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Accidental death insurance
Commitment to work-life balance
Employee assistance program
Floating leave days
Long-term disability insurance
Medical and paramedical expenses coverage
Paid sick leave
Public transportation nearby
Registered retirement savings plan
Reimbursement for kilometres travelled
Reimbursement of professional association dues or membership fees
Reimbursement of training and development activities
Social activities organized by the company
CLOSING DATE: July 10, 2020
Starting Salary Range: $94,615 - 100,407 commensurate with experience, plus benefits at 3 months
7 step range with current annual progression to $106,552, plus an additional 5% to group RRSP from 1st anniversary
Work schedule : 35 hour weekdays - Full time
Job status : Permanent
Work shift : Days, plus some evening Board and external meetings – hours can be flexed
About Mainstay Housing
Mainstay Housing is a non-profit organization established in 1982 to provide quality affordable housing and support for people who live with serious mental illness and others with special needs. Mainstay Housing’s mission is to operate high quality housing, support housing stability and create inclusive communities.
Mainstay is funded primarily through the Ministry of Health; other major funders are Ontario Health (Toronto) and the City of Toronto.
Mainstay owns 38 properties and is the largest private non-profit housing organization in the City of Toronto in terms of size and value of asset base.
The Director, Real Estate reports to the Executive Director and develops and leads execution of the organization’s strategy to expand its stock of high quality supportive housing.
Major responsibilities include supporting the board’s Housing Planning and Development Committee; managing the sale process of properties identified for disposal; ensuring properties are appropriately financed; generating and evaluating acquisition and development opportunities; obtaining funding for capital repairs and development activities; making recommendations to Mainstay’s board of directors regarding real property acquisitions and/or commitment of Mainstay equity to support development of new rental housing; and overseeing the planning, financing and construction of new developments.
This position is a member of the Executive Team and works closely with the Directors of Tenant Member Services, Property Management and Finance.
Regular hours of employment are 8:30 a.m. to 4:30 p.m. Monday to Friday with work required outside regular work hours, e.g. the Director will be expected to participate in monthly meetings with the Board of Directors, or sub-committee of the Board. The position is based at the Head Office and is required to travel to locations across the city of Toronto.
1. Review and execute Mainstay’s 10-year Development Strategy, including:
- Regularly assess whether each property owned by Mainstay should be planned to be retained or sold
- Work with Director of Property Management in ensuring that capital repair plans reflect the planning for each asset
- Work with Director of Finance on renewals and discharges of current mortgages, procuring of new loans, and planning for and managing end of social housing funding (end of operating agreements)
- Lead disposal process of properties approved for sale, including: obtaining all necessary consents; working with Tenant Member Services regarding timing of marketing; overseeing marketing and purchaser selection; and ensuring closing of the transaction
- As appropriate, pursue land assembly, joint venture and/or redevelopment of Mainstay property
2. Project Evaluation and Generation
- Lead identification and selection of development sites
- Assess opportunities to purchase rental buildings
- Develop relationships and agreements with potential partners
- Generate initial financial feasibility analyses by preparing pro forma scenarios, detailed financial structure and financing sequencing of projects. Work with ED to develop and execute necessary legal agreements with partners or land vendors
- Manage initial site analysis and concept design process, engagement with planning staff and councilor offices
- Represent Mainstay at community meetings
- Manage proposals related to available sites and funding
3. Project Execution
- Manage and oversee the design and development phase, including initial diligence related to archeological, environmental, heritage, servicing, etc.
- Engage partners, i.e. other non-profits or private sector, as appropriate and manage the relationship.
- Hire and manage design teams.
- Manage municipal planning approvals including official plan amendments, zoning bylaw amendments, site plan approval and building permits.
- Work with Tenant and Member Services and Building Services departments on design and specifications of new homes to ensure that needs of residents, and lessons learned in existing buildings are included in design process.
- Determine construction contract structure, select builders, and negotiate construction contracts.
- Manage projects through construction and occupancy, with a focus on maintaining the project schedule and budget, providing regular financial updates and preventing budget overruns.
- Oversee project close out and transition to operation.
- Develop and maintain detailed pro formas, including cash flows, source and use of funds for pre-construction and construction
- Secure funding from available government sources and manage reporting requirements of funders
- Engage with lenders and CMHC on financial structure of projects. Secure construction financing, takeout financing, and line of credit. Determine and execute loan guarantee strategy
- Work with Finance department to create financial reporting and cost control structure
- Coordinate monthly loan/mortgage draws
- Engage with Housing Secretariat, CMHC and others to maximize affordable housing outcomes
4. Housing Planning and Development Committee
- Prepare materials for all Housing Planning and Development Committee meetings
- Ensure Committee members are informed as needed to make sound decisions and recommendations to the board
- Make recommendations to the Committee regarding acquisition of land or buildings, joint ventures and commitment of any Mainstay equity
- Ongoing reporting to the Committee regarding progress of projects
- Support Mainstay’s efforts to position itself as a major development organization and provider of mixed-income housing. This could include building internal capacity and systems, as well as external advocacy.
- Support Mainstay’s sector leadership efforts, including providing leadership to integration initiatives and other sector level efforts to aggregate assets and expand the supply of supportive housing
- Coordinate with aligned groups across Canada and abroad. Explore best practices for housing design, financing, and asset management.
- Support development of organizational performance and risk indicators
- Remain up to date on public policy and legislation related to affordable and supportive housing
Required education & skills
- Work experience (years) : Minimum 5 years
- Level of education: University
- Post-secondary degree in a relevant area of study combined with more than 5 years’ relevant experience in progressively responsible positions, preferably in a non-profit housing environment.
- Ability to understand and interpret all related legislation
- Ability to create financial models to assess development and acquisition opportunities. Experience working with lenders and securing financing for real estate projects.
- Ability to read and understand drawings and specifications for construction projects.
- Understanding of affordable housing programs and construction- and planning-related regulations.
- Project management certification an asset.
English : Advanced
English : Advanced
- Excellent communication skills, both written and verbal, as well as effective listening skills and organizational capabilities.
- Excellent negotiation skills
- Ability to work independently on complex and diversified projects with general but limited guidance.
- Strong in Microsoft Office: Outlook, Excel & Word.
- Individuals with other combination of education and experience may be considered.
- Competitive salary
- Commitment to work-life balance
- Vacation & Personal Preference days
- Paid sick leave
- Employee & Family Assistance program (EAP)
- Dental insurance
- Medical and paramedical expenses coverage
- Long-term disability insurance
- Life & Accidental Death insurance
- Registered Retirement Savings Plan
- Reimbursement for kilometres travelled
- Reimbursement of professional association dues or membership fees
- Reimbursement of training and development activities
- Social activities organized by Mainstay team
Equal Opportunity Employer: Mainstay Housing is pleased to consider all qualified applicants. We embrace the Human Rights Code of Ontario and the AODA. Please make known in advance any need for related accommodations to support you through the selection process.
This employer is an equal opportunity employer committed to diversity and inclusion. We are pleased to consider all qualified applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, protected veterans status, Aboriginal/Native American status or any other legally-protected factors. Disability-related accommodations are available on request for candidates taking part in all aspects of the selection process.
Level of education
Work experience (years)
En : Advanced
En : Advanced
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