NOAH Seeking Director of Real Estate Development

 NOAH is seeking a Director of Real Estate Development to manage and help grow our active and increasingly complex pipeline of affordable and mixed income housing development activities in East Boston and in Eastern Mass communities.

The Organization and its Programs

NOAH is an East Boston-based Community Development Corporation. We collaborate with and support residents and communities in their pursuit of affordable housing strategies, environmental justice, Climate Change, community planning, leadership development, and economic development opportunities. NOAH partners with residents, neighborhood entities, municipalities and groups to improve standards of living, build community, and create social and economic opportunities, especially for low- and moderate-income persons, families and disadvantaged groups or areas. Beginning in 1987, NOAH has: renovated or developed more than 400 units of housing, including 45 for-sale properties; counseled more than 2800 families in the home buying process; and assisted more than 2700 people threatened by foreclosure. NOAH manages property and leads community organizing, youth leadership and summer programs for children. NOAH estimates that it has invested over $365.9 million in the Greater Boston regional economy as of June 30th 2016.

Real Estate Development at NOAH

NOAH’s real estate team has successfully developed multiple family and senior affordable housing projects in a broad region of eastern and central Massachusetts, expanding to serve the region in 2003. We have recently completed 164 units in four projects and are actively engaged with continuing work as noted below.  

Active Project Work

  • Beginning the construction of a 71-unit, transit-oriented, mixed-income, mixed-use waterfront development in East Boston
  • Completing construction and leasing up a 25-unit family development in an historic factory in southeastern MA
  • Working with residents, activists and the City to shape a new three-decker, multi-family acquisition program in East Boston
  • Applying for permits in order to develop 39 units over ten retail businesses in an historic building in a southeastern Gateway City
  • Financing and installing a solar photo-voltaic system on a LEED GOLD for HOMES in a senior development west of Boston.
  • Working with NOAH staff to track and coordinate our Asset Management functions.

Pipeline Activity

  • Finalizing a complex land swap between a municipality and an adjacent business to develop nearly 110 units and a small open space on a beautiful waterway in a northern Gateway City
  • Master planning for 100-200 multi-purpose units in a mid-Central MA municipality on a former mill site
  • Working with a Housing Authority to prepare for an acquisition of a local school in order to convert to family and/or senior housing.
  • Researching the acquisition and expansion of privately-owned 40b multi-family properties in order to create more housing opportunities for low and moderate income families in the region.

The Real Estate Director

NOAH seeks an energetic and focused Director of Real Estate to manage multiple projects. The Real Estate Director will work closely with our Executive Director, our Project Manager, and other NOAH staff, as well as with NOAH’s experienced Board leaders, to take our real estate agenda to the next level. The Real Estate Director must be able to: manage multiple, complex regulatory and financing details; listen carefully to community and municipal partners; work judiciously with funding partners and investors; and patiently solve convoluted and often unforeseen issues of various financing and political complexity.

Key Responsibilities Include:

  • Collaborate with the Executive Director to identify and conceptualize projects
  • Lead early project feasibility analysis
  • Complete financing applications
  • Manage permitting, planning, and community process for specific projects
  • Assemble and oversee project teams
  • Manage budgets throughout the development process
  • Oversee construction process and schedules
  • Coordinate loan and investment closings
  • Maintain relationships with investors, lenders, funders, and project partners
  • Oversee project marketing and lease up
  • Contribute to developing asset management procedures and responsibilities for NOAH’s portfolio
  • Manage other duties, including supervising and training other real estate department staff, as requested

Our Ideal Candidate

Our ideal candidate will be a dedicated and experienced self-starter who possesses many of the following skills and experiences:

  • Minimum of 6 years of progressively responsible experience in community development, real estate development, and/or asset management
  • Excellent management and organizational skills including experience in supervising and collaborating with mid- and senior level staff
  • Strong understanding of real estate development, including finance, design, neighborhood relations, planning, construction and closing
  • Knowledge of regulations and requirements of government sponsored real estate financing programs including Massachusetts One Stop, LIHTC, HOME, CDBG, New Markets and Historic Tax Credits
  • Knowledge of private equity investment strategies a plus
  • Familiarity with permitting and zoning in Massachusetts and City of Boston preferred
  • Demonstrated commitment to affordable and workforce housing
  • An ability to manage multiple projects strategically and effectively
  • Comfortable working both independently and in a team structure
  • Strong verbal, written and interpersonal communication skills
  • Skilled at working collaboratively with diverse organizations and maintaining strong professional relationships
  • Able to drive to and attend meetings outside of Boston, including in the evenings
  • BA, with a Master’s in Planning, Real Estate, Business or a related field preferred

To Apply

Please submit your qualifications, including a letter of interest, resume, and salary expectations to: NOAH Real Estate Director Search, Ann L Silverman Consulting, NOAHREdirector2016@gmail.com. We seek to fill this position by late fall 2016. No phone calls or letters please. All applications will be acknowledged when received.

NOAH is an equal opportunity employer.  We encourage applications from all people, including East Boston residents, women, and people of color.

NOAH Seeking Two Outstanding LISC AmeriCorps Volunteers

Seeking Two 10-Month AmeriCorps: 1. Housing Construction Projects Coordinator & 2. Community Engagement & Job Training Coordinator

Neighborhood of Affordable Housing, Inc. seeks two outstanding individuals to provide ten months of full-time service through two LISC Americorps volunteer opportunities. Neighborhood of Affordable Housing, Inc. (NOAH) is a community-based nonprofit organization whose mission is to provide resources and opportunities to low-income families and communities. Our AmeriCorps will function as core parts of our staff devoted to bringing low-income individuals and communities out of poverty.  

Full-time AmeriCorps member positions are for 10 months of service and within those 10 months at least 1,700 hours must be served.  Some specifics of a full-time member position are that the member:

  • Serves a ten month period beginning on November 1, 2016 and ending on August 31, 2017
  • Is required to complete a minimum of 1,700 hours within the term of service
  • Earns an $15,000 stipend payable via LISC in increments on the 15th and the last day of the month
  • Earns a $5,775 education award to either return to school or pay off an existing, qualified student loan if service is completed successfully
  • Is eligible for health insurance and can apply for a child care benefit (income eligibility basis)
  • Is expected to attend the National Leadership Conference in March 2017 as part of LISC’s career development for members

1. Housing Construction Projects Coordinator: Activities include assisting in construction of 41 affordable rental units at Coppersmith Village, with attaining; rehabbing of multi-families units in East Boston and several potential pipeline projects; specifically: researching; applying; meeting; and negotiating w/potential partners; helping with proformas; coordinating and participating in community & construction- related meetings; working on construction drawings, plans and jobs; meeting with contractors; loan closings; assisting with outreach and lottery application processes as needed.

2. Community Engagement & Job Training Coordinator: The member selected to serve in this capacity will be responsible for: Recruiting new community volunteers from East Boston; assisting in/training youth ages 13-17 who are members of NOAH’s EBE Leadership Youth Crew; develop and implement training curriculum for youth crew members to ensure they have access to valuable vocational job and leadership training; mentor youth crew members to ensure their continued progress towards educational and employment goals; coordinate programming for youth crew around community-based campaigns to improve quality of life for East Boston residents around issues of affordable housing, open-space, and public safety; creating a Volunteer Training Curriculum and/or accompanying manual; creating a process for ongoing communication with/engagement of existing volunteers; training new volunteers; assisting with social media platform content related to volunteer engagement; supervising active volunteers to ensure effective utilization of individual volunteers’ skill set; measuring and reporting annual volunteer impact; and assisting Director of Community Building and Environment with special recruitment efforts around Climate Change Adaptation/Mitigation movement in East Boston.

Process: Interested candidates please contact Linda Miller-Foster at lmillerfoster@noahcdc.org.


 

CITC: Community Investment Tax Credits!

Please check out this TV clip of MACDC ED Joe Kreisberg on CITCs: Click here.

NOAH is looking for donors who'd like to more-than-double the impact of their 2016 donation dollars!

HOW DOES IT WORK?  It's easy! Speak to us about making a cash donation of over $1,000 for a 50% state tax credit. Please click here to send us an email for more information. Please click here to see more about CITCs in our brochure. 

WHO CAN GIVE?  Anyone in the state - individuals or corporations, including both not-for-profit and non-profit organizations - can speak to us about donating over $1,000 to NOAH and receiving a 50% tax credit to use on that year's Mass. state tax return. Even if donors don't have any tax liability, or if they live out of state, they can utilize this program and receive a refund in the amount of the credit. Banks can utilize the CITCs for CRA donations.

WHEN?  Now! The CITC program has already begun for 2016; and NOAH has received the maximum credit allotment! You can check out the CITC regulations at http://www.mass.gov/dor/businesses/help-and-resources/legal-library/regulations/62-00-income-tax/830-cmr-62-6m-1.html. But, we should mention that the credits are available on a 'first-come, first-serve' basis.

WHY? Depending on your tax bracket, your $325 net donation can work like a $1,000 donation to help NOAH offer free or very low cost programming to seniors, disabled individuals, families, and children in need. Each year, we assist over 1,600 individuals in our affordable housing programming, and hundreds more in our children's, youth, ESOL and US citizenship initiatives.  Our services are either free or at a low-cost. The state program is designed to encourage private contributions that help non-profit Community Development Corporations achieve essential community goals.

WORDS FROM A CITC INVESTOR: John Barresi of 21st Century Construction - "I've known NOAH for 20 years through our construction business, and I made a modest donation to them for the holidays. Then, I doubled it when I found out I could actually get half of it back at no cost to me! So, we both win. I urge more people to take a look at the Community Investment Tax Credit. It can really help the organization, and it did not hurt my cash flow. If you are making a donation anyway, try it! If you were not planning on making a donation, I hope you go ahead and make one."

EXAMPLES: Here are a few tax savings CITC examples. 

NB: Situations vary. Please consult your tax advisor.
 

Minimum Donation 35% Tax Bracket Sample Donor High Donation
$1,000   $110,000
  Mass. State Tax Credit  
$500   $55,000
  Federal Tax Deduction
(if at 35%)
 
$175   $19,250
  Total Tax Savings
(After Years 1 & 2)

 

 

$675   $74,250
  Final Out-of-Pocket Donation  
$325   $35,750

 

Various Tax Entity Scenarios Demonstrating Tax Years 1 & 2 All Total Benefits

 

 

 

 

 

 

                       Individual,
Itemized
35% tax
bracket

                        
 

Individual,
  AMT
1
28% tax
bracket

                         

                    

Corporation,
Business
  35% tax
bracket

                  Nonprofit

Donation

$  10,000

$  10,000

$  10,000

$  10,000

CITC

$  (5,000)

$  (5,000)

$  (5,000)

$  (5,000)

Federal Charitable Tax Deduction2

$  (3,500)

$  (2,800)

$  (3,500)

N/A

1st Year Tax Savings

$     8,500

$     7,800

$    8,500

$5,000

1st Year Out-of-Pocket Cost

$    1,500

$    2,200

$    1,500

$    5,000

Possible 2nd Year Add Back3

$    1,750

N/A

$    1,750

N/A

Possible Final Out-of-Pocket Cost 4

$  3,250

$  2,200

$  3,250

$    5,000

1. Alternative Minimum Tax
2. Donations through the CITC program qualify for the Federal Charitable Tax Deduction on the total donation
3. A donor’s federal income tax may be impacted in the subsequent year depending on their individual situation. Because  state tax  payments can be tax deductible, a reduction in state taxes may reduce your federal deduction, thereby increasing your federal taxable income by the amount of your CITC credit/refund. At most, the year 2 federal tax impact will be half the Year 1 federal tax savings. In contrast, taxpayers subject to the Alternative Minimum Tax will not be impacted in this manner. Please consult a tax advisor regarding specific situations.
4. Please consult a professional tax advisor to determine the final out-of-pocket cost for specific donors, as situations vary.

 

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