Real Estate Development Intern
Job Summary Enterprise Community Development, Inc. (ECD) is a leader in the affordable housing industry. We invest in real estate, people, and communities. Our mission is that every home should be affordable and provide pathways to opportunity.
Enterprise Community Development, Inc. (ECD) is a recent combination of Enterprise Homes, Inc. (EHI) and Community Preservation and Development Corporation (CPDC) into one affordable housing development nonprofit that is the largest nonprofit affordable housing developer in the Mid-Atlantic region. ECD is a nonstock, non-profit corporation with over 30 years of affordable housing development experience. With the combination, ECD has more than doubled the organization’s rental portfolio and staff experience. The fully combined ECD portfolio includes over 14,000 units across more than 110 properties, 55 of which are age restricted. As a subsidiary of Enterprise Community Partners, ECD is a member of the family that leads the nation in affordable housing finance, strategy and innovation.
The Intern will work with the Real Estate Development team on analyzing new development opportunities and assembling information for grant and financing applications. The intern will also assist in the planning, development, financing and design of the projects in accomplishing ECD’s mission.
- Conduct neighborhood analysis for current and future ECD properties to determine new development opportunities, planning and zoning changes, property valuations, demographic, retail capacity and socio-economic shifts, and community development needs
- Perform lot yield analysis to come to a recommendation for land use projects. These projects will combine zoning analysis and community needs.
- Work closely with one ongoing project in one of these key areas; prospective project, predevelopment project, or construction. Assist and shadow the development associate or manager on the project to help with daily needs and learn about this stage of the development process. Examples of tasks will be creating spreadsheets, looking at market research, mapping, creating presentations, and attending onsite meetings.
- College graduate student with coursework and/or experience in real estate development, finance or urban planning is required. Knowledge of land use and neighborhood planning and real estate development concepts are a plus.
Supervision, Training & Support
- Orientation to ECD and its communities. Development of initial work plan and timeline with supervisor related to above tasks. Weekly meetings to review, plan, and provide coaching around various aspects of the internship experience. Participate in staff meetings, external meetings, and trainings as available and relevant to the scope of the position. Participate in an intern program feedback process.
- Witness the affordable housing development process from project selection to construction to asset management and resident engagement.
- Experience the day to day operations of a real estate development in an affordable housing corporation and understand the federal, state, and local policies and programs used in this industry and how they influence operations of a nonprofit developer.
- Gain exposure to the financing tools used in the industry, including Low-Income Housing Tax Credits (LIHTC), HUD financing products, and programs (e.g. Section 8), GSE products (e.g.’ Fannie Mae) and typical local government programs.
- Develop a working knowledge of the policies and tools that local governments use in urban planning, land use, and real property development (e.g. comprehensive plans, small area plans and affordable housing policies.
- Learn to function in a team environment and experience how the work develops through team meetings on a project, with staff, lenders, government stakeholders, and development consultants (e.g. architects and civil engineers).