Real Estate Development Associate - Knoxville Community Development Corporation
Real Estate Development Associate
This is an exciting opportunity to work on all aspects of multifamily development, from concept design through lease-ups, while helping to further KCDC's mission to provide the highest quality affordable housing in Knoxville. The Associate will have demonstrable financial analysis and project management experience and the ability to manage multiple priorities and deadlines. This position requires the Associate to work both as part of a team and independently on complex assignments.
The Real Estate Development Associate will support the execution of KCDC's affordable housing development platform by performing financial analyses of development opportunities, pursuing funding sources (such as LIHTC equity), and closing of real estate transactions. The Associate will also play an integral role by interfacing with governmental agencies (local, state, and federal), lenders, equity partners, consultants, architects, contractors, and KCDC's executive leadership. The Associate will also support KCDC's role as Redevelopment Agency for the City of Knoxville by providing economic analysis to evaluate various economic development incentives, manage existing redevelopment districts and assist the City of Knoxville on various other redevelopment initiatives.
TO BE EFFECTIVE IN THIS ROLE, YOU WILL NEED
- Passion to serve our local community through the work at KCDC
- Knowledge of real estate finance/development, development programs, and various funding sources
- Ability to create timelines and effectively manage schedules to meet deadlines
- Ability to give and accept constructive feedback
- Excellent communication skills
Bachelor's degree in finance, economics, real estate development, or related field. Requires a minimum of three (3) years of experience in real estate development, government, non-profit agency or related field. An equivalent combination of education and experience may be considered.
Preference may be given to applicants with experience in multi-family housing development, HUD housing programs, or low-income housing tax credits.
Must have a valid driver's license and be insurable under the Authority's automobile insurance plan at the standard rate.
- Ensuring you rest from work with generous paid time off benefits
- 2 weeks paid vacation annually with a 240-hour roll-over
- 11 paid holidays annually
- 12 paid sick days annually
- Saving you money and preparing you for retirement
- Flexible Spending Accounts for medical and dependent care expenses
- Pre-tax insurance premiums
- 8.8% company contribution to Defined Contribution Retirement Plan
- Roth Account, a post-tax retirement savings plan
- Deferred Compensation Plan (457b account), a pre-tax retirement savings plan
- Taking care of you and your loved ones
- Medical, dental, vision, and life insurance options
- Long-term and short-term disability insurance
- Free Employee Assistance Program
- Helping you achieve a healthy lifestyle and work/life balance
- The Healthy Track, a comprehensive wellness program
- Remote workplace options
- Flexible work hours
- Supporting your growth and advancement
- Funds available for Continuing Education Credits (CEUs)
- Tuition assistance for college coursework
Compensation: Minimum starting pay is commiserate with experience
Application Deadline: Applications will be accepted until the position is filled.
Classification: Real Estate Development Associate
Skill Level: 9
Reports To: Vice President of Development
Class Code: 305
FLSA Status: Exempt
Revision Date: 4-11-23
The Real Estate Development Associate works on all aspects of multifamily real estate development from concept design through lease-up while helping to further Knoxville's Community Development Corporation's (KCDC's) mission to provide the highest quality affordable housing in Knoxville. This position performs financial analyses of development opportunities, pursues funding sources and closes real estate transactions. The Associate interfaces with governmental agencies (local, state and federal), lenders, equity partners, consultants, architects, contractors, and KCDC's executive leadership. The Associate supports KCDC's role as Redevelopment Agency for the City of Knoxville by providing economic analysis to evaluate various economic development incentives, manage existing redevelopment districts and assist the City of Knoxville on various other redevelopment initiatives. All activities must support Knoxville's Community Development Corporation's mission, strategic goals, and objectives.
ESSENTIAL DUTIES AND RESPONSIBILITIES
The position duties and responsibilities listed below describe the general nature and scope of work. Other responsibilities, duties, and skills may be required and assigned, as needed.
- Conducts financial analysis of development opportunities, including the creation of detailed pro-forma and financial models.
- Gathers, manages, and analyzes due diligence materials for potential development opportunities including market data, environmental reports, geotechnical reports, zoning and entitlements.
- Identifies and assists in securing various funding sources to complete developments, including Low-Income Housing Tax Credits, tax credit equity, tax-exempt bonds, conventional debt, Federal Housing Administration debt, Agency debt, HOME Funds, Housing Trust Funds, Community Development Block Grant Funds, Affordable Housing Program Funds, and other grants and funding sources as needed. Prepares and reviews applications for such sources.
- Establishes and maintains productive relationships with lenders, equity partners, lenders, real estate owners, consultants, and representatives from various government agencies, including HUD, Tennessee Housing Development Agency, the City of Knoxville and Knox County, as well as other key stakeholders.
- Makes sound recommendations that comply with legal requirements, regulatory conditions, and governing policies.
- Monitors and reports on the status of predevelopment and construction activities for multiple projects and establishing critical timelines and deadlines for tasks and activities related to the proposed transactions, and effectively identifying issues or problems that could otherwise adversely impact closing.
- Performs other related work as necessary.
KNOWLEDGE, SKILLS, AND ABILITIES
- Knowledge and understanding of real estate finance/development and the ability to perform financial underwriting of complex multi-family and mixed-use developments.
- Knowledge of federal, state, and local development programs and funding sources.
- Knowledge of real estate principles and the laws governing contracts and real estate transactions.
- Proficient using Microsoft Office suite.
- Ability to analyze problems, identify alternative solutions, project consequences of proposed actions and implement recommendations.
- Ability to independently create efficient project timelines and manage implementation to meet the stated schedule.
- Ability to communicate effectively, both orally and in writing, with persons of diverse ages, economic and educational backgrounds.
- Ability to establish effective working relationships with internal customers, external customers, government officials, professional subcontractors, property and business owners, real estate developers, property managers, bankers, and the general public.
- Ability to work independently and as part of a team.
- Ability to give and accept constructive feedback.
The Real Estate Development Associate is not a supervisor.
This position requires the incumbent to exhibit the following behavioral skills:
Effective Communication: Employee is prepared, clear, concise, and organized in all facets of communication in order to fully establish understanding. Actively listens and understands the audience to adapt message appropriately. Communicates information with appropriate personnel in a timely manner.
Customer Service: Provides timely, courteous, and quality service to all internal or external partners by anticipating individual needs, following through on commitments and ensuring that our partners have been heard.
Initiative: Proactively seeks solutions to resolve unexpected challenges. Actively assists others without formal/informal direction. Possesses the capacity to learn and actively seeks developmental feedback. Applies feedback for continued growth by mastering concepts needed to perform work.
Job Knowledge: Exhibits requisite knowledge, skills, and abilities to perform the position effectively. Demonstrates knowledge of policies, procedures, goals, objectives, operational entities, requirements, and activities as they apply to the assigned organizational entity of the Authority. Uses appropriate judgment & decision making in accordance with level of responsibility.
Responsiveness and Accountability: Demonstrates a high level of conscientiousness. Holds oneself personally responsible for one's own work and does fair share of work.
Teamwork: Employee balances team and individual responsibilities. Exhibits objectivity and openness to others' views and gives and welcomes feedback. Contributes to building a positive team spirit; puts success of team above own interests; and supports everyone's efforts to succeed.
EDUCATION AND EXPERIENCE
Bachelor's degree in finance, economics, real estate development, or related field. Requires a minimum of three (3) years of experience in real estate development, government, non-profit agency or related field. Preference may be given to applicants with experience in multi-family housing development, HUD housing programs, or low-income housing tax credits. An equivalent combination of education and experience may be considered.
CERTIFICATES, LICENSES, AND REGISTRATIONS
Requires a valid driver's license and the ability to be insurable under the Authority's automobile insurance plan at the standard rate.
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
To perform this job successfully, the employee is frequently required to remain in a stationary position. Daily movements include sitting; standing; reaching and grasping; operating computers and other office equipment; moving about the office; and attending onsite and offsite meetings. The employee must be able to exchange information in person, in writing, and via telephone. The employee must occasionally transport up to 25 pounds.
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.
The noise level in the work environment is moderate.