Job ID: 178266759
Director of Acquisition, Underwriting & Closing
NCRC Development Corporation
Chief Operating Officer, GROWTH
Commensurate with Experience
NCRC’s development corporation works closely with the NCRC Housing Rehab Fund and related entities to carry out NCRC’s signature community development initiative: GROWTH (Generating Real Opportunities for Work Through Housing). The NCRC Housing Rehab Fund is a social mission-driven, $100 million single family real estate fund dedicated to providing pathways to homeownership for low- and moderate-income (LMI) families or on behalf of low- and moderate-income communities.
GROWTH accomplishes its mission by identifying single family houses in various parts of the country that are rehabbed into quality, affordable homes and either sold or leased-to-own to qualifying families. A requirement of the program is that either the home must be located in a LMI census tract or the family buying or leasing-to-own the property must be LMI. GROWTH works with national and local partners in each market to carry out the program.
Oversee the underwriting, acquisition and closing process and transactions related to the purchase, selling and leasing of single family residential housing. Manage the day to day relationships with certain key internal staff (Data Analyst, Housing Counseling, etc.) and external stakeholders (real estate agents/brokers, property managers, title companies, joint venture partnership agreements and other vendors). Play an active role in creating wealth (ROI goals) and risk management. Consider stakeholder needs, proactively communicate internally and externally the results in the highest level of prompt and professional service to all stakeholders.
Make recommendations on property acquisitions and dispositions. Oversee hiring property listing agents/brokers, property management companies and vendors to facilitate the profitability and growth of the portfolio. Develop/manage a performance grade rating system for each property and create a “Watch List” status report and action plans for distressed properties and relationships. Develop status reports in conjunction with the COO to provide updates on the portfolio’s performance and critical issues for senior management. Recommend approvals and process cash payments for real estate transactions and vendor services (working with the CFO and Director of Construction Manager). Approve recommendations by vendors or joint venture partners regarding purchasing and selling assets and the establishment of prices for homes listed for sale.
Actively monitor the portfolio for performance issues, including property performance level trends, market issues and within key relationships, etc.
This position reports to the Chief Operating Officer.
Portfolio Risk Management
Overall responsibility to ensure that GROWTH, its joint venture partners, investors and vendors are fulfilling their responsibilities under contractual agreements. Play a lead role in the development and updates of standard policies and procedures for GROWTH. Actively review portfolio information to elevate risks of non-performing assets and promptly identify assets that are underperforming --- those potentially generating losses. Ensure that the team is actively managing risk associated with GROWTH’s direct investments in assets, and the investment in joint venture partnerships.
Reporting and Communication
Insure portfolio level and asset level reported information is delivered timely and is accurate and complete. Retain overall responsibility for the integrity (accuracy and completeness) of data and database. Regularly communicate with COO any issues that materially impact portfolio or asset level risk and/or relationships with stakeholders.
Personnel Management & Development
Provide direction and coaching to staff regularly to ensure that the portfolio is well managed, internal and external communication is professional and timely, reporting is accurate and complete and risk is mitigated. Develop associates to the next level, identify and manage performance issues. Identify training needs and, with the COO and coordinate training for all GROWTH team members report to this position. Active participation in recruiting efforts.
Work closely with COO to identify opportunities for outsourcing of tasks, drafting scope of services and implementing changes. Track work outsourced to third parties including listing agents/brokers, property management, inspection firms, and others working under contracts for negotiated fees. Insure work is adequately QC’d, quality is measured and feedback is provided. Monitor pipeline work in progress and payments of fees YTD.
Management of Revenues & Expenses
Monitor assessment and collections of revenues associated with the sale of real estate. Review and approve waivers of fees/expenses and closing cost assistance. Work closely with the COO to manage revenues and expenses related to GROWTH’s business, recommend improvements to increase profitability and implement improvements in areas within the GROWTH team.
COMPETENCIES: The knowledge, skills and behavioral attributes necessary for acceptable job performance.