Development Associate (Affordable Housing)
Affordable Housing Development Associate
The Affordable Housing Development Associate (“Development Associate”) will assist in various phases of the affordable housing real estate development process. The Development Associate will report to the Vice President of Affordable and Workforce Housing and the President of the Albanese Organization. Primary responsibilities include, but are not limited to:
Underwriting, Financial Analysis and Market Data
- Prepare detailed Excel financial underwriting models for prospective residential and mixed-use ground-up and preservation developments
- Prepare market research and analysis including pulling comparable rents, neighborhood demographic data, analysis (rental, condo, land, building sale comps), market conditions and dynamics, and matrix of competitive properties, both in- and outside NYC region.
- Participate in regular weekly pipeline meetings and monthly team meetings to discuss current and prospective projects for affordable housing development.
- Participate in the preparation of pre-development budgets, development budgets, and timelines (i.e., with critical milestones) for proposed projects.
- Assist in the preparation of application materials to public housing agencies for subsidy financing of projects.
- Assist in the preparation of both narrative and quantitative sections of RFP and RFQ responses.
- Assist with all due diligence efforts and closing affordable housing transactions.
Financing
- Assist with arranging debt and equity financing; reach out to and interact with lenders and investors; review and analyze debt/equity terms, perform sensitivity analysis on key deal terms, and prepare summaries for internal review.
Design and Development
- Assist with the design of a project including working with Albanese’s Design and Construction team, project and design architects, landscape architects, interior designers, site planners, and other professionals and consultants.
- Attend meetings conducted by municipal officials and elected officials relevant to development projects and assist with crafting and giving presentations.
Required Knowledge, Skills and Abilities
- Bachelors’ Degree
- Minimum two years’ relevant work experience.
- An understanding of all primary aspects of residential real estate and, more specifically, affordable housing development and terms.
- Experience with and strong knowledge of critical concepts, terms, and requirements around affordable housing development including LIHTC regulations and NYC and NYS affordable and supportive housing programmatic terms.
- Strong knowledge of the NYC Metro market including NYC, NJ, Long Island and Westchester.
- Strong knowledge of project budgeting and detailed financial analysis.
- High degree of proficiency with pro forma and cash flow analysis.
- Detail oriented, well-organized, high-energy, positive attitude. Excellent analytical and creative problem solver. Strong collaborative team player.
- Excellent written, speaking and organizational skills.
- Must be highly motivated, efficient, and willing to work hard to meet deadlines with a high level of accuracy.
- Ability to work proactively, both independently and in teams, and exhibit accountability of projects and deadlines.
- Proficiency in Excel, Project, and all MS Office applications. High degree of proficiency with Microsoft Excel and Microsoft Word and very strong proficiency in Power point.
Company Goals and Other Duties
The Company is interested in helping the Development Associate t expand their real estate knowledge and further their career, while assisting the Company in developing and executing exciting and unique real estate projects. Duties and responsibilities will be expanded as the Affordable Analyst continues to learn, expand his/her knowledge and expertise, and demonstrates the ability to take on additional responsibilities.