Project Manager Development and Finance

3 weeks ago

Memphis, United States Alco Management Full time
Job Details

Job Location
TN Alco Management Inc - Memphis, TN

Position Type
Full Time

Education Level
Bachelor

Travel Percentage
Frequent Travel

Job Shift
Day

Job Category
Real Estate

Description

Alco Management, Inc. is an owner, developer, and manager of affordable housing communities across the Southeast. For nearly 50 years, we have worked to build community by focusing on providing quality affordable homes to residents and quality jobs to employees.
The Project Manager of Development & Finance supports Alco's mission of providing quality homes and quality jobs by helping the Acquisitions & Development team acquire and improve affordable apartment communities. This individual will take a leadership role in identifying properties for acquisition, analyzing project feasibility, applying for financing and regulatory approvals, and managing the overall execution of redevelopment projects.
No previous affordable housing experience is needed. The ideal candidate will have the interest, willingness, and ability to read, research, and learn the specific skills required. Alco has a track record of teaching affordable housing development to smart, driven, and highly organized individuals that bring a variety of work experiences to this position.
SUMMARY OF POSITION

Primary:
  • Lead development team on all aspects of real estate development process from concept to completion.
  • Prepare and maintain development feasibility and financing models on prospective and active projects.
  • Develop and maintain Project Development Schedule.
  • Complete and submit debt and equity financing applications/requests, HUD administrative approval requests, and public approval applications to ensure projects are successful and proceed in a timely fashion.
  • Maintain and Develop relationships with Debt and Equity Partners, Legal Partners, State Housing Agencies, HUD, and other Partners.
  • Coordinate with Construction Project Manager on design and construction related aspects of real estate development process.
General:
  • Research and Understand State Agency financing program requirements: LIHTC QAPs, Tax Exempt Bonds, State and Local Secondary financing. Update Annually.
  • Research and Understand HUD financing program requirements.
  • Research and Understand HUD operating assistance program requirements.
  • Participate in Affordable Housing industry conferences.
ESSENTIAL FUNCTIONS OF THE POSITION

Predevelopment:
  • Develop preliminary financing and development and operating budget models based on property characteristics, historical operating cost data and available financing sources.
  • Solicit and incorporate input from onsite and corporate property management team for development of operating pro-forma for each project.
  • Evaluate various scenarios and Coordinate selection and approval of final financing plan for developments.
  • Manage overall Development Budget.
  • Prepare, complete and submit debt and equity financing applications, HUD administrative approval requests, and public approval applications.
  • Engage and Coordinate preparation of Appraisals, Market Studies, Rent Comparability Studies needed for public and private, debt and equity financing applications
  • Engage and Coordinate preparation of Phase I ESA and other environmental reports. Ensure recommendations and appropriate costs are included in development budget.
  • Engage and Coordinate preparation of Title work and ALTA surveys.
  • Coordinate with Construction Project Manager on cost and timing of Architectural, Engineering, Construction, Cost Estimating services for developments.
  • Document and communicate all initial compliance and financing requirements to Property Management, Accounting, Compliance and Asset Management teams.
  • Coordinate acquisition and financial closings with legal and financing partners.
Construction:
  • Track financial aspects of construction progress, change orders, enhancements and operating income.
  • Coordinate with Construction Project Manager to ensure funds are available to pay for all construction and development expenses, by preparing and submitting debt and equity draw requests.
  • Communicate with and report project status to HUD, Equity Partners, Mortgage Lenders and State Agencies.
Post Construction:
  • Engage and Coordinate preparation of final cost certification.
  • Reconcile overall project budget.
  • Track and Request final equity and debt installments.
  • Prepare and submit all required post construction State Agency and HUD filings to ensure receipt of 8609s, release of escrows, establishing reserves, or satisfaction of other completion requirements.
  • Document and communicate all final compliance and financing requirements to Property Management, Accounting, Compliance and Asset Management teams.
  • Coordinate transition from construction to property management.
Qualifications

KNOWLEDGE & SKILL REQUIREMENTS

Education & General Requirements
  • College Degree
  • Thorough knowledge of spreadsheet software and knowledge of word processing software Ability to speak, read and write English.
  • Ability to communicate in oral and written form with various levels of the organization Must be accessible after hours for emergencies.
  • Must be available to travel out of town & overnight.

Equipment Operation

Computer Equipment and office equipment.

Experience

Project Manager or similar experience preferred. Other related experience will be considered.

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