Senior Project Manager

Affirmative Investments, Inc. (AI) is a mission-oriented, for-profit real estate development and financing firm that specializes in using tax credits and subsidized loan programs to undertake affordable housing and economic development projects in low-income neighborhoods. AI works largely on behalf of non-profits and also develops its own award-winning affordable housing projects. Our clients and partners range from the City of Boston and the Pittsburgh Redevelopment Authority to non-profit community partners in Las Vegas, Falmouth, and East Boston to non-profits like UTEC in Lowell that work to mediate and engage gang-members in new social enterprises. We are a small company with a strong national reputation and a commitment to mission.

From it's founding in 1983 up until 2004, AI worked as a low-income housing developer, financing and developing 94 housing projects, over 5,800 units of housing with development costs of $820 million. Affirmative's expansion into community and commercial facilities started in 2004, when the company became active in the New Markets Tax Credit (NMTC) program. Serving as development and financial consultant to non-profits and for-profits seeking to use NMTCs in low-income communities was a natural expansion of AI’s commitment to creating livable neighborhoods. AI has worked on 56 New Markets Tax Credit projects throughout the country totaling $1.35 billion in development costs. Projects include health centers, charter schools, factories and shelters for homeless adolescents.  These projects usually involve other subsidized financing sources, such as tax-exempt bonds, federal and state grants/low-interest loans, and historic tax credits. AI's responsibilities in each project vary, from financial consultant structuring and raising capital, to real estate developer responsible for all aspects of project development and finance.

Job Description

This position encompasses both real estate development and real estate finance.

The SPM's major real estate development responsibilities will include the following:

• Provide strategic and operational leadership as it relates to the real estate development arm of Affirmative
• Assist with preliminary feasibility studies to develop design concepts, budgets, and schedule 
• Draft and issue Requests for Proposals for design services and negotiate the same
• Oversee and coordinate environmental due diligence, architectural, engineering, and survey work
• Facilitate the public approval process (planning, zoning, and permitting) and collaborate with community stakeholders
• Negotiate contracts with architects, contractors and third party professionals.
• Facilitate lenders' and investors' financial and real estate due diligence process
• Monitor the construction, requisition, and disbursement process, with an eye towards keeping the project on budget and on schedule, and resolve any cost overruns or delays.
• Close out the project successfully with lenders and sponsors

• Provide asset management oversight to projects in their operational phase

The SPM’s responsibilities related to real estate finance will include the following:

• Assess the client's ability to raise various sources of subsidized and market-rate capital
• Develop detailed development budgets and operating pro formas
• Make graphically sophisticated presentations to the client and other stakeholders
• Solicit and negotiate with lenders, investors, public agencies, and other parties providing capital to the project

• Align the client's real estate development timeline with the financial closing process
• Coordinate the closing with funders and 3rd party professionals

AI's financial consulting projects often involve New Market Tax Credits. Experience with NMTCs is not a pre-requisite for the position, but the applicant should have enough comfort with accounting and tax concepts to be familiar with the specific issues that arise in tax credit financing.

Skills and Qualifications

The candidate must have a minimum of 3 years of work experience in real estate development/finance. A Bachelor’s degree is required, Master’s degree preferred. The candidate should possess knowledge of the following:

• Housing and community development, with experience in affordable housing and non-profit facilities preferred
• Managing the full development cycle of a real estate project
• Project budgeting and feasibility analysis
• Real estate lender underwriting standards and real estate financial modeling
• Public real estate finance sources, such as New Markets Tax Credits, 4% and 9% Low Income Housing Tax Credits, Historic Tax Credits, State soft loan financing, CPA funds, and tax-exempt bond financing

Our Ideal Candidate

Our ideal candidate must be committed to working on behalf of non-profits or for-profits serving low-income communities and possess the following qualities:

• Strong oral and written communication skills
• Creative problem solving
• Comfortable with multi-tasking
• Solid relationship management skills
• Be willing to take a leadership role
• Ability to work both independently and as part of a team
• A sense of humor and passion for our work
• A strong commitment to mission

Compensation

Salary: Commensurate with experience

Competitive benefits package including health, dental, 401k match, T-pass, volunteer time policy and strong opportunities for growth within the organization.