EXPECTATION FOR ALL EMPLOYEES
Supports the organization's mission and values by exhibiting the following behaviors: excellence and competence, collaboration, innovation, respect personalization, commitment to our community, and accountability and ownership.
POSITION SUMMARY:
The Vice President – Development provides strategic leadership and oversight of a portion of the company's affordable housing development activities, with a primary focus on multifamily developments utilizing 4% Low-Income Housing Tax Credits (LIHTC) and bonds.
The Vice President is responsible for leading and managing a team of Development Directors (DD) and a Director of Real Estate Closings & Entitlements (DRECE), ensuring the department maintains a strong, diversified, and executable development pipeline that supports the company's annual and long-term growth objectives. DD’s and DRECE’s are responsible for identifying new development opportunities and managing individual developments through the pipeline to financial closing and permits. The Vice President provides direction, oversight, accountability, and strategic support throughout that process.
This position will work with the SVP to establish development strategies, evaluate the quality and viability of opportunities entering the pipeline, oversee development execution, managing team priorities and resources, and ensuring developments progress toward closing in accordance with company objectives, budgets, schedules, and risk parameters.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Lead, motivate and develop all direct reports.
- Recruit, onboard, and train new team members based on open positions and as positions become open resulting from promotion or turnover.
- Establish clear expectations, performance standards, goals, and priorities for DD’s and DRECE’s, monitoring individual performance against closing and development pipeline goals.
- Ensure team members maintain accountability for their individual development pipelines, development milestones, and closing objectives.
- Regularly review development pipeline and associated timelines with team members and provide strategic direction on priorities, risks, opportunities, and next steps.
- Identify ways to maximize performance of the team to generate a pipeline that meets or exceeds corporate objectives on an annual basis.
- Evaluate developments for feasibility by working with SVP and other departments.
- Maintain visibility into the company's short- and long-term development pipeline and anticipated closings.
- Assist team in resolving complex issues and removing obstacles that could impact development feasibility or closing.
- Ensure the Development Directors effectively evaluate and pursue available federal, state, and local funding sources.
- Conduct weekly one-on-one meetings with team members and check-in meetings as needed to review the development process which includes, but is not limited to, market and site identification, contract negotiations, zoning / rezoning, deal structuring and underwriting, relationship building / management with both internal and external partners, application preparation/coordination, design functions, permitting process, etc.
- Ensure consistent use of development systems, tracking tools, reporting processes, and documentation standards to meet required development milestones.
- Responsible for oversight of team workstreams and provide back-up coverage as needed.
- Review financial feasibility of proposed developments including pro forma analysis, profitability analysis, and internal rate of return analysis.
- Review internal and external financing packages including Investment Committee, Low-Income Housing Tax Credit, Tax Exempt Bond, HOME, CDBG, FHLB / AHP grants, construction and permanent financing, and equity syndication or other appropriate funding sources.
- Foster a culture of accountability, collaboration, problem-solving, and continuous improvement.
- Represent KPG and actively participate in state membership organizations.
- Maintain excellent working relationship with Federal and State agencies, PHA’s, community based organizations, and other private and public agencies in the industry.
- Maintain a strong working knowledge of LIHTC regulations, Qualified Allocation Plans, tax-exempt bond financing, and other affordable housing financing programs.
- Attend select State Housing Agency conferences and networking events based on business/pipeline needs and priorities to stay abreast of industry trends.
- Other duties as assigned.
QUALIFICATIONS/SKILLS & KNOWLEDGE REQUIREMENTS
- Bachelor's degree required. Master’s degree preferred.
- 10+ years of experience in affordable housing.
- Strong leadership skills through demonstrated experience required.
- Section 42 low-income housing tax credit development experience required.
- Personally identified sites, received affordable housing financing (9% or 4% credits), and closed on at least ten (10) developments, strongly preferred.
- Ability to evaluate complex development opportunities and identify key risks and opportunities.
- Broad knowledge of community needs and intergovernmental relationships.
- Interpersonal Skills - must possess an exceptional ability to form interpersonal relationships with a variety of external entities, including – but not limited to - government agencies, State Housing Agencies, service providers, and qualified 501(c)(3) organizations.
- Language Skills - Ability to read, write, interpret, and analyze business publications, technical procedures, and government regulations. Ability to write and interpret reports, correspondence, and manuals. Ability to effectively present to groups of people including employees, vendors, and the general public.
- Math Skills - Ability to work with concepts such as internal rate of return (IRR), net present value (NPV), and various other valuation metrics. Ability to apply concepts such as fractions, percentages, ratios, and proportions to situations.
- Reasoning Skills - Ability to solve problems and work with a variety of concrete variables in situations where only general guidelines exist. Ability to interpret instructions in written, oral, diagram, or schedule form.
- Computer Skills - Advanced experience with MS Office.
- Other Skills - Must be a team player and be able to multi-task while remaining flexible.
- Travel – Must be willing to travel up to 10% of the time.
TRAINING REQUIREMENTS:
- Ongoing professional development, including leadership development.
PHYSICAL DEMANDS:
- Rarely must stand, walk, climb, balance or stoop, kneel, crouch, crawl, bend or lift up to twenty-five (25) pounds.
- Rarely must be exposed to outdoor weather conditions.
- Occasionally must use hands to finger, handle or feel; reach with hands or arms.
- Regularly must sit, talk, and hear.
- Close and distance vision is required. Color vision is recommended; however, accommodation can be made.
WORK ENVIRONMENT:
- Normally works in an environment with moderate noise.