Greater Minnesota Housing Fund (GMHF) is Minnesota’s leading nonprofit affordable housing lender, providing a diversified range of products including predevelopment, acquisition, construction, bridge, first mortgage financing and equity capital for affordable housing in all 87 counties of Minnesota.
GMHF is certified by the Department of Treasury as a Community Development Financial Institution (CDFI) to address the affordable housing needs of Minnesota’s under-served areas including cities, towns, rural areas, and tribal nations. As a mission-driven 501(c)(3) nonprofit organization, GMHF is committed to Housing First principles, recognizing that safe, decent, affordable housing provides the foundation for improved social impact including improved health, educational, and employment outcomes. Housing is also essential to the economic vitality of Minnesota’s communities.
GMHF is known for its innovative programmatic solutions to Minnesota’s affordable housing challenges, working with impact investors, employers, local government and philanthropy to collaboratively address statewide housing demands. In addition to its CDFI lending, GMHF operates two nonprofit subsidiary funds: Minnesota Equity Fund (MEF), an equity investment vehicle for socially motivated investors to finance affordable housing, and NOAH Impact Fund, which invests in the preservation of unsubsidized, affordable multifamily rental housing in the Minneapolis/St. Paul metro.
Each year GMHF lends or invests $60 million to $80 million to create and preserve affordable homes across Minnesota. GMHF also awards between $750,000 and $1 million annually in grants to assist nonprofits specializing in legislative policy, legal advocacy, tenant organizing, homebuyer training, manufactured home park preservation, planning and technical assistance, and other complementary activities. Since 1996, GMHF has financed over 15,800 safe, affordable homes for individuals and households with low incomes in more than 600 developments, serving 180+ communities.
GMHF provides impact investors with a range of opportunities to invest in their communities and create affordable homes and improve the life outcomes of low-income families and vulnerable adults. GMHF has attracted over $175 million of private investment capital and over $150 million in charitable contributions in its 23-year history.
For more information about GMHF, visit www.GMHF.com.
The Director of Capital Development creates and implements the overall strategy for raising funds to sustain and expand the capital base of Greater Minnesota Housing Fund (GMHF) and its subsidiaries the Minnesota Equity Fund LLC (MEF) and the NOAH Impact Fund LLC (NOAH). Depending on the business line, this includes working with the management team to secure operational and program grants from philanthropic institutions, debt capital, and investment capital from private institutional investors, philanthropies, and public agencies.
The Director of Capital Development reports to the Chief Operating Officer. The Director of Capital Development is responsible for developing new business relationships and interacting on a daily basis with the CEO, key leadership, the lending/program staff, developers, and funders/investors. The position requires significant experience in raising capital, including demonstrated experience securing major federal grants, investments, and debt from institutional investors.
The Director also plays a lead role in strategic and business planning for the organization, measuring the organization’s outcomes and mission impact, and implementation of special initiatives related to new capital sources. The position requires experience in managing multiple complex projects throughout the development cycle, from initial concept to capital identification, including grant writing, funder relations, program implementation, reporting and outcome analysis.
Capital and Fund Raising
• Develop multi-year and annual capitalization plans that identify and quantify grants, loans (equity- equivalent debt investments [EQ2s] and program-related investments [PRIs]) and other capital sources for the organization in coordination with GMHF’s leadership.
• Conduct research on public and private funding sources (with emphasis on philanthropic, financial institution, state and federal, and corporate sources).
• Identify, cultivate and recruit impact investors from the banking, philanthropic, corporate and public sectors, coordinating with internal leadership, including outreach, presentations, program structuring, funding applications, and reporting.
• Conduct ongoing communications to establish and maintain investor engagement utilizing key internal leadership to broaden engagement.
• Assess viability of prospective investors and fit with GMHF programs and products in consultation with internal leadership.
• Write and submit initial inquiries as well as grant and investment proposals that reflect GMHF’s voice and vision to prospective funders to successfully achieve goals and objectives.
• Actively collaborate with program staff on program ideas, concepts, and funding prospects.
• Prepare persuasive reports and presentations for internal and external audiences.
Funder and Investor Relations
• Develop and manage investor and funder relationships.
• Sustain communications with funders and investors to generate ongoing future investments.
• Manage special initiatives related to new capital sources and manage relationships with major funding partners and agencies.
Fund Management and Reporting
• Manage all interim and final funder and investor reports including coordination with other staff as needed, ensuring all reporting requirements are met and conduct follow-up with funding agency staff as needed.
• Maintain a system to track all past, current and prospective funders with applicable organizational and contact information, grants received and reporting dates on all past and current funders, and status of communications with funders.
• Maintain a sound knowledge and understanding of GMHF’s programs and initiatives to be able to effectively seek new capital opportunities and accurately represent GMHF to potential funders.
• Work with GMHF leadership to design and develop strategic plans, including multi-year capitalization projections and analysis of growth opportunities, annual work plans and capitalization goals, innovative finance products and fund structures to match investor interest.
• Support emerging initiatives and capital formation needs at GMHF as needed.
• Other duties as assigned.
• 7+ years applicable experience in capital raising and fund development, including demonstrated ability to raise funding from major financial/institutional investors, government agencies & private foundations.
• Ability to write technical materials and narratives for specialized audiences.
• Ability to manage multiple, complex projects with a wide range of project management and monitoring requirements.
• Team oriented and able to employ a collaborative approach, demonstrate high level of emotional intelligence, and ability to cross-manage a team without direct supervision.
• Strong skills with business software required, including proficiency in MS Excel and MS Word.
• Bachelor’s degree from a 4-year college or university required.
• Experience with government relations, federal agencies, and financial/institutional investors.
• Understanding of affordable housing finance, low-income housing tax credits, federal agency programs and compliance requirements, and the role of Community Development Finance Institutions (CDFIs).
• Demonstrated experience with private placements, regulations, structured funds, real estate underwriting, lending to nonprofit and for-profit organizations, and general knowledge of banking and/or revolving loan funds.
Position Salary, Benefits, and Reporting Availability:
Immediate Salary: GMHF offers a competitive salary and benefit package.
Benefits: Family medical and dental insurance, employee life insurance, short- and long- term disability insurance, employer contribution to 401k retirement plan, paid time off, negotiated flex time hours.
Reporting: Reports to the President & CEO
How to Apply:
Submit resume and cover letter to Rebecca Martin at: firstname.lastname@example.org For further information on Greater Minnesota Housing Fund, please visit www.gmhf.com.