and structuring the acquisition of apartment projects and/or land
+ Supporting and structuring LIHTC and tax-exempt financing of apartment projects
+ Supporting, documenting and understanding operating costs of apartment projects
+ Supporting, documenting and understanding applications related to the activities of cities, counties and other agencies involved in the development of affordable housing
+ Experience with specialized affordable housing financing programs such as Low-Income Housing Tax Credits, HOME funds, tax-exempt bonds, AHP, and other federal, state, and local funding sources.
Optimally, the LIHTC Financial Development Project Manager should have the ability to:
+ Prepare and/or interpret quantitative analyses of project feasibility and financing
+ Write clearly and directly
+ Work harmoniously with clients, consultants, and other professionals
+ Co-manage multiple projects concurrently with a likely project workload of up to five real projects in various stages of development
+ Be a team player
+ Work easily with PCs and CCF software
+ Show initiative
+ Must attend Company-sponsored events that relate to the development of the team, which, from time to time, may include overnight stays at locations away from the employees home.
EDUCATION/QUALIFICATIONS
+ BS/BA - Bachelor of Science degree in Accounting, Finance, Business Administration, Urban Planning or other Management related field
+ And/or experience in Low Income Housing Tax Credits (LIHTC)
WAGE:
$129K-$138K per year DOE
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