- SCOPE OF ROLE:
Service for the Underserved, Inc. (S:US) is a dynamic and growing social service and housing agency with over 40 years of experience in providing housing and services to the most vulnerable in New York City.
The Real Estate team at S:US is tasked with maintaining and expanding S:US’ large and diverse Real Estate portfolio. Our team’s goal is to fulfill S:US’ commitment to reducing homelessness and providing a life of purpose by ensuring all of our residents have a safe, clean, affordable place to call home, and all our staff have the right work environment to carry out the mission.
This is an exciting time for the Real Estate Team as S:US has a dynamic and growing pipeline of affordable and supportive housing, with 700 units in construction and another 1000 in predevelopment. S:US is among the two largest providers of supportive housing in New York State, and among the largest nationally.
The VP of Affordable Housing is responsible for the expansion of SUS’s housing portfolio as well as the preservation of SUS’s existing housing stock. This role will supervise the Development Team and the Compliance Team. The VP will be responsible for spearheading SUS’s growing pipeline through the successful acquisition, financing, construction and opening of all new permanent congregate housing at S:US. The VP will have the expertise and experience in affordable housing development to manage a team of real estate professionals and oversee projects from land acquisition, joint development negotiation, pre-development financing and design development, public approvals, ULURP, construction financing, construction management, building opening, leasing and converting to permanent financing. The work will focus on new construction of supportive and affordable housing both independently and with various development partners. The VP will also oversee the recapitalization and rehabilitation of S:US’ existing portfolio as well as the development of housing for adults with developmental disabilities and of shelters for singles and families (both purpose-built and conversions). Through supervision of the Compliance Team, the VP will ensure that SUS’s LIHTC portfolio is fully in compliance with government, investor and lender requirements.
- ESSENTIAL DUTIES & RESPONSIBILITIES:
Growing S:US’ Pipeline
- Identify and evaluate new joint ventures and potential land acquisitions for permanent housing and purpose-built shelter development;
- Cultivate relationships within the field with potential development partners, lenders and government agencies;
- Keep up to date with all pertinent legislative and policy changes that impact S:US’ real estate and development activities;
- Coordinate and lead S:US responses to Requests for Proposals and Requests for Qualifications;
- Stand in for SVP as necessary at internal meetings, meetings with public officials, etc.; and
- Assist SVP in negotiating joint venture agreements and structuring complex real estate transactions that will serve the S:US mission while maximizing financial return and minimizing risk to the organization.
Supervision of project management activities
- Responsible for the timely progress of the S:US development pipeline;
- Oversee the real estate development team across all stages of development (predevelopment, construction, building opening, permanent conversion, 8609s);
- Coordinate the work of all third-party consultants (attorney, architect, environmental consultant, general contractor etc.);
- Supervise the submission of due diligence to government agencies, lenders and investors;
- Oversee the project management of developments (mainly preservation) of housing for adults with developmental disabilities; and
- Oversee the project management of shelter development (both purpose-built and conversion of existing building).
Financing
- Develop creative legal and financial structures to maximize feasibility and financial return of real estate transactions;
- Research and identify funding sources and develop financing strategies to develop housing;
- Work with S:US service programs and budget teams to select appropriate transactions, service funding mechanisms (ESSHI v. NYC 15/15) and deal structures; and
- Develop pro forma capital development and operating budgets and financing applications for HPD, HDC, HCR, HFA, HHAP, FHLB, HUD etc.; and
- Work with S:US service programs and budget teams to develop service budgets that sync with housing operating budgets, assist in developing applications for NYS ESSHI, NYC 15/15, Shelter Plus Care, COC and others.
Construction Management
- Responsible for the completion of construction projects on time and within budget;
- Oversee the processing of requisitions and change orders working closely with the S:US finance team, development partners and lenders;
- Attend construction meetings and conduct site visits when necessary;
- Oversee the management of the construction project team (architect, General Contract, other consultants); and
- Supervise the project management of the rehab of existing YR15 buildings within the S:US portfolio.
Asset Management
- Evaluate property performance financials and implement changes in asset management processes as needed;
- Perform quarterly assessments of budget to actuals for each LP property to identify areas in need of improvement and to ensure items are booked correctly in terms of line items and capital vs. operating costs;
- Oversees all reserve release requests to ensure capital projects are funded appropriately while keeping up with reserve contribution requirements;
- Develop long term recapitalization strategies for SUS’s portfolio to ensure long term financial and physical health of all buildings; and
- Together with the Finance Team conduct annual reviews of all project financials in advance of annual audit completion to ensure SUS is extracting all available cash its LP properties
Compliance:
- Supervises the compliance team comprised of 7 members responsible for all back-office property management functions such as income certifications, investor and lender audits, rental assistance processing and initial and ongoing lease up of SUS’s LIHTC portfolio
- Create high level processes and procedures to ensure SUS’s full compliance with lender, investor and regulatory requirements
- Together with the Finance Team, perform quarterly reviews of rent collection reports to identify delays in subsidy payments and particular tenants in need of program/legal action.
Internal Collaboration and Reporting
- Work closely with the maintenance, finance and property management departments on the day to day operations of S:US’ large and diverse housing portfolio;
- Work with service program teams and property management to coordinate the opening of new buildings and various policies and procedures related thereto;
- Take lead in in tracking developer fee receipts and milestones;
- Assist SVP in developing appropriate housing development metrics and reporting on same to S:US executive team and Board of Directors;
- Work with fundraising team to identify philanthropic sources of funding for S:US’ real estate projects; and
- Assist SVP in developing annual goals and strategies as it relates to the expansion and preservation of S:US’ real estate portfolio.
- KEY PERFORMANCE STANDARDS
- Commitment: passionate about the S:US mission generally and provision of supportive housing in particular.
- Communication: has strong interpersonal skills and the ability to communicate effectively both orally and in writing with team members, other S:US staff, outside development partners, government agencies and lenders. Ability to communicate regularly with supervisor about department issues.
- Responsiveness: able to work in a fast-paced environment, often times under the pressure of strict deadlines. Demonstrates flexible and efficient time management and ability to prioritize workload.
- Organized: ability to meet deadlines, multi-task while juggling competing priorities, high attention to detail.
- Teamwork: Ability to work both independently and in a team-oriented environment. Performs work activities requiring negotiating, instructing, supervising, persuading or speaking with others.
- Team Management: Interest and skill in developing a high performing real estate development team. Ability to manage other experienced professionals in a high paced dynamic atmosphere. Responds appropriately to developmental feedback from supervisors and colleagues.
- Self-Motivated: independent thinker with the ability to demonstrate initiative and endeavor to maintain a stable level of productivity.