Job Title: Director of Acquisitions Department: Acquisitions Reports To: Vice President Acquisitions
EEOC Class: Professional FLSA Status: Exempt
Job Summary The Director of Acquisitions (“DOA”) is responsible for originating, underwriting and closing equity investments in affordable housing developments financed with Federal Low-Income Housing Tax Credits (“LIHTC”) in compliance with Midwest Housing Equity Group, Inc.’s (“MHEG”) processes, procedures and credit standards. This individual works with MHEG management, affordable housing developers, lenders, state Housing Finance Agencies and other government agencies to originate, underwrite and close our investments into operating partnerships. This person is one of the external “faces” of MHEG and plays a critical role communicating our mission, vision and values when developing and maintaining MHEG’s relationships with our current and prospective partners. MHEG strives to assign each DOA to a regional territory, closing approximately 10-15 investments per year. Job Duties and Responsibilities
Leadership o Work together with other DOAs to effectively communicate a unified message to all stakeholders across entire footprint. o Act in a manner that advances MHEG’s overall mission, vision and values, putting the best interests of the Company ahead of any territory goals. o Participate in each statewide housing association including participating in planning committees and presenting at various events. o Serve on outside Boards and committees related to the affordable housing industry as requested by VPA.
Executive Management: o Implement and manage origination and underwriting activities in the territory to achieve specific goals as outlined each year in the Company’s Strategic Plan and individual KRAs. o Monitor and communicate progress towards goals to VPA. o Utilize MHDF as a financing tool to win deals and solve problems.
Financial Planning and Analysis o Monitor and communicate progress toward achievement of acquisition and advisory fee goals to VPA.
Developer/Sponsor Relations o Grow, develop and maintain relationships with current and potential developers/sponsors. Coordinate with other DOAs with respect to developer/sponsor relationships that cover multiple internal territorial assignments.
o Develop and leverage relationships with LIHTC consultants to provide access to multiple Operating Partnership opportunities. o Identify new developer/sponsor relationships and new property investment opportunities. o Originate strong, well-structured LIHTC transactions that are in line with MHEG’s underwriting parameters.
Portfolio Management Predevelopment/Technical Assistance: o Understand (and, as appropriate, provide comments to) each state’s Qualified Allocation Plans. o Identify prospective LIHTC developments. o Provide technical assistance to developers as they prepare tax credit applications for submission to Housing Finance Agencies (e.g., review proposed market, determine financial feasibility, analyze deal structure and other pertinent development information and help developer submit a successful application for a successful development that meets MHEG’s underwriting guidelines). o Using MHEG’s financial model prepare the internal underwriting spreadsheet to ensure development meets MHEG’s underwriting standards. o Execute syndication Interest Letter for use in tax credit applications.
Post Tax Credit Award: o Complete detailed analysis using updated financial projections and thorough review of tax credit application, market study, loan financing terms, etc. o Analyze financial statements and real estate schedules of all counterparties. o Perform in-person site inspection and market review. Complete initial project approval form. o Ensure investments comply with MHEG underwriting and credit requirements; identify and mitigate risks. o Present the project for review by MHEG’s internal credit committee (Scrub Meeting). o Together with Vice President Acquisitions, negotiate and execute commitment letter. o Work closely with Closing Managers to analyze required due diligence; resolve issues related to same. o Work closely with Construction Managers to ensure adequate review of development plans and specifications and scope of rehabilitation if applicable. o Participate in weekly due diligence teleconferences with development team to keep development on track for closing. o Present the development for review by MHEG’s external legal and accounting professionals (Tech Review Meeting). o Review draft closing documents prepared by MHEG legal counsel; together with Vice President Acquisitions, negotiate the same; ensure documents are ready for closing.
o Present the investment for approval to MHEG’s Operations and Investment Committee. o Coordinate equity closing including equity closing draw. o Ensure effective transition to Asset Management team.
External & Community Relations: o Represent the Company at industry conferences as requested by VPA. o Attend and present at ground breakings, ribbon cuttings and open houses. o Attend Housing Finance Agency meetings (e.g., QAP meetings, Board meetings).
Managerial Responsibility - None Knowledge, Skill, Licenses, Competency Requirements
Solid understanding of LIHTC program; familiarity with Historic Tax Credits and state tax credits a plus. Solid understanding of HUD programs (RAD, Section 8), USDA-RD programs (515, 538), HOME, CDBG and other affordable housing funding sources a plus. Working knowledge of fundamental real estate investment and finance principals and terminology. Working knowledge of basic accounting principles. Ability to comprehend, model and analyze development pro-forma and financial statements. Strong financial analytical skills (including analyzing financial statements and tax returns) with sound judgement and decision-making abilities. Excellent verbal and written communication skills. Ability to develop and grow professional relationships. Ability to work independently as well as in a team setting. Strong organizational skills; ability to prioritize and handle multiple tasks at any given time. Strong analytical skills; attention to detail and accuracy a must. Ability to identify and solve complex problems.
Proven client development and sales experience. Strong competitive spirit. Strong sense of curiosity and willingness to learn.
Must possess and maintain valid Driver’s License.
Education, Experience
Bachelor’s Degree in accounting, finance, real estate, business administration or related field or equivalent professional experience. 5+ years prior experience underwriting real estate transactions (debt or equity); relevant asset management experience may be considered in certain situations. Experience in negotiating debt or equity for real estate transactions.
Housing Development Finance Professional or Housing Credit Certified Professional designation a plus.
Computer Skills
Working knowledge of Microsoft Office, Adobe and virtual data rooms. Highly proficient with Microsoft Excel.
Work Environment Work takes place in a typical office environment equipped with a computer, phone, copier/printer and other standard office supplies. Overnight and day travel is required (e.g., attending MHEG team meetings, attending conferences, visiting properties and developers). Up to 50 nights a year spent in hotels. Physical Requirements
Ability to work under pressure, including evening and weekends during peak periods. Ability to travel via aircraft and automobile for extended periods of time (i.e., ability to take long flights and drives). Ability to lift 30 pounds. Ability to work in typical office environment: type proficiently, use a computer, see computer screens and read/comprehend numerous financial and due diligence reports. When visiting development sites or otherwise traveling, incumbent may be exposed to varying environmental conditions (e.g., inclement weather, crowded conditions, dirt, dust, construction work site hazards).
ACKNOWLEDGEMENT
I have received, reviewed and fully understand the job description for Director of Acquisitions. I am able to perform the essential functions as described. I understand that my job may change on a temporary or regular basis according to the needs of my location or department without it being specifically included in the job description. I further understand that I am responsible for the satisfactory execution of the essential functions described therein, under any and all conditions as described. I have discussed any questions I may have had about this job description prior to signing this form.
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