Project Manager - Owned Portfolio

About the Opportunity:

Preservation of Affordable Housing, Inc. (POAH) is seeking a Project Manager to join its dynamic team in a hybrid role that involves asset management and real estate development responsibilities. This unique position focuses primarily on acquisition rehab projects (predominately closing on LIHTC IIs and refinancing transactions) for the POAH owned portfolio (currently 138 properties, 13,000+ units in 12 states and DC). The Project Manager will play a crucial role in ensuring the successful recapitalization, refinancing, and rehabilitation of our affordable housing properties after their initial LIHTC year 15. This role is geo-flexible and we are looking at candidates in the regions of all four of POAH's Corporate offices: Boston; Chicago; Washington D.C.; Kansas City.

Key Responsibilities:

• Project Identification and Project Management:
  • Identify projects within the POAH portfolio that are suited for a recapitalization or refinance, develop project plan and underwriting model, and present opportunity at POAH’s Internal Investment Committee.
  • Develop and manage predevelopment and recapitalization budgets to achieve financial objectives.
  • Assemble and manage a team of professionals, including architects, engineers, lawyers, and contractors, ensuring seamless coordination with internal and external stakeholders.
• Financial Analysis and Budget Management:
  • Conduct financial feasibility assessments in collaboration with the team.
  • Prepare and review applications for refinancing, second-stage tax credit awards, grants, and other opportunities.
  • Negotiate term sheets with lenders and/or partners for second-stage LIHTC transactions.
  • Track and analyze project costs, resolving budget shortfalls and preparing monthly requisitions.
• Design and Construction Oversight:
  • In coordination with consultants, owner’s reps, POAHC and POAH Construction colleagues, oversee the design and construction processes, ensuring compliance with local building codes, efficiency principles and POAH best practices (Basis of Design, Project Manager handbook, etc.)
  • In coordination with consultants, owner’s reps, POAHC and POAH Construction colleagues, coordinate with consultants and community stakeholders on master planning, design, and permitting.
  • Monitor the financial performance of properties undergoing transactions, budgeting, and capital needs analysis.
• Transaction and Financial Closings:
  • Orchestrate complex financial closings involving layered debt and equity resources.
  • Review and negotiate closing documentation.
  • Complete due diligence information requests. 
• Community Engagement and Communication:
  • Present project plans to residents, neighbors, public agencies, and other groups.
  • Ensure effective communication and coordination with various teams.
• Additional Portfolio Responsibilities
  • Assist with limited partner exits and lender/investor relations.
  • Assist with other asset management responsibilities on ad hoc or permanent basis (e.g. real estate tax management (i.e. appeals, exemptions, annual filings, budgets & reforecasts), commercial leasing oversight, budget/reforecast/capital plan review, site visiting, capital account review/special allocation of losses, rent optimization, portfolio analytics, waterfall tracking, LPA/closing doc review for development transactions, rental subsidy strategy/administration, etc.)

Experience & Knowledge:

Candidates should possess at least 5 years of relevant experience and knowledge in:

• Affordable housing development / project management, ideally mixed-income projects.
• Structuring, negotiating, and closing refinancing and/or second-stage Low Income Housing Tax Credit (LIHTC) recapitalizations.
• Developing underwriting models for refinancing and LIHTC recapitalization.
• Public and private financing, transaction structuring, and budget management.
• Design and construction management, particularly multi-family construction and rehab.
• Affordable housing and community development regulations and financing tools.

Skills:

• Effective verbal and written communication.
• Proficiency in financial analyses and spreadsheet management with a knack for numbers.
• Propensity for managing multiple tasks and deadlines concurrently.
• Strong presentation and interpersonal skills.
• Ability to lead diverse teams and problem solve challenges.

Job Requirements:

• Ability to travel locally and/or out of state up to once or twice a month depending on project locations.
• Ability to attend periodic evening meetings.

Why Join POAH:

• Competitive salary and comprehensive benefits package, including health, dental, vision, life, and disability insurance.
• Generous leave programs, including PTO and parental leave.
• 401(k) retirement plan with company match.
• Individual professional development budget.
• End-of-year bonuses.
• Vibrant company culture with a remote hybrid work schedule.

About the Organization: 

Preservation of Affordable Housing (POAH) is a national nonprofit organization whose mission is to preserve, create and sustain affordable, healthy homes that support economic security, racial equity, and access to opportunity for all. POAH owns and operates more than 13,000 affordable homes at 138 properties in 12 states and the District of Columbia. POAH is based in Boston with offices in Chicago, Kansas City, and Washington D.C.

POAH’s reach is national in scope, and its pursuit of the preservation mission is empowered by a focus on the business bottom line. Its strong reputation is the result of a demonstrated ability to craft complex financial transactions, tackle tough multi-family projects, and close deals that preserve the affordability of at-risk properties. The organization and its leaders are at the forefront of policy and legislative discussions around housing preservation, affordable housing finance and regulatory reform, including energy efficiency in the multifamily sector.

The POAH team is dedicated, creative and passionate. We believe a diverse and inclusive team is a stronger, smarter team, and we actively promote diversity and meaningful inclusion of different perspectives among our board, our staff, our partners, in our procurement of good and services, and at our communities. We understand that addressing structural racism and achieving racial equity are central to the work we do, and we proactively integrate the issue of race in our housing work.