Reports to: Director of Community Real Estate
Mission Economic Development Agency (MEDA) – Rooted in the Mission and focused on San Francisco, MEDA’s mission is to strengthen low- and moderate-income Latino families by promoting economic equity and social justice through asset building and community development.
MEDA is advancing strategies to create asset building opportunities for San Francisco’s Latino families and in the Mission District through: (1) our core, integrated Asset Building Programs related to housing, financial capability, workforce development, business development and tax preparation; (2) serving as a backbone agency to advance educational achievement and family economic success through the Mission Promise Neighborhood 2-generation approach; (3) creating and preserving affordable housing and commercial real estate in the Mission District through Community Real Estate; (4) providing access to capital and innovative financial products through the Adelante Fund; and (5) Policy & Advocacy efforts that support our mission.
Mission Economic Development Agency is looking for a ready candidate to be part of a new team to develop MEDA’s housing and commercial real estate assets. Mission Economic Development Agency is establishing a Community Real Estate program to fulfill our long term vision of building vibrant, diverse, proud and forward thinking communities in which residents can call San Francisco their permanent home and own their own homes and businesses. As part of a dynamic organization in the Mission district serving the needs of generations of Latino families, we expect the right candidate will be passionate about building community value through the development of residential and commercial buildings in the face of intense development pressures.
Responsible for planning and monitoring the operational and financial performance of the MEDA’s growing portfolio, benchmarking, investor and lender relationships and acquisition, refinancing and rehabilitation necessary to preserve the portfolio. Work closely with the Chief Financial Officer (CFO) and Director of Community Real Estate to identify and implement long term strategies to improve property performance to meet organizational objectives for asset building, sustainability, community and economic development.
The diverse portfolio will include occupied-rehabilitation of multi-family and small buildings, new construction as well as commercial buildings. Reporting to the Director of Community Real Estate, the Senior Asset Manager will be expected to be a critical member of the team to develop properties to meet organizational objectives for asset building, sustainability, community and economic development. Activities and tasks range from feasibility analysis through completion of construction and transition to operations.
Competitive compensation and excellent employee benefits.
Essential Job Functions
- Closely monitor and consistently report on the operational and financial performance of the portfolio of properties relative to budgets as well as development proformas.
- Responsible for representing owner’s operation interests in joint venture partnerships with development project manager staff.
- Responsible for third party property management relationships and monitoring the performance of the properties they manage. Will review budgets, financials and audits and seek improvements to be in line with projections and owners objectives.
- Prepare financial evaluation and recommendation for any portfolio-wide initiatives including development proforma budgets, benchmarking and utility analysis.
- Monitor all aspects of partnership performance of Tax Credit portfolio including but not limited to status of proforma, equity accounts, future buy-outs, debt refinancing and capital planning.
- Research partnership agreements, financing documents, regulatory agreements, tax returns and other sources to determine ownership objectives.
- Provide constructive input to property management when adverse performance trends arise and actively participate in developing corrective management plans.
- Responsible to coordinate and implement all aspects of refinancing or partnership buyouts up to and including rehabilitation, refinancing and resyndication from funding through construction and final investor payment.
- Prepare and submit financing packages to funding sources and represent the corporation before the agencies to secure approvals.
- Respond to various requests for information from Regulatory Agencies, lenders and investment partners.
- Coordinate and monitor timely and accurate completion of Property Tax Welfare Exemptions
- Coordinate transition from development to operations including document transition, creation of property binders, regulatory compliance, budgeting, LP payment and 8609 processing.
- Perform other assignments and duties as assigned.
Qualifications and job requirements
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- A bachelor’s degree and 5 years of experience in affordable housing development project management; OR a master’s degree in urban planning, business, economics, law, public policy or a related field and 4 years of experience.
- Strong experience in affordable housing and/or multi-family residential, commercial with non-profit and small business real estate finance preferred.
- Strong financial pro forma skills, including proficiency in Microsoft Excel.
- Ability to work within project teams and supervise work of consultants.
- Proven ability to develop and maintain cooperative relationships with individuals from diverse backgrounds, including board members, public sector staff and officials, representatives of other nonprofit organizations, vendors, and people from low-income households.
- Exposure to design issues and construction materials and methods.
- Capacity to manage 2 or more projects independently.
- Commitment to green-building and sustainable policies and practices.
- Commitment to providing long-term affordable housing and to the concept of organizing low-income people to stabilize communities and create social change.
- Well-developed public speaking, verbal and written communication skills.
- Strong organizational skills and attention to detail.
- High degree of independence, initiative, responsibility, and accountability as well as capability in a team environment.
- Ability to anticipate needs, risks and problems and to act proactively.
- Must be able to travel to community or resident locations within a 10 mile radius of the work Strong proficiency in using MS Office Word, Excel and Outlook software.
- Willingness and ability to attend occasional evening and weekend meetings and events.
Please click on the link below to complete the application for this position.