REAL ESTATE DEVELOPMENT INTERN
- Reports to: Vice President of Real Estate Development
- Full-time, limited-term, paid internship
- Internship period ends on May 15, 2028
PROGRAM OVERVIEW
The Real Estate Development internship is a structured, mentorship-driven training opportunity within Impact Seven's Real Estate Development (RED) department, made possible through a Community First Internship Grant from the Federal Home Loan Bank of Chicago. The internship is designed to provide experience to early-career affordable housing development professionals by providing hands-on exposure to the full lifecycle of new multifamily affordable housing development. Under the guidance of the Vice President of Real Estate Development, the Intern will observe, assist with tasks across predevelopment, financing, construction, and post-construction activities, while building the technical and professional skills needed for a career in affordable housing development.
ESSENTIAL DUTIES AND RESPONSIBILITIES
The following are the core tasks the Intern must be able to perform, with supervision and support from Vice President of Real Estate Development.
- Attend RED team meetings, remotely and in person, and meetings with partner agencies, community organizations, political officials, and funders.
- Assist with preparation of due diligence, underwriting, and financial analysis materials for prospective projects under the direction of the Vice President of Real Estate Development.
- Assist with preparation and submission of funding applications to state and local funding providers.
- Travel to development site prospects and construction sites as required, including periodic overnight stays.
- Report on assigned tasks to management on an ongoing basis.
- Participate in formal evaluations, including self-evaluation, of performance against learning objectives at regular intervals.
INTERNSHIP LEARNING OBJECTIVES
By the end of the internship term, the Intern will have gained foundational, hands-on experience and demonstrated growth in the following areas. Learning objectives are reviewed with the Intern's supervisor at the start of the internship and revisited through regular check-ins and a formal evaluation process.
Predevelopment & Site Feasibility
- Develop a working understanding of Impact Seven's site selection criteria and how prospective sites are screened for feasibility.
- Build skills in preparing due diligence materials, with attention to site selection, property valuation, and title/site conditions, under the guidance of the Vice President of Real Estate Development.
- Gain exposure to financial modeling for real estate development, including project budgets, working capital, pro-forma operating statements, sources and uses of funds, and multi-year cash flow projections.
- Learn how prospective Low-Income Housing Tax Credit (LIHTC) projects are scored, and assist with scoring under supervision.
- Observe and participate in discussions regarding acquisition pricing and terms.
Financing, Approvals & Community Engagement
- Learn the process for preparing and submitting funding applications to state and local funding sources.
- Attend meetings related to securing debt and equity financing commitments and observe financing closings.
- Gain familiarity with the public approval process, including engagement with city planning representatives, city councils, and other community stakeholders.
- Build community engagement and relationship-building skills by participating in meetings with partner agencies, community organizations, elected officials, and funders.
Construction Oversight & Post-Construction Transition
- Assist in construction monitoring practices, including tracking development expenses against budget.
- Learn the components of post-construction activities such as cost certifications.
- Understand how completed projects transition from the RED team to Property Management for ongoing operations.
- Prepare progress reports for management as part of ongoing project monitoring.
Professional Development
- Attend RED team meetings, both remotely and in person, to build understanding of team workflows and priorities.
- Travel with senior staff to development site prospects and construction sites as part of the learning experience.
- Attend job-related seminars, conferences, and training sessions to build professional expertise and industry knowledge.
- Participate in a formal evaluation, including self-evaluation, of performance and growth against learning objectives at regular intervals (e.g., quarterly) with the supervising manager.
MENTORSHIP & SUPERVISION
The Intern will work under the close supervision and mentorship of the Vice President of Real Estate Development and/or a designated Real Estate Development Manager. The Intern will assist, shadow, and progressively take on tasks as skills develop, with regular coaching and feedback tied to the learning objectives above.
QUALIFICATIONS
Education and/or Experience
Bachelor's degree from a four-year college or university, preferably in urban planning, real estate, finance, public administration, community development, or a related field; or equivalent coursework, internship, or lived experience demonstrating interest in affordable housing development. A genuine interest in pursuing a career in affordable housing development, community development, or real estate finance is essential.