Seeking Director of Real Estate Development

As Director of Real Estate Development, Toby Kramer stepped in six years ago and helped solidify and organize NOAH’s growing real estate pipeline in East Boston and the region. As she retires, NOAH is now looking for her replacement who will assist our Executive Director, staff and Board take our real estate Mission and agenda ‘to the next level’  throughout the region. To address the housing crisis, we have ambitions for significant growth in the next 3, 5, 8+ years.

NOAH has become knowledgeable and successful locating, funding, managing, developing and marketing multiple family and senior affordable housing projects, with several more in the works. To be effective, the Director requires a great deal of highly focused energy, drive, resourcefulness and diligence in managing multiple, complex regulatory and financing details; listening carefully to community and municipal partners; working judiciously with funding partners and investors; patiently solving convoluted, unforeseen issues; and, working closely with our Executive Director - as well as being a collaborative teammate with NOAH colleagues.

We believe that to address the deep and diverse housing needs of the region, even more creativity and capital (private and public) is required as we work cooperatively with municipalities, community housing advocates, 40B, green energy, retail developers, private investors, public funders, cost containment measures, and the many individuals and families, millennials and seniors who need quality, well-managed housing. (We would be interested in hearing your thoughts on how to effectively address this matter). Development prospects could involve new construction, preservation, rehab, conversions or acquisitions in any combination with commercial/retail. This vigorous strategy will require innovative public/private entrepreneurial skills and novel approaches to affordable, workforce and market rate housing as well green/sustainable deal-making competencies. We envision this individual will possess expertise in LIHTC/bond financing as well as a working knowledge of private equity and commercial/retail business investment strategies. Must be well-organized, proven effective, networked, imaginative, flexible and committed to affordable/workforce/Green housing.

Our pipeline includes:
* Finalizing a complex land swap between a municipality and an adjacent business to develop 110+ units and a small park on a beautiful waterway in a northern Gateway City
* Organizing a One Stop and New Markets credits to develop 39 units over ten retail businesses in an historic building in a southeastern Gateway City
* Master Planning for 100-200 multi-purpose units in a mid-Central MA municipality on a former mill site adjacent to a waterfall
Plus current work:
* Beginning the construction of a terrific 71-unit, TOD, mixed-income, mixed use waterfront development in East Boston
* Completing construction of a 25-unit family development in a historic factory in southeastern MA
* Working with neighbors and the City to shape a new three-decker, multi-family acquisition program in East  Boston
* Wrapping up and closing permanent financing on two senior housing projects west of Boston
* Financing and installing solar PV system on a senior development west of Boston.
* There are skilled staff supervision and increasing asset management responsibilities as well.

Interested candidates are invited to submit letters of interest, resumes, compensation expectations and a comment on how this position in a CDC meshes with one’s career goals, to Phil Giffee, Executive Director, philipgiffee@noahcdc.org. Toby leaves in May so interviewing could take place in January/February with notifications in March; coming on board should occur in April. NOAH’s website, www.noahcdc.org , has some profiles of our work but not our full pipeline. Thank you very much for taking the time to express your potential interest.

NOAH's Annual Dinner

MANY THANKS to all our generous supporters and to everyone who attended our December 17th 28th Annual Dinner! The work we do would not be possible without the support of so many throughout the Greater Boston area and across the Commonwealth. And, many thanks to all our event sponsors, including two of our Board members, Greg Comeau and Rose Fiore, as well as AAFCPAs, Bank of America Merrill Lynch, Boston Private Bank & Trust Company, Deloitte, NeighborWorks America, Santander, Dellbrook Construction, DiMella Shaffer Architects, LISC, Smolak & Vaughan LLP, and Tocci Building Companies.

It was wonderful to come together and reflect on a great year here at NOAH! We were especially grateful to announce our ClimateCARE initiative, a new project generously funded by the Kresge Foundation which aims to increase the resiliency of East Boston and mitigate the harmful effects of climate change on our coastal community. Our dinner included a wonderful presentation from NOAH’s ClimateCARE team, a group of dedicated individuals organizing city residents and stakeholders to create more livable and resilient communities. Santa even stopped by to show his support for our initiative and hand out some climate-friendly gifts to our supporters! Thank you again to everyone who made this celebration possible. Pictured below: NOAH's symbolic 'ribbon cutting' of the new East Boston ClimateCARE project.

 

CITC: Community Investment Tax Credits!

NEW! 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 donation dollars! We are one of the Massachusetts CDCs (Community Development Corporations) who have received Community Investment Tax Credits for 2015.

HOW DOES IT WORK?  It's easy! Speak to us about making a cash donation of over $1,000 (but less than $150,000 in 2015) 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. Click here to see a video featuring the Governor and others explaining how CITC works. Or, click here to give right now!  NOAH has $7,000 remaining in 2015 Community Investment Tax Credits as of 1/12/2016.

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. 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 RECENT 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 2015 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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