Position Summary

Menorah Housing Foundation (MHF) is a non-profit housing developer and management company focused on building very low-income housing for adults 62+. MHF has provided outstanding, service-enriched housing for over fifty years to a diverse population of older adults throughout Los Angeles County.

MHF is seeking an individual to fill the position of Director of Real Estate Development, a position overseen by the President. Primary job responsibilities will be to coordinate, implement, and manage activities related to affordable housing development in Los Angeles County. Development includes site identification, feasibility analysis, land acquisition, obtaining entitlements, preparing pro formas and applications to obtain all necessary project financing, coordinating with the team to obtain all required permits to start construction, and overseeing successful transition to operation. This position will manage new projects as well as the refinance and rehabilitation of the existing portfolio.

This is a hybrid position with the opportunity to work out of our West Los Angeles office and the option to work part of the week from home. Candidates for the Director of Real Estate Development position should have a minimum of a bachelor’s degree and five years of on the job experience, specifically affordable housing development/ project management, preferably in senior housing (HUD 202 & LIHTC). The position will work in collaboration with the Director of Operations and may include additional Project Management responsibilities, as listed below. Salary is based on experience.

Responsibilities

• Research and develop financing sources, prepare/coordinate financing applications and meet other lender requirements.
• Assist the team in due diligence research; conduct site visits to assess benefits and obstacles of a particular property;
• Evaluate the financial feasibility of potential acquisitions, determine the scope of new developments, and make recommendations based on the findings
• Assist in the preparation and updates of project proformas.
• Review architectural plans and construction documents
• Review and approve contracts with architects, consultants, and vendors in consultation with legal team;
• Provide input on project design development and make sure project plans and specifications are received by construction in a timely manner.
• Manage all phases of development including: site acquisition, initial financial feasibility analysis, overseeing design development, securing all necessary financing, procuring and contracting with all third party consultants, overseeing construction, lease-up and permanent conversion
• Manage all aspects of financing developments; identify funding sources and complete loan/funding applications (TCAC, LACDA, LAHD); secure predevelopment, construction and permanent financing
• Coordinate with property management and supportive services departments during predevelopment and construction to obtain their input
• Manage the construction process; select and negotiate contracts with contractors; monitor construction team
• Complete other tasks and projects as assigned.

Qualifications

The position requires a team player with strong organizational and time management skills that interacts positively with all team members to meet the company’s objectives.

- A bachelor’s degree and at least five years of experience in urban planning, business or real estate/housing development or finance, or a graduate degree in a related field and three to five years of experience in housing development, real estate development, urban planning, business, finance or a related field.

- Knowledge of key aspects of real estate development and finance, land use and entitlements, property due diligence and acquisition, and site planning and design. Experience with all phases of the development process preferred, preferably with at least one project taken from concept through completion.

- Familiarity with structuring and negotiating real estate development transactions and affordable housing finance including public subsidies, Low Income Housing Tax Credits and tax-exempt bonds; ability to creatively combine financing tools to leverage housing funds.

- Knowledge of and experience with loan packaging, public and private affordable housing resources, and subsidy programs.

- Ability to initiate and maintain effective and cooperative working relationships with team members, local government agencies, consultants, lenders/investors, and community stakeholders.

- Ability to effectively engage community representatives, including persons with diverse economic and educational backgrounds, in the real estate and community development process.

- Well-organized, detail oriented, and excellent analytical skills; proficiency in sophisticated financial analysis using Excel and with word processing software such as Microsoft Word. Familiarity with Yardi preferred.

- Strong analytical and problem-solving skills; good client and public presentation skills; and excellent oral and written communication skills.

- A creative approach to problem-solving in the field of real estate development; enthusiasm and a team building spirit.

- Commitment to meeting the needs of low-income, senior individuals and families.

Job Type: Full-time

Pay: $130,000.00 - $170,000.00 per year

Benefits:

• 401(k)
• Dental insurance
• Health insurance
• Paid time off
• Vision insurance

Schedule:

• 8 hour shift
• Monday to Friday

Work Location: Hybrid remote in Los Angeles, CA 90064

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