The Vice President will oversee real estate development, asset management, and leasing with an eye towards a future expansion in property management with support from the Senior Vice President of Real Estate and Development. ICL has a pipeline of over 930 units in predevelopment, totaling $625M of development costs and over 700 units in ICL's existing portfolio. The Vice President of Real Estate will support the Real Estate Development Team in managing its robust pipeline of preservation and new construction affordable housing projects, solely developed and joint ventures. There are four lines of business with the department: real estate development, Asset management, leasing, and a future expansion to property management. There is flexibility to shape the role, the candidate must have direct experience in minimally 2 of 4 areas.
- Real Estate Development: supervise two project managers and oversee all elements of new construction and rehab projects from predevelopment, construction through to lease up and conversion.
- Asset management- ensure the physical and financial health of our existing housing portfolio, ranging from LIHTC compliance and leasing, reporting to government funders and syndicators.
- Leasing: ICL has a large portfolio of scattered site supportive housing programs and a team that handles the leasing of these units to ensure quality housing options for our clients.
- Property management: one property manager for a new development coming online.
ESSENTIAL JOB FUNCTIONS:
- Identify new development opportunities, including partnerships with non-profit and for-profit affordable/supportive housing sponsors.
- Assess feasibility of potential new development projects, and support team in conducting due diligence.
- Assemble and manage project development teams from project initiation through construction closing and the conversion to permanent financing
- Structure project financing, prepare initial underwriting and review with public funders.
- Apply for and secure required capital and operating/supportive services funding from public agencies and private lenders and syndicators
- Oversee land use reviews (e.g., ULURP, rezoning, variances/special permits) that are required.
- Ensure the physical and financial health of ICL's existing portfolio of buildings by ensuring buildings meet all regulatory requirements, including LIHTC compliance, proper reserves and budgeting.
ESSENTIAL KNOWLEDGE, SKILLS AND ABILITIES:
- Committed to equity, diversity, inclusion and belonging, and active promotion of the ICL values and goals.
- Excellent writing and communication skills.
- Strong organizational skills.
- Strong financial analysis and spreadsheet development skills.
- Ability to collaborate with other team members to complete projects, often on accelerated schedules.
- Working knowledge of NYC and NYS supportive and affordable financing programs.
- Familiar with Rent Stabilization law and other applicable local housing codes.
- Commitment to the mission of ICL's housing programs.
- Ability to handle multiple projects simultaneously and change direction as needed in a fast-moving environment.
- Ability to problem-solve, be resourceful and exercise good judgment.
- Inspire and lead team.
- Knowledge of Federal Low Income Housing Tax Credit programs required.
QUALIFICATIONS AND EXPERIENCE:
Required:
- Bachelor's degree in planning, Public Administration or Real Estate; Masters' Degree preferred
- 8+ years of work experience in 2 of the 4 areas: affordable housing development and finance; asset management, leasing, and/or property management.
- Management experience
- Knowledge of Federal Low Income Housing Tax Credit programs required.
- Proficiency in Microsoft Excel (with real estate finance experience).
- Strong organizational skills.
- Excellent writing and communication skills.
Preferred:
- Supportive housing knowledge preferred.
- Experience with managing the development of both new construction and substantial rehabilitation projects preferred.
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