Learn more about OUR OPEN positions:

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Real Estate Land Use Associate

Background:

The Garfield Park Community Council (GPCC) is a community-building organization working to increase and maintain affordable housing in the Garfield Park community on Chicago’s West Side. GPCC’s Housing and Real Estate Program currently offers housing counseling, works to reoccupy vacant homes, and owns a 40-unit affordable senior housing building. The Land Use Associate (LUA) will work closely with the Executive Director to identify housing in need of rehabilitation and improved ownership.

The LUA will help implement the goals of both community-driven and data-driven plans, as well as the recently published GPCC strategic framework. The LUA will increase GPCC’s outreach to partners, investors, and property owners, and will explore preserving existing multifamily buildings as affordable rentals.

Primary Job Duties and Responsibilities:

The LUA will work with the GPCC’s Real Estate Committee to establish goals, assess organizational readiness, and conclude with a readiness memo.

The LUA will review and research GPCC housing programs, citywide initiatives, and housing market data. Meet with GPCC housing staff, the Board of Directors, and housing partners during the feasibility concept phase. Create a memo summarizing the research process, findings, and recommendations.

The LUA, Executive Director, and the Real Estate Committee will collaborate with partners to initiate development planning. This will involve assessing market conditions based on the work already completed by DePaul’s Institute of Housing Studies.

The LUA will create a memo summarizing the due diligence approach, the analysis findings, and a recommendation to be presented to GPCC’s Board of Directors. This memo will also include a financial model outlining the need for gap financing and potential capital sources.

The LUA will identify potential buildings for acquisition. A running list will be updated, and the assembly and acquisition process will ramp up. Title searches, development teams, and financing options will be developed during this time. Identify and evaluate available rental properties, creating lists of opportunities by talking with real estate brokers, local property owners, local lenders, and local development teams. The LUA will develop an initial project proposal.

The LUA will update the current financial model and work on the organizational readiness issues outlined in the project proposal. Capital stack planning starts.

During the predevelopment phase, the LUA will help support the formation of a governance board. The board will include the GPCC Board, staff, counsel, a possible development partner, and residents from GPCC’s land-use committee.

The LUA will lead the economic model, assumptions, gap financing needs, fundraising materials, and create a tracker of potential sources of capital in preparation for grant, public, impact investor, and potential equity investor applications.

GPCC staff, board, and partners will support the predevelopment phase, including building support for the affordable rental project.

During the development phase, the LUA will contribute to the creation of the project design, schedule, and budget. Help the development team identify operating partners for property management and maintenance.  Financing, acquisition, and rehab will become the primary focus, but only after a site(s) has been identified.

The LAU will help with closing, construction, management, and operations reports, final funding, conversion to permanent financing, lease-up, and monitoring requirements.

Minimum Qualifications:

Experience in real estate development, development finance, or community development required; Bachelor’s or Master’s degree preferred.

Demonstrated interest in mission-driven real estate development, affordable housing, and/or community economic development.

Strong quantitative, financial analysis, and Excel modeling skills are preferred.

Must have excellent analytical skills, be detail-oriented, have good business sense, be able to work on numerous workstreams concurrently, and be a self-starter.

Excellent communication, collaboration, and presentation skills required.

Strong proficiency in Microsoft Excel, Word, and other relevant software.

Travel is required to prospective developments and community meetings.

Position Classification and Salary Hourly:

$60,000 - $75,000. Full-Time, Exempt.

Benefits:

Medical, Company Paid

401(K) retirement savings plans

To Apply:

Please send your resume and cover letter to admin@gpcommunitycouncil.org
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