Self-Help is a leading national community development financial institution (CDFI) headquartered in Durham, NC. Founded in 1980, Self-Help has provided over $6.9 billion in financing to 112,000 families, individuals and businesses underserved by traditional financial institutions. It helps drive economic development and strengthen communities by financing hundreds of homebuyers each year, as well as nonprofits, child care centers, community health facilities, public charter schools, and residential and commercial real estate projects. The Self-Help family of non-profit organizations includes North Carolina’s Self-Help Credit Union, Self-Help Federal Credit Union, Self-Help Ventures Fund and the Center for Responsible Lending, a national policy and advocacy organization addressing abusive lending practices. Through its credit union network, Self-Help serves over 120,000 people in North Carolina, California, Chicago and Florida and offers a full range of financial products and services. Learn more at www.self-help.org, www.self-helpfcu.org and www.responsiblelending.org.
Position Summary and Responsibilities:
Self-Help offers a 10 week summer internship program that is designed to give students valuable experience in a professional setting while broadening their knowledge of Community Development Financial Institutions (CDFI’s). Along with each specific intern project, the intern will participate in a series of brownbag lunches to learn more about Self-Help and the Community Development industry as a whole. Interns will also be given the opportunity to network with one another and other Self-Helpers through a variety of planned events.
The Real Estate team will be working to advance several projects in the 2017, and the status of these projects as of summer 2017 will be better known closer to the start of the internship. This internship will be based in Durham and will support the team’s efforts in the Durham/Triangle region. Likely project areas include: East Durham (i.e. ABC Center, community engagement); Durham Station (multifamily affordable housing development in downtown Durham); Southside (development of up to 20 lots owned by Self-Help in this neighborhood); naturally-occurring affordable housing preservation along with City of Durham efforts; and improving the team’s internal operations (i.e. property management software), to name a few.
The Real Estate Intern's tasks will be related to feasibility research and analysis for commercial and multifamily residential real estate development. The Intern should be able to complete most of the following types of tasks with minimal training by the supervisor:
- Communicate effectively and respectfully with community groups and Self-Help partners. The Intern’s work might require participating in community events and gathering information to assist with decision-making.
- With Self-Help staff, attend and participate in meetings with consultants, tenants or prospective tenants, stakeholders, or community members (i.e. you may prepare prospect lists and help to arrange meetings with local business owners.)
- Compile and analyze demographic data at regional, city and neighborhood levels.
- Conduct market research (i.e. propose a building program (types of uses and the amount of floor area for each) based on data that demonstrates area supply, demand, and expected rents)
- Investigate the financial feasibility of a project by building “back of the envelope” and Excel financial models, where appropriate.
- Analyze a site for key development considerations (i.e. determine what size of building could be built on a site given the acreage, topographic conditions, zoning or design guidelines, and parking minimums.)
- Evaluate and synthesize existing community plans in order to inform development strategies for the neighborhoods in which Self-Help works.
Compensation: $13/hour for undergrad student, $14/hour for grad student
- Basic understanding of financing sources for development projects, including debt, equity, and subsidies such as the Historic Tax Credits and the New Markets Tax Credit program.
- Basic familiarity with the Durham/Triangle real estate market.
- Classroom or working experience conducting market research and analysis for office, retail, and multifamily residential.
- Classroom or working experience developing pro forma financial models for real estate projects.
- Analytical skillset that allows the intern to consider the broad challenges of urban redevelopment.
- Strong knowledge of Microsoft Excel, data sources for real estate feasibility studies, and desktop publishing software such as Word and PowerPoint.
- Experience with GIS and Google Sketch-up is desired.
How to Apply:
Please submit a thoughtful cover letter describing why you are interested in this internship and a resume to firstname.lastname@example.org with the internship title as the subject by February 26, 2017.