VP of Real Estate Development

The mission of Jubilee Housing is building diverse, compassionate communities that create opportunities for everyone to thrive. Since 1973, Jubilee has worked to provide high quality affordable housing and holistic support to those experiencing persistent economic hardship in the Adams Morgan and Columbia Heights neighborhoods of Washington, DC. Jubilee operates thirteen properties totaling 465 units of affordable housing under operation and offers robust programming for residents and community members pursuing life goals. Jubilee currently has seven transactions across 14 properties totaling 490 units of deeply affordable housing under development. Jubilee also manages two affordable housing funds that provide acquisition financing for its projects.

Jubilee Housing is an innovator in financing affordable housing and a responsible steward of the investments it receives. Jubilee produces Justice Housing which is affordable to those with few financial assets, located in neighborhoods where resources such as good schools, grocery stores, and public transportation are readily accessible and near services that support residents as they pursue educational and career attainment. Jubilee is seeking individuals who are excited about this concept and want to work with us to ensure Justice Housing becomes a reality for all Jubilee Residents who want to be a part of the Justice Housing Community.

Position Description

The Vice President of Real Estate Development is the executive in charge and responsible for all aspects of the real estate development process for the organization. It includes the acquisition, financing, and rehabilitation of affordable housing projects and sustaining existing projects, especially during year-15 conversions for Jubilee Housing. Development activities include helping to identify and assess purchases or development proposals, analyzing housing needs and identifying areas suitable for affordable housing development, assessing project feasibility, performing due diligence, assembling the necessary financing using a variety of public and private sources, and overseeing design and construction services. This position will work closely with outside agencies, tax credit syndicators, the District Government, and assist in and oversee the preparation of funding applications to these and other entities. This position will serve as a liaison with Jubilee’s asset management and property management functions regarding building turnover and stabilization; and supervises the work of the Development Associate and a host of external consultants.

Specific Duties

• Oversees the life cycle of the real estate pipeline.
• Manages production of applications and documentation necessary for debt and equity financing, property purchase and sale, and government subsidy renewal.
• Prepares and analyzes pro-forma financial spreadsheets, income statements, project development and operating budgets, and other relevant financial analyses of low-income housing and other real estate developments.
• Coordinates underwriting and due diligence with lenders and investors.
• Works with counsel to negotiate all real estate transaction-related documents, including purchase and sale documents, loan documents, equity investment agreements, and operating agreements of all types.
• Responsible for the management of day-to-day project activities to meet project schedule, quality, and budget objectives.
• Responsible for the overall performance of contractors and subcontractors.
• Initiates and administers bid process for selection of Architects, General Contractors, and other project professionals.
• Monitors project safety and enforces company standards with all onsite personnel without exception to ensure the project is safe for all workers and visitors.
• Coordinates delivery of cost certifications, production of 8609’s, and other close out items.
• Meets with Executive Staff at Jubilee, other Jubilee staff, employees of other public agencies, consultations, and employees of private organizations as required to share information, resolve problems, agree upon courses of action, or to otherwise arrive at appropriate processes to create acceptable outcomes.
• Coordinates with the Chief Financial Officer; and directors of Asset Management, Property Management, and Maintenance across the lifecycle of development projects and in evaluating the existing portfolio for reinvestment.
• Efficient working knowledge of MS Office and real estate data subscription services, strong underwriting skills, and knowledge of affordable housing financial pro-forma modeling systems.
• Ability to obtain market and demographic information and analyze that information.
• Ability to read, analyze, and interpret reports, technical procedures, real estate financing documents and contracts, and governmental regulations.
• Strong attention to detail.
• Ability to effectively manage and oversee the work of others and hold them accountable, enforcing performance improvement plans when necessary.
• Ability to work independently and cooperatively; demonstrate professionalism, diplomacy, and flexibility in a variety of situations.
• Ability to communicate effectively verbally and in writing.
• Ability to organize multiple complex tasks and schedules.

Desired Qualifications

• Leadership Traits: Good communicator, team builder, excellent interpersonal skills.
• Strategic Mindset: Sees ahead to future possibilities and translates them into breakthrough strategies.
• Business Perspective: Applies knowledge of the industry to advance the organization's goals.
• Decision Making: Obtains information and identifies key issues and implications to make sound and informed decisions.
• Influence and Negotiation: Uses persuasion and authenticity to gain support and cooperation from stakeholders to achieve a desired outcome.
• Budgeting & Project Proformas: Creates and manages financial plans that allocate resources effectively to achieve the organization's goals.
• Education: Bachelor’s degree in finance, accounting, real estate, urban planning, or related field. MBA or MRED preferred.
• Experience: Minimum 10+ years of experience specifically in affordable housing development including LIHTC, HUD, Fannie, Freddie, DCHFA, DHCD, TOPA, and working with other District agencies, and rental subsidy programs; previous experience working with diverse populations preferred. Proven track record of acquisition, financing, and closing multiple LIHTC and rent subsidized deals. Familiarity with the general principles of real estate, including operations and analysis, underwriting, budgeting, financial reporting, general accounting, and lending practices.
• Other Requirements: Must have multiple relationships with lenders, syndicators, investors, government housing agencies, development departments and key executives/stakeholders within the District and or DC Metro area. Strong stakeholder service skills. Exceptional dedication to dependability and punctuality. Strong work ethic. Ability to engage a team toward a common mission.

Benefits include health, vision, and dental insurance, STD, LTD, and Life insurances, paid vacation, sick leave, holidays, transportation stipend, and a 403b matched contribution retirement plan.

Background Check and Drug Screening

Finalist(s) for this position will be subject to a drug screening and will be required to consent to a pre-employment background check as a condition of employment. Drug test results do not automatically preclude you from being considered for employment. We recognize that each candidate's circumstances may differ, and we evaluate all aspects of your application and qualifications before making a final decision.

References

Please be prepared to provide 3 professional references if you are selected for this role.

Hybrid Work Model

Three-day, onsite hybrid work schedule required; agreed upon schedule with manager.

Jubilee Housing is an Equal Opportunity Employer

The pay range for this role is:

120,000 - 130,000 USD per year (Headquarters)